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Ryman Hospitality Properties, Inc. Reports Third Quarter 2013 Results

  Ryman Hospitality Properties, Inc. Reports Third Quarter 2013 Results

- Gross Advanced Group Bookings for all Future Periods Increased 34.7 Percent
                          Over Third Quarter 2012 –

   - In-The-Year, For-The-Year Gross Advanced Group Bookings Increased 20.8
                      Percent Over Third Quarter 2012 –

                 - Progress Being Made on Transition Issues –

Business Wire

NASHVILLE, Tenn. -- November 5, 2013

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, 2013.

Colin V. Reed, chairman, chief executive officer and president of Ryman
Hospitality Properties, stated, “Our business performed as expected this
quarter, and while our results continued to be challenged by
transition-related issues, we are encouraged by the progress we have made to
date. Most notably, our bookings performance was solid, as we booked nearly
456,000 gross room nights, an almost 35 percent increase from the same period
last year. On a net room night basis, we booked more than 309,000 net room
nights in the third quarter, an increase of over 39 percent from the third
quarter in 2012. This bookings performance is promising and an indication that
the modifications to the sales process that we recommended and Marriott
implemented over the past two quarters are working and are better aligned with
the unique dynamics of large group hotels such as ours.

“We are also encouraged by several other factors, such as continued growth in
our transient segment performance as evidenced by an increase in transient
room nights of 28.0 percent over the same period last year. In addition, we
saw a significant decrease in in-the-year for-the-year cancellations for all
our hotels, which declined more than 55 percent from the prior year period.
Furthermore, our Opry and Attractions business had a record third quarter
financial performance as evidenced by a healthy increase in revenue and
Adjusted EBITDA over the third quarter last year. In terms of our bottom-line
results, we continue to work alongside Marriott to identify additional areas
to improve profitability and harvest the synergies that were projected by our
manager. We are confident that as this process evolves we will steadily
realize property-level cost synergies and that our bottom-line performance
will strengthen as a result.”

Third Quarter 2013 Results (as compared to Third Quarter 2012)

  *Gross advanced group bookings for all future periods increased 34.7
    percent to approximately 456,000 room nights; net advanced group bookings
    for all future periods increased 39.6 percent to approximately 309,000
    room nights
  *Gross advanced group bookings of in-the-year, for-the-year room nights
    increased 20.8 percent to approximately 54,000 room nights; net advanced
    group bookings of in-the-year, for-the-year room nights increased 72.8
    percent to approximately 23,000 room nights
  *Transient room nights during the quarter increased 28.0 percent to
    approximately 155,000 room nights while transient Average Daily Rate, or
    ADR, declined 2.3 percent
  *Cancellations in-the-year, for-the-year decreased 55.3 percent to
    approximately 9,800 group rooms compared to approximately 22,000 group
    rooms in the third quarter 2012
  *Attrition for groups that traveled in the third quarter of 2013 was 12.2
    percent of contracted room block compared to 10.2 percent in the same
    period in 2012; attrition and cancellation fees collected during the
    quarter were $2.0 million compared to $1.7 million in the same period in
    2012
  *Total Revenue decreased 1.9 percent to $221.2 million compared to Total
    Retail Adjusted Revenue in the third quarter 2012, or a decrease of 3.0
    percent compared to unadjusted Total Revenue in the third quarter 2012
  *Hospitality Revenue Per Available Room, or RevPAR, decreased 2.7 percent
    to $112.49
  *Hospitality Total RevPAR decreased 2.9 percent to $267.52 compared to
    Hospitality Retail Adjusted Total RevPAR in the third quarter 2012, or a
    decrease of 4.2 percent compared to unadjusted Hospitality Total RevPAR in
    the third quarter 2012
  *Hospitality Revenue decreased 2.9 percent to $199.3 million compared to
    Hospitality Retail Adjusted Revenue in the third quarter 2012, or a
    decrease of 4.2 percent compared to unadjusted Hospitality Revenue in the
    third quarter 2012
  *Net income was $18.0 million compared to a net loss of $26.7 million in
    third quarter 2012
  *Adjusted EBITDA on a consolidated basis was slightly lower by 0.3 percent
    to $57.3 million
  *Hospitality Adjusted EBITDA decreased 10.3 percent to $54.8 million
  *Adjusted Funds from Operations, or Adjusted FFO, was $43.5 million, an
    increase of 163.9 percent over the prior-year quarter. Adjusted FFO
    excluding REIT conversion costs was $45.7 million, an increase of 28.8
    percent over the prior-year quarter.

For the Company’s definitions of RevPAR, Total RevPAR, Adjusted EBITDA, Retail
Adjusted Revenue, Retail Adjusted Total RevPAR, and Adjusted FFO as well as a
reconciliation of the non-GAAP financial measure Adjusted EBITDA to Net
Income, a reconciliation of the non-GAAP financial measure Retail Adjusted
Revenue to revenue, and a reconciliation of the non-GAAP financial measure
Adjusted FFO to Net Income, see “Retail Adjusted Revenue”, “Calculation of
RevPAR and Total RevPAR”, “Non-GAAP Financial Measures”, and “Supplemental
Financial Results” below.

Hospitality

Property-level results and operating metrics for the third quarter of 2013 and
2012 are presented in greater detail below and under “Supplemental Financial
Results.”

