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Ryman Hospitality Properties, Inc. Reports Third Quarter 2017 Results

Nov 7, 2017

– Consolidated Net Income of $23.9 Million
– Consolidated Adjusted EBITDA of $75.5 Million
– RevPAR Decrease of 0.6 Percent; Total RevPAR Decrease of 4.8 Percent, Compared to Third Quarter 2016 –
– Raises Full-Year Guidance Midpoint –

NASHVILLE, Tenn., Nov. 07, 2017 (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 third quarter ended September 30, 2017.

Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “We are pleased with our third quarter 2017 results, which were in line with our expectations going into the year despite the hurricane-related disruption we experienced this quarter. The unusual hurricane season highlighted the resiliency of our unique model as we offset some of the storm-related disruption in our group business at Gaylord Palms with utility and remediation crews as well as storm-related transient business.

We were thrilled with our strong third quarter bookings for all future years, which nearly matched the record third quarter gross room night production we reported in 2016. The group segment continues to perform well overall, and with our growth projects at Gaylord Texan, Gaylord Opryland and our Gaylord Rockies joint venture project on time and on budget, we are poised to take full advantage of the demand we are seeing in the group market in the years to come.”

Third Quarter and Year-to-Date 2017 Results (As Compared to Third Quarter and Year-to-Date 2016) Included the Following:

                           
Consolidated Results

($ in thousands, except per share amounts)
                           
  Three Months Ended   Nine Months Ended
  September 30,   September 30,  
    2017       2016     % ∆ 
      2017       2016     % ∆  
Total Revenue $ 264,724     $ 271,720     -2.6 %     $ 839,544     $ 829,432     1.2 %  
                           
Operating Income $ 36,409     $ 46,567     -21.8 %     $ 148,162     $ 152,306     -2.7 %  
Operating Income Margin   13.8 %     17.1 %   -3.3 pt       17.6 %     18.4 %   -0.8 pt  
                           
Net Income $ 23,870     $ 33,593     -28.9 %     $ 103,782     $ 111,270     -6.7 %  
Net Income Margin   9.0 %     12.4 %   -3.4 pt       12.4 %     13.4 %   -1.0 pt  
Net Income per diluted share $ 0.46     $ 0.66     -30.3 %     $ 2.02     $ 2.17     -6.9 %  
                           
Adjusted EBITDA $ 75,507     $ 83,046     -9.1 %     $ 254,556     $ 255,520     -0.4 %  
Adjusted EBITDA Margin   28.5 %     30.6 %   -2.1 pt       30.3 %     30.8 %   -0.5 pt  
                           
Funds From Operations (FFO) $ 52,433     $ 60,315     -13.1 %     $ 187,697     $ 193,195     -2.8 %  
FFO per diluted share $ 1.02     $ 1.18     -13.6 %     $ 3.66     $ 3.77     -2.9 %  
                           
Adjusted FFO $ 56,014     $ 65,618     -14.6 %     $ 198,542     $ 203,754     -2.6 %  
Adjusted FFO per diluted share $ 1.09     $ 1.28     -14.8 %     $ 3.87     $ 3.97     -2.5 %  
                           

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

Operating Results

Hospitality Segment
For the three months and nine months ended September 30, 2017 and 2016, the Company reported the following:

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

                           
  Three Months Ended   Nine Months Ended
  September 30,   September 30,  
    2017       2016     % ∆
      2017       2016     % ∆  
                           
Hospitality Revenue $ 229,590     $ 241,019     -4.7 %     $ 747,117     $ 747,539     -0.1 %  
                           
Hospitality Operating Income $ 36,478     $ 45,718     -20.2 %     $ 150,053     $ 154,195     -2.7 %  
Hospitality Operating Income Margin   15.9 %     19.0 %   -3.1 pt       20.1 %     20.6 %   -0.5 pt  
                           
Hospitality Adjusted EBITDA $ 69,309     $ 76,908     -9.9 %     $ 242,258     $ 244,751     -1.0 %  
Hospitality Adjusted EBITDA Margin   30.2 %     31.9 %   -1.7 pt       32.4 %     32.7 %   -0.3 pt  
                           
Hospitality Performance Metrics                          
Occupancy   75.5 %     75.5 %   0.0 pt       75.0 %     74.6 %   0.4 pt  
Average Daily Rate (ADR) $ 174.20     $ 175.22     -0.6 %     $ 185.08     $ 182.46     1.4 %  
RevPAR $ 131.56     $ 132.32     -0.6 %     $ 138.73     $ 136.08     1.9 %  
Total RevPAR $ 300.45     $ 315.50     -4.8 %     $ 329.48     $ 328.79     0.2 %  
                           
Gross Definite Rooms Nights Booked   605,889       606,960     -0.2 %       1,633,890       1,597,619     2.3 %  
Net Definite Rooms Nights Booked   482,732       502,564     -3.9 %       1,179,521       1,251,086     -5.7 %  
Group Attrition (as % of contracted block)   15.5 %     13.4 %   2.1 pt       13.7 %     12.4 %   1.3 pt  
Cancellations ITYFTY (1)   12,749       6,871     85.5 %       45,472       35,383     28.5 %  
                           
(1)  "ITYFTY" represents In The Year For The Year.  
                           

