Ryman Hospitality Properties, Inc. Reports First Quarter Dividend and 2013 Guidance

  Ryman Hospitality Properties, Inc. Reports First Quarter Dividend and 2013
  Guidance

Business Wire

NASHVILLE, Tenn. -- February 15, 2013

Ryman Hospitality Properties, Inc. (NYSE: RHP) today announced that its Board
of Directors declared its first quarterly cash dividend in its new structure
as a Real Estate Investment Trust (REIT) and announced financial guidance for
2013.

“Our company today has the appropriate capital deployment strategy in place
for our shareholders and our business, a lean cost structure, an enviable
balance sheet and the ability to generate strong free cash flow,” stated Colin
V. Reed, chairman, chief executive officer and president of Ryman Hospitality
Properties. “All of these factors give us confidence that we are well
positioned relative to our peers.”

First Quarter Dividend

The Company declared its first quarterly cash dividend of $0.50 per share of
common stock payable on April 12, 2013 to stockholders of record on March 28,
2013. It is the Company’s current plan to distribute total annual dividends of
approximately $2.00 per share in cash in equal quarterly payments in April,
July, October, and January, subject to the board’s future determinations as to
the amount of quarterly distributions and the timing thereof.

On December 17, 2012, the Company announced that its Board of Directors had
approved its current dividend policy pursuant to which the Company plans to
pay a quarterly cash dividend to stockholders in an amount equal to at least
50% of Adjusted Funds from Operations (Adjusted FFO), as defined below under
“Supplemental Information,” on an annualized basis or 100% of REIT taxable
income on an annualized basis, whichever is greater. The declaration, timing
and amount of dividends will be determined by future action of the Company’s
Board of Directors, and the dividend policy may be altered at any time by the
Company’s Board of Directors.

2013 Guidance

In addition, the Company announced its earnings guidance for 2013, including
its calculation method for Adjusted EBITDA and Adjusted FFO. The Company
expects total Company Adjusted EBITDA for 2013 of $281.0 million to $297.0
million and Adjusted FFO (before REIT conversion costs) for 2013 of $212.0
million to $225.0 million and Adjusted FFO (after REIT conversion costs) for
2013 of $199.0 million to $213.0 million. Estimated amounts are as follows:

US$ in millions except per share amounts           2013 Guidance
                                                     Low          High
                                                                  
Hospitality RevPAR^(1)                                   3.0   %       6.0   %
Hospitality Total RevPAR^(1)                             2.0   %       5.0   %
                                                                     
Adjusted EBITDA
Hospitality                                            $ 278.0       $ 288.0
Opry and Attractions                                     15.0          17.0
Corporate and Other                                      (24.0 )       (20.0 )
Gaylord National Bonds                               12.0         12.0      
Total Adjusted EBITDA                                $281.0       $297.0    
                                                                     
Adjusted FFO^(2)                                       $ 212.0       $ 225.0
REIT conversion costs (tax effected)                 (13.0     )   (12.0     )
Adjusted FFO after REIT conversion costs^(2)         $199.0       $213.0    
                                                                     
Adjusted FFO per Share^(2)                             $ 4.03        $ 4.27
Adjusted FFO per Share after REIT conversion           $ 3.78        $ 4.04
costs^(2)
Estimated Basic Shares Outstanding                       52.7          52.7

(1) Hospitality RevPAR estimated annual increases are based on 2012 Adjusted
Hospitality RevPAR of $123.36 (as adjusted to reflect a change in room
counting methods that does not exclude renovation rooms from the calculation
of rooms available, per Marriott room counting methods), and Hospitality Total
RevPAR estimated annual increases are based on 2012 Adjusted Hospitality Total
RevPAR of $305.30 (as adjusted to reflect the elimination from the first three
quarters of 2012 of revenues from retail operation that were outsourced to a
third-party retailer beginning in the fourth quarter of 2012, as well as
Marriott room counting methods).

(2) Adjusted FFO guidance includes a deduction for maintenance capital
expenditures of $35.0 to $38.0 million.