  *Gaylord Opryland RevPAR increased 10.6 percent to $115.03 compared to the
    third quarter of 2012. Total RevPAR increased 7.7 percent to $251.48 as
    compared to Retail Adjusted Total RevPAR in the third quarter of 2012. The
    growth in RevPAR was led by an 8.0 percentage point increase in occupancy.
    Transient room nights increased by approximately 10,400, or 24.0 percent,
    over third quarter 2012 while transient ADR grew by 3.1 percent.
    Furthermore, premium Corporate and Association group room nights were up
    approximately 45,000 room nights which led to an increase in
    outside-the-room spending, primarily in food and beverage banqueting. The
    property exhibited solid margin management as its Adjusted EBITDA margin
    increased to 31.4 percent, or an increase of 4.7 percentage points over
    the same period last year.
  *Gaylord Palms RevPAR decreased 4.9 percent to $98.68 compared to the third
    quarter of 2012. Total RevPAR decreased 6.3 percent to $255.90 compared to
    Total RevPAR in the third quarter of 2012. The decrease in RevPAR is
    primarily related to a decline in room nights in the Corporate and
    Association segments with a modest decline in ADR for these particular
    group segments. This decline was partially offset by a 61.9 percent
    increase in transient room nights and a 3.1 percent increase in transient
    ADR compared to the third quarter of 2012. Adjusted EBITDA margin declined
    4.6 percentage points compared to the same period last year. In the third
    quarter of 2012, the property realized a $1.0 million sales tax credit,
    which impacts the year-over-year comparison in terms of Adjusted EBITDA
    and Adjusted EBITDA margin.
  *Gaylord Texan RevPAR decreased 10.9 percent to $117.39 compared to the
    third quarter of 2012. Total RevPAR decreased 7.2 percent to $306.34 as
    compared to Retail Adjusted Total RevPAR in the third quarter of 2012.
    Adjusted EBITDA margin declined 2.4 percentage points compared to the same
    period last year. Transient room nights for the property increased
    approximately 4,600 or 12.8 percent over third quarter of 2012, while
    transient ADR decreased by 12.1 percent. The property was negatively
    impacted by approximately 7,600 room night cancellations made in-the-year
    for the third quarter. The property was unable to completely replace this
    loss with short-term group business, and subsequent transient room nights
    came at a lower rate and with less outside-the-room revenue.
  *Gaylord National RevPAR decreased 12.4 percent to $120.01 compared to the
    third quarter of 2012. Total RevPAR decreased 9.6 percent to $293.11 as
    compared to Retail Adjusted Total RevPAR in the third quarter of 2012.
    Adjusted EBITDA margin declined 7.5 percentage points compared to the same
    period last year. Transient room nights for the property increased by
    approximately 2,800, or 16.3 percent, while transient ADR increased by
    11.7 percent over third quarter of 2012, which partially offset the
    decline in group room nights. The Washington D.C. market remains
    challenging, and the property is not immune to this challenging
    environment. The property’s Adjusted EBITDA and Adjusted EBITDA margin
    were negatively impacted by a $1.7 million increase in union related
    expenses compared to the third quarter of 2012. These expenses lowered
    Adjusted EBITDA margin by 3.1 percentage points for the quarter.

Reed continued, “The quarter was highlighted by the strong results from
Gaylord Opryland, which delivered significant top and bottom-line improvement
compared to the same period last year, including a 10.6 percent increase in
RevPAR. We also saw double-digit increases in transient room nights at each of
our properties, led by a nearly 62 percent increase at Gaylord Palms, as we
benefited from the Marriott Rewards Program and Marriott’s transient delivery
channels.

“However, overall softness in the group sector resulted in several significant
group cancellations earlier in the year that affected our properties during
the quarter, particularly at the Gaylord Texan. Also, in-the-year,
for-the-year group reach was negatively affected by the sales transition
issues we highlighted earlier in the year. This drop in group business was
offset somewhat through transient bookings. In addition, Gaylord National was
again impacted by the government uncertainty and the challenging Washington
D.C. market. From an operational perspective, we continued to make progress
towards the full integration and adoption of new Marriott systems and
procedures, and while this is an ongoing effort, we are confident that as we
refine these processes we will see improvements in our occupancy and margin
performance at the property level across the board.”

Opry and Attractions

Opry and Attractions segment had a record third quarter in both revenue and
profitability. Revenue for the segment rose 8.4 percent to $21.9 million in
the third quarter of 2013 from $20.2 million in the prior-year quarter. The
segment’s Adjusted EBITDA rose 9.4 percent to $6.6 million in the third
quarter of 2013, from $6.1 million in the prior-year quarter.

Corporate

Corporate and Other Adjusted EBITDA totaled a loss of $4.1 million in the
third quarter of 2013 compared to a loss of $9.6 million in the same period
last year. The reduction in costs at the Corporate level is directly related
to the transition of the Company to a REIT, and cost savings are in-line with
previously discussed estimated cost synergies.

REIT Conversion Costs

The Company has segregated all conversion costs associated with our conversion
to a REIT and reported these amounts separately as REIT conversion costs in
the accompanying financial information. During the third quarter of 2013, the
Company incurred $1.0 million of costs associated with this conversion
compared to $51.4 million in the third quarter of 2012.

Dividend Update

The Company paid its third quarter cash dividend of$0.50per share of common
stock on October 15, 2013to stockholders of record onSeptember 27, 2013. It
is the Company’s current plan to distribute total annual dividends of
approximately$2.00per share for 2013 in cash in equal quarterly payments in
April, July, October, and January 2014, subject to our board of directors’
future determinations as to the amount of quarterly distributions and the
timing thereof.