For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below.  Property-level results and operating metrics for third quarter 2017 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDA Reconciliations,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA to Hospitality Operating Income, and property-level Adjusted EBITDA to property-level Operating Income for each of the hotel properties. Highlights for third quarter 2017 for the Hospitality segment and at each property include:

  • Hospitality Segment: Total revenue for the third quarter 2017 decreased 4.7 percent to $229.6 million compared to third quarter 2016. Total RevPAR declined by 4.8 percent for the quarter primarily due to an unfavorable group mix shift from premium corporate and association groups to groups with lower outside-the-room spending profiles across our Gaylord Hotels properties, as compared to third quarter 2016, and the Jewish holiday shift from fourth quarter 2016 to third quarter 2017.  We estimate that the Jewish holiday shift represented approximately 50 basis points of the third quarter 2017 Total RevPAR decline as compared to third quarter 2016. In addition, the Hospitality segment was adversely impacted by Hurricanes Harvey and Irma at Gaylord Texan and Gaylord Palms, respectively. Occupancy for the quarter across the Hospitality segment was flat despite difficult year-over-year comparisons and the impact of hurricanes in the quarter, due primarily to an increase in transient business for the segment. In The Year, For The Year cancellations and attrition were elevated in the third quarter 2017, as compared to third quarter 2016, due primarily to hurricane-related impacts. Hospitality segment operating income declined by 20.2 percent to $36.5 million in the third quarter of 2017, as compared to the third quarter of 2016. Operating income margin for the segment declined by just over 300 basis points to 15.9 percent. Hospitality segment Adjusted EBITDA declined 9.9 percent as compared to the third quarter of 2016, and Adjusted EBITDA margin decreased by 170 basis points to 30.2 percent.

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

           
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
Gaylord Opryland     2017       2016     % ∆
      2017       2016     % ∆  
Revenue     $ 76,237     $ 78,840     -3.3 %     $ 231,459     $ 234,062     -1.1 %  
Operating Income   $ 17,156     $ 21,657     -20.8 %     $ 53,574     $ 59,565     -10.1 %  
Operating Income Margin   22.5 %     27.5 %   -5.0 pt       23.1 %     25.4 %   -2.3 pt  
Adjusted EBITDA   $ 25,921     $ 29,117     -11.0 %     $ 78,809     $ 81,914     -3.8 %  
Adjusted EBITDA Margin   34.0 %     36.9 %   -2.9 pt       34.0 %     35.0 %   -1.0pt    
                               
Occupancy     76.9 %     75.0 %   1.9 pt       72.7 %     74.5 %   -1.8 pt  
Average daily rate (ADR) $ 176.13     $ 172.90     1.9 %     $ 177.82     $ 173.41     2.5 %  
RevPAR     $ 135.53     $ 129.63     4.6 %     $ 129.32     $ 129.27     0.0 %  
Total RevPAR   $ 286.93     $ 296.98     -3.4 %     $ 293.57     $ 296.28     -0.9 %  
                                                 
  • Gaylord Opryland: Total revenue for third quarter 2017 declined by 3.3 percent to $76.2 million, compared to third quarter 2016. RevPAR increased 4.6 percent in the third quarter as compared to third quarter 2016, aided by a 1.9 point increase in occupancy and a 1.9 percent increase in ADR. Total RevPAR decreased 3.4 percent in the third quarter as compared to third quarter 2016, due to a mix shift from corporate groups in the third quarter of 2016 to other groups that typically spend less on food and beverage than corporate groups.  In addition, the inclusion of a large cancellation fee in third quarter 2016 impacted year-over-year comparisons for operating income and Adjusted EBITDA. Operating income decreased 20.8 percent to $17.2 million in the third quarter of 2017, compared to the third quarter of 2016. Adjusted EBITDA decreased 11.0 percent to $25.9 million compared to third quarter 2016. There were approximately 12,250 room nights out of service during the third quarter of 2017 due to planned room renovations, compared to 19,700 room nights out of service in the third quarter of 2016. Work continued during the quarter on SoundWaves, Gaylord Opryland’s new $90 million resort water feature, which remains on time and on budget with an anticipated opening in late 2018.

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

           
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
Gaylord Palms     2017       2016     % ∆       2017       2016     % ∆  
Revenue     $ 37,238     $ 42,207     -11.8 %     $ 139,619     $ 143,649     -2.8 %  
Operating Income   $ 3,108     $ 4,716     -34.1 %     $ 25,609     $ 27,657     -7.4 %  
Operating Income Margin   8.3 %     11.2 %   -2.9 pt       18.3 %     19.3 %   -1.0 pt  
Adjusted EBITDA   $ 9,141     $ 10,799     -15.4 %     $ 43,755     $ 45,832     -4.5 %  
Adjusted EBITDA Margin   24.5 %     25.6 %   -1.1 pt       31.3 %     31.9 %   -0.6 pt  
                               
                               
Occupancy     73.3 %     73.4 %   -0.1 pt       77.8 %     77.8 %   0.0 pt  
Average daily rate (ADR) $ 153.62     $ 151.02     1.7 %     $ 181.32     $ 171.70     5.6 %  
RevPAR     $ 112.59     $ 110.88     1.5 %     $ 141.05     $ 133.63     5.6 %  
Total RevPAR   $ 285.85     $ 323.99     -11.8 %     $ 361.18     $ 371.11     -2.7 %  
                                                 
  • Gaylord Palms: Total revenue decreased 11.8 percent to $37.2 million in third quarter 2017, compared to third quarter 2016, driven mostly by a shift in group mix and an increase in cancellations and attrition in the quarter resulting from Hurricane Irma in September. The hotel experienced approximately 10,000 room night cancellations and attrition due to Hurricane Irma. A decline in food and beverage revenue driven by hurricane-related group cancellations contributed to a Total RevPAR decline of 11.8 percent in the third quarter as compared to third quarter 2016. Despite hurricane-related group cancellations, occupancy was flat compared to third quarter 2016, driven by an increase in room nights from utility companies related to the hurricane remediation efforts as well as storm-related transient business. In addition, the 2016 period included the collection of a large group contract settlement, which contributed to the Total RevPAR decline. Operating income declined by 34.1 percent to $3.1 million in the third quarter of 2017 compared to the third quarter of 2016. Adjusted EBITDA declined by 15.4 percent to $9.1 million compared to third quarter 2016.             