An explanation of the calculation of RevPAR, Total RevPAR, Adjusted EBITDA and
Adjusted FFO as well as a reconciliation of Adjusted EBITDA and Adjusted FFO
amounts to estimated net income (loss) or estimated segment operating income
(loss) is included below as part of the Supplemental Information contained in
this press release.

Capital Allocation Strategy

The Company also articulated its current capital allocation strategy, which is
focused on the proposed dividends to stockholders and its previously announced
stock repurchase program. In December, the Company’s Board of Directors
authorized a share repurchase program for up to $100 million of the Company's
common stock using cash on hand and borrowings under the revolving credit line
of its $925 million credit facility. The repurchases are intended to be
implemented through open market transactions on U.S. exchanges or in privately
negotiated transactions, in accordance with applicable securities laws, and
any market purchases will be made during open trading window periods or
pursuant to any applicable Rule 10b5-1 trading plans. The timing, prices, and
sizes of repurchases will depend upon prevailing market prices, general
economic and market conditions and other considerations. The repurchase
program does not obligate the Company to acquire any particular amount of
stock.

Company Investor and Analyst Day

The Company is holding its Investor and Analyst Day today, Friday, February
15th. The event will take place at Gaylord National Resort and Convention
Center, just outside of Washington, DC in National Harbor, MD. The
presentation portion of the event will begin at 9 a.m. Eastern Standard Time
(EST).  Investors can view and listen to the presentation over the Internet at
www.rymanhp.com. To listen to the live event, 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, download and
install any necessary audio software. For those who cannot listen to the live
broadcast, a replay will be available shortly after the call and will run for
at least 30 days. The investor presentation slides will also be available on
the Internet at www.rymanhp.com.

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 7,797 rooms that are managed by
world-class 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 and The Inn at Opryland, a 303-room overflow hotel adjacent to
Gaylord Opryland. The Company also owns and operates a number of media and
entertainment assets, including the Grand Ole Opry (opry.com), the legendary
weekly showcase of country music’s finest performers for nearly 90 years; the
Ryman Auditorium, the storied former home of the Grand Ole Opry located in
downtown Nashville; and WSM-AM, the Opry’s radio home. 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,
the effect of the Company’s election of REIT status, the amount of conversion
or other costs relating to the restructuring transactions, the expected
approach to making dividend payments, the board’s ability to alter the
dividend policy at any time, plans to engage in common stock repurchase
transactions and the timing and form of such transactions, 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 effective for the year ending 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 effects of business
disruption related to the Marriott management transition and the REIT
conversion, the Company’s ability to realize cost savings and revenue
enhancements from the REIT conversion and the Marriott transaction, 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 Funds from Operations and REIT taxable income, and the Company’s
ability to borrow funds pursuant to its credit agreements and to refinance
indebtedness. 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 described in the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2011 and our Quarterly Reports on Form 10-Q for the
fiscal quarters ended March 31, 2012, June 30, 2012, and September 30, 2012.
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.

Supplemental Information

This release should be read in conjunction with the consolidated financial
statements and notes thereto included in our most recent reports on Form 10-K
and Form 10-Q. Copies of these 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.

Hospitality RevPAR estimated annual increases are based on 2012 Adjusted
Hospitality RevPAR of $123.36 (as adjusted to reflect a change in room
counting methods that does not exclude renovation rooms from the calculation
of rooms available, per Marriott room counting methods), and Hospitality Total
RevPAR estimated annual increases are based on 2012 Adjusted Hospitality Total
RevPAR of $305.30 (as adjusted to reflect the elimination from the first three
quarters of 2012 of revenues from retail operation that were outsourced to a
third-party retailer beginning in the fourth quarter of 2012, as well as
Marriott room counting methods).

Non-GAAP Financial Measures

We present the following non-GAAP financial measures that we believe are
useful to investors as key measures of our operating performance: Adjusted
EBITDA and Adjusted FFO.

To calculate Adjusted EBITDA, we determine EBITDA, which represents net income
(loss) determined in accordance with GAAP, plus loss (income) from
discontinued operations, net; provision (benefit) for income taxes; other
(gains) and losses, net; (income) loss from unconsolidated entities; interest
expense; and depreciation and amortization, less interest income. Adjusted
EBITDA is calculated as EBITDA plus 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) 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 EBITDA and Adjusted EBITDA is set forth
below under “Supplemental Information.”