Balance Sheet/Liquidity Update

As of September 30, 2013, the Company had total debt outstanding of $1,174.8
million and unrestricted cash of $52.1 million. At September 30, 2013, $533.0
million of borrowings were drawn under the Company’s $1 billion credit
facility, and the lending banks had issued $6.9 million in letters of credit,
which left $460.1 million of availability for borrowing under the credit
facility.

During the quarter, the Company settled its repurchase of $54.7 million in
principal amount of its 3.75% convertible senior notes due 2014, which were
cancelled, and settled the conversion of $1.2 million in principal amount of
the convertible notes that were converted by a holder. After these
transactions, $304.1 million in principal amount of the notes remains
outstanding. The repurchases were made for aggregate consideration of $98.6
million funded by draws under the Company’s revolving credit facility. The
Company recorded a loss on extinguishment of debt of $4.2 million in the third
quarter of 2013 related to these repurchases and conversions.

In connection with the Company’s repurchase of a portion of the 3.75%
convertible senior notes, the number of options and warrants underlying the
bond hedge transaction related to the convertible notes were proportionately
reduced. In consideration for these adjustments, the counterparties to the
bond hedge transactions paid the Company 157,886 shares of the Company’s
common stock, which were subsequently cancelled. The adjustments to the
options and warrants were considered modifications to the terms of the
underlying agreements.

Guidance

The Company is maintaining its 2013 guidance provided on August 8, 2013 on a
consolidated as well as on a segment basis. The following business performance
outlook is based on current information as of November 5, 2013. 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.

Reed continued, “Despite the transition challenges that we faced in the first
three quarters of the year, we are confident that the issues have been
identified, and that we, working with Marriott, are making the right
modifications and adjustments both on the sales and operational levels. As a
result, we are confident that our business is moving in the right direction
and is on track to deliver the 2013 guidance ranges we provided last quarter.”


                                                   Guidance
                                                       For Full Year 2013
                                                       Low         High
                                                                     
Hospitality RevPAR ^1                                    -1.5  %       0.0   %
Hospitality Total RevPAR ^1                              -2.5  %       0.0   %
                                                                     
                                                                     
Hospitality                                            $ 242.0       $ 250.0
Opry and Attractions                                     19.0          20.0
Corporate and Other                                      (23.0 )       (21.0 )
Gaylord National Bonds ^2                               12.0        12.0  
Adjusted EBITDA ^3                                     $ 250.0      $ 261.0 
                                                                     
Adjusted FFO ^3,4                                      $ 187.5       $ 197.0
REIT conversion costs (tax effected)                   $ 19.0        $ 18.0
Adjusted FFO after REIT conversion costs ^3,4          $ 168.5       $ 179.0
                                                                     
Adjusted FFO per Share ^3,4                            $ 3.65        $ 3.84
Adjusted FFO per Share after REIT conversion           $ 3.28        $ 3.49
costs ^3,4
Estimated Basic Shares Outstanding                       51.3          51.3


     Hospitality RevPAR estimated annual changes are based on 2012 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
1.  RevPAR estimated annual changes are based on 2012 Retail Adjusted Total
     RevPAR of $306.41 (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.   Interest income from Gaylord National bonds reported in estimated
     hospitality segment results in 2013.
3.   Does not include the impact of the loss on the call spread settlement
     related to our convertible notes repurchase.
4.   Adjusted FFO guidance includes a deduction for maintenance capital
     expenditures of $33.0 to $35.0 million.


For our definitions of RevPAR, Total RevPAR, Adjusted EBITDA, and Adjusted FFO
as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA
to Net Income, a reconciliation of the non-GAAP financial measure Adjusted FFO
to Net Income, and 2012 Retail Adjusted Revenue and Total RevPAR amounts, see
“Calculation of RevPAR and Total RevPAR”, “Non-GAAP Financial Measures”,
“Supplemental Financial Results” and “Reconciliation of Forward-Looking
Statements” below.

Earnings Call information

Ryman Hospitality Properties will hold a conference call to discuss this
release today at 12:00 p.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, 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.

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 7,795 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, anticipated cost
synergies and revenue enhancements from the Marriott relationship, the effect
of and degree of success of the joint action plan to improve the performance
of the Hospitality segment, 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 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 FFO and REIT taxable income, and the Company’s ability to borrow
funds pursuant to its credit agreements. 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, 2012 and its
Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2013 and
June 30, 2013. 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.

Retail Adjusted Revenue

Under Marriott International, Inc.’s management of Gaylord Opryland, Gaylord
Texan, and Gaylord National, the retail operations of such hotels were
outsourced to a third party retailer beginning in the fourth quarter of 2012.
The properties now receive rental lease payments rather than full retail
revenue and associated expense. The net impact of this change lowered overall
retail revenue for each affected property. During the third quarter of 2013
the change resulted in revenue decreases of approximately $2.8 million
(Gaylord Opryland–$1.5 million, Gaylord Texan–$0.8 million, and Gaylord
National–$0.5 million). The change impacted consolidated revenue, Hospitality
segment revenue, property revenue, and Total RevPAR as explained below. To
enable period-over-period comparison, we have included adjusted 2012 revenue
and 2012 Total RevPAR figures to reflect the elimination of retail revenues
from operations that have been outsourced in the 2013 period. No adjustments
were made to the Gaylord Palms’ results due to the fact that during all
periods presented, retail operations were outsourced at that property. A
reconciliation of actual revenue to Retail Adjusted Revenue for the 2012
period is set forth below under “Supplemental Financial Results.”