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

           
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
Gaylord Texan     2017       2016     % ∆       2017       2016     % ∆  
Revenue     $ 50,166     $ 52,482     -4.4 %     $ 159,683     $ 162,503     -1.7 %  
Operating Income   $ 10,401     $ 11,787     -11.8 %     $ 38,922     $ 41,743     -6.8 %  
Operating Income Margin   20.7 %     22.5 %   -1.8 pt       24.4 %     25.7 %   -1.3 pt  
Adjusted EBITDA   $ 15,576     $ 16,847     -7.5 %     $ 54,347     $ 56,833     -4.4 %  
Adjusted EBITDA Margin   31.0 %     32.1 %   -1.1 pt       34.0 %     35.0 %   -1.0 pt  
                               
Occupancy     75.0 %     82.0 %   -7.0 pt       75.7 %     78.3 %   -2.6 pt  
Average daily rate (ADR) $ 183.90     $ 186.55     -1.4 %     $ 187.80     $ 190.09     -1.2 %  
RevPAR     $ 137.96     $ 152.98     -9.8 %     $ 142.26     $ 148.84     -4.4 %  
Total RevPAR   $ 360.87     $ 377.54     -4.4 %     $ 387.11     $ 392.51     -1.4 %  
                                                 
  • Gaylord Texan:  Total revenue decreased 4.4 percent to $50.2 million in third quarter 2017, compared to third quarter 2016, driven by an occupancy decrease of 7.0 points, which also led to decreased food and beverage revenue.  RevPAR and Total RevPAR decreased by 9.8 percent and 4.4 percent, respectively, on a year-over-year basis, driven by a decrease in group occupancy and the effects of Hurricane Harvey during the quarter. Specifically, Gaylord Texan experienced approximately 2,400 room night cancellations and attrition in the third quarter 2017 as a result of hurricane-related travel disruptions. The property also faced a difficult year-over-year comparison, as last year’s high occupancy allowed it to leverage its fixed cost basis and drive higher incremental profitability. Operating income decreased 11.8 percent to $10.4 million in third quarter 2017, compared to third quarter 2016. Adjusted EBITDA declined 7.5 percent to $15.6 million, compared to third quarter 2016. The decreases in operating income and Adjusted EBITDA were driven primarily by the decline in overall occupancy, which was partially offset by a large cancellation fee collected in the quarter. The previously-announced room and meeting space expansion at Gaylord Texan continues to be on pace and on budget, with an anticipated opening in second quarter 2018.

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

           
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
Gaylord National     2017       2016     % ∆         2017       2016     % ∆    
Revenue     $ 58,936     $ 61,000     -3.4 %     $ 195,388     $ 188,705     3.5 %  
Operating Income   $ 4,309     $ 6,248     -31.0 %     $ 27,170     $ 21,467     26.6 %  
Operating Income Margin   7.3 %     10.2 %   -2.9 pt       13.9 %     11.4 %   2.5 pt  
Adjusted EBITDA   $ 16,500     $ 18,189     -9.3 %     $ 58,580     $ 54,463     7.6 %  
Adjusted EBITDA Margin   28.0 %     29.8 %   -1.8 pt       30.0 %     28.9 %   1.1 pt  
                               
Occupancy     74.2 %     72.4 %   1.8 pt       75.1 %     69.8 %   5.3 pt  
Average daily rate (ADR) $ 184.89     $ 194.37     -4.9 %     $ 201.77     $ 207.48     -2.8 %  
RevPAR     $ 137.13     $ 140.78     -2.6 %     $ 151.47     $ 144.91     4.5 %  
Total RevPAR   $ 320.95     $ 332.19     -3.4 %     $ 358.57     $ 345.04     3.9 %  
                                                 
  • Gaylord National: Total revenue decreased 3.4 percent to $58.9 million in third quarter 2017 compared to third quarter 2016. While third quarter occupancy increased 1.8 points to 74.2 percent, a 4.9 percent decline in ADR year-over-year impacted RevPAR. The ADR decline coupled with lower food and beverage revenue impacted Total RevPAR. During the third quarter of 2017, the property attracted approximately 5,600 room nights attributed to the MGM National Harbor Casino (”MGM”) through packaging efforts over the July 4th and Labor Day holidays that featured discounted room rates. These efforts allowed the hotel to experiment with packaging opportunities and drive occupancy during traditionally low occupancy periods. Operating income declined by 31.0 percent to $4.3 million in the third quarter of 2017 compared to the third quarter of 2016. Adjusted EBITDA decreased 9.3 percent to $16.5 million in the third quarter of 2017 as compared to the third quarter of 2016.

Reed continued, “We are pleased with the performance our hotels delivered this quarter despite the anticipated mix shifts we experienced, which resulted in softer overall food and beverage demand and outside-the-room spending. In light of the significant disruption resulting from Hurricane Irma in the quarter, Gaylord Palms’ ability to achieve essentially flat occupancy levels is particularly noteworthy. At Gaylord National, our proximity to the nearby MGM continues to drive transient-related occupancy volumes. We believe we will be able to gradually increase ADR and outside-the-room spending associated with these guests in future periods as MGM continues to ramp up their operations and expand their customer base.”

