Market Overview

Ryman Hospitality Properties, Inc. Reports Second Quarter 2018 Results

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  • RevPAR Increased 8.0%, Total RevPAR Increased 8.8% Compared to Second Quarter 2017
  • Net Income Increased 17.5% to $55.5 Million in Second Quarter 2018
  • Consolidated Adjusted EBITDA Increased 15.4% to $113.7 Million in Second Quarter 2018
  • Gross Room Nights Bookings for All Future Years increased 18.0%, Achieving Highest Second Quarter Booking Production in Company History
  • Updates Full Year Guidance

NASHVILLE, Tenn., Aug. 07, 2018 (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 second quarter ended June 30, 2018.

Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, "Our business delivered its strongest second-quarter performance in Company history, with impressive results across our Hospitality assets and strong revenue growth in our core Entertainment assets. Our beautiful new expansion at Gaylord Texan and our flagship Ole Red entertainment venue in the heart of downtown Nashville are both off to very good starts, and we are encouraged by the positive guest feedback we are receiving about both projects. The second half of 2018 is no less exciting for us on the development front. We anticipate opening our SoundWaves water experience at Gaylord Opryland in the fourth quarter of 2018 and expect to join our investment partners in welcoming the newest member of the Gaylord Hotels family, the magnificent Gaylord Rockies, by the end of 2018.

The first six months of 2018 will go in the record books as the strongest bookings results for the first half of any year in our Company's history. In addition, Gaylord Rockies bookings were strong in the second quarter of 2018, with double the second quarter bookings production in 2017. The group segment continues to perform well, and we remain enthusiastic about the group demand we are seeing for future years, which gives us confidence in the capital investment projects we anticipate coming online later this year and the additional capital investments we have outlined for the next few years."

Second Quarter and Year-to-Date 2018 Results (As Compared to Second Quarter and Year-to-Date 2017) Included the Following:

Consolidated Results
($ in thousands, except per share amounts)

Consolidated Results                          
  Three Months Ended   Six Months Ended
  June 30,   June 30,  
  2018   2017   % ∆     2018   2017   % ∆  
Total Revenue $333,934   $298,778   11.8%     $622,304   $574,820   8.3%  
                           
Operating Income $76,699   $64,644   18.6%     $122,643   $111,619   9.9%  
Operating Income Margin 23.0%   21.6%   1.4pt     19.7%   19.4%   0.3pt  
                           
Net Income  $55,546   $47,292   17.5%     $82,885   $79,912   3.7%  
Net Income Margin 16.6%   15.8%   0.8pt     13.3%   13.9%   -0.6pt  
Net Income per diluted share  $1.08   $0.92   17.4%     $1.61   $1.56   3.2%  
                           
Adjusted EBITDA  $113,689   $98,488   15.4%     $195,416   $179,049   9.1%  
Adjusted EBITDA Margin  34.0%   33.0%   1.0pt     31.4%   31.1%   0.3pt  
                           
Funds From Operations (FFO) $85,509   $74,989   14.0%     $141,901   $135,264   4.9%  
FFO per diluted share  $1.66   $1.46   13.7%     $2.76   $2.64   4.5%  
                           
Adjusted FFO  $92,761   $79,775   16.3%     $153,648   $142,528   7.8%  
Adjusted FFO per diluted share  $1.80   $1.55   16.1%     $2.99   $2.78   7.6%  
                           


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.

Operating Results

Hospitality Segment
For the three months and six months ended June 30, 2018 and 2017, the Company reported the following:
($ in thousands, except for ADR, RevPAR and Total RevPAR)

Hospitality Segment Results                          
  Three Months Ended   Six Months Ended
  June 30,   June 30,  
  2018   2017   % ∆     2018   2017   % ∆  
                           
Hospitality Revenue  $291,756   $263,373   10.8%     $556,867   $517,527   7.6%  
                           
Hospitality Operating Income  $76,149   $61,295   24.2%     $129,648   $113,262   14.5%  
Hospitality Operating Income Margin 26.1%   23.3%   2.8pt     23.3%   21.9%   1.4pt  
                           
Hospitality Adjusted EBITDA $107,841   $91,373   18.0%     $192,936   $172,949   11.6%  
Hospitality Adjusted EBITDA Margin  37.0%   34.7%   2.3pt     34.6%   33.4%   1.2pt  
                           
Hospitality Performance Metrics                           
Occupancy 79.0%   76.7%   2.3pt     76.4%   74.7%   1.7pt  
Average Daily Rate (ADR) $200.16   $191.00   4.8%     $197.72   $190.68   3.7%  
RevPAR $158.13   $146.42   8.0%     $151.11   $142.37   6.1%  
Total RevPAR $378.94   $348.45   8.8%     $366.97   $344.24   6.6%  
                           
Gross Definite Rooms Nights Booked   644,472     546,208   18.0%       1,116,208    1,028,001   8.6%  
Net Definite Rooms Nights Booked   500,653     309,065   62.0%       845,293     696,789   21.3%  
Group Attrition (as % of contracted block) 15.6%   14.4%   1.2pt     14.5%   12.9%   1.6pt  
Cancellations ITYFTY (1)   6,280     12,544   -49.9%       21,365     32,723   -34.7%  
                           
(1)  "ITYFTY" represents In The Year For The Year.                           