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. We calculate retail
adjusted total revenue per available room (“Retail Adjusted Total RevPAR”) for
our hotels for 2012 by dividing the sum of room revenue, food and beverage,
and other ancillary services revenue minus the retail inventory adjustment for
the period by room nights available to guests for the period.

Under Marriott International, Inc.’s management of Gaylord Opryland, Gaylord
Texan, and Gaylord National, the retail operations of such hotels were
outsourced to a third party retailer beginning in the fourth quarter of 2012.
The properties now receive rental lease payments rather than full retail
revenue and associated expense. The net impact of this change lowered overall
retail revenue for each affected property. To enable period-over-period
comparison, we have based 2013 Total RevPAR guidance on 2012 Retail Adjusted
Revenue and 2012 Retail Adjusted Total RevPAR figures, which reflect the
elimination from the 2012 figures of retail revenues from operations that have
been outsourced in the 2013 period. No adjustments were made to the Gaylord
Palms’ revenue due to the fact that during all periods presented, retail
operations were outsourced at that property. A presentation of actual revenue
and Retail Adjusted Revenue for the 2012 period is set forth below under
“Supplemental Financial Results.”

RevPAR estimated annual change included in our guidance is based on 2012
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 Total RevPAR estimated
annual change is based on 2012 Retail Adjusted Total RevPAR of $306.41 (as
adjusted to reflect the elimination from the first three quarters of 2012 of
revenues from retail operations 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 we believe are useful to
investors as key measures of our operating performance: Adjusted EBITDA,
Adjusted FFO and Retail Adjusted Revenue, as described above.

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; loss on extinguishment of debt; (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); REIT conversion
costs 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 and a reconciliation of
segment operating income to segment Adjusted EBITDA are set forth below under
“Supplemental Financial Results.” Our method of calculating Adjusted EBITDA as
used herein differs from the method we used to calculate Adjusted EBITDA as
presented in press releases covering periods prior to 2013. The $4.9 million
loss on the call spread settlement recorded in the second quarter of 2013
related to our convertible notes repurchase does not result in a charge to net
income. Therefore, Adjusted EBITDA does not reflect the impact of the loss.

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 discounts and amortization of deferred financing costs;
and gain (loss) on extinguishment of debt, and subtract certain capital
expenditures (the required FF&E reserves for our managed properties plus
maintenance capital expenditures for our non-managed properties). We also
exclude the effect of the non-cash income tax benefit relating to the REIT
conversion. We have presented Adjusted FFO both excluding and including 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 Financial
Results.” The $4.9 million loss on the call spread settlement recorded in the
second quarter of 2013 related to our convertible notes repurchase does not
result in a charge to net income. Therefore, Adjusted FFO does not reflect the
impact of the loss.

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, 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 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. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)

                   Three Months Ended            Nine Months Ended
                       Sept. 30,                       Sept. 30,
                       2013          2012            2013          2012
Revenues :
Rooms                  $ 83,804        $ 86,173        $ 265,386       $ 273,689
Food and                 88,193          89,865          285,690         299,165
beverage
Other hotel              27,307          31,903          80,640          94,182
revenue
Opry and                21,892      20,188        56,776      53,237  
Attractions
Total revenues          221,196     228,129       688,492     720,273 
                                                                       
Operating
expenses:
Rooms                    26,369          24,933          78,020          72,698
Food and                 55,920          56,791          177,574         179,049
beverage
Other hotel              65,718          72,175          203,869         219,905
expenses
Management              3,253       -             10,446      -       
fees
Total hotel
operating                151,260         153,899         469,909         471,652
expenses
Opry and                 15,411          14,216          41,326          39,048
Attractions
Corporate                5,699           11,217          19,001          37,483
REIT
conversion               971             51,371          21,383          57,799
costs
Casualty loss            26              173             75              719
Preopening               -               1               -               340
costs
Impairment and
other charges
(non-REIT                110             -               1,357           -
conversion
costs)
Depreciation
and                     27,916      30,701        88,979      93,389  
amortization
Total
operating               201,393     261,578       642,030     700,430 
expenses
                                                                       
Operating                19,803          (33,449 )       46,462          19,843
income (loss)
                                                                       
Interest
expense, net             (15,187 )       (15,136 )       (45,934 )       (43,949 )
of amounts
capitalized
Interest                 3,020           3,081           9,123           9,256
income
Income from
unconsolidated           10              -               10              109
companies
Loss on
extinguishment           (4,181  )       -               (4,181  )       -
of debt
Other gains
and (losses),           2,318       2,251         2,365       2,251   
net
Income (loss)
before income            5,783           (43,253 )       7,845           (12,490 )
taxes
                                                                       
Benefit for             12,450      16,581        80,526      798     
income taxes
Income (loss)
from                     18,233          (26,672 )       88,371          (11,692 )
continuing
operations
                                                                       
Loss from
discontinued            (202    )    (2      )      (181    )    -       
operations,
net of taxes
Net income               18,031          (26,674 )       88,190          (11,692 )
(loss)
                                                                       
Loss on call
spread
modification            -           -             (4,869  )    -       
related to
convertible
notes
Net income
(loss)
available to           $ 18,031     $ (26,674 )     $ 83,321     $ (11,692 )
common
shareholders
                                                                       
Basic net
income (loss)
per share
available to
common
shareholders:
Income (loss)
from                   $ 0.36          $ (0.57   )     $ 1.62          $ (0.24   )
continuing
operations
Income from
discontinued            -           -             -           -       
operations,
net of taxes
Net income             $ 0.36       $ (0.57   )     $ 1.62       $ (0.24   )
(loss)
                                                                       