Entertainment Segment

For the three and nine months ended September 30, 2017 and 2016, the Company reported the following:

       
  Three Months Ended   Nine Months Ended
($ in thousands) September 30,   September 30,
    2017       2016     % ∆
    2017       2016     % ∆
                     
Revenue $ 35,134     $ 30,701     14.4 %   $ 92,427     $ 81,893     12.9 %
Operating Income $ 9,671     $ 9,964     -2.9 %   $ 24,044     $ 22,418     7.3 %
Operating Income Margin   27.5 %     32.5 %   -5.0 pt     26.0 %     27.4 %   -1.4 pt
Adjusted EBITDA $ 12,768     $ 11,777     8.4 %   $ 31,530     $ 27,796     13.4 %
Adjusted EBITDA Margin   36.3 %     38.4 %   -2.1 pt     34.1 %     33.9 %   0.2 pt
                                           

Reed continued, “Our Entertainment segment had a tremendous third quarter that delivered solid top and bottom line performance as we continue to invest significantly in this segment’s future growth. During the quarter, we successfully opened Ole Red Tishomingo, and it has exceeded our performance expectations so far. We are enthusiastic about the continued progress on our growth projects, with our Opry City Stage joint venture set to open in Times Square at the end of November and our flagship Ole Red location in downtown Nashville set to open in the spring of 2018. We are also pleased to begin work in January on our $12 million expansion of the retail and parking areas of our Grand Ole Opry House complex, which we announced in October. These improvements will enable us to improve our guest experience and further capitalize on the growing demand for this beloved Nashville attraction.”

Corporate and Other Segment Results
For the three months and nine months ended September 30, 2017 and 2016, the Company reported the following:

               
Corporate Segment Results              
  Three Months Ended   Nine Months Ended
($ in thousands) September 30,   September 30,
    2017     2016     % ∆
    2017     2016     % ∆
               
Operating Loss (1)   ($9,740 )   ($9,115 )   -6.9 %     ($25,935 )   ($24,307 )   -6.7 %
Adjusted EBITDA   ($6,570 )   ($5,639 )   -16.5 %     ($19,232 )   ($17,027 )   -13.0 %
                                       
(1) Corporate operating loss for the three months and nine months ended September 30, 2017 and 2016 includesa non-cash net settlement charge of $1.2 million and $1.6 million, respectively, for the Company’s grandfathered defined benefit pension plan, which was a result of increased lump sum distributions.
                                       

Corporate and Other segment Operating Loss and Adjusted EBITDA for third quarter 2017, as compared to third quarter 2016, includes an increase in administrative and employment costs associated with supporting our growth initiatives within our Hospitality and Entertainment segments.  

Dividend Update
The Company paid its third quarter 2017 cash dividend of $0.80 per share of common stock on October 13, 2017 to stockholders of record as of September 29, 2017. It is the Company’s current plan to distribute total 2017 annual dividends of approximately $3.20 per share in cash in equal quarterly payments with the remaining payment occurring in January of 2018. Any future dividend is subject to the Board of Director’s determinations as to the amount of quarterly distributions and the timing thereof.  

Balance Sheet/Liquidity Update
As of September 30, 2017, the Company had total debt outstanding of $1,566.8 million, net of unamortized deferred financing costs, and unrestricted cash of $62.7 million. As of September 30, 2017, $146.5 million of borrowings were drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $2.1 million in letters of credit, which left $551.4 million of availability for borrowing under the credit facility.

Guidance
The Company has raised the low end of its guidance range for 2017 RevPAR, Net Income, Adjusted EBITDA on a consolidated basis, Funds from Operation (FFO) and Adjusted FFO (AFFO) to reflect stronger performance expectations for fourth quarter 2017. The Company does not expect to update the guidance before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

Reed continued, “The pace of future bookings remains strong, and we were pleased to build on last year’s record results with another solid quarter of performance. Group room nights on the books for 2017 are ahead of plan, and we expect to close out the year with good momentum. To that end, we are expecting fiscal year 2017 RevPAR growth in the range of 2.5% – 3% (increased from our prior guidance of 1% - 3%).  We continue to expect Total RevPAR growth to be in the range of 1% – 2%.

Our net income guidance range for the full year is $153.5 to $158.2 million (increased from our prior guidance of $148.5 to $158.2 million). The low end of our Adjusted EBITDA guidance range for the Hospitality segment was raised to reflect a range of $340.0 to $344.0 million (increased from our prior guidance of $335.0 to $344.0 million), which primarily reflects an improvement in overall margins through profit improvement plans at our hotels.

Our 2017 Adjusted EBITDA guidance for the Entertainment segment is now $40.0 to $42.0 million (increased from our prior guidance of $37.0 to $40.0 million) and Corporate & Other guidance is now a loss of $26.0 to $25.0 million (increased from our prior guidance of a loss of $24.0 to $23.0 million). As a result of these changes, our guidance for 2017 Adjusted EBITDA on a consolidated basis is now $354.0 to $361.0 million (compared to our prior guidance of $348.0 to $361.0 million).”