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 second quarter 2018 are presented in greater detail below and under "Supplemental Financial Results—Hospitality Segment Adjusted EBITDA Reconciliations," 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. Highlights for second quarter 2018 for the Hospitality segment and at each property include:

  • Hospitality Segment:  Total revenue increased 10.8 percent to $291.8 million in second quarter 2018 compared to second quarter 2017. RevPAR increased 8.0 percent to $158.13 in second quarter 2018 compared to second quarter 2017, driven primarily by growth in Average Daily Rate ("ADR") accompanied by strong occupancy performance in the second quarter of 2018. Each of our hotels turned in solid performances during the second quarter and achieved quarter-over-quarter growth in almost every important metric, led by a particularly strong performance at Gaylord Opryland. On a portfolio basis, association room nights increased 17.4 percent, which was a primary driver of a solid 2.3-point increase in occupancy compared to the second quarter of 2017. Rate growth in corporate and transient primarily led to a strong 4.8 percent growth in ADR. The Easter holiday had an estimated 270 basis point favorable impact to RevPAR in the second quarter 2018 as compared to second quarter of 2017. Total RevPAR increased 8.8 percent to $378.94 in the second quarter of 2018 compared to second quarter 2017, led by the improvement in RevPAR coupled with a 9.8 percent increase in outside the room spending for food and beverage. Hospitality segment operating income for the quarter was $76.1 million, an increase of 24.2 percent over second quarter 2017. Higher attrition and cancellation fee collections aided this performance and helped to partially offset higher incentive management fees, as well as increases in sales and marketing expenses. Hospitality Adjusted EBITDA increased 18.0 percent to $107.8 million in second quarter 2018, compared to second quarter 2017. 


($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord Opryland   Three Months Ended   Six Months Ended
      June 30,   June 30,
      2018   2017   % ∆     2018   2017   % ∆  
Revenue     $94,915   $80,260   18.3%     $177,660   $155,222   14.5%  
Operating Income   $28,930   $20,630   40.2%     $48,725   $36,107   34.9%  
Operating Income Margin 30.5%   25.7%   4.8pt     27.4%   23.3%   4.1pt  
Adjusted EBITDA   $37,798   $29,150   29.7%     $66,350   $52,889   25.5%  
Adjusted EBITDA Margin  39.8%   36.3%   3.5pt     37.3%   34.1%   3.2pt  
                               
Occupancy   81.4%   72.8%   8.6pt     76.9%   70.6%   6.3pt  
Average daily rate (ADR) $193.54   $180.11   7.5%     $192.07   $178.76   7.4%  
RevPAR     $157.55   $131.07   20.2%     $147.62   $126.16   17.0%  
Total RevPAR   $361.16   $305.40   18.3%     $339.87   $296.95   14.5%  
  • Gaylord Opryland:  Total revenue increased 18.3 percent to $94.9 million in second quarter 2018 compared to second quarter 2017, driven by strong overall performance, including occupancy over 81 percent, solid rate growth and strong outside the room spending. Occupancy increased 8.6 percentage points in the second quarter of 2018 compared to the second quarter of 2017, aided by the return to service of approximately 18,800 room nights that were out of service during the second quarter of 2017 due to a scheduled rooms renovation project.  Corporate room nights increased 21.9 percent in the quarter, which helped drive both room rate and banquets performance in the second quarter of 2018. RevPAR increased 20.2 percent to $157.55 in second quarter 2018 compared to second quarter 2017, driven by the increase in occupancy and a 7.5 percent increase in ADR as compared to second quarter 2017. Transient and corporate ADR increased by 10.2 percent and 6.4 percent, respectively, in the second quarter of 2018 compared to the second quarter of 2017, while association ADR was up 6.5 percent. This performance resulted in overall ADR increasing by $13.43 for the second quarter of 2018 compared to the second quarter of 2017. Total RevPAR increased 18.3 percent to $361.16 in the second quarter of 2018 compared to second quarter 2017, driven by strong performance across the board. Operating income increased by 40.2 percent to $28.9 million compared to second quarter 2017, and Adjusted EBITDA increased by 29.7 percent to $37.8 million compared to second quarter 2017, both supported by strong flow-through in all revenue categories. SoundWaves remains on target to open in early December 2018, and this premium ticketed amenity is part of our marketing materials for the upcoming Christmas holiday season.

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord Palms   Three Months Ended   Six Months Ended
      June 30,   June 30,
      2018   2017   % ∆     2018   2017   % ∆  
Revenue     $50,274   $48,184   4.3%     $108,170   $102,381   5.7%  
Operating Income   $10,376   $9,387   10.5%     $26,624   $22,500   18.3%  
Operating Income Margin 20.6%   19.5%   1.1pt     24.6%   22.0%   2.6pt  
Adjusted EBITDA   $16,422   $15,426   6.5%     $38,707   $34,614   11.8%  
Adjusted EBITDA Margin  32.7%   32.0%   0.7pt     35.8%   33.8%   2.0pt  
                               
Occupancy   80.8%   80.3%   0.5pt     81.5%   80.1%   1.4pt  
Average daily rate (ADR) $188.15   $181.68   3.6%     $199.48   $194.21   2.7%  
RevPAR     $152.01   $145.91   4.2%     $162.67   $155.52   4.6%  
Total RevPAR   $390.16   $373.94   4.3%     $422.05   $399.47   5.7%  
  • Gaylord Palms: Total revenue increased 4.3 percent to $50.3 million in second quarter 2018 compared to second quarter 2017, driven by 3.6 percent ADR growth and solid food and beverage results against a strong comparison period in second quarter 2017. Corporate and transient ADR increased by 16.9 percent and 11.7 percent, respectively, in the second quarter of 2018, helping to drive RevPAR and Total RevPAR increases in the quarter of 4.2 percent and 4.3 percent, respectively, compared to the second quarter of 2017. Operating income and Adjusted EBITDA increased 10.5 percent and 6.5 percent to $10.4 million and $16.4 million, respectively, compared to second quarter 2017. The increases in operating income and Adjusted EBITDA were driven by all areas as flow-through for each was strong in the quarter. The previously-announced $150 million expansion project at the property is now underway, starting with construction on a new multi-story parking structure. The 303 new guest rooms and 90,000-square-foot meeting space expansion are expected to be complete in the spring of 2021.