Fully diluted
net income
(loss) per
share
available to
common
shareholders:
Income (loss)
from                   $ 0.30          $ (0.57   )     $ 1.33          $ (0.24   )
continuing
operations
Income from
discontinued            -           -             -           -       
operations,
net of taxes
Net income             $ 0.30       $ (0.57   )     $ 1.33       $ (0.24   )
(loss)
                                                                       
Weighted
average common
shares for the
period:
Basic                    50,524          46,546          51,392          48,073
Diluted (1)              60,102          46,546          62,713          48,073


      Represents GAAP calculation of diluted shares and does not consider
      anti-dilutive effect of the Company's purchased call options associated
(1)  with its convertible notes. For the three months and nine months ended
      September 30, 2013, the purchased call options effectively reduce
      dilution by approximately 5.4 million and 6.2 million shares of common
      stock, respectively.
      


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
                                                            
                                                   Sept. 30,       Dec. 31,
                                                   2013            2012
                                                                   
ASSETS:
Property and equipment, net of accumulated         $ 2,084,247     $ 2,148,999
depreciation
Cash and cash equivalents - unrestricted             52,090          97,170
Cash and cash equivalents - restricted               18,557          6,210
Notes receivable                                     145,206         149,400
Trade receivables, net                               52,746          55,343
Deferred financing costs                             20,527          11,347
Prepaid expenses and other assets                   67,439         63,982
Total assets                                       $ 2,440,812     $ 2,532,451
                                                                   
                                                                   
LIABILITIES AND STOCKHOLDERS' EQUITY:
Debt and capital lease obligations                 $ 1,174,813     $ 1,031,863
Accounts payable and accrued liabilities             156,376         218,461
Deferred income taxes                                31,200          88,938
Deferred management rights proceeds                  184,154         186,346
Dividends payable                                    25,652          -
Other liabilities                                    126,602         153,245
Stockholders' equity                                742,015        853,598
Total liabilities and stockholders' equity         $ 2,440,812     $ 2,532,451



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,
                       2013                     2012                         2013                     2012
                       $             Margin     $             Margin       $             Margin     $             Margin
Consolidated                                                                                                     
Revenue                $ 221,196                  $ 228,129                    $ 688,492                  $ 720,273
Net income             $ 18,031                   $ (26,674 )                  $ 88,190                   $ (11,692 )
(loss)
Loss from
discontinued             202                        2                            181                        -
operations,
net of taxes
Benefit for              (12,450 )                  (16,581 )                    (80,526 )                  (798    )
income taxes
Other (gains)
and losses,              (2,318  )                  (2,251  )                    (2,365  )                  (2,251  )
net
Net loss on
the                      4,181                      -                            4,181                      -
extinguishment
of debt
Income from
unconsolidated           (10     )                  -                            (10     )                  (109    )
companies
Interest                 12,167                     12,055                       36,811                     34,693
expense, net
Depreciation &          27,916                   30,701                     88,979                   93,389  
amortization
EBITDA                   47,719        21.6 %       (2,748  )     -1.2 %         135,441       19.7 %       113,232       15.7 %
Preopening               -                          1                            -                          340
costs
Non-cash lease           1,399                      1,427                        4,196                      4,279
expense
Equity-based             1,771                      1,965                        4,938                      7,242
compensation
Impairment
charges
(non-REIT                110                        -                            1,357                      -
conversion
costs)
Interest
income on                3,020                      3,078                        9,119                      9,246
Gaylord
National bonds
Other gains
and (losses),            2,318                      2,251                        2,365                      2,251
net
Gain on
disposal of              -                          -                            (52     )                  -
assets
Casualty loss            26                         173                          75                         719
REIT
conversion              971                   51,371                  21,383                57,799     
costs
Adjusted               $ 57,334     25.9 %     $ 57,518     25.2 %       $ 178,822    26.0 %     $ 195,108    27.1 %
EBITDA
                                                                                                                          
Hospitality
segment
Revenue                $ 199,304                  $ 207,941                    $ 631,716                  $ 667,036
Operating                21,906                     17,769                       75,109                     103,890
income
Depreciation &           25,599                     26,095                       77,928                     80,977
amortization
Preopening               -                          1                            -                          340
costs
Non-cash lease           1,399                      1,427                        4,196                      4,279
expense
Equity-based             -                          252                          -                          1,979
compensation
Impairment
charges
(non-REIT                110                        -                            1,357                      -
conversion
costs)
Interest
income on                3,020                      3,078                        9,119                      9,246
Gaylord
National bonds
Other gains
and (losses),            2,318                      2,251                        2,365                      2,251
net
Gain on
disposal of              -                          -                            (52     )                  -
assets
REIT
conversion              429                   10,177                  7,413                 10,177     
costs
Adjusted               $ 54,781     27.5 %     $ 61,050     29.4 %       $ 177,435    28.1 %     $ 213,139    32.0 %
EBITDA
                                                                                                                          
Opry and
Attractions
segment
Revenue                $ 21,892                   $ 20,188                     $ 56,776                   $ 53,237
Operating                5,154                      4,543                        11,335                     9,926
income
Depreciation &           1,317                      1,262                        4,002                      3,826
amortization
Equity-based             150                        87                           412                        231
compensation
Casualty loss            -                          128                          -                          398
REIT
conversion              10                    39                      113                   39         
costs
Adjusted               $ 6,631      30.3 %     $ 6,059      30.0 %       $ 15,862     27.9 %     $ 14,420     27.1 %
EBITDA
                                                                                                                          