         
($ in millions, except per share figures)   Updated Guidance   Variance to Prior Guidance
    Full Year 2017        
    Low   High   Low   High
                 
Hospitality RevPAR (1)     2.5 %     3.0 %   1.5pt
    0.0
pt
Hospitality Total RevPAR (1)     1.0 %     2.0 %   0.0pt
    0.0
pt
                 
Net Income   $ 153.5     $ 158.2     $ 5.00     $ -  
                 
Adjusted EBITDA                
Hospitality (1)   $ 340.0     $ 344.0     $ 5.0     $ -  
Entertainment     40.0       42.0       3.0       2.0  
Corporate and Other     (26.0 )     (25.0 )     (2.0 )     (2.0 )
Consolidated Adjusted EBITDA   $ 354.0     $ 361.0     $ 6.0     $ -  
                 
Funds from Operations (FFO)   $ 265.1     $ 271.4     $ 6.0     $ -  
Adjusted FFO   $ 279.0     $ 285.7     $ 6.0     $ -  
                 
Net Income per Diluted Share   $ 2.99     $ 3.08     $ 0.10     $ -  
                 
FFO per Diluted Share   $ 5.17     $ 5.29     $ 0.12     $ -  
                 
Estimated Diluted Shares Outstanding     51.3       51.3       -       -  
                                 
(1) Hospitality segment guidance assumes approximately 49,000 room nights out of service in 2017 due to the renovation of rooms at Gaylord Opryland.  The out of service rooms is included in the total available room count for calculating hotel metrics (e.g., RevPAR and Total RevPAR).
                                   

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 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 7,811 rooms that are managed by lodging operator Marriott International, Inc. under the Gaylord Hotels brand. Other owned assets managed by Marriott International, Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the General Jackson Showboat, The Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at National Harbor, a 192-room overflow hotel near Gaylord National. The Company also owns and operates media and entertainment assets, including the Grand Ole Opry, 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, refinancing plans, the expected approach to making dividend payments, the board’s ability to alter the dividend policy at any time and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effect of the Company’s election to be taxed as a REIT for federal income tax purposes commencing with the year ended December 31, 2013, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, which could be made at any time, the determination of Adjusted FFO and REIT taxable income, and the Company’s ability to borrow funds pursuant to its credit agreement. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

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

Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage and other ancillary services revenue by room nights available to guests for the period.

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

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

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

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

Adjusted FFO Definition
We calculate Adjusted FFO to mean Net Income (loss) (computed in accordance with GAAP), excluding, to the extent the following adjustments occurred during the periods presented: non-controlling interests, and (gains) and losses from sales of property; depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and certain pro rata adjustments from joint ventures (which equals FFO). We then exclude, to the extent the following adjustments occurred during the periods presented, impairment charges; write-offs of deferred financing costs, non-cash ground lease expense, amortization of debt discounts and amortization of deferred financing cost, pension settlement charges, additional pro rata adjustments from joint ventures, (gains) losses on other assets, (gains) losses on extinguishment of debt and warrant settlements, and the impact of deferred income tax expense (benefit). We believe that the presentation of Adjusted FFO provides useful information to investors regarding the performance of our ongoing operations because it is a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use Adjusted FFO as one measure in determining our results after considering the impact of our capital structure. A reconciliation of Net Income (loss) to Adjusted FFO is set forth below under “Supplemental Financial Results.”

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

Investor Relations Contacts: Media Contacts:
Mark Fioravanti, President and Chief Financial Officer Shannon Sullivan, Director of Corporate Communications
Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc.
(615) 316-6588 (615) 316-6725
mfioravanti@rymanhp.com ssullivan@rymanhp.com 
~or~ ~or~
Todd Siefert, Vice President Corporate Finance & Treasurer Robert Winters or Sam Gibbons
Ryman Hospitality Properties, Inc. Alpha IR Group
(615) 316-6344 (929) 266-6315 or (312) 445-2874
tsiefert@rymanhp.com robert.winters@alpha-ir.com; sam.gibbons@alpha-ir.com


           
 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
           
  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Unaudited
 (In thousands, except per share data)
           
           
           
  Three Months Ended   Nine Months Ended
  Sept. 30,   Sept. 30,
    2017     2016       2017     2016  
Revenues :          
Rooms $   100,534   $   101,085     $   314,577   $   309,385  
Food and beverage     104,437       113,100         359,047       362,550  
Other hotel revenue     24,619       26,834         73,493       75,604  
Entertainment     35,134       30,701         92,427       81,893  
Total revenues     264,724       271,720         839,544       829,432  
           
Operating expenses:          
Rooms     27,575       28,371         83,962       82,492  
Food and beverage     62,649       64,790         200,091       201,045  
Other hotel expenses     72,119       73,331         219,580       219,510  
Management fees     4,708       4,408         16,417       15,246  
Total hotel operating expenses     167,051       170,900         520,050       518,293  
Entertainment     22,621       19,100         61,559       54,630  
Corporate     9,220       8,447         24,324       22,315  
Preopening costs     877       -          1,587       -   
Depreciation and amortization     28,546       26,706         83,862       81,888  
Total operating expenses     228,315       225,153         691,382       677,126  
           
Operating income     36,409       46,567         148,162       152,306  
           
Interest expense, net of amounts capitalized     (16,621 )     (15,947 )       (49,640 )     (48,002 )
Interest income     2,957       2,965         8,874       9,116  
Loss from joint ventures     (899 )     (638 )       (2,616 )     (2,086 )
Other gains and (losses), net     2,554       2,468         1,024       2,288  
Income before income taxes     24,400       35,415         105,804       113,622  
           
Provision for income taxes     (530 )     (1,822 )       (2,022 )     (2,352 )
Net income $   23,870   $   33,593     $   103,782   $   111,270  
           
Basic net income per share $   0.47   $   0.66     $   2.03   $   2.18  
Fully diluted net income per share $   0.46   $   0.66     $   2.02   $   2.17  
           
