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This content is a press release from our partner Globe Newswire. The AP newsroom and editorial departments were not involved in its creation.

Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2018 Results

February 26, 2019

NASHVILLE, Tenn., Feb. 26, 2019 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the fourth quarter and full year ended December 31, 2018.

Fourth Quarter 2018 Results (as compared to Fourth Quarter 2017):

-- Consolidated Net Income Increased 120.1% to $159.2 Million (including a one-time gain) -- Consolidated Adjusted EBITDA Increased 2.3% to $108.7 Million -- RevPAR increased 0.3% and Total RevPAR declined 0.7% -- Gross Advanced Bookings of 1.05 million room nights, an increase of 8.8% -- Closed acquisition of increased ownership in Gaylord Rockies to 61.2% from 35% – now majority owner and managing member – hotel successfully opened in December -- Successfully opened indoor portion of SoundWaves at Gaylord Opryland in December -- Declares First Quarter 2019 Dividend of $0.90 Per Share; Intends to Pay $3.60 Per Share Annualized Dividend in 2019, a 5.9% Increase Over Full Year 2018

Full Year 2018 Results (as compared to Full Year 2017):

-- Consolidated Net Income Increased 50.3% to $264.7 Million (including a one-time gain) -- Consolidated Adjusted EBITDA Increased 7.7% to $388.8 Million -- RevPAR increased 2.9% and Total RevPAR increased 4.0% -- Gross Advanced Group Bookings of 2.63 million room nights for full year 2018, Surpasses Previous Record

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “2018 was a pivotal year for our business. We closed the year with solid fourth quarter results, and our full year 2018 results set new company records for both revenue and Adjusted EBITDA. In addition to this solid consolidated financial performance, we also completed some major initiatives on the development front beginning with the opening of our flagship Ole Red property in downtown Nashville and our expansion at Gaylord Texan. We capped off the year in December by opening the indoor portion of our SoundWaves water experience at Gaylord Opryland at the beginning of December followed by the milestone opening of the fifth Gaylord Hotels property, Gaylord Rockies Resort & Convention Center, in which we are pleased to be the majority owner through a joint venture. We look forward to reaping the benefits of these projects in the years ahead as we continue to widen our competitive advantage, particularly in the group segment where we continue to see healthy demand.

We closed out 2018 with strong production momentum in the fourth quarter, delivering 8.8% growth in gross room night production for all future periods compared to this same time last year. These production levels amount to the best fourth quarter and full year bookings results we have experienced in the history of the Gaylord Hotels brand.”

Fourth Quarter and Full Year 2018 Results (As Compared to Fourth Quarter and Full Year 2017):

Consolidated Results

($ in thousands, except per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, ----------------------------- --------------------------------- 2018 2017 % ∆ 2018 2017 % ∆ --------- --------- ------- ----------- ----------- ------- Total Revenue $360,565 $345,175 4.5% $1,275,118 $1,184,719 7.6% Operating Income $51,526 $36,788 40.1% $214,269 $185,917 15.2% Operating Income Margin 14.3% 10.7% 3.6pt 16.8% 15.7% 1.1pt Net Income $159,194 $72,318 120.1% $264,670 $176,100 50.3% Net Income Margin 44.2% 21.0% 23.2pt 20.8% 14.9% 5.9pt Net Income per diluted share $3.09 $1.41 119.1% $5.14 $3.43 49.9% Adjusted EBITDA $108,700 $106,283 2.3% $388,778 $360,839 7.7% Adjusted EBITDA Margin 30.1% 30.8% -0.7pt 30.5% 30.5% 0.0pt Funds From Operations (FFO) $59,518 $100,433 -40.7% $255,022 $288,130 -11.5% FFO per diluted share $1.15 $1.95 -41.0% $4.95 $5.61 -11.8% Adjusted FFO $84,708 $86,962 -2.6% $301,804 $285,504 5.7% Adjusted FFO per diluted share $1.64 $1.69 -3.0% $5.86 $5.56 5.4%

Note: For the Company’s definitions of Operating Income Margin, Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, FFO, and Adjusted FFO, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO to Net Income, see “Calculation of GAAP Margin Figures,” “Non-GAAP Financial Measures,” “Adjusted EBITDA Definition,” “Adjusted EBITDA Margin Definition,” “Adjusted FFO Definition” and “Supplemental Financial Results” below.

During fourth quarter 2018, the Company recognized a gain of $131.4 million related to the acquisition of its increased ownership in the Gaylord Rockies joint venture which is reflected in Net Income, which was the primary driver for the increase in Net Income for the 2018 period. This was partially offset by an income tax benefit of $51.2 million recognized in the fourth quarter 2017, which related primarily to the release of valuation allowances during 2017 of $53.4 million and a benefit related to tax reform of $2.0 million and is reflected in Net Income and FFO. In the fourth quarter of 2018 and 2017, the Company also recognized non-cash impairment charges of $19.2 million and $35.4 million, respectively, which are included in Net Income and FFO.

Hospitality Segment

($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months Ended December 31, December 31, ------------------------------ --------------------------------- 2018 2017 % ∆ 2018 2017 % ∆ ---------- --------- ------- ----------- ----------- ------- Hospitality Revenue $321,796 $312,543 3.0% $1,127,903 $1,059,660 6.4% Hospitality Operating Income $71,979 $38,016 89.3% $244,961 $187,576 30.6% Hospitality Operating Income Margin 22.4% 12.2% 10.2pt 21.7% 17.7% 4.0pt Hospitality Adjusted EBITDA $103,821 $103,889 -0.1% $374,766 $346,147 8.3% Hospitality Adjusted EBITDA Margin 32.3% 33.2% -0.9pt 33.2% 32.7% 0.5pt Hospitality Performance Metrics Occupancy 75.1% 77.1% -2.0pt 75.3% 75.5% -0.2pt Average Daily Rate (ADR) $204.88 $199.01 2.9% $194.64 $188.67 3.2% RevPAR $153.88 $153.36 0.3% $146.50 $142.42 2.9% Total RevPAR $406.29 $409.01 -0.7% $363.66 $349.53 4.0% Gross Definite Rooms Nights Booked 1,052,645 967,714 8.8% 2,628,283 2,601,604 1.0% Net Definite Rooms Nights Booked 921,385 832,385 10.7% 2,105,972 2,011,906 4.7% Group Attrition (as % of contracted block) 13.0% 13.1% -0.1pt 13.6% 13.6% 0.0pt Cancellations ITYFTY(1) 2,600 5,356 -51.5% 31,247 50,828 -38.5% (1) “ITYFTY” represents In The Year For The Year.

Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for fourth quarter and full year 2018 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDA Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA to Hospitality Operating Income, and property-level Adjusted EBITDA to property-level Operating Income for each of the hotel properties.

Gaylord Opryland

Three Months Ended Twelve Months Ended December 31, December 31, ----------------------------- ---------------------------- ($ in thousands) 2018 2017 % ∆ 2018 2017 % ∆ --------- --------- ------- --------- --------- ------ Revenue $107,748 $106,305 1.4% $365,999 $337,764 8.4% Operating Income $29,482 $31,014 -4.9% $96,033 $84,095 14.2% Operating Income Margin 27.4% 29.2% -1.8pt 26.2% 24.9% 1.3pt Adjusted EBITDA $38,350 $39,974 -4.1% $131,623 $118,783 10.8% Adjusted EBITDA Margin 35.6% 37.6% -2.0pt 36.0% 35.2% 0.8pt Occupancy 82.5% 82.2% 0.3pt 77.2% 75.1% 2.1pt Average daily rate (ADR) $198.64 $194.50 2.1% $191.17 $182.42 4.8% RevPAR $163.89 $159.94 2.5% $147.52 $137.04 7.6% Total RevPAR $405.53 $400.10 1.4% $347.21 $320.42 8.4%

Gaylord Opryland Highlights for Fourth Quarter Include:

-- On December 1st the property successfully opened the indoor portion of SoundWaves, an indoor/outdoor water amenity. Completion of the outdoor portion of the facility is scheduled for early spring. -- Total revenue for the quarter increased 1.4% to $107.7 million led by a mix shift toward Corporate room nights, which contributed to higher outside the room spend in group banqueting and catering. -- Operating income and Adjusted EBITDA were negatively impacted by lower attrition and cancellation fee collection during the quarter, increased wage costs across the property, and higher utility and maintenance costs associated with the new SoundWaves facility. The lower attrition and cancellation fee collection was driven by a large, one-time group cancellation fee of $1.2 million that was collected in fourth quarter 2017 that did not occur in fourth quarter 2018. -- The hotel is undergoing a planned rooms renovation of the Magnolia wing of Gaylord Opryland, which is adjacent to the SoundWaves water experience. The Magnolia rooms renovation began in late fourth quarter 2018 with approximately 1,000 room nights out of service during the quarter and is anticipated to be complete in the fourth quarter 2019.

Gaylord Palms

Three Months Ended Twelve Months Ended December 31, December 31, --------------------------- ----------------------------- ($ in thousands) 2018 2017 % ∆ 2018 2017 % ∆ -------- -------- ------- --------- --------- ------- Revenue $53,692 $56,116 -4.3% $200,763 $195,735 2.6% Operating Income $7,579 $10,356 -26.8% $37,128 $35,965 3.2% Operating Income Margin 14.1% 18.5% -4.4pt 18.5% 18.4% 0.1pt Adjusted EBITDA $13,836 $16,360 -15.4% $61,584 $60,115 2.4% Adjusted EBITDA Margin 25.8% 29.2% -3.4pt 30.7% 30.7% 0.0pt Occupancy 74.1% 79.6% -5.5pt 77.5% 78.3% -0.8pt Average daily rate (ADR) $206.36 $197.39 4.5% $192.10 $185.44 3.6% RevPAR $152.84 $157.17 -2.8% $148.79 $145.12 2.5% Total RevPAR $412.15 $430.75 -4.3% $388.44 $378.71 2.6%

Gaylord Palms Highlights for Fourth Quarter Include:

-- Total revenue decreased 4.3% to $53.7 million compared to fourth quarter 2017, driven largely by a 550 basis points decline in occupancy, particularly in the Corporate group segment. -- The hotel experienced a 5.1% decrease in transient room nights sold compared to fourth quarter 2017, which was a similar trend seen in the broader Orlando market, particularly in December. The drop in transient room nights negatively impacted holiday special events. -- Operating income and Adjusted EBITDA were negatively impacted by higher wage costs and lower attrition and cancellation fee collection due to a one-time group cancellation fee of $0.5 million collected in fourth quarter 2017 that did not occur in fourth quarter 2018.

Gaylord Texan

Three Months Ended Twelve Months Ended December 31, December 31, --------------------------- ----------------------------- ($ in thousands) 2018 2017 % ∆ 2018 2017 % ∆ -------- -------- ------- --------- --------- ------- Revenue $80,624 $70,402 14.5% $260,418 $230,085 13.2% Operating Income $24,914 $21,484 16.0% $70,915 $60,406 17.4% Operating Income Margin 30.9% 30.5% 0.4pt 27.2% 26.3% 0.9pt Adjusted EBITDA $31,474 $26,714 17.8% $97,183 $81,061 19.9% Adjusted EBITDA Margin 39.0% 37.9% 1.1pt 37.3% 35.2% 2.1pt Occupancy 73.9% 77.4% -3.5pt 74.9% 76.2% -1.3pt Average daily rate (ADR) $212.82 $204.54 4.0% $196.78 $192.09 2.4% RevPAR $157.37 $158.32 -0.6% $147.35 $146.31 0.7% Total RevPAR $483.10 $506.44 -4.6% $419.12 $417.19 0.5%

Gaylord Texan Highlights for Fourth Quarter Include:

-- Total revenue for fourth quarter 2018 increased 14.5% to $80.6 million compared to fourth quarter 2017, driven by a 14.7%, or nearly 16,000, room night increase in fourth quarter 2018 compared to fourth quarter 2017. Both Corporate and Association room nights sold increased by nearly 20% and accounted for approximately 10,500 additional room nights sold in the fourth quarter 2018 compared to fourth quarter 2017, aided by the recently completed 303-room expansion. -- Although occupancy declined in fourth quarter 2018 as compared to fourth quarter 2017, the amount of total room nights available was higher in fourth quarter 2018 due to the recently completed expansion. The additional room nights available also decreased RevPAR and Total RevPAR figures. -- Transient room nights sold increased by over 6,000 room nights in the fourth quarter 2018 compared to fourth quarter 2017, driving record ICE! attendance and contributing to increased spending at hotel food and beverage outlets.