Corporate and
Other segment
Operating loss           (7,257  )                  (55,761 )                    (39,982 )                  (93,973 )
Depreciation &           1,000                      3,344                        7,049                      8,586
amortization
Equity-based             1,621                      1,626                        4,526                      5,032
compensation
Casualty loss            26                         45                           75                         321
REIT
conversion              532                      41,155                     13,857                   47,583  
costs
Adjusted               $ (4,078  )                $ (9,591  )                  $ (14,475 )                $ (32,451 )
EBITDA



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.     Nine Months Ended Sept. 30,
                       30,
                       2013         2012            2013          2012
                       $              $               $               $
Consolidated
Net income (1)         $ 18,031       $ (26,674 )     $ 88,190        $ (11,692 )
Depreciation &           27,916         30,701          88,979          93,389
amortization
(Gains) losses
on sale of              -            -             (52     )      -       
real estate
assets
FFO                      45,947         4,027           177,117         81,697
                                                                      
Capital
expenditures             (7,173 )       (14,928 )       (22,046 )       (42,814 )
(2)
Non-cash lease           1,399          1,427           4,196           4,279
expense
Impairment               123            21,287          1,909           21,287
charges
Loss on
extinguishment           4,181          -               4,181           -
of debt
Write-off of
deferred                 -              -               1,845           -
financing
costs
Amortization
of deferred              1,441          1,225           4,083           3,648
financing
costs
Amortization
of debt                  3,206          3,446           10,543          10,200
discounts
Noncash tax
benefit
resulting from          (5,629 )      -             (66,046 )      -       
REIT
conversion
Adjusted FFO           $ 43,495      $ 16,484       $ 115,782      $ 78,297  
(1)
REIT
conversion              2,241        19,030        16,328        23,118  
costs (tax
effected)
Adjusted FFO
excluding REIT         $ 45,736      $ 35,514       $ 132,110      $ 101,415 
conversion
costs (1)
                                                                      
                                                                      
FFO per basic          $ 0.91         $ 0.09          $ 3.45          $ 1.70
share
Adjusted FFO
per basic              $ 0.86         $ 0.35          $ 2.25          $ 1.63
share
Adjusted FFO
(excl. REIT
conversion             $ 0.91         $ 0.76          $ 2.57          $ 2.11
costs) per
basic share
                                                                      
FFO per
diluted share          $ 0.76         $ 0.09          $ 2.82          $ 1.70
(3)
Adjusted FFO
per diluted            $ 0.72         $ 0.35          $ 1.85          $ 1.63
share (3)
Adjusted FFO
(excl. REIT
conversion             $ 0.76         $ 0.76          $ 2.11          $ 2.11
costs) per
diluted share
(3)


      As the impact of the loss on the call spread modification related to the
(1)  repurchase of our convertible notes repurchase does not represent a
      charge to net income, net income, adjusted FFO and adjusted FFO
      excluding REIT conversion costs do not include this loss.
      
(2)   Represents FF&E reserve for managed properties and maintenance capital
      expenditures for non-managed properties.
      
      The GAAP calculation of diluted shares does not consider the
      anti-dilutive effect of the Company's purchased call options associated
(3)   with its convertible notes. For the three months and nine months ended
      September 30, 2013, the purchased call options effectively reduce
      dilution by approximately 5.4 million and 6.2 million shares,
      respectively.



RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
               
                                                    
                    Three Months Ended Sept. 30,        Nine Months Ended Sept. 30,
                    2013           2012 (1)          2013           2012 (1)
                                                                          
HOSPITALITY
OPERATING
METRICS:
                                                                          
Hospitality
Segment
                                                                          
Occupancy             71.2    %         70.0    %         70.9    %         71.9    %
Average
daily rate          $ 158.02          $ 165.18          $ 169.35          $ 171.66
(ADR)
RevPAR              $ 112.49          $ 115.67          $ 120.04          $ 123.35
OtherPAR            $ 155.03          $ 163.44          $ 165.71          $ 177.27
Total               $ 267.52          $ 279.11          $ 285.75          $ 300.62
RevPAR
                                                                          
Revenue             $ 199,304         $ 207,941         $ 631,716         $ 667,036
Adjusted            $ 54,781          $ 61,050          $ 177,435         $ 213,139
EBITDA
Adjusted
EBITDA                27.5    %         29.4    %         28.1    %         32.0    %
Margin
                                                                          
Gaylord
Opryland
                                                                          
Occupancy             75.5    %         67.5    %         72.2    %         70.6    %
Average
daily rate          $ 152.29          $ 154.14          $ 156.02          $ 158.97
(ADR)
RevPAR              $ 115.03          $ 104.01          $ 112.65          $ 112.30
OtherPAR            $ 136.45          $ 135.30          $ 142.81          $ 151.48
Total               $ 251.48          $ 239.31          $ 255.46          $ 263.78
RevPAR
                                                                          
Revenue             $ 66,678          $ 63,452          $ 200,993         $ 208,300
Adjusted            $ 20,927          $ 16,933          $ 61,331          $ 63,807
EBITDA
Adjusted
EBITDA                31.4    %         26.7    %         30.5    %         30.6    %
Margin
                                                                          
Gaylord
Palms
                                                                          
Occupancy             68.6    %         70.7    %         75.5    %         77.5    %
Average
daily rate          $ 143.93          $ 146.76          $ 163.21          $ 167.70
(ADR)
RevPAR              $ 98.68           $ 103.81          $ 123.28          $ 130.01
OtherPAR            $ 157.22          $ 169.26          $ 194.39          $ 210.57
Total               $ 255.90          $ 273.07          $ 317.67          $ 340.58
RevPAR
                                                                          
