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Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2019 Results

February 25, 2020 GMT

NASHVILLE, Tenn., Feb. 25, 2020 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the fourth quarter and full year ended December 31, 2019.

Fourth Quarter 2019 Results (as compared to Fourth Quarter 2018):

-- Same-Store RevPAR increased 4.8% and Same-Store Total RevPAR increased 4.9% -- Net Income Available to Common Shareholders decreased 71.9% to $44.7 million (2018 results included a one-time, $131.4 million gain related to the acquisition of increased ownership in the Gaylord Rockies joint venture) -- Consolidated Adjusted EBITDAre increased 21.5% to $132.1 Million -- Adjusted Funds from Operations available to common shareholders increased 14.1% to $96.6 million -- Same-Store Gross Advanced Bookings of 811,500 room nights -- Announced intention to acquire Block 21, a mixed-use entertainment, lodging, office and retail complex in the heart of downtown Austin; closing expected at the end of the first quarter of 2020 or early in the second quarter of 2020 -- Completed common stock offering with net proceeds of $283 million to the Company -- Declares first quarter 2020 dividend of $0.95 per share; intends to pay $3.80 per share annualized dividend in 2020, a 5.6% increase over full year 2019

Full Year 2019 Results (as compared to Full Year 2018):

-- Same-Store RevPAR increased 4.7% and Same-Store Total RevPAR increased 4.6% -- Net Income Available to Common Shareholders decreased 44.9% to $145.8 million (2018 results included a one-time, $131.4 million gain related to the acquisition of increased ownership in the Gaylord Rockies joint venture) -- Consolidated Adjusted EBITDAre increased 31.3% to $510.5 million -- Adjusted Funds from Operations available to common shareholders increased 18.2% to $356.6 million -- Gross Advanced Group Bookings of 2.23 million room nights for full year 2019

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “Our 2019 full year and fourth quarter performances have demonstrated our long-held belief that strategic investments in our people, our culture and our assets, year in and year out, truly do create a sustainable competitive advantage that drives our customer loyalty and encourages groups to rotate through our properties. This strategy amplified our peer-leading performance in 2019 and helped us achieve new records in both revenue and profitability. In addition to the strong consolidated financial performance, we achieved several important operational milestones including the successful full opening of SoundWaves, our indoor/outdoor water attraction at Gaylord Opryland, continued strong results from our expansion at Gaylord Texan, and the completion of Gaylord Rockies’ first full year of operation, where bookings activity has been so robust that we recently announced our intention to move forward with a 317-room, $80 million expansion. Our bookings strength wasn’t limited to just Gaylord Rockies, though, and I am pleased to report that the Same-Store hotels now have a record high of more than 6.8 million net room nights on the books for all future years.

Not to be outdone, our fast-growing Entertainment segment completed its best year ever, driven by our Nashville-based entertainment assets, and the continued growth and success of our Ole Red brand. Like our hospitality assets, we continue to invest in and expand our opportunities for this segment by taking steps like creating Circle Media, our joint-venture partnership with Gray Television, which launched the Circle TV network on January 1st, and by investing in our Ole Red brand, with our latest location set to open in Orlando in the second quarter of 2020. Finally, we closed out 2019 by announcing an agreement to acquire Block 21, a mixed-use live entertainment complex located in Austin, Texas, and home to Austin City Limits (ACL Live), which offers a nice complement to our existing portfolio of music-themed entertainment brands. Altogether, we made great progress in laying the groundwork for further growth in our Entertainment business in the coming years.”

Fourth Quarter and Full Year 2019 Results (as compared to Fourth Quarter and Full Year 2018):

Consolidated Results ($ in thousands, except per share amounts) Three Months Ended Twelve Months ended December 31, December 31, -------------------------- -------------------------- 2019 2018 % ∆ 2019 2018 % ∆ ----- ----- ------- ----- ----- -------- Total Revenue $446,28 $360,56 23.8% $1,604, $1,275, 25.8% 5 5 566 118 Operating Income $71,748 $51,526 39.2% $267,53 $214,26 24.9% 1 9 Operating Income margin 16.1% 14.3% 1.8pt 16.7% 16.8% -0.1pt Net Income available to common shareholders $44,654 $159,19 -71.9% $145,79 $264,67 -44.9% 4 4 0 Net Income available to common shareholders margin 10.0% 44.2% -34.2pt 9.1% 20.8% -11.7pt Net Income available to common shareholders per $0.85 $3.09 -72.5% $2.81 $5.14 -45.3% diluted share Adjusted EBITDAre $132,07 $108,70 21.5% $510,53 $388,77 31.3% 2 0 0 8 Adjusted EBITDAre margin 29.6% 30.1% -0.5pt 31.8% 30.5% 1.3pt Adjusted EBITDAre, excluding noncontrolling interest $126,30 $108,70 16.2% $479,39 $388,77 23.3% 1 0 2 8 Adjusted EBITDAre, excluding noncontrolling interest 28.3% 30.1% -1.8pt 29.9% 30.5% -0.6pt margin Funds From Operations (FFO) available to common $89,341 $59,518 50.1% $324,94 $255,02 27.4% shareholders 6 2 FFO available to common shareholders per diluted share $1.70 $1.15 47.8% $6.25 $4.95 26.3% Adjusted FFO available to common shareholders $96,624 $84,708 14.1% $356,63 $301,80 18.2% 1 4 Adjusted FFO available to common shareholders per $1.84 $1.64 12.2% $6.86 $5.86 17.1% diluted share

Note: For the Company’s definitions of Operating Income margin, Net Income available to common shareholders margin, Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common shareholders, and Adjusted FFO available to common shareholders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common shareholders to Net Income, see “Calculation of GAAP Margin Figures,” “Non-GAAP Financial Measures,” “Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition,” “Adjusted FFO available to common shareholders Definition” and “Supplemental Financial Results” below.

During the fourth quarter and full year 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 available to common shareholders for the 2018 periods. In the fourth quarter and full year 2018, the Company also recognized non-cash impairment charges of $19.2 million and $23.8 million, respectively, which are included in Operating Income, Net Income available to common shareholders and FFO available to common shareholders for the 2018 periods.