Gaylord National

Three Months Ended Twelve Months Ended December 31, December 31, ----------------------------- ------------------------------- ($ in thousands) 2018 2017 % ∆ 2018 2017 % ∆ -------- ---------- ------- --------- --------- --------- Revenue $73,553 $72,925 0.9% $274,299 $268,313 2.2% Operating Income $9,310 ($27,081) 134.4% $36,499 $89 40910.1% Operating Income Margin 12.7% -37.1% 49.8pt 13.3% 0.0% 13.3pt Adjusted EBITDA $18,428 $17,922 2.8% $76,874 $76,502 0.5% Adjusted EBITDA Margin 25.1% 24.6% 0.5pt 28.0% 28.5% -0.5pt Occupancy 68.2% 68.9% -0.7pt 72.3% 73.5% -1.2pt Average daily rate (ADR) $218.99 $213.34 2.6% $207.83 $204.50 1.6% RevPAR $149.28 $147.06 1.5% $150.31 $150.36 0.0% Total RevPAR $400.54 $397.13 0.9% $376.50 $368.29 2.2%

Gaylord National Highlights for Fourth Quarter Include:

-- Total revenue for fourth quarter 2018 increased 0.9% to $73.6 million, compared to fourth quarter 2017, driven by a 2.6% increase in ADR and strong holiday programming to close out the year. -- 2017 operating income was negatively impacted by a $35.4 million non-cash impairment charge associated with the Gaylord National bonds in fourth quarter. Excluding this non-cash charge, operating income in the year ago period would have been $8.3 million, which would result in a 11.9% increase in operating income in fourth quarter 2018 compared to adjusted operating income for fourth quarter 2017.

Reed continued, “There is certainly a lot to be proud of across our portfolio, and we are particularly pleased with the early response we are seeing to the expansion at Gaylord Texan. We are also very pleased with the early customer feedback we have received on SoundWaves at Gaylord Opryland. We look forward to completing that project in April and having the full benefit of this premium offering as we head into the summer season.”

Entertainment Segment

For the three months and twelve months ended December 31, 2018 and 2017, the Company reported the following:

Three Months Ended Twelve Months Ended December 31, December 31, ----------------------------- ------------------------------ ($ in thousands) 2018 2017 % ∆ 2018 2017 % ∆ --------- -------- -------- --------- --------- -------- Revenue $38,769 $32,632 18.8% $147,215 $125,059 17.7% Operating Income -$12,375 $7,888 -256.9% $1,958 $31,854 -93.9% Operating Income Margin -31.9% 24.2% -56.1pt 1.3% 25.5% -24.2pt Adjusted EBITDA $10,775 $9,679 11.3% $37,793 $41,209 -8.3% Adjusted EBITDA Margin 27.8% 29.7% -1.9pt 25.7% 33.0% -7.3pt

Reed continued, “Overall, we are pleased with the top-line growth we saw in our Entertainment segment for both the fourth quarter and full year 2018. Our profitability and operating income in this segment were impacted by Opry City Stage in New York City, including impairment charges associated with our decision to close the venue in late 2018 as we focus on other growth initiatives, including our Ole Red brand and our core Nashville-based assets. We look forward to growing the Ole Red footprint in 2019 with Ole Red Gatlinburg and again in 2020 with Ole Red Orlando. In Nashville, we continue to invest in both the daytime and nighttime guest experience to enhance our offerings and increase our reach.”

Corporate and Other Segment

For the three months and twelve months ended December 31, 2018 and 2017, the Company reported the following:

Three Months Ended Twelve Months Ended December 31, December 31, ---------------------------- ------------------------------ ($ in thousands) 2018 2017 % ∆ 2018 2017 % ∆ --------- --------- ------ ---------- ---------- ------ Operating Loss ($8,078) ($9,116) 11.4% ($32,650) ($33,513) 2.6% Adjusted EBITDA ($5,896) ($7,285) 19.1% ($23,781) ($26,517) 10.3%

2019 Guidance

The following business performance outlook for 2019 is based on current information as of February 26, 2019. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

Starting in 2019, we will use the non-GAAP financial measure Adjusted EBITDAre, based on EBITDAre as calculated under NAREIT guidelines. For definitions and an explanation of how we use Adjusted EBITDAre in our business, see “Non-GAAP Financial Measures—Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition” below.

($ in millions, except per share figures) Guidance Full Year 2019 Low High --------- --------- Same-Store Hospitality RevPAR(1)(2) 1.5 % 3.5 % Same-Store Hospitality Total RevPAR (1)(2) 2.0 % 4.0 % Net Income $ 120.9 $ 128.2 Adjusted EBITDAre Hospitality--Same Store (2) $ 390.0 $ 400.0 Gaylord Rockies(3) 77.0 83.0 - ----- - - ----- - Hospitality (3) $ 467.0 $ 483.0 Entertainment 45.0 50.0 Corporate and Other (28.0 ) (26.0 ) Consolidated Adjusted EBITDAre(3) $ 484.0 $ 507.0 - ----- - - ----- - Consolidated Adjusted EBITDAre, excluding noncontrolling interest (4) $ 454.8 $ 475.5 Net Income available to common shareholders (4) $ 130.0 $ 143.2 Funds from Operations (FFO) available to common shareholders (4) $ 305.8 $ 323.6 Adjusted FFO available to common shareholders (4) $ 330.6 $ 349.6 Diluted Income per share available to common shareholders (4) $ 2.50 $ 2.75 Estimated Diluted Shares Outstanding 52.1 52.1

1. Same-Store Hospitality segment guidance for RevPAR and Total RevPAR excludes the Gaylord Rockies. 2. Hospitality—Same Store segment guidance excludes Gaylord Rockies results and assumes approximately 32,000 room nights out of service in 2019 due to the renovation of rooms at Gaylord Opryland. The out of service rooms are included in the total available room count for calculating hotel metrics (e.g., RevPAR and Total RevPAR). 3. Includes fully consolidated results from Gaylord Rockies. Company owns 61.2% and is the managing member of the joint venture that owns Gaylord Rockies. 4. Excludes ownership of Gaylord Rockies joint venture not controlled or owned by the Company.