Revenue             $ 33,101          $ 35,322          $ 121,932         $ 131,207
Adjusted            $ 6,049           $ 8,103           $ 30,684          $ 42,312
EBITDA
Adjusted
EBITDA                18.3    %         22.9    %         25.2    %         32.2    %
Margin
                                                                          
Gaylord
Texan
                                                                          
Occupancy             74.1    %         78.0    %         71.9    %         72.9    %
Average
daily rate          $ 158.42          $ 168.90          $ 170.02          $ 173.33
(ADR)
RevPAR              $ 117.39          $ 131.82          $ 122.27          $ 126.39
OtherPAR            $ 188.95          $ 203.78          $ 195.79          $ 210.32
Total               $ 306.34          $ 335.60          $ 318.06          $ 336.71
RevPAR
                                                                          
Revenue             $ 42,585          $ 46,653          $ 131,200         $ 139,405
Adjusted            $ 11,886          $ 14,133          $ 35,699          $ 43,500
EBITDA
Adjusted
EBITDA                27.9    %         30.3    %         27.2    %         31.2    %
Margin
                                                                          
Gaylord
National
                                                                          
Occupancy             64.1    %         69.0    %         65.3    %         70.4    %
Average
daily rate          $ 187.12          $ 198.67          $ 204.93          $ 200.59
(ADR)
RevPAR              $ 120.01          $ 137.07          $ 133.75          $ 141.16
OtherPAR            $ 173.10          $ 189.71          $ 176.55          $ 188.80
Total               $ 293.11          $ 326.78          $ 310.30          $ 329.96
RevPAR
                                                                          
Revenue             $ 53,824          $ 60,006          $ 169,086         $ 180,457
Adjusted            $ 15,090          $ 21,308          $ 47,552          $ 61,573
EBITDA
Adjusted
EBITDA                28.0    %         35.5    %         28.1    %         34.1    %
Margin
                                                                          
The Inn at
Opryland
(2)
                                                                          
Occupancy             73.9    %         57.8    %         68.6    %         61.6    %
Average
daily rate          $ 105.96          $ 103.79          $ 107.74          $ 105.55
(ADR)
RevPAR              $ 78.33           $ 59.97           $ 73.91           $ 65.00
OtherPAR            $ 33.46           $ 32.05           $ 28.90           $ 28.97
Total               $ 111.79          $ 92.02           $ 102.81          $ 93.97
RevPAR
                                                                          
Revenue             $ 3,116           $ 2,508           $ 8,505           $ 7,667
Adjusted            $ 829             $ 573             $ 2,169           $ 1,947
EBITDA
Adjusted
EBITDA                26.6    %         22.8    %         25.5    %         25.4    %
Margin


      For purposes of comparability, both 2013 and 2012 occupancy, RevPAR,
      OtherPAR and Total RevPAR are calculated using Marriott's method of
      calculating available rooms and do not exclude renovation rooms from the
      calculation of rooms available, which is different from how the Company
(1)  has previously accounted for renovation rooms prior to the Marriott
      transition. In addition, both 2013 and 2012 occupancy and ADR do not
      include complimentary room nights in the calculation of occupied rooms,
      which is different from how the Company has previously accounted for
      complimentary rooms.

(2)   Includes other hospitality revenue and expense.
      


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
RECONCILIATION OF ADJUSTED RESULTS
Unaudited
(in thousands, except operating metrics)
                                              
                       Three Months Ended Sept.      Nine Months Ended Sept.
                       30,                           30,
                       2013        2012            2013        2012
Consolidated:                                                 
Revenue                $ 221,196     $ 228,129       $ 688,492     $ 720,273
Less: Retail
Inventory               -          (2,761  )      -          (7,896  )
Adjustment
Retail
Adjusted               $ 221,196     $ 225,368       $ 688,492     $ 712,377
Revenue
                                                                   
Hospitality
Segment:
Revenue                $ 199,304     $ 207,941       $ 631,716     $ 667,036
Less: Retail
Inventory               -          (2,761  )      -          (7,896  )
Adjustment
Retail
Adjusted               $ 199,304     $ 205,180       $ 631,716     $ 659,140
Revenue
                                                                   
Total RevPAR           $ 267.52      $ 279.11        $ 285.75      $ 300.62
Retail
Adjusted Total         $ 267.52      $ 275.40        $ 285.75      $ 297.06
RevPAR
                                                                   
Gaylord
Opryland:
Revenue                $ 66,678      $ 63,452        $ 200,993     $ 208,300
Less: Retail
Inventory               -          (1,524  )      -          (4,618  )
Adjustment
Retail
Adjusted               $ 66,678      $ 61,928        $ 200,993     $ 203,682
Revenue
                                                                   
Total RevPAR           $ 251.48      $ 239.31        $ 255.46      $ 263.78
Retail
Adjusted Total         $ 251.48      $ 233.57        $ 255.46      $ 257.93
RevPAR
                                                                   
Gaylord Palms:
Revenue                $ 33,101      $ 35,322        $ 121,932     $ 131,207
Less: Retail
Inventory               -          -             -          -       
Adjustment
Retail
Adjusted               $ 33,101      $ 35,322        $ 121,932     $ 131,207
Revenue
                                                                   