Hospitality Segment ($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months ended December 31, December 31, -------------------------------- --------------------------------- 2019 2018 % ∆ 2019 2018 % ∆ ------- --------- ------- --------- --------- ------- Hospitality Revenue $398,550 $321,796 23.9% $1,421,446 $1,127,903 26.0% Same-Store Hospitality Revenue(1) $337,602 $321,796 4.9% $1,194,870 $1,127,903 5.9% Hospitality Operating Income $71,018 $71,979 -1.3% $261,936 $244,961 6.9% Hospitality Operating Income margin 17.8% 22.4% -4.6pt 18.4% 21.7% -3.3pt Hospitality Adjusted EBITDAre $125,469 $103,821 20.9% $482,033 $374,766 28.6% Hospitality Adjusted EBITDAre margin 31.5% 32.3% -0.8pt 33.9% 33.2% 0.7pt Same-Store Hospitality Operating Income $77,810 $71,979 8.1% $269,331 $244,961 9.9% (1) Same-Store Hospitality Operating Income 23.0% 22.4% 0.6pt 22.5% 21.7% 0.8pt margin (1) Same-Store Hospitality Adjusted EBITDAre $109,637 $103,821 5.6% $398,692 $374,766 6.4% (1) Same-Store Hospitality Adjusted EBITDAre 32.5% 32.3% 0.2pt 33.4% 33.2% 0.2pt margin(1) Hospitality Performance Metrics Occupancy 75.8% 75.1% 0.7pt 75.8% 75.3% 0.5pt Average Daily Rate (ADR) $206.53 $204.88 0.8% $199.26 $194.64 2.4% RevPAR $156.64 $153.88 1.8% $151.09 $146.50 3.1% Total RevPAR $428.49 $406.29 5.5% $385.20 $363.66 5.9% Same-Store Hospitality Performance Metrics (1) Occupancy 77.5% 75.1% 2.4pt 77.0% 75.3% 1.7pt Average Daily Rate (ADR) $208.08 $204.88 1.6% $199.31 $194.64 2.4% RevPAR $161.20 $153.88 4.8% $153.42 $146.50 4.7% Total RevPAR $426.25 $406.29 4.9% $380.26 $363.66 4.6% Gross Definite Rooms Nights Booked (1) 811,462 1,052,645 -22.9% 2,231,472 2,628,283 -15.1% Net Definite Rooms Nights Booked (1) 720,193 921,385 -21.8% 1,835,780 2,105,972 -12.8% Group Attrition (as % of contracted 13.8% 13.0% 0.8pt 13.6% 13.6% 0.0pt block)(1) Cancellations ITYFTY(1)(2) 4,888 2,600 88.0% 45,293 31,247 45.0% (1) Excludes Gaylord Rockies, which opened in December 2018. (2) “ITYFTY” represents In The Year For The Year. Note: Hospitality and Same-Store Hospitality results include approximately 5,200 room nights out of service during fourth quarter 2019 and approximately 31,450 room nights out of service in the twelve months ended 12/31/2019 related to a rooms renovation at Gaylord Opryland.

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 2019 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

Gaylord Opryland ($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months ended December 31, December 31, ----------------------------------- -------------------------- 2019 2018 % ∆ 2019 2018 % ∆ ----- ----- --------- ------- ----- ----- ------- Revenue $107,48 $107,74 -0.2% $385,61 $365,99 5.4% 0 8 0 9 Operating Income $28,588 $29,482 -3.0% $102,46 $96,033 6.7% 7 Operating Income margin 26.6% 27.4% -0.8pt 26.6% 26.2% 0.4pt Adjusted EBITDAre $37,374 $38,350 -2.5% $137,31 $131,62 4.3% 6 3 Adjusted EBITDAre margin 34.8% 35.6% -0.8pt 35.6% 36.0% -0.4pt Occupancy 81.2% 82.5% -1.3pt 78.5% 77.2% 1.3pt Average daily rate (ADR) $205.40 $198.64 3.4% $196.54 $191.17 2.8% RevPAR $166.74 $163.89 1.7% $154.23 $147.52 4.5% Total RevPAR $404.52 $405.53 -0.2% $365.81 $347.21 5.4%

Gaylord Opryland Highlights for Fourth Quarter 2019 (as compared to Fourth Quarter 2018):

-- Gaylord Opryland occupancy declined 1.3 percentage points driven by lower group room nights but the impact of the decline was offset by a 3.4% increase in ADR as RevPAR grew 1.7%. -- Total revenue decreased 0.2% to $107.5 million, impacted by a 2.7% decline in food and beverage spending, which was primarily due to lower catering revenue related to fewer group room nights. -- Operating Income and Adjusted EBITDAre decreased by 3.0% and 2.5%, respectively, due to lower banquet and catering spending, higher wage costs and underperformance of Rudolph the Red-Nosed Reindeer: The Musical Show. These declines were partially offset by a full operating quarter of SoundWaves, which opened in December 2018. -- The Magnolia rooms renovation, which began in late fourth quarter of 2018, was completed on time and on budget in the fourth quarter of 2019, and the hotel entered 2020 with the full complement of these recently updated rooms. During the fourth quarter of 2019, approximately 5,200 room nights were out of service due to the renovation.

Gaylord Palms ($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months ended December 31, December 31, ------------------------------------ -------------------------- 2019 2018 % ∆ 2019 2018 % ∆ ----- ----- ----------- ------ ----- ----- ------- Revenue $60,171 $53,692 12.1% $208,29 $200,76 3.8% 8 3 Operating Income $11,533 $7,579 52.2% $40,051 $37,128 7.9% Operating Income margin 19.2% 14.1% 5.1pt 19.2% 18.5% 0.7pt Adjusted EBITDAre $18,025 $13,836 30.3% $64,740 $61,584 5.1% Adjusted EBITDAre margin 30.0% 25.8% 4.2pt 31.1% 30.7% 0.4pt Occupancy 77.2% 74.1% 3.1pt 77.4% 77.5% -0.1pt Average daily rate (ADR) $208.49 $206.36 1.0% $196.06 $192.10 2.1% RevPAR $161.05 $152.84 5.4% $151.68 $148.79 1.9% Total RevPAR $461.88 $412.15 12.1% $403.02 $388.44 3.8%

Gaylord Palms Highlights for Fourth Quarter 2019 (as compared to Fourth Quarter 2018):

-- Gaylord Palms occupancy increased 3.1 percentage points due to strength in both transient and group total room night growth, while group ADR improved 1.0% and RevPAR grew 5.4%. Total RevPAR grew by a strong 12.1%. -- Total revenue increased 12.1% to $60.2 million, benefitting from both improved occupancy and strong food and beverage spending. Successful holiday programming of ICE! also contributed to strong results in the quarter as a new ICE! theme, Polar Express, generated record admissions. -- Operating Income and Adjusted EBITDAre increased 52.2% and 30.3%, respectively, benefitting from solid occupancy and strong outside-the-room spending, as well as from the robust reception to holiday programming. A positive mix shift to corporate groups drove approximately 12% growth in catering for the quarter. -- Forward bookings for the Gaylord Palms expansion continue to track in-line with the healthy forward booking pace captured ahead of the Gaylord Texan expansion opening. The room and meeting space expansion at the hotel is on schedule and on budget for a projected third quarter 2021 opening.