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord Texan   Three Months Ended   Six Months Ended
      June 30,   June 30,
      2018   2017   % ∆     2018   2017   % ∆  
Revenue     $58,611   $52,772   11.1%     $116,968   $109,517   6.8%  
Operating Income   $14,953   $12,631   18.4%     $28,985   $28,521   1.6%  
Operating Income Margin 25.5%   23.9%   1.6pt     24.8%   26.0%   -1.2pt  
Adjusted EBITDA   $21,498   $17,771   21.0%     $42,112   $38,771   8.6%  
Adjusted EBITDA Margin  36.7%   33.7%   3.0pt     36.0%   35.4%   0.6pt  
                               
Occupancy   73.0%   72.7%   0.3pt     74.6%   76.1%   -1.5pt  
Average daily rate (ADR) $194.82   $190.73   2.1%     $194.87   $189.76   2.7%  
RevPAR     $142.18   $138.66   2.5%     $145.47   $144.44   0.7%  
Total RevPAR   $386.67   $383.79   0.8%     $406.75   $400.44   1.6%  
  • Gaylord Texan:  Total revenue increased 11.1 percent to $58.6 million in second quarter 2018 compared to second quarter 2017, aided by the addition of 10,700 occupied room nights in the second quarter of 2018 from the recently-completed room and meeting space expansion. The new room inventory was phased in throughout the second half of the second quarter of 2018, which aided the 0.3 percentage point year-over-year occupancy increase. RevPAR increased 2.5 percent in the second quarter of 2018, supported by a positive mix shift toward more premium association room nights. The association groups helped to increase overall ADR up 2.1 percent in the second quarter 2018 compared to the second quarter 2017. This increase in association room nights also led to strong food and beverage performance for the quarter. Total RevPAR increased marginally compared to the second quarter of 2017. The growth in both RevPAR and Total RevPAR was muted on a quarter-over-quarter basis as a result of the additional room night availability during the second quarter of 2018 associated with the expansion opening. Flow-through was strong for second quarter 2018 across all revenue categories. Operating income and Adjusted EBITDA increased by 18.4 percent and 21.0 percent to $15.0 million and $21.5 million, respectively, compared to second quarter 2017.

($ in thousands, except for ADR, RevPAR and Total RevPAR)
 

Gaylord National   Three Months Ended   Six Months Ended
      June 30,   June 30,
      2018   2017   % ∆     2018   2017   % ∆  
Revenue     $79,687   $73,995   7.7%     $140,443   $136,452   2.9%  
Operating Income    $19,529   $16,152   20.9%     $22,846   $22,861   -0.1%  
Operating Income Margin 24.5%   21.8%   2.7pt     16.3%   16.8%   -0.5pt  
Adjusted EBITDA   $29,072   $25,869   12.4%     $41,915   $42,080   -0.4%  
Adjusted EBITDA Margin  36.5%   35.0%   1.5pt     29.8%   30.8%   -1.0pt  
                               
Occupancy   78.6%   81.3%   -2.7pt     74.7%   75.5%   -0.8pt  
Average daily rate (ADR) $227.17   $214.42   5.9%     $213.54   $210.19   1.6%  
RevPAR     $178.46   $174.41   2.3%     $159.46   $158.76   0.4%  
Total RevPAR   $438.72   $407.38   7.7%     $388.74   $377.69   2.9%  
  • Gaylord National: Total revenue increased 7.7 percent to $79.7 million in second quarter 2018 compared to second quarter 2017, driven by strong food and beverage performance in the second quarter of 2018. RevPAR increased 2.3 percent to $178.46 in second quarter 2018 compared to second quarter 2017, driven primarily by a 5.9 percent increase in ADR. A positive mix shift toward more premium corporate and association room nights in the second quarter of 2018 helped the increase in ADR and supported higher banquet revenue for the period. Transient room night growth of 9.2 percent in the second quarter of 2018 compared to the second quarter of 2017 also positively contributed to the increase in RevPAR. Total RevPAR increased 7.7 percent to $438.72 in the second quarter of 2018 compared to second quarter 2017, driven by the strong food and beverage performance. Operating income and Adjusted EBITDA performance increased 20.9 percent and 12.4 percent to $19.5 million and $29.1 million, respectively, compared to second quarter 2017. Preparation work has commenced for the upcoming rooms refurbishment at Gaylord National, which is expected to start November 1, 2018. We anticipate this refurbishment will result in approximately 14,600 room nights out of service in the fourth quarter of 2018.

Reed continued, "Our portfolio of hotels achieved a record second quarter, with Gaylord Opryland delivering outstanding results. Gaylord Palms maintained its strong financial performance for the first half of 2018, and we are excited about the new expansion plans we announced for this hotel at the end of May. Gaylord Texan also delivered solid results, with the timely expansion of meeting space and room inventory now available to support the demand we are seeing for this property. We were also pleased with Gaylord National's performance in the quarter, which delivered improved results compared to the second quarter of 2017. We believe an upcoming rooms renovation project beginning in the fourth quarter of 2018 will strengthen the hotel's competitiveness within the market going into 2019 and 2020."

Entertainment Segment
For the three and six months ended June 30, 2018 and 2017, the Company reported the following:

($ in thousands) 

Entertainment Segment Results              
  Three Months Ended   Six Months Ended
  June 30,   June 30,
  2018 2017 % ∆   2018 2017 % ∆
               
Revenue $42,178 $35,405 19.1%   $65,437 $57,293 14.2%
Operating Income $8,638 $11,357 -23.9%   $9,920 $14,325 -30.8%
Operating Income Margin 20.5% 32.1% -11.6pt   15.2% 25.0% -9.8pt
Adjusted EBITDA $11,759 $13,536 -13.1%   $14,932 $18,762 -20.4%
Adjusted EBITDA Margin 27.9% 38.2% -10.3pt   22.8% 32.7% -9.9pt


The Company's investment in its Entertainment segment continued during the second quarter of 2018 with the opening of the flagship Ole Red location in downtown Nashville, and its results so far are meeting the Company's expectations.  During the second quarter of 2018, the Company acquired the remaining 50 percent joint venture interest in Opry City Stage.   