Weighted average common shares for the period:          
Basic     51,191       51,004         51,131       51,009  
Diluted     51,376       51,270         51,331       51,279  
           


 
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
         
 CONDENSED CONSOLIDATED BALANCE SHEETS
 Unaudited
 (In thousands)
         
    Sept. 30,   Dec. 31,
    2017   2016
         
ASSETS:      
Property and equipment, net of accumulated depreciation $   2,044,443   $   1,998,012
Cash and cash equivalents - unrestricted     62,672       59,128
Cash and cash equivalents - restricted     14,703       22,062
Notes receivable     150,493       152,882
Investment in Gaylord Rockies joint venture     88,378       70,440
Trade receivables, net     56,684       47,818
Prepaid expenses and other assets     75,129       55,411
Total assets $   2,492,502   $   2,405,753
         
         
LIABILITIES AND STOCKHOLDERS' EQUITY:      
Debt and capital lease obligations $   1,566,754   $   1,502,554
Accounts payable and accrued liabilities     198,290       163,205
Dividends payable     41,866       39,404
Deferred management rights proceeds     177,815       180,088
Deferred income taxes, net     969       1,469
Other liabilities     155,412       151,036
Stockholders' equity     351,396       367,997
Total liabilities and stockholders' equity $   2,492,502   $   2,405,753
           


                         
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES  
SUPPLEMENTAL FINANCIAL RESULTS  
ADJUSTED EBITDA RECONCILIATION  
Unaudited  
(in thousands)  
                         
                         
  Three Months Ended Sept. 30,
  Nine Months Ended Sept. 30,
 
  2017
  2016
  2017
  2016
 
  $ Margin   $ Margin   $ Margin   $ Margin  
Consolidated                        
Revenue $   264,724       $   271,720       $   839,544       $   829,432      
Net income $   23,870   9.0 %   $   33,593   12.4 %   $   103,782   12.4 %   $   111,270   13.4 %  
Provision for income taxes     530           1,822           2,022           2,352      
Other (gains) and losses, net     (2,554 )         (2,468 )         (1,024 )         (2,288 )    
Loss from joint ventures     899           638           2,616           2,086      
Interest expense, net     13,664           12,982           40,766           38,886      
Operating Income     36,409   13.8 %       46,567   17.1 %       148,162   17.6 %       152,306   18.4 %  
Depreciation & amortization     28,546           26,706           83,862           81,888      
Preopening costs     877           -            1,587           -       
Non-cash ground lease expense     1,295           1,310           3,904           3,932      
Equity-based compensation expense     1,741           1,532           4,954           4,594      
Pension settlement charge     1,218           1,567           1,218           1,567      
Interest income on Gaylord National bonds     2,886           2,951           8,748           9,045      
Pro rata adjusted EBITDA from joint ventures     -            3           -            -       
Other gains and (losses), net     2,554           2,468           1,024           2,288      
(Gain) loss on disposal of assets     (19 )         (58 )         1,097           (100 )    
Adjusted EBITDA $   75,507   28.5 %   $   83,046   30.6 %   $   254,556   30.3 %   $   255,520   30.8 %  
                         
Hospitality segment                        
Revenue $   229,590       $   241,019       $   747,117       $   747,539      
Operating income $   36,478   15.9 %   $   45,718   19.0 %   $   150,053   20.1 %   $   154,195   20.6 %  
Depreciation & amortization     26,061           24,401           76,786           75,051      
Preopening costs     -            -            228           -       
Non-cash lease expense     1,280           1,310           3,839           3,932      
Interest income on Gaylord National bonds     2,886           2,951           8,748           9,045      
Other gains and (losses), net     2,604           2,528           2,604           2,504      
Loss on disposal of assets     -            -            -            24      
Adjusted EBITDA $   69,309   30.2 %   $   76,908   31.9 %   $   242,258   32.4 %   $   244,751   32.7 %  
                         
Entertainment segment                        
Revenue $   35,134       $   30,701       $   92,427       $   81,893      
Operating income $   9,671   27.5 %   $   9,964   32.5 %   $   24,044   26.0 %   $   22,418   27.4 %  
Depreciation & amortization     1,965           1,637           5,465           4,845      
Preopening costs     877           -            1,359           -       
Non-cash lease expense     15           -            65           -       
Equity-based compensation     240           173           597           533      
Pro rata adjusted EBITDA from joint ventures     -            3           -            -       
Other gains and (losses), net     -            -            (431 )         -       
Loss on disposal of assets     -            -            431           -       
Adjusted EBITDA $   12,768   36.3 %   $   11,777   38.4 %   $   31,530   34.1 %   $   27,796   33.9 %  
                         
Corporate and Other segment                        
Operating loss $   (9,740 )     $   (9,115 )     $   (25,935 )     $   (24,307 )    
Depreciation & amortization     520           668           1,611           1,992      
Equity-based compensation     1,501           1,359           4,357           4,061      
Pension settlement charge     1,218           1,567           1,218           1,567      
Other gains and (losses), net     (50 )         (60 )         (1,149 )         (216 )    
(Gain) loss on disposal of assets     (19 )         (58 )         666           (124 )    
Adjusted EBITDA $   (6,570 )     $   (5,639 )     $   (19,232 )     $   (17,027 )    
                         


               
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 Sept. 30,    Nine Months Ended Sept. 30,  
   2017     2016     2017     2016 
Consolidated              
Net income $   23,870     $   33,593     $   103,782     $   111,270  
Depreciation & amortization     28,546         26,706         83,862         81,888  
Pro rata adjustments from joint ventures     17         16         53         37  
FFO     52,433         60,315         187,697         193,195  
               