We calculate Adjusted FFO to mean net income (loss) (computed in accordance
with GAAP), excluding non-controlling interests, and gains and losses from
sales of property; plus depreciation and amortization (excluding amortization
of deferred financing costs and debt discounts) and impairment losses; we also
exclude written-off deferred financing costs, non-cash ground lease expense,
amortization of debt premiums and amortization of deferred financing costs;
and gain (loss) on extinguishment of debt, and subtract maintenance capital
expenditures. We have presented Adjusted FFO both including and excluding REIT
conversion costs. We believe that the presentation of Adjusted FFO provides
useful information to investors regarding our operating performance because it
is a measure of our operations without regard to specified non-cash items such
as real estate depreciation and amortization, gain or loss on sale of assets
and certain other items which we believe are not indicative of the performance
of our underlying hotel properties. We believe that these items are more
representative of our asset base than our ongoing operations. We also use
Adjusted FFO as one measure in determining our results after taking into
account the impact of our capital structure. A reconciliation of net income
(loss) to Adjusted FFO is set forth below under “Supplemental Information.”

We caution investors that amounts presented in accordance with our definitions
of Adjusted EBITDA 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 and Adjusted FFO 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 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) or cash flow from
operations. In addition, you should be aware that adverse economic and market
and other conditions may harm our cash flow.


RYMAN HOSPITALITY PROPERTIES, INC.
Reconciliation of Adjusted EBITDA and Adjusted AFFO
                                             
                                                   Year Ended
                                                   December 31, 2013
                                                   Low          High
Ryman Hospitality Properties, Inc.
  Net Income                                       $ 91,100      $ 98,100
  Provision (benefit) for income taxes               (8,000  )     (7,000  )
  Other (gains) and losses, net                      (2,300  )     (2,300  )
  Interest expense                                   46,000        50,900
  Interest income                                   (12,000 )    (12,000 )
  Operating Income                                   114,800       127,700
  Depreciation and amortization                     120,000     125,000 
  EBITDA                                             234,800       252,700
  Non-cash lease expense                             5,600         5,600
  Equity based compensation                          6,300         6,400
  Other gains and (losses), net                      2,300         2,300
  Interest income ^1                                 12,000        12,000
  REIT conversion costs                             20,000      18,000  
  Adjusted EBITDA                                  $ 281,000    $ 297,000 
                                                                 
Hospitality Segment
  Operating Income                                 $ 159,100     $ 167,100
  Depreciation and amortization                     107,000     110,000 
  EBITDA                                             266,100       277,100
  Non-cash lease expense                             5,600         5,600
  Equity based compensation                          -             -
  Other gains and (losses), net                      2,300         2,300
  Interest income                                    12,000        12,000
  REIT conversion costs                             4,000       3,000   
  Adjusted EBITDA                                  $ 290,000    $ 300,000 
                                                                 
Opry and Attractions Segment
  Operating Income                                 $ 8,900       $ 9,800
  Depreciation and amortization                     5,500       6,500   
  EBITDA                                             14,400        16,300
  Non-cash lease expense                             -             -
  Equity based compensation                          600           700
  Interest income                                    -             -
  REIT conversion costs                             -           -       
  Adjusted EBITDA                                  $ 15,000     $ 17,000  
                                                                 
Corporate and Other Segment
  Operating Income                                 $ (53,200 )   $ (49,200 )
  Depreciation and amortization                     7,500       8,500   
  EBITDA                                             (45,700 )     (40,700 )
  Non-cash lease expense                             -             -
  Equity based compensation                          5,700         5,700
  Interest income                                    -             -
  REIT conversion costs                             16,000      15,000  
  Adjusted EBITDA                                  $ (24,000 )   $ (20,000 )
                                                                 
Ryman Hospitality Properties, Inc.
  Net Income                                       $ 91,100      $ 98,100
  Depreciation & Amortization                        120,000       125,000
  Capital Expenditures                               (38,000 )     (36,000 )
  Non-Cash Lease Expense                             5,600         5,600
  Amortization of Debt Premiums/Disc.                15,000        15,000
  Amortization of DFC                               5,300       5,300   
  Adjusted FFO                                     $ 199,000    $ 213,000 
  REIT Conversion Costs ^2                          13,000      12,000  
  Adjusted FFO Excl. REIT Conversion Costs         $ 212,000    $ 225,000 
                                                                           
1Represents interest from the Gaylord National Bonds
2REIT conversion costs net of tax impact.