Gaylord Texan ($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months ended December 31, December 31, ------------------------------------- ------------------------- 2019 2018 % ∆ 2019 2018 % ∆ ----- ----- ----------- ------- ----- ----- ------ Revenue $84,675 $80,624 5.0% $292,54 $260,41 12.3% 8 8 Operating Income $25,730 $24,914 3.3% $85,531 $70,915 20.6% Operating Income margin 30.4% 30.9% -0.5pt 29.2% 27.2% 2.0pt Adjusted EBITDAre $32,193 $31,474 2.3% $111,89 $97,183 15.1% 3 Adjusted EBITDAre margin 38.0% 39.0% -1.0pt 38.2% 37.3% 0.9pt Occupancy 76.8% 73.9% 2.9pt 78.2% 74.9% 3.3pt Average daily rate (ADR) $208.03 $212.82 -2.3% $196.26 $196.78 -0.3% RevPAR $159.82 $157.37 1.6% $153.45 $147.35 4.1% Total RevPAR $507.37 $483.10 5.0% $441.84 $419.12 5.4%

Gaylord Texan Highlights for Fourth Quarter 2019 (as compared to Fourth Quarter 2018):

-- Gaylord Texan occupancy improved 2.9 percentage points in the quarter while ADR declined 2.3%, due in part to a shift in group mix towards more government group customers. RevPAR grew 1.6% and Total RevPAR grew 5.0%, with the latter benefitting from catering spending and strong results from the recently renovated Glass Cactus entertainment venue. -- Total revenue increased 5.0% to $84.7 million, driven by higher occupancy, favorable catering spending, and strong ICE! holiday programming performance, which had record admissions in the quarter. -- Operating income and Adjusted EBITDAre increased by 3.3% and 2.3%, respectively. While the higher occupancy and mix shift within groups helped drive food and beverage performance, a mix shift to more government group customers in the quarter caused a decline in ADR, which negatively affected flow-through. Results were also impacted by higher wage costs.

Gaylord National ($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months ended December 31, December 31, ------------------------------------- -------------------------- 2019 2018 % ∆ 2019 2018 % ∆ ----- ----- ----------- ------- ----- ----- ------- Revenue $78,481 $73,553 6.7% $281,36 $274,29 2.6% 7 9 Operating Income $9,820 $9,310 5.5% $35,555 $36,499 -2.6% Operating Income margin 12.5% 12.7% -0.2pt 12.6% 13.3% -0.7pt Adjusted EBITDAre $19,256 $18,428 4.5% $76,256 $76,874 -0.8% Adjusted EBITDAre margin 24.5% 25.1% -0.6pt 27.1% 28.0% -0.9pt Occupancy 75.1% 68.2% 6.9pt 75.1% 72.3% 2.8pt Average daily rate (ADR) $220.86 $218.99 0.9% $215.74 $207.83 3.8% RevPAR $165.76 $149.28 11.0% $161.94 $150.31 7.7% Total RevPAR $427.38 $400.54 6.7% $386.21 $376.50 2.6%

Gaylord National Highlights for Fourth Quarter 2019 (as compared to Fourth Quarter 2018):

-- Gaylord National occupancy improved 6.9 percentage points aided by growth of association room nights, which were up by more than 17,000 room nights compared to the fourth quarter of 2018. ADR increased 0.9% while RevPAR grew 11.0% and Total RevPAR grew 6.7%. Group ADR was challenged in the quarter as group mix shifted towards more lower rated association group customers. -- Revenue increased 6.7% to $78.5 million, driven primarily by the improvement in group occupancy. Spending related to other holiday programming such as snow tubing and ICE! retail also contributed to the strong growth in total revenue. Transient ADR was strong and grew 9.9% year over year. -- Operating income and Adjusted EBITDAreincreased by 5.5% and 4.5%, respectively, driven by strong flow-through from transient rooms revenue and the performance of ICE! programming and associated retail spending. Overall profitability was negatively impacted by higher wage and union-related benefit costs.

Gaylord Rockies(1) ($ in thousands, except ADR, RevPAR, and Total RevPAR) Three Months Ended Twelve Months ended December 31, December 31, ------------------- ------------------ 2019 2018 % ∆ 2019 2018 % ∆ ------ ---- --- ----- ---- --- Revenue $60,948 - - $226,57 - - 6 Operating Loss (2) ($6,792) - - ($7,395 - - ) Operating Loss margin -11.1% - - -3.3% - - Adjusted EBITDAre(2) $15,832 - - $83,341 - - Adjusted EBITDAre margin 26.0% - - 36.8% - - Occupancy 66.5% - - 69.2% - - Average daily rate (ADR) $196.17 - - $198.94 - - RevPAR $130.51 - - $137.76 - - Total RevPAR $441.35 - - $413.56 - - (1) Gaylord Rockies opened in December 2018, therefore there are no comparison figures for the 2019 periods. (2) Operating loss and Adjusted EBITDAre for Gaylord Rockies for the 2019 periods exclude asset management fees paid to the Company during the the three months and twelve months ended December 31, 2019 of $0.6 million and $2.3 million, respectively.

Commenting on the most recently opened hotel property, Reed continued, “Gaylord Rockies closed out a strong first full year of operation. The property has helped the Gaylord Hotels brand reach new customers primarily in the western US and has provided existing customers with a new geographic experience. The early bookings performance at Gaylord Rockies has been very strong and has generated so much interest and such a positive response from group and transient customers alike that we made the decision to move forward with a rooms expansion just one year into the resort’s history. Construction is set to begin in the second quarter of 2020 and is expected to be complete by early 2022. We believe this property has a vibrant future ahead of it and are excited about the years to come.”

Entertainment Segment

For the three months and twelve months ended December 31, 2019 and 2018, the Company reported the following:

Entertainment Segment Results Three Months Ended Twelve Months ended December 31, December 31, ------------------------------------------- -------------------------- ($ in thousands) 2019 2018 % ∆ 2019 2018 % ∆ ----- ------------------- ------ ------ ----- ----- ------- Revenue $47,735 $38,769 23.1% $183,12 $147,215 24.4% 0 Operating Income/(Loss)1 $10,913 ($12,375) 188.2% $43,506 $1,958 2122.0% Operating Income/(Loss) margin 22.9% -31.9% 54.8pt 23.8% 1.3% 22.5pt Adjusted EBITDAre $14,471 $10,775 34.3% $57,970 $37,793 53.4% Adjusted EBITDAre margin 30.3% 27.8% 2.5pt 31.7% 25.7% 6.0pt (1) 2018 periods include impact of Opry City Stage closure

Reed continued, “Driven by the sustained success of our core Nashville-based attractions and our growing Ole Red brand, our Entertainment segment completed a record-setting 2019 with a strong fourth quarter. Leveraging our unique country music assets, we took important steps in 2019 to expand our market opportunities and to more effectively reach the 129 million country music lifestyle consumers in the United States through our continued investment in Ole Red, Circle Media and our plans to acquire Block 21 in Austin, Texas, including ACL Live at the Moody Theater. Circle Media’s linear channel is currently available in markets reaching approximately 65% of households in the United States, and we plan to supplement the current offering with a companion over-the-top (OTT) channel to be available by the middle of 2020. These investments, along with continued upgrades to our core Nashville-based attractions have set the stage for additional upside in the years to come.”