Note: For reconciliations of Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest to Net Income and reconciliation of FFO available to common shareholders, and Adjusted FFO available to common shareholders guidance to Net Income available to common shareholders and reconciliations of segment Adjusted EBITDAre guidance to segment EBITDAre and Operating Income, see “Reconciliations of Forward-Looking Statements,” below.

Reed concluded, “Our forward book of business is as strong as it has ever been and provides us with the visibility and confidence to make strategic investments across our business. We look forward to having the full benefit in 2019 of our recently-completed capital projects. We entered 2019 with 6.7 million net group room nights on the books for all future years for our hotels, excluding Gaylord Rockies. We remain confident in our ability to capitalize on the strength of the group market with the full anticipated benefit of our capital reinvestments at Gaylord Texan and Gaylord Opryland and our increased ownership in the newly opened Gaylord Rockies hotel. Coupled with our growth plans on the Entertainment side of our business, we believe the future looks promising for our Company.”

Dividend Update

The Company paid its fourth quarter 2018 cash dividend of $0.85 per share of common stock on January 15, 2019 to stockholders of record on December 28, 2018. Including the fourth quarter cash dividend payment, the Company paid a total of $3.40 per share of dividends to its common shareholders for the full year 2018.

Today, the Company declared its first quarter cash dividend of $0.90 per share of common stock, a quarterly increase of $0.05, payable on April 15, 2019 to stockholders of record on March 29, 2019. It is the Company’s current plan to distribute total 2019 annual dividends of approximately $3.60 per share in cash in equal quarterly payments in April, July, and October of 2019 and in January of 2020, which is a 5.9% increase over the full year 2018 dividend of $3.40. Future dividends are subject to the Board’s future determinations as to amount and timing.

Balance Sheet/Liquidity Update

As of December 31, 2018, the Company had total debt outstanding of $2,441.9 million (net of unamortized deferred financing costs) and unrestricted cash of $103.4 million. Total debt outstanding includes full consolidation of $494.6 million of Gaylord Rockies joint venture debt (net of unamortized deferred financing costs). As of December 31, 2018, $525.0 million of borrowings were drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $2.3 million in letters of credit, which left $172.7 million of availability for borrowing under the credit facility.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release today at 11 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE:RHP) is a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of four upscale, meetings-focused resorts totaling 8,114 rooms that are managed by lodging operator Marriott International, Inc. under the Gaylord Hotels brand. The Company is a joint venture owner of the 1,501-room Gaylord Rockies Resort & Convention Center, which is also managed by Marriott International, Inc. Other owned assets managed by Marriott International, Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the General Jackson Showboat, The Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at National Harbor, a 192-room hotel near Gaylord National. The Company also owns and operates media and entertainment assets, including the Grand Ole Opry (opry.com), the legendary weekly showcase of country music’s finest performers for over 90 years; the Ryman Auditorium, the storied former home of the Grand Ole Opry located in downtown Nashville; 650 AM WSM, the Opry’s radio home; and Ole Red, a country lifestyle and entertainment brand. For additional information about Ryman Hospitality Properties, visit www.rymanhp.com.

Cautionary Note Regarding Forward-Looking StatementsThis press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of our business, estimated capital expenditures, new projects or investments, out-of-service rooms, the expected approach to making dividend payments, the board’s ability to alter the dividend policy at any time and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the Company’s ability to remain qualified as a REIT for federal income tax purposes, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, which could be made at any time, the determination of Adjusted FFO and REIT taxable income, and the Company’s ability to borrow funds pursuant to its credit agreement. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional InformationThis release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent annual report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

Calculation of RevPAR, Other RevPAR, and Total RevPARWe calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate other revenue per available room (“Other RevPAR”) for our hotels by dividing all non-room revenue (food & beverage and other ancillary services revenue) by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage and other ancillary services revenue by room nights available to guests for the period. Rooms out of service for renovation are included in room nights available. Same-Store Hospitality RevPAR and Same-Store Hospitality Total RevPAR do not include the Gaylord Rockies.

Calculation of GAAP Margin FiguresWe calculate Net Income Margin by dividing GAAP consolidated Net Income by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Operating Income Margin by dividing consolidated, segment or property-level GAAP Operating Income by consolidated, segment or property-level GAAP Revenue.

Non-GAAP Financial MeasuresWe present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

Adjusted EBITDA DefinitionTo calculate Adjusted EBITDA, we first determine Operating Income, which represents Net Income (loss) determined in accordance with GAAP, plus, to the extent the following adjustments occurred during the periods presented: loss (income) from discontinued operations, net; provision (benefit) for income taxes; other (gains) and losses, net; loss on extinguishment of debt; (income) loss from joint ventures; and interest expense, net. Adjusted EBITDA is then calculated as Operating Income, plus, to the extent the following adjustments occurred during the periods presented: depreciation and amortization; preopening costs; non-cash ground lease expense; equity-based compensation expense; impairment charges; any transaction costs of completed acquisitions; interest income on bonds; other gains and (losses), net; (gains) losses on warrant settlements; pension settlement charges; pro rata Adjusted EBITDA from unconsolidated joint ventures, (gains) losses on the disposal of assets, and any other adjustments we have identified in this release. We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because this measure helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. A reconciliation of Net Income to Operating Income and Adjusted EBITDA and a reconciliation of segment and property-level Operating Income to segment and property-level Adjusted EBITDA are set forth below under “Supplemental Financial Results.”