Total RevPAR           $ 255.90      $ 273.07        $ 317.67      $ 340.58
Retail
Adjusted Total         $ 255.90      $ 273.07        $ 317.67      $ 340.58
RevPAR
                                                                   
Gaylord Texan:
Revenue                $ 42,585      $ 46,653        $ 131,200     $ 139,405
Less: Retail
Inventory               -          (763    )      -          (1,887  )
Adjustment
Retail
Adjusted               $ 42,585      $ 45,890        $ 131,200     $ 137,518
Revenue
                                                                   
Total RevPAR           $ 306.34      $ 335.60        $ 318.06      $ 336.71
Retail
Adjusted Total         $ 306.34      $ 330.11        $ 318.06      $ 332.16
RevPAR
                                                                   
Gaylord
National:
Revenue                $ 53,824      $ 60,006        $ 169,086     $ 180,457
Less: Retail
Inventory               -          (474    )      -          (1,390  )
Adjustment
Retail
Adjusted               $ 53,824      $ 59,532        $ 169,086     $ 179,067
Revenue
                                                                   
Total RevPAR           $ 293.11      $ 326.78        $ 310.30      $ 329.96
Retail
Adjusted Total         $ 293.11      $ 324.20        $ 310.30      $ 327.42
RevPAR
                                                                   
Inn at
Opryland (and
Other
Hospitality):
Revenue                $ 3,116       $ 2,508         $ 8,505       $ 7,667
Less: Retail
Inventory               -          -             -          -       
Adjustment
Retail
Adjusted               $ 3,116       $ 2,508         $ 8,505       $ 7,667
Revenue
                                                                   
Total RevPAR           $ 111.79      $ 92.02         $ 102.81      $ 93.97
Retail
Adjusted Total         $ 111.79      $ 92.02         $ 102.81      $ 93.97
RevPAR



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 2013
                                                  Low            High
Ryman Hospitality Properties, Inc.
Net Income ^1                                     $  112,700       $ 116,200
Provision (benefit) for income                       (23,000 )       (22,000 )
taxes
Write off and Valuation Allowance                    (60,000 )       (60,000 )
Other (gains) and losses, net                        (2,300  )       (2,300  )
(Gain) Loss on debt extinguishment                   3,000           3,000
Interest expense                                     61,000          63,000
Interest income                                     (12,000 )      (12,000 )
Operating Income                                     79,400          85,900
Depreciation and amortization                       118,000       123,000 
EBITDA                                               197,400         208,900
Non-cash lease expense                               5,600           5,600
Equity based compensation                            6,500           7,000
Impairment charges (non-REIT                         1,200           1,200
conversion costs)
Other gains and (losses), net                        2,300           2,300
Interest income                                      12,000          12,000
REIT conversion costs                               25,000        24,000  
Adjusted EBITDA                                   $  250,000      $ 261,000 
                                                                   
Hospitality Segment ^2
Operating Income                                  $  123,600       $ 128,100
Depreciation and amortization                       103,000       107,000 
EBITDA                                               226,600         235,100
Non-cash lease expense                               5,600           5,600
Equity based compensation                            -               -
Other gains and (losses), net                        2,300           2,300
Impairment                                           1,200           1,200
Interest income                                      12,000          12,000
REIT conversion costs                               6,300         5,800   
Adjusted EBITDA                                   $  254,000      $ 262,000 
Opry and Attractions Segment
                                                                   
Operating Income                                  $  12,700        $ 13,600
Depreciation and amortization                       5,500         5,500   
EBITDA                                               18,200          19,100
Non-cash lease expense                               -               -
Equity based compensation                            600             700
Interest income                                      -               -
REIT conversion costs                               200           200     
Adjusted EBITDA                                   $  19,000       $ 20,000  
Corporate and Other Segment
                                                                   
Operating Income                                  $  (56,900 )     $ (55,800 )
Depreciation and amortization                       9,500         10,500  
EBITDA                                               (47,400 )       (45,300 )
Non-cash lease expense                               -               -
Equity based compensation                            5,900           6,300
Interest income                                      -               -
REIT conversion costs                               18,500        18,000  
Adjusted EBITDA                                   $  (23,000 )     $ (21,000 )
Ryman Hospitality Properties, Inc.
                                                                   
Net Income ^1                                     $  112,700       $ 116,200
Depreciation & amortization                          118,000         123,000
Capital expenditures                                 (35,000 )       (33,000 )
Impairments                                          1,200           1,200
Non-cash lease expense                               5,600           5,600
Amortization of debt                                 15,000          15,000
premiums/disc.
Amortization of DFC                                  6,000           6,000
Write-off of DFC                                     2,000           2,000
Other non-recurring items                            (60,000 )       (60,000 )
Loss (gain) on debt extinguishment                  3,000         3,000   
Adjusted FFO                                         168,500         179,000
REIT conversion costs                               19,000        18,000  
(tax-effected)
Adjusted FFO excl. REIT conversion                $  187,500      $ 197,000 
costs


1  Does not include the impact of the loss on the call spread settlement
    related to the repurchase of a portion of the convertible notes.
    
2   Hospitality segment includes interest income from Gaylord National bonds.
    

Contact:

Investor Relations:
Ryman Hospitality Properties, Inc.
Mark Fioravanti, 615-316-6588
Executive Vice President and Chief Financial Officer
mfioravanti@rymanhp.com
or
Ryman Hospitality Properties, Inc.
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 / Dan Zacchei
212-446-1892 / 212-446-1882
jhochberg@sloanepr.com / dzacchei@sloanepr.com