Corporate and Other Segment

For the three months and twelve months ended December 31, 2019 and 2018, the Company reported the following:

Corporate and Other Segment Results Three Months Ended Twelve Months ended December 31, December 31, ----------------------------- ------------------------------- ($ in thousands) 2019 2018 % ∆ 2019 2018 % ∆ ---------- --------- ------ ---------- ---------- ------ Operating Loss ($10,183 ) ($8,078 ) -26.1% ($37,911 ) ($32,650 ) -16.1% Adjusted EBITDAre ($7,868 ) ($5,896 ) -33.4% ($29,473 ) ($23,781 ) -23.9%

Corporate and Other Segment Operating Loss and Adjusted EBITDAre for the 2019 periods include increases in administrative and employment costs associated with supporting the Company’s growth.

2020 Guidance

The following business performance outlook for 2020 is based on current information as of February 25, 2020. 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. The below guidance does not present Same-Store data since Gaylord Rockies has been open for a full year. The guidance below contemplates the consummation of the planned Block 21 transaction and the impact of Circle Media.

($ in millions, except per share figures) Current Guidance Full Year Full Year 2020 2020 Guidance -------------------- ------------- Low High Midpoint --------- --------- ------------- Consolidated Hospitality RevPAR 3.0% 5.0% 4.0% Consolidated Hospitality Total RevPAR 2.0% 4.0% 3.0% Net Income $ 152.5 $ 167.5 $ 160.0 Adjusted EBITDAre Hospitality 1 $ 504.0 $ 518.0 $ 511.0 Entertainment 2 60.5 68.5 $ 64.5 Corporate and Other (30.0) (28.0) $ (29.0) - ------ - ------ - ------ ---- Consolidated Adjusted EBITDAre 1 $ 534.5 $ 558.5 $ 546.5 Consolidated Adjusted EBITDAre, excl. noncontrolling interest 3 $ 497.0 $ 519.0 $ 508.0 Net Income available to common shareholders 3 $ 163.8 $ 173.8 $ 168.8 Funds from Operations (FFO) available to common shareholders 3 $ 349.0 $ 367.0 $ 358.0 Adjusted FFO available to common shareholders 3 $ 379.0 $ 398.0 $ 388.5 Diluted Income per share available to common shareholders 3 $ 2.95 $ 3.13 $ 3.04 Estimated Diluted Shares Outstanding 55.5 55.5 $ 55.5 - ------ - ------ - ------ ----

(1) Includes fully consolidated results from Gaylord Rockies. The Company owns 62.1% and is the managing member of the joint venture that owns Gaylord Rockies. Also includes approximately 34,000 room nights out of service in 2020 due to the renovation of rooms at Gaylord National. The out of service rooms are included in total available room count for calculating hotel metrics (e.g., RevPAR and Total RevPAR).(2) Includes impact of the planned Block 21 acquisition and Circle Media. The Block 21 acquisition is subject to closing conditions, including the consent of its lender. Whether this consent will be obtained, and the timing of any closing are uncertain. We assumed a closing date for the Block 21 acquisition of April 1, 2020 for purposes of the guidance. The Block 21 results are preliminary estimates based on available information and includes an adjusted EBITDAre range from $10 million to $12 million for three quarters of 2020. Our estimates are subject to change after the Block 21 closing. Further, we estimate investing, and incurring pro-rata losses of, $9 million to $11 million in Circle Media for 2020, which is reflected in our consolidated net income and entertainment segment adjusted EBITDAre guidance for 2020.(3) Excludes ownership of Gaylord Rockies joint venture not controlled or owned by the Company.

Note: For reconciliations of Consolidated Adjusted EBITDAre and Consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest guidance 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 Operating Income, see “Reconciliations of Forward-Looking Statements,” below.

Reed concluded, “Our momentum continues to increase as we enter 2020, and I couldn’t be more excited for the future of the Company. Since we first outlined what 2020 could look like at our 2016 investor and analyst day, we’ve indicated this year would be a powerful one for us. The work to get here has been substantial, and along the way we have set record after record, but it’s amazing to note all of the new growth opportunities we still have in front of us. We remain confident in our ability to capitalize on the strength of the group market, our competitive position, and the anticipated benefit of our recent capital reinvestments at Gaylord Texan and those underway at Gaylord Palms and Gaylord Rockies. With the multitude of opportunities across our hospitality business and the 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 2019 cash dividend of $0.90 per share of common stock on January 15, 2020 to stockholders of record on December 31, 2019. Including the fourth quarter cash dividend payment, the Company paid a total of $3.60 per share of dividends to its common shareholders for the full year 2019.

Today, the Company declared its first quarter cash dividend of $0.95 per share of common stock, a quarterly increase of $0.05, payable on April 15, 2020 to stockholders of record on March 31, 2020. It is the Company’s current plan to distribute total 2020 annual dividends of approximately $3.80 per share in cash in equal quarterly payments in April, July, and October of 2020 and in January of 2021, which is a 5.6% increase over the full year 2019 dividend of $3.60. Future dividends are subject to the Board’s future determinations as to amount and timing.

Balance Sheet/Liquidity Update

At December 31, 2019, the Company had total consolidated debt outstanding of $2,560.0 million (net of unamortized deferred financing costs) and unrestricted cash of $362.4 million. Total cash on the balance sheet includes proceeds from the Company’s successful underwritten public offering of 3.45 million shares of common stock in December 2019, which resulted in total net proceeds to the Company of $283 million, inclusive of the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $85.60 per share. The public offering was initiated following the Company’s announcement of an agreement to acquire Block 21 from Stratus Properties Inc. for a total consideration of $275 million, including the assumption of approximately $141 million of existing mortgage debt, with the balance payable in cash. The Company currently anticipates closing this transaction at the end of the first quarter of 2020 or early in the second quarter of 2020. As of December 31, 2019, the Company’s revolving credit line had no outstanding balance, and the lending banks had issued $0.9 million in letters of credit, which left $699.1 million of availability for borrowing under the revolving credit facility.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release today at 10 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences. The Company’s core holdings* include a network of five of the top 10 largest non-gaming convention center hotels in the United States based on total indoor meeting space. These convention center resorts operate under the Gaylord Hotels brand and are managed by Marriott International. The Company also owns two adjacent ancillary hotels and a small number of attractions managed by Marriott International for a combined total of 10,110 rooms and more than 2.7 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Company’s Entertainment segment includes a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle media network the Company owns in a joint-venture partnership with Gray Television. The Company operates its Entertainment segment as part of a taxable REIT subsidiary. In December 2019, the Company announced plans to acquire Block 21 a mixed-use entertainment, lodging, office and retail complex that includes the 251-room W Hotel Austin, 53,000 square feet of Class A commercial space and the 2,750-seat ACL Live at the Moody Theater, in Austin, Texas. The transaction is expected to close at the end of the first quarter of 2020 or early in the second quarter of 2020. Visit RymanHP.com for more information.