Adjusted EBITDA Margin Definition

We calculate consolidated Adjusted EBITDA Margin by dividing consolidated Adjusted EBITDA by GAAP consolidated Total Revenue. We calculate segment or property-level Adjusted EBITDA Margin by dividing segment, or property-level Adjusted EBITDA by segment, or property-level GAAP Revenue. We believe Adjusted EBITDA Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDA and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest DefinitionWe calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property or the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented: preopening costs; non-cash ground lease expense; equity-based compensation expense; impairment charges that do not meet the NAREIT definition above; any transaction costs of completed acquisitions; interest income on bonds; pension settlement charges; pro rata Adjusted EBITDAre from unconsolidated joint ventures, and any other adjustments we have identified in this release. We then exclude noncontrolling interests in joint ventures to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre, Excluding Noncontrolling Interest and adjustments for certain additional items provide useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of Adjusted EBITDAre, Excluding Noncontrolling Interest, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance.

Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition

We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated Total Revenue. We calculate segment or property-level Adjusted EBITDAre Margin by dividing segment, or property-level Adjusted EBITDAre by segment, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

Adjusted FFO DefinitionWe calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint ventures. The clarifications did not change our calculation of FFO and Adjusted FFO for any historical period. To calculate Adjusted FFO, we then exclude, to the extent the following adjustments occurred during the periods presented, impairment charges that do not meet the NAREIT definition above; write-offs of deferred financing costs, non-cash ground lease expense, amortization of debt discounts and amortization of deferred financing cost, pension settlement charges, additional pro rata adjustments from joint ventures, (gains) losses on other assets, transaction costs on completed acquisitions, deferred income tax expense (benefit), and (gains) losses on extinguishment of debt and warrant settlements. FFO available to common shareholders and Adjusted FFO available to common shareholders (presented for 2019) exclude the ownership portion of Gaylord Rockies joint venture not controlled or owned by the Company.

We believe that the presentation of Adjusted FFO and Adjusted FFO available to common shareholders provide useful information to investors regarding the performance of our ongoing operations because it is a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use Adjusted FFO and Adjusted FFO available to common shareholders as measures in determining our results after taking into account the impact of our capital structure. A reconciliation of Net Income (loss) to Adjusted FFO and a reconciliation of Net Income (loss) available to common shareholders to Adjusted FFO available to common shareholders are set forth below under “Supplemental Financial Results.”

We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA, Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDA Margin, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, and Adjusted FFO may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDA, Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDA Margin, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, and Adjusted FFO, and any related per share measures, should not be considered as alternative measures of our Net Income (loss), operating performance, cash flow or liquidity. Adjusted EBITDA, Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, and Adjusted FFO may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that Adjusted EBITDA, Adjusted EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDA Margin, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, and Adjusted FFO can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (loss), Net Income Margin, Operating Income (loss), Operating Income Margin, or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.

Investor Relations Contacts: Media Contacts: ---------------------------------------------------- ---------------------------------------------------- Mark Fioravanti, President & Chief Financial Officer Shannon Sullivan, Vice President Corporate and Brand Communications ---------------------------------------------------- ---------------------------------------------------- Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc. ---------------------------------------------------- ---------------------------------------------------- (615) 316-6588 (615) 316-6725 ---------------------------------------------------- ---------------------------------------------------- mfioravanti@rymanhp.com ssullivan@rymanhp.com ---------------------------------------------------- ---------------------------------------------------- ~or~ ~or~ ---------------------------------------------------- ---------------------------------------------------- Todd Siefert, Vice President Corporate Finance & Robert Winters Treasurer ---------------------------------------------------- ---------------------------------------------------- Ryman Hospitality Properties, Inc. Alpha IR Group ---------------------------------------------------- ---------------------------------------------------- (615) 316-6344 (929) 266-6315 ---------------------------------------------------- ---------------------------------------------------- tsiefert@rymanhp.com robert.winters@alpha-ir.com ---------------------------------------------------- ----------------------------------------------------

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In thousands, except per share data) Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, ----------------------- --------------------------- 2018 2017 2018 2017 Revenues : Rooms $ 121,880 $ 117,191 $ 454,370 $ 431,768 Food and beverage 127,355 124,898 519,843 483,945 Other hotel revenue 72,561 70,454 153,690 143,947 Entertainment 38,769 32,632 147,215 125,059 Total revenues 360,565 345,175 1,275,118 1,184,719 - ------- - - ------- - - --------- - - --------- - Operating expenses: Rooms 29,510 28,674 118,060 112,636 Food and beverage 71,229 69,733 282,906 269,824 Other hotel expenses 112,564 107,210 339,529 327,283 Management fees 8,421 7,439 30,744 23,856 Total hotel operating expenses 221,724 213,056 771,239 733,599 Entertainment 28,302 22,876 109,249 84,513 Corporate 7,652 8,601 30,833 31,387 Preopening costs 897 339 4,869 1,926 Impairment and other charges 19,243 35,418 23,783 35,418 Depreciation and amortization 31,221 28,097 120,876 111,959 Total operating expenses 309,039 308,387 1,060,849 998,802 - ------- - - ------- - - --------- - - --------- - Operating income 51,526 36,788 214,269 185,917 Interest expense, net of (19,387 ) (16,411 ) (74,961 ) (66,051 ) amounts capitalized Interest income 2,272 2,944 10,469 11,818 Income (loss) from joint 127,232 (1,786 ) 125,005 (4,402 ) ventures Other gains and (losses), net (452 ) (394 ) 1,633 (337 ) Income before income taxes 161,191 21,141 276,415 126,945 (Provision) benefit for income (1,997 ) 51,177 (11,745 ) 49,155 taxes Net income $ 159,194 $ 72,318 $ 264,670 $ 176,100 - ------- - - ------- - - --------- - - --------- - Basic net income per share $ 3.10 $ 1.41 $ 5.16 $ 3.44 - ------- - - ------- - - --------- - - --------- - Diluted net income per share $ 3.09 $ 1.41 $ 5.14 $ 3.43 - ------- - - ------- - - --------- - - --------- - Weighted average common shares for the period: Basic 51,334 51,197 51,294 51,147 Diluted 51,543 51,446 51,507 51,371