Entertainment segment revenue increased 19.1 percent in the second quarter of 2018 compared to the second quarter of 2017.  Operating income and Adjusted EBITDA were negatively impacted during the second quarter of 2018 due to losses associated with taking over operations of Opry City Stage, as well as increased costs related to personnel changes within the segment.

Reed continued, "We opened Ole Red in downtown Nashville this past quarter and are pleased with the reception it has received so far.  We remain excited about the expansion potential of our branded restaurant, retail and entertainment venues and the unique position we are in to expand our entertainment footprint.  Construction is well underway on our recently-announced third Ole Red location in the heart of Gatlinburg, Tennessee, which we anticipate will open in the spring of 2019."

Corporate and Other Segment Results
For the three months and six months ended June 30, 2018 and 2017, the Company reported the following:

Corporate and Other Segment Results            
  Three Months Ended   Six Months Ended
($ in thousands) June 30,   June 30,
  2018 2017 % ∆   2018 2017 % ∆
               
Operating Loss  ($8,088) ($8,008) -1.0%   ($16,925) ($15,968) -6.0%
Adjusted EBITDA ($5,911) ($6,421) 7.9%   ($12,452) ($12,662) 1.7%


Dividend Update

The Company paid its second quarter 2018 cash dividend of $0.85 per share of common stock on July 16, 2018 to stockholders of record on June 29, 2018. It is the Company's current plan to distribute total 2018 annual dividends of approximately $3.40 per share in cash in equal quarterly payments with the remaining payments occurring in October of 2018 and January of 2019. Any future dividend is subject to the Board of Director's determinations as to the amount of quarterly distributions and the timing thereof.  

Balance Sheet/Liquidity Update
As of June 30, 2018, the Company had total debt outstanding of $1,674.8 million, net of unamortized deferred financing costs, and unrestricted cash of $61.8 million. As of June 30, 2018, $251.5 million of borrowings were drawn under the revolving credit line of the Company's credit facility, and the lending banks had issued $2.4 million in letters of credit, which left $446.1 million of availability for borrowing under the credit facility.

On June 26, 2018, the Company announced the completion of an amendment to its existing Term Loan B facility, which took advantage of favorable conditions in the capital markets, as well as the Company's continued strong performance, to lower the applicable interest rate margin under the Term Loan B facility by 25 basis points and to extend the first fiscal year with respect to which excess cash flow payments apply by one year, to the year ending December 31, 2019.  The cash interest expense savings is estimated to be approximately $1.2 million on an annual basis. There was no change to the maturity date of the loan or the total available borrowing capacity available to the Company provided by this facility. This facility was previously put in place to lower the Company's average cost of capital and create additional liquidity for the Company moving forward, which we believe provides the Company with flexibility to take advantage of strategic opportunities that may develop in the future.

Guidance
The Company has raised the lower end of its guidance range for 2018 RevPAR and Total RevPAR growth to reflect strong hotel revenue performance year-to-date, as well as increased visibility into expected performance during the second half of 2018.

Reed continued, "Hospitality revenue is progressing as planned, and results for the first half of 2018 were in line with our expectations. Group room nights on the books for the remainder of 2018 are on track with the plan we had coming into the year, and we continue to believe 2018 will be another strong year for the Company. As we look to the second half of the year, we are now expecting fiscal year 2018 RevPAR growth in the range of 2.5% – 4% (from our prior guidance of 2% – 4%) and Total RevPAR growth in the range of 3.5% – 5% (from our prior guidance of 3% – 5%).

Our net income guidance range for the full year is now $155.3 to $156.0 million (from our prior guidance of $155.3 to $157.0 million). Our Adjusted EBITDA guidance range for the Hospitality segment has been raised to a range of $371.0 to $377.0 million (from our prior guidance of $365.0 to $375.0 million), which reflects how well the hotels have performed through the first half of the year, our successful opening of the expansion at Gaylord Texan and our perspective on the back half of the year.

Our 2018 Adjusted EBITDA guidance range for the Entertainment segment has been lowered to $40.0 to $44.0 million (from our prior guidance of $44.0 to $50.0 million).  Our original guidance range for this segment did not contemplate the purchase of the remaining 50 percent of the Opry City Stage joint venture, which we completed in the second quarter of 2018. We feel that it is necessary to reset the guidance range for this segment now that the Company has complete ownership of the venue, given its financial performance year-to-date as well as the continued investments we are making to appropriately position this offering.

Corporate & Other guidance range for Adjusted EBITDA is now a loss of $25.0 to $24.0 million (from our prior guidance of a loss of $26.0 to $25.0 million). As a result of these changes, our guidance for 2018 Adjusted EBITDA on a consolidated basis is now $386.0 to $397.0 million (from our prior guidance of $383.0 to $400.0 million).

We remain confident in our ability to continue capitalizing on the strength of the group market in the near-term, and we are looking forward to an expected strong year of performance in 2019 when we will begin to see the benefits of recent growth investments such as Soundwaves at Gaylord Opryland and our joint venture interest in Gaylord Rockies, which are both scheduled to open in December 2018."

The Company does not expect to update guidance 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.