*The Company is the sole owner of Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; and Gaylord National Resort & Convention Center. It is the majority owner and managing member of the joint venture that owns Gaylord Rockies Resort & Convention Center.

Cautionary Note Regarding Forward-Looking StatementsThis press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of our business, estimated capital expenditures, new projects or investments, out-of-service rooms, the expected approach to making dividend payments, the board’s ability to alter the dividend policy at any time and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the Company’s ability to remain qualified as a REIT for federal income tax purposes, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, which could be made at any time, the determination of Adjusted FFO available to common shareholders and REIT taxable income, the Company’s ability to borrow funds pursuant to its credit agreement, and the occurrence of any event, change or other circumstance that could delay the closing of the acquisition of Block 21, or the termination of the transaction agreement for the acquisition of Block 21. A widespread outbreak of coronavirus in the United States could adversely affect our business results and guidance. 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, 2018 and its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

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

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

Calculation of GAAP Margin FiguresWe calculate Net Income available to common shareholders margin by dividing GAAP consolidated Net Income available to common shareholders 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. Same-Store Operating Income margin does not include the Gaylord Rockies.

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

Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest DefinitionWe calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property or the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented: preopening costs; non-cash ground lease expense; equity-based compensation expense; impairment charges that do not meet the NAREIT definition above; any transaction costs of acquisitions; interest income on bonds; pension settlement charges; pro rata Adjusted EBITDAre from unconsolidated joint ventures, (gains) losses on extinguishment of debt, and any other adjustments we have identified in this release. We then exclude noncontrolling interests in consolidated 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 and 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. Same-Store Hospitality Adjusted EBITDAre does not include Gaylord Rockies.

Adjusted EBITDAre, Excluding Noncontrolling Interest Margin DefinitionWe calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated Total Revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP Revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable. Same-Store Adjusted EBITDAre does not include Gaylord Rockies.

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

We believe that the presentation of FFO available to common shareholders and Adjusted FFO available to common shareholders provide useful information to investors regarding the performance of our ongoing operations because it is a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use FFO available to common shareholders 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 FFO available to common shareholders and a reconciliation of Net Income (loss) 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 EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, and Adjusted FFO available to common shareholders 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 EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, 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 EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, and Adjusted FFO available to common shareholders 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 EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, Adjusted EBITDAre, Excluding Noncontrolling Interest Margin, and Adjusted FFO available to common shareholders can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (loss), Net Income Margin, Operating Income (loss), Operating Income Margin, or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.

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

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In thousands, except per share data) Three Months Ended Twelve Months Ended Dec. 31 Dec. 31 ------------------------ -------------------------- 2019 2018 2019 2018 - -------- - -------- - --------- - --------- Revenues : Rooms $ 145,696 $ 121,880 $ 557,562 $ 454,370 Food and beverage 161,424 127,355 660,770 519,843 Other hotel revenue 91,430 72,561 203,114 153,690 Entertainment 47,735 38,769 183,120 147,215 Total revenues 446,285 360,565 1,604,566 1,275,118 - -------- - -------- - --------- - --------- Operating expenses: Rooms 36,650 29,510 144,834 118,060 Food and beverage 92,227 71,229 362,850 282,906 Other hotel expenses 136,809 112,564 409,883 339,529 Management fees 11,065 8,421 39,608 30,744 Total hotel operating expenses 276,751 221,724 957,175 771,239 Entertainment 33,887 28,302 126,609 109,249 Corporate 9,764 7,652 36,282 30,833 Preopening costs 848 897 3,122 4,869 Impairment and other charges - 19,243 - 23,783 Depreciation and amortization 53,287 31,221 213,847 120,876 Total operating expenses 374,537 309,039 1,337,035 1,060,849 - -------- - -------- - --------- - --------- Operating income 71,748 51,526 267,531 214,269 Interest expense, net of (30,780) (19,387) (131,620) (74,961) amounts capitalized Interest income 3,013 2,272 11,769 10,469 Loss on extinguishment of debt - - (494) - Income (loss) from joint (635) 127,232 (1,110) 125,005 ventures Other gains and (losses), net (164) (452) 693 1,633 Income before income taxes 43,182 161,191 146,769 276,415 Provision for income taxes (4,732) (1,997) (18,475) (11,745) - -------- - -------- - --------- - --------- Net income 38,450 159,194 128,294 264,670 Net loss attributable to noncontrolling interest in 6,204 - 17,500 - consolidated joint venture Net income available to common $ 44,654 $ 159,194 $ 145,794 $ 264,670 shareholders - -------- - -------- - --------- - --------- Basic income per share available to common $ 0.86 $ 3.10 $ 2.82 $ 5.16 shareholders - -------- - -------- - --------- - --------- Diluted income per share available to common $ 0.85 $ 3.09 $ 2.81 $ 5.14 shareholders - -------- - -------- - --------- - --------- Weighted average common shares for the period: Basic 52,197 51,334 51,609 51,294 Diluted 52,567 51,543 51,975 51,507

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (In thousands) Dec. 31 Dec. 31, 2019 2018 ----------- ----------- ASSETS: Property and equipment, net of accumulated depreciation $ 3,130,252 $ 3,149,095 Cash and cash equivalents - unrestricted 362,430 103,437 Cash and cash equivalents - restricted 57,966 45,652 Notes receivable 110,135 122,209 Trade receivables, net 70,768 67,923 Deferred income taxes, net 25,959 40,557 Prepaid expenses and other assets 123,845 78,240 Intangible assets 207,113 246,770 Total assets $ 4,088,468 $ 3,853,883 - --------- - --------- LIABILITIES AND EQUITY: Debt and finance lease obligations $ 2,559,968 $ 2,441,895 Accounts payable and accrued liabilities 264,915 274,890 Dividends payable 50,711 45,019 Deferred management rights proceeds 175,332 174,026 Operating lease liabilities 106,331 - Other liabilities 64,971 161,043 Noncontrolling interest in consolidated joint venture 221,511 287,433 Stockholders’ equity 644,729 469,577 Total liabilities and equity $ 4,088,468 $ 3,853,883 - --------- - ---------