Non-cash lease expense     1,295         1,310         3,904         3,932  
Pension settlement charge     1,218         1,567         1,218         1,567  
Pro rata adjustments from joint ventures     67         381         243         1,192  
(Gain) loss on other assets     (19 )       (49 )       1,097         (59 )
Write-off of deferred financing costs     -          -          925         -   
Amortization of deferred financing costs     1,391         1,216         3,958         3,648  
Deferred tax (benefit) expense     (371 )       878         (500 )       279  
Adjusted FFO $   56,014     $   65,618     $   198,542     $   203,754  
Capital expenditures (1)     (13,560 )       (12,318 )       (42,055 )       (41,809 )
Adjusted FFO less maintenance capital expenditures $   42,454     $   53,300     $   156,487     $   161,945  
               
               
Basic net income per share $   0.47     $   0.66     $   2.03     $   2.18  
Fully diluted net income per share $   0.46     $   0.66     $   2.02     $   2.17  
               
FFO per basic share $   1.02     $   1.18     $   3.67     $   3.79  
Adjusted FFO per basic share $   1.09     $   1.29     $   3.88     $   3.99  
               
FFO per diluted share $   1.02     $   1.18     $   3.66     $   3.77  
Adjusted FFO per diluted share $   1.09     $   1.28     $   3.87     $   3.97  
               
(1) Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties.    
     


                       
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
HOSPITALITY SEGMENT ADJUSTED EBITDA RECONCILIATIONS AND OPERATING METRICS
Unaudited
(in thousands)
                       
       
  Three Months Ended Sept. 30,   Nine Months Ended Sept. 30,
  2017
  2016
  2017
  2016
  $ Margin   $ Margin   $ Margin   $ Margin
Hospitality segment                      
Revenue $   229,590       $   241,019       $   747,117       $   747,539    
Operating Income $   36,478   15.9 %   $   45,718   19.0 %   $   150,053   20.1 %   $   154,195   20.6 %
Depreciation & amortization               26,061           24,401           76,786           75,051    
Preopening costs     -            -            228           -     
Non-cash lease expense     1,280           1,310           3,839           3,932    
Interest income on Gaylord National bonds     2,886           2,951           8,748           9,045    
Other gains and (losses), net     2,604           2,528           2,604           2,504    
Loss on disposal of assets     -            -            -            24    
Adjusted EBITDA $   69,309   30.2 %   $   76,908   31.9 %   $   242,258   32.4 %   $   244,751   32.7 %
                       
Occupancy   75.5 %       75.5 %       75.0 %       74.6 %  
Average daily rate (ADR) $   174.20       $   175.22       $   185.08       $   182.46    
RevPAR $   131.56       $   132.32       $   138.73       $   136.08    
OtherPAR $   168.89       $   183.18       $   190.75       $   192.71    
Total RevPAR $   300.45       $   315.50       $   329.48       $   328.79    
                       
                       
Gaylord Opryland                      
Revenue $   76,237       $   78,840       $   231,459       $   234,062    
Operating Income $   17,156   22.5 %   $   21,657   27.5 %   $   53,574   23.1 %   $   59,565   25.4 %
Depreciation & amortization     8,765           7,460           25,235           22,349    
Adjusted EBITDA $   25,921   34.0 %   $   29,117   36.9 %   $   78,809   34.0 %   $   81,914   35.0 %
                       
Occupancy   76.9 %       75.0 %       72.7 %       74.5 %  
Average daily rate (ADR) $   176.13       $   172.90       $   177.82       $   173.41    
RevPAR $   135.53       $   129.63       $   129.32       $   129.27    
OtherPAR $   151.40       $   167.35       $   164.25       $   167.01    
Total RevPAR $   286.93       $   296.98       $   293.57       $   296.28    
                       
                       
Gaylord Palms                      
Revenue $   37,238       $   42,207       $   139,619       $   143,649    
Operating Income $   3,108   8.3 %   $   4,716   11.2 %   $   25,609   18.3 %   $   27,657   19.3 %
Depreciation & amortization     4,753           4,773           14,307           14,243    
Non-cash lease expense     1,280           1,310           3,839           3,932    
Adjusted EBITDA $   9,141   24.5 %   $   10,799   25.6 %   $   43,755   31.3 %   $   45,832   31.9 %
                       
Occupancy   73.3 %       73.4 %       77.8 %       77.8 %  
Average daily rate (ADR) $   153.62       $   151.02       $   181.32       $   171.70    
RevPAR $   112.59       $   110.88       $   141.05       $   133.63    
OtherPAR $   173.26       $   213.11       $   220.13       $   237.48    
Total RevPAR $   285.85       $   323.99       $   361.18       $   371.11    
                       
                       
Gaylord Texan                      
Revenue $   50,166       $   52,482       $   159,683       $   162,503    
Operating Income $   10,401   20.7 %   $   11,787   22.5 %   $   38,922   24.4 %   $   41,743   25.7 %
Depreciation & amortization     5,175           5,060           15,425           15,090    
Adjusted EBITDA $   15,576   31.0 %   $   16,847   32.1 %   $   54,347   34.0 %   $   56,833   35.0 %
                       
Occupancy   75.0 %       82.0 %       75.7 %       78.3 %  
Average daily rate (ADR) $   183.90       $   186.55       $   187.80       $   190.09    
RevPAR $   137.96       $   152.98       $   142.26       $   148.84    
OtherPAR $   222.91       $   224.56       $   244.85       $   243.67    
Total RevPAR $   360.87       $   377.54       $   387.11       $   392.51    
                       