($ in millions, except per share figures)   Revised Guidance   Prior Guidance   Variance to 
    Full Year 2018   Full Year 2018   Prior Midpoint
    Low    High   Low    High    
                     
Hospitality RevPAR (1)(2)   2.5%   4.0%   2.0%   4.0%   0.3pt
Hospitality Total RevPAR (1)(2)   3.5%   5.0%   3.0%   5.0%   0.3pt
                     
Net Income   $   155.3   $   156.0   $   155.3   $   157.0   $   (0.5)
                     
Adjusted EBITDA                    
Hospitality (1)(2)   $   371.0   $   377.0   $   365.0   $   375.0   $   4.0
Entertainment      40.0     44.0     44.0     50.0     (5.0)
Corporate and Other     (25.0)     (24.0)     (26.0)     (25.0)     1.0
Consolidated Adjusted EBITDA   $   386.0   $   397.0   $   383.0   $   400.0    $  - 
                     
Funds from Operations (FFO)   $   275.5   $   278.8   $   275.0   $   278.3   $   0.5
Adjusted FFO    $   300.9   $   306.7   $   300.0   $   306.5   $   0.6
                     
Net Income per Diluted Share   $   3.01   $   3.02   $   3.01   $   3.04   $   (0.01)
                     
FFO per Diluted Share    $   5.34   $   5.40   $   5.33   $   5.39   $   0.01
                     
Estimated Diluted Shares Outstanding     51.6     51.6     51.6     51.6     - 
                     
                     
  1. Hospitality segment guidance for RevPAR, Total RevPAR, and Hospitality Adjusted EBITDA include contribution from the Gaylord Texan expansion.
  2. Hospitality segment guidance assumes approximately 14,600 room nights out of service in 2018 due to the renovation of rooms at Gaylord National.  The out of service rooms are included in the total available room count for calculating hotel metrics (e.g., RevPAR and Total RevPAR).

 
Institutional Investor and Analyst Day Information
As previously announced, the Company will hold its Institutional Investor and Analyst Day on Thursday, September 13 and Friday, September 14, 2018. The event will take place at Gaylord Opryland in Nashville, Tennessee. Registration information may be found at https://www.rymanhp.com/2018-investor-analyst-day/.

The presentation portion of the event will be webcast and can be accessed through Ryman Hospitality Properties' website at www.rymanhp.com. To listen to the webcast, please visit the Investor Relations section of the website at least 15 minutes prior to the beginning of the scheduled presentation to register, download and install necessary multimedia streaming software. For those who cannot listen to the live broadcast, a replay will be available after the presentation and will run for 30 days.

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 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. 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; Ole Red, a country lifestyle and entertainment brand; and Opry City Stage, the Opry's first home away from home, in Times Square. For additional information about Ryman Hospitality Properties, visit www.rymanhp.com. 

Cautionary Note Regarding Forward-Looking Statements
This 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 effect of the Company's election to be taxed as a REIT for federal income tax purposes commencing with the year ended December 31, 2013, the Company's ability to remain qualified as a REIT, 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 Information
This 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 and Total RevPAR
We calculate revenue per available room ("RevPAR") for our hotels by dividing room 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.

Calculation of GAAP Margin Figures
We 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 Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

Adjusted EBITDA Definition
To 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; (gain) 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 closing costs of completed acquisitions; interest income on Gaylord National bonds; other gains and (losses), net; (gains) losses on warrant settlements; pension settlement charges; pro rata Adjusted EBITDA from 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 (loss) 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 FFO Definition
We calculate Adjusted FFO to mean Net Income (loss) (computed in accordance with GAAP), excluding, to the extent the following adjustments occurred during the periods presented: non-controlling interests, and (gains) and losses from sales of property; depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and certain pro rata adjustments from joint ventures (which equals FFO). We then exclude, to the extent the following adjustments occurred during the periods presented, impairment charges; 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, (gains) losses on extinguishment of debt and warrant settlements, and the impact of deferred income tax expense (benefit). We believe that the presentation of Adjusted FFO provides 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 as one measure in determining our results after taking into account the impact of our capital structure. A reconciliation of Net Income (loss) to Adjusted FFO is set forth below under "Supplemental Financial Results."

We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA, Adjusted EBITDA 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 EBITDA 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 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 EBITDA 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 and Chief Financial Officer Shannon Sullivan, Vice President of 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 & Treasurer Robert Winters or Sam Gibbons
Ryman Hospitality Properties, Inc. Alpha IR Group
(615) 316-6344 (929) 266-6315 or (312) 445-2874
tsiefert@rymanhp.com robert.winters@alpha-ir.com; sam.gibbons@alpha-ir.com

 

             
 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES 
             
  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
 Unaudited 
 (In thousands, except per share data) 
             
             
             
    Three Months Ended   Six Months Ended
    Jun. 30,   Jun. 30,
    2018 2017   2018 2017
Revenues :          
  Rooms $   121,745 $   110,674   $   229,309 $   214,043
  Food and beverage   141,053   128,441     273,992   254,610
  Other hotel revenue   28,958   24,258     53,566   48,874
  Entertainment   42,178   35,405     65,437   57,293
    Total revenues   333,934   298,778     622,304   574,820
             
Operating expenses:          
  Rooms   30,059   28,359     58,987   56,387
  Food and beverage   72,394   68,285     144,372   137,442
  Other hotel expenses   76,733   73,536     152,615   147,774
  Management fees   8,635   6,178     15,765   11,709
    Total hotel operating expenses   187,821   176,358     371,739   353,312
  Entertainment   30,254   22,135     49,620   38,986
  Corporate   7,640   7,468     15,969   14,877
  Preopening costs   1,525   494     3,672   710
  Depreciation and amortization   29,995   27,679     58,661   55,316
    Total operating expenses   257,235   234,134     499,661   463,201
             