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (In thousands) Dec. 31, Dec. 31, 2018 2017 ----------- ----------- ASSETS: Property and equipment, net of accumulated $ 3,149,095 $ 2,065,657 depreciation Cash and cash equivalents - unrestricted 103,437 57,557 Cash and cash equivalents - restricted 45,652 21,153 Notes receivable 122,209 111,423 Investment in Gaylord Rockies joint venture - 88,685 Trade receivables, net 67,923 57,520 Deferred income taxes, net 40,557 50,117 Prepaid expenses and other assets 78,240 67,831 Intangible assets 246,770 4,285 Total assets $ 3,853,883 $ 2,524,228 - --------- - --------- LIABILITIES AND STOCKHOLDERS’ EQUITY: Debt and capital lease obligations $ 2,441,895 $ 1,591,392 Accounts payable and accrued liabilities 274,890 179,649 Dividends payable 45,019 42,129 Deferred management rights proceeds 174,026 177,057 Other liabilities 161,043 155,845 Noncontrolling interest in consolidated 287,433 - joint venture Stockholders’ equity 469,577 378,156 Total liabilities and stockholders’ equity $ 3,853,883 $ 2,524,228 - --------- - ---------

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS ADJUSTED EBITDA RECONCILIATION Unaudited (in thousands) Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, 2018 2017 2018 2017 - ---------------- - - -------------- - - ---------------- - - ---------------- - $ Margin $ Margin $ Margin $ Margin ------------ ------- ----------- ------ ------------- ------ ------------- ------ Consolidated Revenue $ 360,565 $ 345,175 $ 1,275,118 $ 1,184,719 Net income $ 159,194 44.2 % $ 72,318 21.0 % $ 264,670 20.8 % $ 176,100 14.9 % Provision (benefit) for 1,997 (51,177 ) 11,745 (49,155 ) income taxes Other (gains) and losses, 452 394 (1,633 ) 337 net (Gain) loss from joint (127,232 ) 1,786 (125,005 ) 4,402 ventures Interest expense, net 17,115 13,467 64,492 54,233 Operating Income 51,526 14.3 % 36,788 10.7 % 214,269 16.8 % 185,917 15.7 % Depreciation & 31,221 28,097 120,876 111,959 amortization Preopening costs 897 339 4,869 1,926 Non-cash ground lease 1,378 1,276 5,291 5,180 expense Equity-based compensation 1,832 1,682 7,656 6,636 expense Pension settlement charge 555 516 1,559 1,734 Impairment charges 19,243 35,418 23,783 35,418 Interest income on 2,200 2,891 10,128 11,639 Gaylord National bonds Pro rata adjusted EBITDA (692 ) (323 ) (2,394 ) (323 ) from joint ventures Transaction costs on 993 - 993 - completed acquisitions Other gains and (losses), (452 ) (394 ) 1,633 (337 ) net (Gain) loss on disposal (1 ) (7 ) 115 1,090 of assets Adjusted EBITDA $ 108,700 30.1 % $ 106,283 30.8 % $ 388,778 30.5 % $ 360,839 30.5 % - -------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Hospitality segment Revenue $ 321,796 $ 312,543 $ 1,127,903 $ 1,059,660 Operating income $ 71,979 22.4 % $ 38,016 12.2 % $ 244,961 21.7 % $ 187,576 17.7 % Depreciation & 27,400 25,973 108,779 102,759 amortization Preopening costs 693 80 2,924 308 Non-cash lease expense 1,248 1,280 4,991 5,119 Impairment charges - 35,418 - 35,418 Interest income on 2,200 2,891 10,128 11,639 Gaylord National bonds Pro rata adjusted EBITDA (692 ) - (692 ) - from joint ventures Transaction costs on 993 - 993 - completed acquisitions Other gains and (losses), - 231 2,682 3,328 net Adjusted EBITDA $ 103,821 32.3 % $ 103,889 33.2 % $ 374,766 33.2 % $ 346,147 32.7 % - -------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Entertainment segment Revenue $ 38,769 $ 32,632 $ 147,215 $ 125,059 Operating income (loss) $ (12,375 ) -31.9 % $ 7,888 24.2 % $ 1,958 1.3 % $ 31,854 25.5 % Depreciation & 3,395 1,609 10,280 7,074 amortization Preopening costs 204 259 1,945 1,618 Non-cash lease expense 130 (4 ) 300 61 Equity-based compensation 178 208 1,229 805 Impairment charges 19,243 - 23,783 - Pro rata adjusted EBITDA - (323 ) (1,702 ) (323 ) from joint ventures Other gains and (losses), - 42 - (311 ) net Loss on disposal of - - - 431 assets Adjusted EBITDA $ 10,775 27.8 % $ 9,679 29.7 % $ 37,793 25.7 % $ 41,209 33.0 % - -------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Corporate and Other segment Operating loss $ (8,078 ) $ (9,116 ) $ (32,650 ) $ (33,513 ) Depreciation & 426 515 1,817 2,126 amortization Equity-based compensation 1,654 1,474 6,427 5,831 Pension settlement charge 555 516 1,559 1,734 Other gains and (losses), (452 ) (667 ) (1,049 ) (3,354 ) net (Gain) loss on disposal (1 ) (7 ) 115 659 of assets Adjusted EBITDA $ (5,896 ) $ (7,285 ) $ (23,781 ) $ (26,517 ) - -------- - - ------- - - --------- - - --------- -

