Ryman Hospitality Properties (RHP) 8-K Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2018 Results

Exhibit 99.1

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

NASHVILLE, Tenn. (Feb. 26, 2019) – 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 aone-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 aone-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 December 31,									Twelve Months Ended December 31,
	2018			2017			%D			2018			2017			%D
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	%		3.6	pt		16.8	%		15.7	%		1.1	pt
Net Income	$	159,194		$	72,318			120.1	%	$	264,670		$	176,100			50.3	%
Net IncomeMargin		44.2	%		21.0	%		23.2	pt		20.8	%		14.9	%		5.9	pt
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	%		-0.7	pt		30.5	%		30.5	%		0.0	pt
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 thenon-GAAP financial measure Adjusted EBITDA to Net Income and a reconciliation of thenon-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 recognizednon-cash impairment charges of $19.2 million and $35.4 million, respectively, which are included in Net Income and FFO.

2

Hospitality Segment

($ in thousands, except ADR, RevPAR, and Total RevPAR)
	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
	2018			2017			%D			2018			2017			%D
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	%		10.2	pt		21.7	%		17.7	%		4.0	pt
Hospitality Adjusted EBITDA	$	103,821		$	103,889			-0.1	%	$	374,766		$	346,147			8.3	%
Hospitality Adjusted EBITDA Margin		32.3	%		33.2	%		-0.9	pt		33.2	%		32.7	%		0.5	pt
Hospitality Performance Metrics
Occupancy		75.1	%		77.1	%		-2.0	pt		75.3	%		75.5	%		-0.2	pt
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	%		-0.1	pt		13.6	%		13.6	%		0.0	pt
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 thenon-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			%D			2018			2017			%D
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	%		-1.8	pt		26.2	%		24.9	%		1.3	pt
Adjusted EBITDA	$	38,350		$	39,974			-4.1	%	$	131,623		$	118,783			10.8	%
Adjusted EBITDA Margin		35.6	%		37.6	%		-2.0	pt		36.0	%		35.2	%		0.8	pt
Occupancy		82.5	%		82.2	%		0.3	pt		77.2	%		75.1	%		2.1	pt
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	%

3

Gaylord Opryland Highlights for Fourth Quarter Include:

• On December 1^st 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			%D			2018			2017			%D
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	%		-4.4	pt		18.5	%		18.4	%		0.1	pt
Adjusted EBITDA	$	13,836		$	16,360			-15.4	%	$	61,584		$	60,115			2.4	%
Adjusted EBITDA Margin		25.8	%		29.2	%		-3.4	pt		30.7	%		30.7	%		0.0	pt
Occupancy		74.1	%		79.6	%		-5.5	pt		77.5	%		78.3	%		-0.8	pt
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.

4

• Operating income and Adjusted EBITDA were negatively impacted by higher wage costs and lower attrition and cancellation fee collection due to aone-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			%D			2018			2017			%D
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	%		0.4	pt		27.2	%		26.3	%		0.9	pt
Adjusted EBITDA	$	31,474		$	26,714			17.8	%	$	97,183		$	81,061			19.9	%
Adjusted EBITDA Margin		39.0	%		37.9	%		1.1	pt		37.3	%		35.2	%		2.1	pt
Occupancy		73.9	%		77.4	%		-3.5	pt		74.9	%		76.2	%		-1.3	pt
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 completed303-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.

5

Gaylord National

	Three Months Ended December 31,									Twelve Months Ended December 31,
($ in thousands)	2018			2017			%D			2018			2017			%D
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	%		49.8	pt		13.3	%		0.0	%		13.3	pt
Adjusted EBITDA	$	18,428		$	17,922			2.8	%	$	76,874		$	76,502			0.5	%
Adjusted EBITDA Margin		25.1	%		24.6	%		0.5	pt		28.0	%		28.5	%		-0.5	pt
Occupancy		68.2	%		68.9	%		-0.7	pt		72.3	%		73.5	%		-1.2	pt
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 millionnon-cash impairment charge associated with the Gaylord National bonds in fourth quarter. Excluding thisnon-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.”

6

Entertainment Segment

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

	Three Months Ended December 31,									Twelve Months Ended December 31,
($ in thousands)	2018			2017			%D			2018			2017			%D
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	%		-56.1	pt		1.3	%		25.5	%		-24.2	pt
Adjusted EBITDA	$	10,775		$	9,679			11.3	%	$	37,793		$	41,209			-8.3	%
Adjusted EBITDA Margin		27.8	%		29.7	%		-1.9	pt		25.7	%		33.0	%		-7.3	pt

Reed continued, “Overall, we are pleased with thetop-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 December 31,									Twelve Months Ended December 31,
($ in thousands)	2018			2017			%D			2018			2017			%D
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 thenon-GAAP financial measure Adjusted EBITDAre, based on EBITDAre as calculated under NAREIT guidelines. For definitions and an explanation of how we use Adjusted EBITDArein our business, see“Non-GAAP Financial Measures—Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition” below.