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
                              
                                   Twelve Months Ended Dec. 31,
                                   2012 Actual   2012 Adjusted
                                                  
Hospitality Segment
Occupancy                             72.6    %      70.8     %
Average daily rate (ADR)           $  170.48      $  174.15
RevPAR                             $  123.81      $  123.36
OtherPAR                           $  186.39      $  181.94
Total RevPAR                       $  310.21      $  305.30
                                                  
Revenue                            $  916,041     $  904,649
                                                  
Gaylord Opryland
Occupancy                             72.9    %      70.5     %
Average daily rate (ADR)           $  156.18      $  161.37
RevPAR                             $  113.83      $  113.83
OtherPAR                           $  159.86      $  153.43
Total RevPAR                       $  273.69      $  267.26
                                                  
Revenue                            $  288,692     $  281,910
                                                  
Gaylord Palms (a)
Occupancy                             77.6    %      74.9     %
Average daily rate (ADR)           $  166.67      $  168.97
RevPAR                             $  129.28      $  126.53
OtherPAR                           $  217.51      $  212.88
Total RevPAR                       $  346.78      $  339.42
                                                  
Revenue                            $  174,662     $  174,662
                                                  
Gaylord Texan
Occupancy                             74.8    %      73.7     %
Average daily rate (ADR)           $  173.06      $  175.53
RevPAR                             $  129.38      $  129.38
OtherPAR                           $  232.69      $  227.92
Total RevPAR                       $  362.07      $  357.30
                                                  
Revenue                            $  200,235     $  197,595
                                                  
Gaylord National
Occupancy                             68.9    %      67.8     %
Average daily rate (ADR)           $  202.24      $  205.59
RevPAR                             $  139.33      $  139.33
OtherPAR                           $  192.45      $  189.76
Total RevPAR                       $  331.78      $  329.09
                                                  
Revenue                            $  242,379     $  240,409
                                                  
The Inn at Opryland (b)
Occupancy                             61.7    %      60.7     %
Average daily rate (ADR)           $  103.70      $  105.43
RevPAR                             $  63.99       $  63.99
OtherPAR                           $  28.80       $  28.80
Total RevPAR                       $  92.80       $  92.80
                                                  
Revenue                            $  10,074      $  10,074

(a) 2012 Actual excludes 10,934 room nights that were taken out of service
during the twelve months ended December 31, 2012.
(b) 2012 Actual and Adjusted Includes other hospitality revenue and expense.

Notes:
2012 adjusted occupancy, RevPAR, OtherPAR and Total RevPAR reflect Marriott
accounting procedures and do not exclude renovation rooms from the calculation
of rooms available which is different from how the Company has accounted for
renovation rooms in the past.
                                          
2012 adjusted occupancy and ADR reflect the Marriott accounting procedure for
comp room nights which does not include comp room nights in the calculation of
occupied rooms which is different from how the Company has accounted for comp
rooms in the past.
                                          
2012 adjusted revenue, OtherPAR and Total RevPAR reflect the impact from
outsourcing the retail operations at Opryland, Texan and National.

Contact:

Investor Relations:
Ryman Hospitality Properties, Inc.
Mark Fioravanti, 615-316-6588
Executive Vice President and Chief Financial Officer
mfioravanti@rymanhp.com
or
Todd Siefert, 615-316-6344
Vice President of Corporate Finance & Treasurer
tsiefert@rymanhp.com
or
Media:
Ryman Hospitality Properties, Inc.
Brian Abrahamson, 615-316-6302
Vice President of Corporate Communications
babrahamson@rymanhp.com
or
Sloane & Company
Josh Hochberg or Dan Zacchei
212-446-1892 or 212-446-1882
jhochberg@sloanepr.com
dzacchei@sloanepr.com
 
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