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO RECONCILIATION Unaudited (in thousands, except per share data) Three Months Ended Dec. Twelve Months Ended Dec. 31, 31, 2018 2017 2018 2017 - -------- - - ------- - - -------- - - ------- - Consolidated Net income $ 159,194 $ 72,318 $ 264,670 $ 176,100 Depreciation & amortization 31,221 28,097 120,876 111,959 Pro rata adjustments from joint ventures (130,897 ) 18 (130,524 ) 71 FFO 59,518 100,433 255,022 288,130 Non-cash lease expense 1,378 1,276 5,291 5,180 Pension settlement charge 555 516 1,559 1,734 Impairment charges 19,243 35,418 23,783 35,418 Pro rata adjustments from joint ventures 27 64 (2,702 ) 307 Loss on other assets - - 80 1,097 Write-off of deferred financing costs - - 1,956 925 Amortization of deferred financing costs 1,395 1,392 5,632 5,350 Transaction costs on completed acquisitions 993 - 993 - Deferred tax (benefit) expense 1,599 (52,137 ) 10,190 (52,637 ) Adjusted FFO $ 84,708 $ 86,962 $ 301,804 $ 285,504 - -------- - - ------- - - -------- - - ------- - Capital expenditures (1) (22,772 ) (18,617 ) (68,792 ) (60,672 ) Adjusted FFO less maintenance capital expenditures $ 61,936 $ 68,345 $ 233,012 $ 224,832 - -------- - - ------- - - -------- - - ------- - Basic net income per share $ 3.10 $ 1.41 $ 5.16 $ 3.44 Fully diluted net income per share $ 3.09 $ 1.41 $ 5.14 $ 3.43 FFO per basic share $ 1.16 $ 1.96 $ 4.97 $ 5.63 Adjusted FFO per basic share $ 1.65 $ 1.70 $ 5.88 $ 5.58 FFO per diluted share $ 1.15 $ 1.95 $ 4.95 $ 5.61 Adjusted FFO per diluted share $ 1.64 $ 1.69 $ 5.86 $ 5.56 (1) Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS HOSPITALITY SEGMENT ADJUSTED EBITDA RECONCILIATIONS AND OPERATING METRICS Unaudited (in thousands) Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, --------------------------------------- ------------------------------------------ 2018 2017 2018 2017 - -------------- - - --------------- - - ---------------- - - ---------------- - $ Margin $ Margin $ Margin $ Margin ----------- ------ ----------- ------- ------------- ------ ------------- ------ Hospitality segment Revenue $ 321,796 $ 312,543 $ 1,127,903 $ 1,059,660 Operating Income $ 71,979 22.4 % $ 38,016 12.2 % $ 244,961 21.7 % $ 187,576 17.7 % Depreciation & 27,400 25,973 108,779 102,759 amortization Preopening costs 693 80 2,924 308 Non-cash lease expense 1,248 1,280 4,991 5,119 Impairment charges - 35,418 - 35,418 Interest income on Gaylord 2,200 2,891 10,128 11,639 National bonds Pro rata adjusted EBITDA (692 ) - (692 ) - from joint ventures Transaction costs on 993 - 993 - completed acquisitions Other gains and (losses), - 231 2,682 3,328 net Adjusted EBITDA $ 103,821 32.3 % $ 103,889 33.2 % $ 374,766 33.2 % $ 346,147 32.7 % - ------- - ---- - - ------- - ----- - - --------- - ---- - - --------- - ---- - Occupancy 75.1 % 77.1 % 75.3 % 75.5 % Average daily rate (ADR) $ 204.88 $ 199.01 $ 194.64 $ 188.67 RevPAR $ 153.88 $ 153.36 $ 146.50 $ 142.42 OtherPAR $ 252.41 $ 255.65 $ 217.16 $ 207.11 Total RevPAR $ 406.29 $ 409.01 $ 363.66 $ 349.53 Gaylord Opryland Revenue $ 107,748 $ 106,305 $ 365,999 $ 337,764 #DIV/0! Operating Income $ 29,482 27.4 % $ 31,014 29.2 % $ 96,033 26.2 % $ 84,095 24.9 % Depreciation & 8,215 8,731 34,665 33,966 amortization Preopening costs 653 - 925 - Other gains and (losses), - 229 - 722 net Adjusted EBITDA $ 38,350 35.6 % $ 39,974 37.6 % $ 131,623 36.0 % $ 118,783 35.2 % - ------- - ---- - - ------- - ----- - - --------- - ---- - - --------- - ---- - Occupancy 82.5 % 82.2 % 77.2 % 75.1 % Average daily rate (ADR) $ 198.64 $ 194.50 $ 191.17 $ 182.42 RevPAR $ 163.89 $ 159.94 $ 147.52 $ 137.04 OtherPAR $ 241.64 $ 240.16 $ 199.69 $ 183.38 Total RevPAR $ 405.53 $ 400.10 $ 347.21 $ 320.42 Gaylord Palms Revenue $ 53,692 $ 56,116 $ 200,763 $ 195,735 Operating Income $ 7,579 14.1 % $ 10,356 18.5 % $ 37,128 18.5 % $ 35,965 18.4 % Depreciation & 5,009 4,724 19,465 19,031 amortization Non-cash lease expense 1,248 1,280 4,991 5,119 Adjusted EBITDA $ 13,836 25.8 % $ 16,360 29.2 % $ 61,584 30.7 % $ 60,115 30.7 % - ------- - ---- - - ------- - ----- - - --------- - ---- - - --------- - ---- - Occupancy 74.1 % 79.6 % 77.5 % 78.3 % Average daily rate (ADR) $ 206.36 $ 197.39 $ 192.10 $ 185.44 RevPAR $ 152.84 $ 157.17 $ 148.79 $ 145.12 OtherPAR $ 259.31 $ 273.58 $ 239.65 $ 233.59 Total RevPAR $ 412.15 $ 430.75 $ 388.44 $ 378.71 Gaylord Texan Revenue $ 80,624 $ 70,402 $ 260,418 $ 230,085 Operating Income $ 24,914 30.9 % $ 21,484 30.5 % $ 70,915 27.2 % $ 60,406 26.3 % Depreciation & 6,560 5,150 24,309 20,575 amortization Preopening costs - 80 1,959 80 Adjusted EBITDA $ 31,474 39.0 % $ 26,714 37.9 % $ 97,183 37.3 % $ 81,061 35.2 % - ------- - ---- - - ------- - ----- - - --------- - ---- - - --------- - ---- - Occupancy 73.9 % 77.4 % 74.9 % 76.2 % Average daily rate (ADR) $ 212.82 $ 204.54 $ 196.78 $ 192.09 RevPAR $ 157.37 $ 158.32 $ 147.35 $ 146.31 OtherPAR $ 325.73 $ 348.12 $ 271.77 $ 270.88 Total RevPAR $ 483.10 $ 506.44 $ 419.12 $ 417.19 Gaylord National Revenue $ 73,553 $ 72,925 $ 274,299 $ 268,313 Operating Income (Loss) $ 9,310 12.7 % $ (27,081 ) -37.1 % $ 36,499 13.3 % $ 89 0.0 % Depreciation & 6,918 6,694 27,565 26,524 amortization Preopening costs - - - 228 Impairment charges - 35,418 - 35,418 Interest income on Gaylord 2,200 2,891 10,128 11,639 National bonds Other gains and (losses), - - 2,682 2,604 net Adjusted EBITDA $ 18,428 25.1 % $ 17,922 24.6 % $ 76,874 28.0 % $ 76,502 28.5 % - ------- - ---- - - ------- - ----- - - --------- - ---- - - --------- - ---- - Occupancy 68.2 % 68.9 % 72.3 % 73.5 % Average daily rate (ADR) $ 218.99 $ 213.34 $ 207.83 $ 204.50 RevPAR $ 149.28 $ 147.06 $ 150.31 $ 150.36 OtherPAR $ 251.26 $ 250.07 $ 226.19 $ 217.93 Total RevPAR $ 400.54 $ 397.13 $ 376.50 $ 368.29 The AC Hotel at National Harbor Revenue $ 2,383 $ 2,739 $ 10,761 $ 11,805 Operating Income $ 148 6.2 % $ 443 16.2 % $ 1,489 13.8 % $ 2,759 23.4 % Depreciation & 329 323 1,312 1,292 amortization Adjusted EBITDA $ 477 20.0 % $ 766 28.0 % $ 2,801 26.0 % $ 4,051 34.3 % - ------- - ---- - - ------- - ----- - - --------- - ---- - - --------- - ---- - Occupancy 59.8 % 61.6 % 66.6 % 71.4 % Average daily rate (ADR) $ 186.57 $ 206.81 $ 198.03 $ 202.55 RevPAR $ 111.48 $ 127.49 $ 131.96 $ 144.58 OtherPAR $ 23.46 $ 27.56 $ 21.60 $ 23.87 Total RevPAR $ 134.94 $ 155.05 $ 153.56 $ 168.45 The Inn at Opryland(1) Revenue $ 3,796 $ 4,056 $ 15,663 $ 15,958 Operating Income $ 546 14.4 % $ 1,800 44.4 % $ 2,897 18.5 % $ 4,262 26.7 % Depreciation & 369 351 1,463 1,371 amortization Preopening costs 40 - 40 - Pro rata adjusted EBITDA (692 ) - (692 ) - from joint ventures Transaction costs on 993 - 993 - completed acquisitions Other gains and (losses), - 2 - 2 net Adjusted EBITDA $ 1,256 33.1 % $ 2,153 53.1 % $ 4,701 30.0 % $ 5,635 35.3 % - ------- - ---- - - ------- - ----- - - --------- - ---- - - --------- - ---- - Occupancy 71.9 % 77.4 % 74.0 % 78.2 % Average daily rate (ADR) $ 139.70 $ 136.88 $ 142.72 $ 138.17 RevPAR $ 100.50 $ 105.93 $ 105.56 $ 108.03 OtherPAR $ 39.29 $ 39.59 $ 36.97 $ 36.25 Total RevPAR $ 139.79 $ 145.52 $ 142.53 $ 144.28 (1) Includes other hospitality revenue and expense

Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Unaudited (in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)and Adjusted Funds From Operations (“AFFO”) reconciliation: GUIDANCE RANGE FOR FULL YEAR 2019 Low High ----------- ----------- Ryman Hospitality Properties, Inc. Net Income $ 120,900 $ 128,200 Provision (benefit) for income taxes 15,000 17,100 Interest expense 112,000 118,000 Depreciation and amortization 210,800 216,400 EBITDAre 458,700 479,700 Preopening expense 1,200 1,800 Non-cash lease expense 4,800 5,000 Equity based compensation 7,600 8,500 Pension settlement charge, Other 1,500 1,500 Interest income on bonds 10,200 10,500 Consolidated Adjusted EBITDAre $ 484,000 $ 507,000 - ------- - - ------- - Adjusted EBITDAreof noncontrolling interest (29,183 ) (31,457 ) Consolidated Adjusted EBITDAre, excluding noncontrolling interest $ 454,817 $ 475,543 - ------- - - ------- - Same Store Hospitality Segment Operating Income $ 264,600 $ 272,000 Depreciation and amortization 108,000 110,000 Non-cash lease expense 4,800 5,000 Preopening expense - - Other gains and (losses), net 2,600 2,800 Interest income on bonds 10,000 10,200 Adjusted EBITDAre $ 390,000 $ 400,000 - ------- - - ------- - Gaylord Rockies Operating Loss $ (12,700 ) $ (8,800 ) Depreciation and amortization 89,500 91,500 Interest income on bonds 200 300 Adjusted EBITDAre $ 77,000 $ 83,000 - ------- - - ------- - Entertainment Segment Operating Income $ 32,000 $ 35,200 Depreciation and amortization 11,000 12,000 Preopening expense 1,200 1,800 Equity based compensation 800 1,000 Adjusted EBITDAre $ 45,000 $ 50,000 - ------- - - ------- - Corporate and Other Segment Operating Loss $ (37,100 ) $ (35,400 ) Depreciation and amortization 2,300 2,900 Equity based compensation 6,800 7,500 Pension settlement charge, Other 1,500 1,500 Other gains and (losses), net (1,500 ) (2,500 ) Adjusted EBITDAre $ (28,000 ) $ (26,000 ) - ------- - - ------- - Ryman Hospitality Properties, Inc. Net income available to common shareholders $ 130,000 $ 143,200 Depreciation & amortization 210,800 216,400 Noncontrolling interest FFO adjustments (35,000 ) (36,000 ) Funds from Operations (FFO) available to common shareholders 305,800 323,600 Non-cash lease expense 4,800 5,000 Amortization of DFC 5,700 6,200 Deferred tax expense (benefit) 12,800 13,300 Pension settlement charge 1,500 1,500 Adjusted FFO available to common shareholders $ 330,600 $ 349,600 - ------- - - ------- -