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS ADJUSTED EBITDAre RECONCILIATION Unaudited (in thousands) Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, 2019 2018 2019 2018 - --------------- - ---------------- - - ---------------- - ---------------- $ Margin $ Margin $ Margin $ Margin ----------- ------ ------------ ------- ------------ ------ ------------ ------ Consolidated Revenue $ 446,285 $ 360,565 $ 1,604,566 $ 1,275,118 Net income $ 38,450 8.6% $ 159,194 44.2% $ 128,294 8.0% $ 264,670 20.8% Interest expense, net 27,767 17,115 119,851 64,492 Provision for income taxes 4,732 1,997 18,475 11,745 Depreciation & 53,287 31,221 213,847 120,876 amortization (Gain) loss on disposal of (4) - 1 116 assets Pro rata EBITDAre from unconsolidated joint (3) 893 (11) 1,198 ventures EBITDAre 124,229 27.8% 210,420 58.4% 480,457 29.9% 463,097 36.3% Preopening costs 848 897 3,122 4,869 Non-cash ground lease 1,189 1,378 4,910 5,291 expense Equity-based compensation 1,971 1,832 7,833 7,656 expense Pension settlement charge 327 555 1,904 1,559 Impairment charges - 19,243 - 23,783 Interest income on Gaylord National & Gaylord Rockies 2,508 2,200 10,272 10,128 bonds Loss on extinguishment of - - 494 - debt Transaction costs of 362 993 417 993 acquisitions Pro rata adjusted EBITDAre from unconsolidated joint 638 (128,818) 1,121 (128,598) ventures Adjusted EBITDAre $ 132,072 29.6% $ 108,700 30.1% $ 510,530 31.8% $ 388,778 30.5% - -------- ----- - --------- ----- - - --------- ----- - --------- ----- Adjusted EBITDAreof (5,771) - (31,138) - noncontrolling interest Adjusted EBITDAre, excluding noncontrolling $ 126,301 28.3% $ 108,700 30.1% $ 479,392 29.9% $ 388,778 30.5% interest - -------- ----- - --------- ----- - - --------- ----- - --------- ----- Hospitality segment Revenue $ 398,550 $ 321,796 $ 1,421,446 $ 1,127,903 Operating income $ 71,018 17.8% $ 71,979 22.4% $ 261,936 18.4% $ 244,961 21.7% Depreciation & 50,159 27,400 201,068 108,779 amortization Preopening costs 622 693 1,267 2,924 Non-cash lease expense 1,169 1,248 4,674 4,991 Interest income on Gaylord National & Gaylord Rockies 2,508 2,200 10,272 10,128 bonds Transaction costs of - 993 55 993 acquisitions Other gains and (losses), (7) - 2,761 2,682 net Pro rata adjusted EBITDAre - (692) - (692) from joint ventures Adjusted EBITDAre $ 125,469 31.5% $ 103,821 32.3% $ 482,033 33.9% $ 374,766 33.2% - -------- ----- - --------- ----- - - --------- ----- - --------- ----- Same-Store Hospitality segment(1) Revenue $ 337,602 $ 321,796 $ 1,194,870 $ 1,127,903 Operating income $ 77,810 23.0% $ 71,979 22.4% $ 269,331 22.5% $ 244,961 21.7% Depreciation & 27,535 27,400 111,030 108,779 amortization Preopening costs 622 693 677 2,924 Non-cash lease expense 1,169 1,248 4,674 4,991 Interest income on Gaylord 2,508 2,200 10,164 10,128 National bonds Transaction costs of - 993 55 993 acquisitions Other gains and (losses), (7) - 2,761 2,682 net Pro rata adjusted EBITDAre - (692) - (692) from joint ventures Adjusted EBITDAre $ 109,637 32.5% $ 103,821 32.3% $ 398,692 33.4% $ 374,766 33.2% - -------- ----- - --------- ----- - - --------- ----- - --------- ----- Entertainment segment Revenue $ 47,735 $ 38,769 $ 183,120 $ 147,215 Operating income (loss) $ 10,913 22.9% $ (12,375) -31.9 % $ 43,506 23.8% $ 1,958 1.3% Depreciation & 2,709 3,395 11,150 10,280 amortization Preopening costs 226 204 1,855 1,945 Non-cash lease expense 20 130 236 300 Equity-based compensation 242 178 862 1,229 Impairment charges - 19,243 - 23,783 Transaction costs of 361 - 361 - acquisitions Pro rata adjusted EBITDAre from unconsolidated joint - - - (1,702) ventures Adjusted EBITDAre $ 14,471 30.3% $ 10,775 27.8% $ 57,970 31.7% $ 37,793 25.7% - -------- ----- - --------- ----- - - --------- ----- - --------- ----- Corporate and Other segment Operating loss $ (10,183) $ (8,078) $ (37,911) $ (32,650) Depreciation & 419 426 1,629 1,817 amortization Other gains and (losses), (160) (453) (2,560) (934) net Equity-based compensation 1,729 1,654 6,971 6,427 Pension settlement charge 327 555 1,904 1,559 Loss on extinguishment of - - 494 - debt Adjusted EBITDAre $ (7,868) $ (5,896) $ (29,473) $ (23,781) - -------- - --------- - --------- - --------- (1) Same-Store Hospitality segment excludes Gaylord Rockies, which opened in December 2018.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO RECONCILIATION Unaudited (in thousands, except per share data) Three Months Ended Dec. Twelve Months Ended Dec. 31, 31, 2019 2018 2019 2018 - ------- - - -------- - - ------- - - -------- - Consolidated Net income $ 38,450 $ 159,194 $ 128,294 $ 264,670 Noncontrolling interest 6,204 - 17,500 - - ------- - - -------- - - ------- - - -------- - Net income available to common shareholders 44,654 159,194 145,794 264,670 Depreciation & amortization 53,250 31,221 213,690 120,876 Adjustments for noncontrolling interest (8,563 ) - (34,538 ) - Pro rata adjustments from joint ventures - (130,897 ) - (130,524 ) FFO available to common shareholders 89,341 59,518 324,946 255,022 Right-of-use asset amortization 37 - 157 - Non-cash lease expense 1,189 1,378 4,910 5,291 Pension settlement charge 327 555 1,904 1,559 Impairment charges - 19,243 - 23,783 Pro rata adjustments from joint ventures - 27 - (2,702 ) (Gain) loss