Ryman Hospitality Properties, Inc. to Acquire JW Marriott San Antonio Hill Country Resort & Spa from Blackstone Real Estate Income Trust, Inc. for $800 Million - Seite 4

(1) JW Marriott Hill Country Adjusted EBITDAre

Adjusted EBITDAre is calculated and presented by Ryman based on unaudited information provided to Ryman from BREIT or an affiliate of BREIT. Adjusted EBITDAre, a non-GAAP financial measure, is calculated as Net Income in accordance with GAAP plus interest expense and depreciation and amortization. Below is a reconciliation of Adjusted EBITDAre to Net Income, the most directly comparable GAAP figure for Adjusted EBITDAre. Ryman used Adjusted EBITDAre to evaluate the operating performance of the property and to price the Hill Country acquisition.

JW Marriott Hill Country
Adjusted EBITDAre Reconciliation

($ in thousands)	Trailing Twelve Months Ending March 31, 2023
Net Income	$21,240
Interest	$11,612
Depreciation and Amortization	$30,528
Adjusted EBITDAre	$63,380

Ryman Investor Relations Contacts:	Ryman Media Contacts:
Mark Fioravanti, President and Chief Executive Officer	Shannon Sullivan, Vice President Corporate and Brand Communications
Ryman Hospitality Properties, Inc.	Ryman Hospitality Properties, Inc.
[phone]	[phone]
[e-mail]	[e-mail]
~or~	~or~
Jennifer Hutcheson, Chief Financial Officer	Robert Winters
Ryman Hospitality Properties, Inc.	Alpha IR Group
[phone]	[phone]
[e-mail]	[e-mail]
Blackstone Media Contact:
Jeffrey Kauth
[phone]
[e-mail]