                       
Gaylord National                      
Revenue $   58,936       $   61,000       $   195,388       $   188,705    
Operating Income $   4,309   7.3 %   $   6,248   10.2 %   $   27,170   13.9 %   $   21,467   11.4 %
Depreciation & amortization     6,701           6,462           19,830           21,423    
Preopening costs     -            -            228           -     
Interest income on Gaylord National bonds     2,886           2,951           8,748           9,045    
Other gains and (losses), net     2,604           2,528           2,604           2,504    
Loss on disposal of assets     -            -            -            24    
Adjusted EBITDA $   16,500   28.0 %   $   18,189   29.8 %   $   58,580   30.0 %   $   54,463   28.9 %
                       
Occupancy   74.2 %       72.4 %       75.1 %       69.8 %  
Average daily rate (ADR) $   184.89       $   194.37       $   201.77       $   207.48    
RevPAR $   137.13       $   140.78       $   151.47       $   144.91    
OtherPAR $   183.82       $   191.41       $   207.10       $   200.13    
Total RevPAR $   320.95       $   332.19       $   358.57       $   345.04    
                       
                       
The AC Hotel at National Harbor                      
Revenue $   2,928       $   2,598       $   9,066       $   7,432    
Operating Income $   559   19.1 %   $   466   17.9 %   $   2,316   25.5 %   $   1,461   19.7 %
Depreciation & amortization     322           316           969           948    
Adjusted EBITDA $   881   30.1 %   $   782   30.1 %   $   3,285   36.2 %   $   2,409   32.4 %
                       
Occupancy   79.2 %       71.5 %       74.7 %       66.7 %  
Average daily rate (ADR) $   178.48       $   174.57       $   201.36       $   181.62    
RevPAR $   141.30       $   124.74       $   150.34       $   121.18    
OtherPAR $   24.46       $   22.30       $   22.63       $   20.09    
Total RevPAR $   165.76       $   147.04       $   172.97       $   141.27    
                       
                       
The Inn at Opryland (1)                      
Revenue $   4,085       $   3,892       $   11,902       $   11,188    
Operating Income $   945   23.1 %   $   844   21.7 %   $   2,462   20.7 %   $   2,302   20.6 %
Depreciation & amortization     345           330           1,020           998    
Adjusted EBITDA $   1,290   31.6 %   $   1,174   30.2 %   $   3,482   29.3 %   $   3,300   29.5 %
                       
Occupancy   81.5 %       81.0 %       78.5 %       77.4 %  
Average daily rate (ADR) $   132.16       $   128.65       $   138.60       $   129.05    
RevPAR $   107.70       $   104.26       $   108.74       $   99.88    
OtherPAR $   38.84       $   35.37       $   35.12       $   34.89    
Total RevPAR $   146.54       $   139.63       $   143.86       $   134.77    
                       
(1) Includes other hospitality revenue and expense
 


 
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(in thousands)
           
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA")
and Adjusted Funds From Operations ("AFFO") reconciliation:      
           
           
      GUIDANCE RANGE
      FOR FULL YEAR 2017
      Low   High
Ryman Hospitality Properties, Inc.        
  Net Income   $   153,500     $   158,200  
  Provision (benefit) for income taxes       2,500         3,000  
  Interest expense       70,500         69,000  
  Interest income on Gaylord National Bonds       (11,000 )       (11,000 )
  Operating Income       215,500         219,200  
  Depreciation and amortization       111,500         113,000  
  Non-cash lease expense       5,000         5,000  
  Preopening expense       700         900  
  Equity based compensation       6,300         6,900  
  Pension settlement charge, Other       2,000         2,000  
  Other gains and (losses), net       2,000         3,000  
  Interest income on Gaylord National Bonds       11,000         11,000  
  Adjusted EBITDA   $   354,000     $   361,000  
Hospitality Segment        
           
  Operating Income   $   220,000     $   223,000  
  Depreciation and amortization       102,000         102,000  
  Non-cash lease expense       5,000         5,000  
  Other gains and (losses), net       2,000         3,000  
  Interest income on Gaylord National Bonds       11,000         11,000  
  Adjusted EBITDA   $   340,000     $   344,000  
Entertainment Segment        
           
  Operating Income   $   31,500     $   32,200  
  Depreciation and amortization       7,000         8,000  
  Preopening expense       700         900  
  Equity based compensation       800         900  
  Adjusted EBITDA   $   40,000     $   42,000  
Corporate and Other Segment        
           
  Operating Income   $   (36,000 )   $   (36,000 )
  Depreciation and amortization       2,500         3,000  
  Equity based compensation       5,500         6,000  
  Pension settlement charge, Other       2,000         2,000  
  Adjusted EBITDA   $   (26,000 )   $   (25,000 )
Ryman Hospitality Properties, Inc.        
           
  Net income   $   153,500     $   158,200  
  Pro Rata FFO from Joint Ventures       100         150  
  Depreciation & amortization       111,500         113,000  
  Funds from Operations (FFO)       265,100         271,350  
  Pro Rata AFFO from Joint Ventures       250         350  
  (Gain) loss on Other Assets       1,000         1,200  
  Non-cash lease expense       5,000         5,000  
  Write-Off of Deferred Financing Costs       1,000         1,000  
  Amortization of DFC       5,000         5,200  
  Deferred tax expense       (350 )       (400 )
  Pension settlement charge       2,000         2,000  
  Adjusted FFO   $   279,000     $   285,700  
                   

Source: Ryman Hospitality Properties, Inc.