on other assets (4 ) - (4 ) 80 Write-off of deferred financing costs 246 - 3,079 1,956 Amortization of deferred financing costs 1,857 1,395 7,662 5,632 Amortization of debt premiums (66 ) - (66 ) - Loss on extinguishment of debt - - 494 - Adjustments for noncontrolling interest (214 ) - (1,282 ) - Transaction costs of acquisitions 362 993 417 993 Deferred tax expense 3,549 1,599 14,414 10,190 Adjusted FFO available to common shareholders $ 96,624 $ 84,708 $ 356,631 $ 301,804 - ------- - - -------- - - ------- - - -------- - Capital expenditures (1) (21,458 ) (22,772 ) (73,909 ) (68,792 ) Adjusted FFO available to common shareholders (ex. $ 75,166 $ 61,936 $ 282,722 $ 233,012 maintenance capex) - ------- - - -------- - - ------- - - -------- - Basic net income per share $ 0.86 $ 3.10 $ 2.82 $ 5.16 Fully diluted net income per share $ 0.85 $ 3.09 $ 2.81 $ 5.14 FFO available to common shareholders per basic share $ 1.71 $ 1.16 $ 6.30 $ 4.97 Adjusted FFO available to common shareholders per basic $ 1.85 $ 1.65 $ 6.91 $ 5.88 share FFO available to common shareholders per diluted share $ 1.70 $ 1.15 $ 6.25 $ 4.95 Adjusted FFO available to common shareholders per $ 1.84 $ 1.64 $ 6.86 $ 5.86 diluted share (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 EBITDAre RECONCILIATIONS AND OPERATING METRICS Unaudited (in thousands) Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, --------------------------------------- ------------------------------------------ 2019 2018 2019 2018 - --------------- - - -------------- - - ---------------- - - ---------------- - $ Margin $ Margin $ Margin $ Margin ----------- ------- ----------- ------ ------------- ------ ------------- ------ Hospitality segment Revenue $ 398,550 $ 321,796 $ 1,421,446 $ 1,127,903 Operating Income $ 71,018 17.8 % $ 71,979 22.4 % $ 261,936 18.4 % $ 244,961 21.7 % Depreciation & 50,159 27,400 201,068 108,779 amortization Preopening costs 622 693 1,267 2,924 Non-cash lease expense 1,169 1,248 4,674 4,991 Interest income on Gaylord National and 2,508 2,200 10,272 10,128 Gaylord Rockies bonds Transaction costs of - 993 55 993 acquisitions Other gains and (losses), (7 ) - 2,761 2,682 net Pro rata adjusted EBITDA - (692 ) - (692 ) from joint ventures Adjusted EBITDAre $ 125,469 31.5 % $ 103,821 32.3 % $ 482,033 33.9 % $ 374,766 33.2 % - ------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Occupancy 75.8 % 75.1 % 75.8 % 75.3 % Average daily rate (ADR) $ 206.53 $ 204.88 $ 199.26 $ 194.64 RevPAR $ 156.64 $ 153.88 $ 151.09 $ 146.50 OtherPAR $ 271.85 $ 252.41 $ 234.11 $ 217.16 Total RevPAR $ 428.49 $ 406.29 $ 385.20 $ 363.66 Same-Store Hospitality segment(1) Revenue $ 337,602 $ 321,796 $ 1,194,870 $ 1,127,903 Operating Income $ 77,810 23.0 % $ 71,979 22.4 % $ 269,331 22.5 % $ 244,961 21.7 % Depreciation & 27,535 27,400 111,030 108,779 amortization Preopening costs 622 693 677 2,924 Non-cash lease expense 1,169 1,248 4,674 4,991 Interest income on 2,508 2,200 10,164 10,128 Gaylord National bonds Transaction costs of - 993 55 993 acquisitions Other gains and (losses), (7 ) - 2,761 2,682 net Pro rata adjusted EBITDA - (692 ) - (692 ) from joint ventures Adjusted EBITDAre $ 109,637 32.5 % $ 103,821 32.3 % $ 398,692 33.4 % $ 374,766 33.2 % - ------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Occupancy 77.5 % 75.1 % 77.0 % 75.3 % Average daily rate (ADR) $ 208.08 $ 204.88 $ 199.31 $ 194.64 RevPAR $ 161.20 $ 153.88 $ 153.42 $ 146.50 OtherPAR $ 265.05 $ 252.41 $ 226.84 $ 217.16 Total RevPAR $ 426.25 $ 406.29 $ 380.26 $ 363.66 Gaylord Opryland Revenue $ 107,480 $ 107,748 $ 385,610 $ 365,999 Operating Income $ 28,588 26.6 % $ 29,482 27.4 % $ 102,467 26.6 % $ 96,033 26.2 % Depreciation & 8,786 8,215 34,794 34,665 amortization Preopening costs - 653 55 925 Adjusted EBITDAre $ 37,374 34.8 % $ 38,350 35.6 % $ 137,316 35.6 % $ 131,623 36.0 % - ------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Occupancy 81.2 % 82.5 % 78.5 % 77.2 % Average daily rate (ADR) $ 205.40 $ 198.64 $ 196.54 $ 191.17 RevPAR $ 166.74 $ 163.89 $ 154.23 $ 147.52 OtherPAR $ 237.78 $ 241.64 $ 211.58 $ 199.69 Total RevPAR $ 404.52 $ 405.53 $ 365.81 $ 347.21 Gaylord Palms Revenue $ 60,171 $ 53,692 $ 208,298 $ 200,763 Operating Income $ 11,533 19.2 % $ 7,579 14.1 % $ 40,051 19.2 % $ 37,128 18.5 % Depreciation & 4,701 5,009 19,393 19,465 amortization Preopening costs 622 - 622 - Non-cash lease expense 1,169 1,248 4,674 4,991 Adjusted EBITDAre $ 18,025 30.0 % $ 13,836 25.8 % $ 64,740 31.1 % $ 61,584 30.7 % - ------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Occupancy 77.2 % 74.1 % 77.4 % 77.5 % Average daily rate (ADR) $ 208.49 $ 206.36 $ 196.06 $ 192.10 RevPAR $ 161.05 $ 152.84 $ 151.68 $ 148.79 OtherPAR $ 300.83 $ 259.31 $ 251.34 $ 239.65 Total RevPAR $ 461.88 $ 412.15 $ 403.02 $ 388.44 Gaylord Texan Revenue $ 84,675 $ 80,624 $ 292,548 $ 260,418 Operating Income $ 25,730 30.4 % $ 24,914 30.9 % $ 85,531 29.2 % $ 70,915 27.2 % Depreciation & 6,463 6,560 26,362 24,309 amortization Preopening costs - - - 1,959 Adjusted EBITDAre $ 32,193 38.0 % $ 31,474 39.0 % $ 111,893 38.2 % $ 97,183 37.3 % - ------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Occupancy 76.8 % 73.9 % 78.2 % 74.9 % Average daily rate (ADR) $ 208.03 $ 212.82 $ 196.26 $ 196.78 RevPAR $ 159.82 $ 157.37 $ 153.45 $ 147.35 OtherPAR $ 347.55 $ 325.73 $ 288.39 $ 271.77 Total RevPAR $ 507.37 $ 483.10 $ 441.84 $ 419.12 Gaylord National Revenue $ 78,481 $ 73,553 $ 281,367 $ 274,299 Operating Income $ 9,820 12.5 % $ 9,310 12.7 % $ 35,555 12.6 % $ 36,499 13.3 % Depreciation & 6,935 6,918 27,776 27,565 amortization Interest income on 2,508 2,200 10,164 10,128 Gaylord National bonds Other gains and (losses), (7 ) - 2,761 2,682 net Adjusted EBITDAre $ 19,256 24.5 % $ 18,428 25.1 % $ 76,256 27.1 % $ 76,874 28.0 % - ------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Occupancy 75.1 % 68.2 % 75.1 % 72.3 % Average daily rate (ADR) $ 220.86 $ 218.99 $ 215.74 $ 207.83 RevPAR $ 165.76 $ 149.28 $ 161.94 $ 150.31 OtherPAR $ 261.62 $ 251.26 $ 224.27 $ 226.19 Total RevPAR $ 427.38 $ 400.54 $ 386.21 $ 376.50 Gaylord Rockies Revenue $ 60,948 $ - $ 226,576 $ - Operating Loss (2) $ (6,792 ) -11.1 % $ - $ (7,395 ) -3.3 % $ - Depreciation & 22,624 - 90,038 - amortization Preopening costs - - 590 - Interest income on - - 108 - Gaylord Rockies bonds Adjusted EBITDAre (2) $ 15,832 26.0 % $ - $ 83,341 36.8 % $ - - ------- - ----- - - ------- - ------ - --------- - ---- - - --------- - ------ Occupancy 66.5 % n/a 69.2 % n/a Average daily rate (ADR) $ 196.17 n/a $ 198.94 n/a RevPAR $ 130.51 n/a $ 137.76 n/a OtherPAR $ 310.84 n/a $ 275.80 n/a Total RevPAR $ 441.35 n/a $ 413.56 n/a The AC Hotel at National Harbor Revenue $ 3,094 $ 2,383 $ 11,725 $ 10,761 Operating Income $ 478 15.4 % $ 148 6.2 % $ 1,809 15.4 % $ 1,489 13.8 % Depreciation & 335 329 1,338 1,312 amortization Adjusted EBITDAre $ 813 26.3 % $ 477 20.0 % $ 3,147 26.8 % $ 2,801 26.0 % - ------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Occupancy 68.9 % 59.8 % 70.4 % 66.6 % Average daily rate (ADR) $ 214.59 $ 186.57 $ 207.53 $ 198.03 RevPAR $ 147.89 $ 111.48 $ 146.01 $ 131.96 OtherPAR $ 27.22 $ 23.46 $ 21.29 $ 21.60 Total RevPAR $ 175.11 $ 134.94 $ 167.30 $ 153.56 The Inn at Opryland(3) Revenue $ 3,701 $ 3,796 $ 15,322 $ 15,663 Operating Income $ 1,661 44.9 % $ 546 14.4 % $ 3,918 25.6 % $ 2,897 18.5 % Depreciation & 315 369 1,367 1,463 amortization Preopening costs - 40 - 40 Pro rata adjusted EBITDA - (692 ) - (692 ) from joint ventures Transaction costs of - 993 55 993 acquisitions Adjusted EBITDAre $ 1,976 53.4 % $ 1,256 33.1 % $ 5,340 34.9 % $ 4,701 30.0 % - ------- - ----- - - ------- - ---- - - --------- - ---- - - --------- - ---- - Occupancy 68.4 % 71.9 % 70.4 % 74.0 % Average daily rate (ADR) $ 140.00 $ 139.70 $ 145.13 $ 142.72 RevPAR $ 95.70 $ 100.50 $ 102.22 $ 105.56 OtherPAR $ 37.23 $ 39.29 $ 36.35 $ 36.97 Total RevPAR $ 132.93 $ 139.79 $ 138.57 $ 142.53 (1) Same-Store Hospitality segment excludes Gaylord Rockies (2) Operating income and Adjusted EBITDAre for Gaylord Rockies for the 2019 periods exclude asset management fees paid to RHP of $0.6 million and $2.3 million, respectively. (3) 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 2020 Low High ----------- ----------- Ryman Hospitality Properties, Inc. Net Income $ 152,500 $ 167,500 Provision (benefit) for income taxes 20,000 21,400 Interest expense 115,600 116,000 Depreciation and amortization 220,700 226,400 EBITDAre 508,800 531,300 Preopening expense 2,600 3,100 Non-cash lease expense 4,500 4,800 Equity based compensation 8,100 8,600 Pension settlement charge, Other 2,000 2,000 Interest income on bonds 8,500 8,700 Consolidated Adjusted EBITDAre $ 534,500 $ 558,500 - ------- - - ------- - Adjusted EBITDAreof noncontrolling interest (37,900 ) (39,416 ) Consolidated Adjusted EBITDAre,excluding noncontrolling interest $ 496,600 $ 519,084 - ------- - - ------- - Consolidated Hospitality Segment Operating Income $ 288,100 $ 297,300 Depreciation and amortization 200,000 204,000 Non-cash lease expense 4,500 4,800 Preopening expense 200 300 Other gains and (losses), net 2,700 2,900 Interest income on bonds 8,500 8,700 Adjusted EBITDAre $ 504,000 $ 518,000 - ------- - - ------- - Gaylord Rockies Operating Loss $ 10,500 $ 12,500 Depreciation and amortization 89,500 91,500 Adjusted EBITDAre $ 100,000 $ 104,000 - ------- - - ------- - Entertainment Segment Operating Income $ 50,500 $ 54,300 Depreciation and amortization 17,300 18,800 Gains/Losses from JV (11,000 ) (9,000 ) Preopening expense 2,400 2,800 Equity based compensation 1,300 1,600 Adjusted EBITDAre $ 60,500 $ 68,500 - ------- - - ------- - Corporate and Other Segment Operating Loss $ (40,400 ) $ (38,800 ) Depreciation and amortization 3,400 3,600 Equity based compensation 6,800 7,000 Pension settlement charge, Other 2,000 2,000 Other gains and (losses), net (1,800 ) (1,800 ) Adjusted EBITDAre $ (30,000 ) $ (28,000 ) - ------- - - ------- - Ryman Hospitality Properties, Inc. Net income available to common shareholders $ 163,750 $ 173,750 Depreciation & amortization 220,700 226,400 Noncontrolling interest FFO adjustments (35,250 ) (33,250 ) Funds from Operations (FFO) available to common shareholders 349,200 366,900 Noncontrolling interest AFFO adjustments (1,500 ) (1,000 ) Non-cash lease expense 4,500 4,800 Amortization of DFC 7,100 7,600 Deferred tax expense (benefit) 17,300 17,800 Pension settlement charge 2,000 2,000 Adjusted FFO available to common shareholders $ 378,600 $ 398,100 - ------- - - ------- -