Operating income   76,699   64,644     122,643   111,619
             
Interest expense, net of amounts capitalized   (19,625)   (17,155)     (36,354)   (33,019)
Interest income   2,766   2,969     5,519   5,917
Gain (loss) from joint ventures   1,346   (943)     (1,242)   (1,717)
Other gains and (losses), net   36   (1,324)     204   (1,396)
Income before income taxes   61,222   48,191     90,770   81,404
             
Provision for income taxes   (5,676)   (899)     (7,885)   (1,492)
Net income $   55,546 $   47,292   $   82,885 $   79,912
             
Basic net income per share  $   1.08 $   0.92   $   1.62 $   1.56
Fully diluted net income per share  $   1.08 $   0.92   $   1.61 $   1.56
             
Weighted average common shares for the period:          
  Basic   51,303   51,154     51,259   51,100
  Diluted   51,476   51,334     51,459   51,316
             
             


 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES 
             
 CONDENSED CONSOLIDATED BALANCE SHEETS 
 Unaudited 
 (In thousands) 
             
        Jun. 30,   Dec. 31,
         2018     2017 
             
 ASSETS:       
   Property and equipment, net of accumulated depreciation  $   2,121,165   $   2,065,657
   Cash and cash equivalents - unrestricted    61,779     57,557
   Cash and cash equivalents - restricted    32,181     21,153
   Notes receivable    113,789     111,423
   Investment in Gaylord Rockies joint venture    88,993     88,685
   Trade receivables, net    79,694     57,520
   Deferred income taxes, net    43,056     50,117
   Prepaid expenses and other assets    66,645     72,116
     Total assets  $   2,607,302   $   2,524,228
             
             
 LIABILITIES AND STOCKHOLDERS' EQUITY:       
   Debt and capital lease obligations  $   1,674,792   $   1,591,392
   Accounts payable and accrued liabilities    176,145     179,649
   Dividends payable    44,552     42,129
   Deferred management rights proceeds    175,541     177,057
   Other liabilities    162,578     155,845
   Stockholders' equity    373,694     378,156
     Total liabilities and stockholders' equity  $   2,607,302   $   2,524,228
             


                         
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDA RECONCILIATION
Unaudited
(in thousands)
                         
                         
    Three Months Ended Jun. 30,         Six Months Ended Jun. 30,      
    2018   2017   2018   2017
    $ Margin   $ Margin   $ Margin   $ Margin
  Consolidated                      
  Revenue $   333,934     $   298,778     $   622,304     $   574,820  
  Net income $   55,546 16.6%   $   47,292 15.8%   $   82,885 13.3%   $   79,912 13.9%
  Provision for income taxes   5,676       899       7,885       1,492  
  Other (gains) and losses, net   (36)       1,324       (204)       1,396  
  (Gain) loss from joint ventures   (1,346)       943       1,242       1,717  
  Interest expense, net   16,859       14,186       30,835       27,102  
  Operating Income   76,699 23.0%     64,644 21.6%     122,643 19.7%     111,619 19.4%
  Depreciation & amortization   29,995       27,679       58,661       55,316  
  Preopening costs   1,525       494       3,672       710  
  Non-cash ground lease expense   1,290       1,304       2,534       2,609  
  Equity-based compensation expense   2,006       1,644       3,929       3,213  
  Interest income on Gaylord National bonds   2,659       2,931       5,313       5,862  
  Pro rata adjusted EBITDA from joint ventures   (670)       -        (1,689)       -   
  Other gains and (losses), net   36       (1,324)       204       (1,396)  
  Loss on disposal of assets   149       1,116       149       1,116  
  Adjusted EBITDA $   113,689 34.0%   $   98,488 33.0%   $   195,416 31.4%   $   179,049 31.1%
                         
  Hospitality segment                      
  Revenue $   291,756     $   263,373     $   556,867     $   517,527  
  Operating income $   76,149 26.1%   $   61,295 23.3%   $   129,648 23.3%   $   113,262 21.9%
  Depreciation & amortization   27,233       25,547       53,433       50,725  
  Preopening costs   553       173       2,047       228  
  Non-cash lease expense   1,247       1,279       2,495       2,559  
  Interest income on Gaylord National bonds   2,659       2,931       5,313       5,862  
  Other gains and (losses), net   -        148       -        313  
  Adjusted EBITDA $   107,841 37.0%   $   91,373 34.7%   $   192,936 34.6%   $   172,949 33.4%
                         
  Entertainment segment                      
  Revenue $   42,178     $   35,405     $   65,437     $   57,293  
  Operating income $   8,638 20.5%   $   11,357 32.1%   $   9,920 15.2%   $   14,325 25.0%
  Depreciation & amortization   2,315       1,592       4,272       3,500  
  Preopening costs   972       321       1,625       482  
  Non-cash lease expense   43       25       39       50  
  Equity-based compensation   461       220       765       357  
  Pro rata adjusted EBITDA from joint ventures   (670)       -        (1,689)       -   
  Other gains and (losses), net   -        (410)       -        (383)  
  Loss on disposal of assets   -        431       -        431  
  Adjusted EBITDA $   11,759 27.9%   $   13,536 38.2%   $   14,932 22.8%   $   18,762 32.7%
                         
  Corporate and Other segment                      
  Operating loss $   (8,088)     $   (8,008)     $   (16,925)     $   (15,968)  
  Depreciation & amortization   447       540       956       1,091  
  Equity-based compensation   1,545       1,424       3,164       2,856  
  Other gains and (losses), net   36       (1,062)       204       (1,326)  
  Loss on disposal of assets   149       685       149       685  
  Adjusted EBITDA $   (5,911)     $   (6,421)     $   (12,452)     $   (12,662)  
                         
                         