7

($ 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.

8

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.

9

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 the1,501-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, a303-room overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at National Harbor, a192-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 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 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,

10

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 Form10-K for the fiscal year ended December 31, 2017 and its Quarterly Reports on Form10-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 Form10-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 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 other revenue per available room (“Other RevPAR”) for our hotels by dividing allnon-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 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 followingnon-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

11

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; (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 thisnon-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 Definition

We 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

12

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 thisnon-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 Definition

We 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

13

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 specifiednon-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 thesenon-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, thesenon-GAAP financial measures, when viewed

14

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 & Treasurer	Robert Winters
Ryman Hospitality Properties, Inc.	Alpha IR Group
(615)316-6344	(929)266-6315
tsiefert@rymanhp.com	robert.winters@alpha-ir.com

15

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In thousands, except per share data)

	Three Months Ended Dec. 31,						Twelve Months Ended 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 amounts capitalized		(19,387	)		(16,411	)		(74,961	)		(66,051	)
Interest income		2,272			2,944			10,469			11,818
Income (loss) from joint ventures		127,232			(1,786	)		125,005			(4,402	)
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 taxes		(1,997	)		51,177			(11,745	)		49,155
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, 2018		Dec. 31, 2017
ASSETS:
Property and equipment, net of accumulated depreciation	$	3,149,095	$	2,065,657
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 joint venture		287,433		—
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 income taxes		1,997						(51,177	)					11,745						(49,155	)
Other (gains) and losses, net		452						394						(1,633	)					337
(Gain) loss from joint ventures		(127,232	)					1,786						(125,005	)					4,402
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 & amortization		31,221						28,097						120,876						111,959
Preopening costs		897						339						4,869						1,926
Non-cash ground lease expense		1,378						1,276						5,291						5,180
Equity-based compensation expense		1,832						1,682						7,656						6,636
Pension settlement charge		555						516						1,559						1,734
Impairment charges		19,243						35,418						23,783						35,418
Interest income on Gaylord National bonds		2,200						2,891						10,128						11,639
Pro rata adjusted EBITDA from joint ventures		(692	)					(323	)					(2,394	)					(323	)
Transaction costs on completed acquisitions		993						—						993						—
Other gains and (losses), net		(452	)					(394	)					1,633						(337	)
(Gain) loss on disposal of assets		(1	)					(7	)					115						1,090
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 & amortization		27,400						25,973						108,779						102,759
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 National bonds		2,200						2,891						10,128						11,639
Pro rata adjusted EBITDA from joint ventures		(692	)					—						(692	)					—
Transaction costs on completed acquisitions		993						—						993						—
Other gains and (losses), net		—						231						2,682						3,328
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 & amortization		3,395						1,609						10,280						7,074
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 from joint ventures		—						(323	)					(1,702	)					(323	)
Other gains and (losses), net		—						42						—						(311	)
Loss on disposal of assets		—						—						—						431
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 & amortization		426						515						1,817						2,126
Equity-based compensation		1,654						1,474						6,427						5,831
Pension settlement charge		555						516						1,559						1,734
Other gains and (losses), net		(452	)					(667	)					(1,049	)					(3,354	)
(Gain) loss on disposal of assets		(1	)					(7	)					115						659
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. 31,						Twelve Months Ended Dec. 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 fornon-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 & amortization		27,400						25,973						108,779						102,759
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 National bonds		2,200						2,891						10,128						11,639
Pro rata adjusted EBITDA from joint ventures		(692	)					—						(692	)					—
Transaction costs on completed acquisitions		993						—						993						—
Other gains and (losses), net		—						231						2,682						3,328
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
Operating Income	$	29,482			27.4	%	$	31,014			29.2	%	$	96,033			26.2	%	$	84,095			24.9	%
Depreciation & amortization		8,215						8,731						34,665						33,966
Preopening costs		653						—						925						—
Other gains and (losses), net		—						229						—						722
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 & amortization		5,009						4,724						19,465						19,031
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 & amortization		6,560						5,150						24,309						20,575
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 & amortization		6,918						6,694						27,565						26,524
Preopening costs		—						—						—						228
Impairment charges		—						35,418						—						35,418
Interest income on Gaylord National bonds		2,200						2,891						10,128						11,639
Other gains and (losses), net		—						—						2,682						2,604
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

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
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 & amortization		329						323						1,312						1,292
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 & amortization		369						351						1,463						1,371
Preopening costs		40						—						40						—
Pro rata adjusted EBITDA from joint ventures		(692	)					—						(692	)					—
Transaction costs on completed acquisitions		993						—						993						—
Other gains and (losses), net		—						2						—						2
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