                 
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
Jun. 30,

  
  Six Months Ended
Jun. 30,

  
    2018   2017   2018   2017
  Consolidated              
  Net income $   55,546   $   47,292   $   82,885   $   79,912
  Depreciation & amortization   29,995     27,679     58,661     55,316
  Pro rata adjustments from joint ventures   (32)     18     355     36
  FFO   85,509     74,989     141,901     135,264
                 
  Non-cash lease expense   1,290     1,304     2,534     2,609
  Pro rata adjustments from joint ventures   (2,786)     79     (2,729)     176
  Loss on other assets   80     1,116     80     1,116
  Write-off of deferred financing costs   1,956     925     1,956     925
  Amortization of deferred financing costs   1,426     1,304     2,841     2,567
  Deferred tax (benefit) expense   5,286     58     7,065     (129)
  Adjusted FFO $   92,761   $   79,775   $   153,648   $   142,528
  Capital expenditures (1)   (16,062)     (13,583)     (31,138)     (28,495)
  Adjusted FFO less maintenance capital expenditures $   76,699   $   66,192   $   122,510   $   114,033
                 
                 
  Basic net income per share  $   1.08   $   0.92   $   1.62   $   1.56
  Fully diluted net income per share  $   1.08   $   0.92   $   1.61   $   1.56
                 
  FFO per basic share $   1.67   $   1.47   $   2.77   $   2.65
  Adjusted FFO per basic share $   1.81   $   1.56   $   3.00   $   2.79
                 
  FFO per diluted share $   1.66   $   1.46   $   2.76   $   2.64
  Adjusted FFO per diluted share $   1.80   $   1.55   $   2.99   $   2.78
                 
                 
(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 Jun. 30,   Six Months Ended Jun. 30,
    2018   2017   2018   2017
    $ Margin   $ Margin   $ Margin   $ Margin
  Hospitality segment                      
  Revenue $   291,756     $   263,373     $   556,867     $   517,527  
  Operating Income $   76,149 26.1%   $   61,295 23.3%   $   129,648 23.3%   $   113,262 21.9%
  Depreciation & amortization   27,233       25,547       53,433       50,725  
  Preopening costs   553       173       2,047       228  
  Non-cash lease expense   1,247       1,279       2,495       2,559  
  Interest income on Gaylord National bonds   2,659       2,931       5,313       5,862  
  Other gains and (losses), net   -        148       -        313  
  Adjusted EBITDA $   107,841 37.0%   $   91,373 34.7%   $   192,936 34.6%   $   172,949 33.4%
                         
  Occupancy 79.0%     76.7%     76.4%     74.7%  
  Average daily rate (ADR) $   200.16     $   191.00     $   197.72     $   190.68  
  RevPAR $   158.13     $   146.42     $   151.11     $   142.37  
  OtherPAR $   220.81     $   202.03     $   215.86     $   201.87  
  Total RevPAR $   378.94     $   348.45     $   366.97     $   344.24  
                         
                         
                         
  Gaylord Opryland                      
  Revenue $   94,915     $   80,260     $   177,660     $   155,222  
  Operating Income $   28,930 30.5%   $   20,630 25.7%   $   48,725 27.4%   $   36,107 23.3%
  Depreciation & amortization   8,859       8,373       17,537       16,470  
  Preopening costs   9       -        88       -   
  Other gains and (losses), net   -        147       -        312  
  Adjusted EBITDA $   37,798 39.8%   $   29,150 36.3%   $   66,350 37.3%   $   52,889 34.1%
                         
  Occupancy 81.4%     72.8%     76.9%     70.6%  
  Average daily rate (ADR) $   193.54     $   180.11     $   192.07     $   178.76  
  RevPAR $   157.55     $   131.07     $   147.62     $   126.16  
  OtherPAR $   203.61     $   174.33     $   192.25     $   170.79  
  Total RevPAR $   361.16     $   305.40     $   339.87     $   296.95  
                         
                         
                         
  Gaylord Palms                      
  Revenue $   50,274     $   48,184     $   108,170     $   102,381  
  Operating Income  $   10,376 20.6%   $   9,387 19.5%   $   26,624 24.6%   $   22,500 22.0%
  Depreciation & amortization   4,799       4,759       9,588       9,554  
  Non-cash lease expense   1,247       1,279       2,495       2,559  
  Other gains and (losses), net   -        1       -        1  
  Adjusted EBITDA $   16,422 32.7%   $   15,426 32.0%   $   38,707 35.8%   $   34,614 33.8%
                         
  Occupancy 80.8%     80.3%     81.5%     80.1%  
  Average daily rate (ADR) $   188.15     $   181.68     $   199.48     $   194.21  
  RevPAR $   152.01     $   145.91     $   162.67     $   155.52  
  OtherPAR $   238.15     $   228.03     $   259.38     $   243.95  
  Total RevPAR $   390.16     $   373.94     $   422.05     $   399.47  
                         
                         
                         
  Gaylord Texan                      
  Revenue $   58,611     $   52,772     $   116,968     $   109,517  
  Operating Income $   14,953 25.5%   $   12,631 23.9%   $   28,985 24.8%   $   28,521 26.0%
  Depreciation & amortization   6,001       5,140       11,168       10,250  
  Preopening costs   544       -        1,959       -   
  Adjusted EBITDA  $  21,498 36.7%    $  17,771 33.7%    $  42,112 36.0%    $  38,771 35.4%
                         
  Occupancy 73.0%     72.7%     74.6%     76.1%  
  Average daily rate (ADR) $   194.82     $   190.73     $   194.87     $   189.76  
  RevPAR $   142.18     $   138.66     $   145.47     $   144.44  
  OtherPAR $   244.49     $   245.13     $   261.28     $   256.00  
  Total RevPAR $   386.67     $   383.79     $   406.75     $   400.44  
                         
                         
                         
  Gaylord National                      
  Revenue $   79,687     $   73,995     $   140,443     $   136,452  
  Operating Income $   19,529 24.5%   $   16,152 21.8%   $   22,846 16.3%   $   22,861 16.8%
  Depreciation & amortization   6,884       6,613       13,756       13,129  
  Preopening costs   -        173       -        228  
  Interest income on Gaylord National bonds   2,659       2,931       5,313       5,862  
  Adjusted EBITDA $   29,072 36.5%   $   25,869 35.0%   $   41,915 29.8%   $   42,080 30.8%
                         
  Occupancy 78.6%     81.3%     74.7%     75.5%  
  Average daily rate (ADR) $   227.17     $   214.42     $   213.54     $   210.19  
  RevPAR $   178.46     $   174.41     $   159.46     $   158.76  
  OtherPAR $   260.26     $   232.97     $   229.28     $   218.93  
  Total RevPAR $   438.72     $   407.38     $   388.74     $   377.69  
                         
                         
                         
  The AC Hotel at National Harbor                      
  Revenue $   3,511     $   3,679     $   5,882     $   6,138  
  Operating Income $   1,078 30.7%   $   1,378 37.5%   $   1,209 20.6%   $   1,757 28.6%
  Depreciation & amortization   328       322       655       647  
  Adjusted EBITDA $   1,406 40.0%   $   1,700 46.2%   $   1,864 31.7%   $   2,404 39.2%
                         
  Occupancy 78.6%     82.5%     69.6%     72.4%  
  Average daily rate (ADR) $   227.80     $   224.19     $   211.90     $   214.09  
  RevPAR $   179.03     $   184.85     $   147.57     $   154.94  
  OtherPAR $   21.92     $   25.77     $   21.69     $   21.70  
  Total RevPAR $   200.95     $   210.62     $   169.26     $   176.64  
                         
                         
                         
  The Inn at Opryland (1)                      
  Revenue $   4,758     $   4,483     $   7,744     $   7,817  
  Operating Income $   1,283 27.0%   $   1,117 24.9%   $   1,259 16.3%   $   1,516 19.4%
  Depreciation & amortization   362       340       729       675  
  Adjusted EBITDA $   1,645 34.6%   $   1,457 32.5%   $   1,988 25.7%   $   2,191 28.0%
                         
  Occupancy 83.9%     81.9%     73.7%     76.9%  
  Average daily rate (ADR) $   158.06     $   152.73     $   145.70     $   142.07  
  RevPAR $   132.63     $   125.07     $   107.32     $   109.26  
  OtherPAR $   39.82     $   37.49     $   33.84     $   33.24  
  Total RevPAR $   172.45     $   162.56     $   141.16     $   142.50  
                         
  (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 ("Adjusted EBITDA")   
and Adjusted Funds From Operations ("AFFO") reconciliation:          
                 
                 
        GUIDANCE RANGE    
        FOR FULL YEAR 2018    
        Low    High    
  Ryman Hospitality Properties, Inc.            
    Net Income   $   155,300   $   156,000    
    Provision (benefit) for income taxes     15,000     16,000    
    Loss from Joint Ventures     4,100     6,000    
    Other (gains) and losses, net     (1,400)     (2,000)    
    Interest expense     76,000     78,300    
    Interest income      (10,500)     (10,500)    
    Operating Income     238,500     243,800    
    Depreciation and amortization     119,900     122,400    
    Non-cash lease expense     5,000     5,000    
    Preopening expense     5,000     6,400    
    Pro Rata Adj. EBITDA from Joint Ventures     (2,500)     (2,000)    
    Equity based compensation     7,500     7,800    
    Pension settlement charge, Other     1,700     1,500    
    Other gains and (losses), net     400     1,600    
    Interest income on Gaylord National Bonds     10,500     10,500    
    Adjusted EBITDA   $   386,000   $   397,000    
                 
  Hospitality Segment             
    Operating Income   $   245,000   $   247,500    
    Depreciation and amortization     107,000     108,500    
    Non-cash lease expense     5,000     5,000    
    Preopening expense     3,000     4,000    
    Pro Rata Adj. EBITDA from Joint Ventures     (1,500)     (1,000)    
    Other gains and (losses), net     2,000     2,500    
    Interest income on Gaylord National Bonds     10,500     10,500    
    Adjusted EBITDA   $   371,000   $   377,000    
                 
  Entertainment Segment            
    Operating Income   $   27,500   $   30,200    
    Depreciation and amortization     10,400     11,000    
    Preopening expense     2,000     2,400    
    Pro Rata Adj. EBITDA from Joint Ventures     (1,000)     (1,000)    
    Equity based compensation     1,100     1,400    
    Adjusted EBITDA   $   40,000   $   44,000    
                 
  Corporate and Other Segment            
    Operating Loss   $   (34,000)   $   (33,900)    
    Depreciation and amortization     2,500     2,900    
    Equity based compensation     6,400     6,400    
    Pension settlement charge, Other     1,700     1,500    
    Other gains and (losses), net     (1,600)     (900)    
    Adjusted EBITDA   $   (25,000)   $   (24,000)    
                 
  Ryman Hospitality Properties, Inc.            
    Net income   $   155,300   $   156,000    
    Pro Rata FFO from Joint Ventures     300     400    
    Depreciation & amortization     119,900     122,400    
    Funds from Operations (FFO)     275,500     278,800    
    Pro Rata AFFO from Joint Ventures     (2,500)     (1,500)    
    Non-cash lease expense     5,000     5,000    
    Amortization of DFC     5,700     6,200    
    Write-Off of Deferred Financing Costs     2,000     2,200    
    Deferred tax expense (benefit)     13,500     14,500    
    Pension settlement charge     1,700     1,500    
    Adjusted FFO   $   300,900   $   306,700    
                 
                 
                 


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