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Host Hotels & Resorts, Inc. Reports Results for Third Quarter 2021

Host Hotels & Resorts, Inc. Reports Results for Third Quarter 2021

11/03/2021
Continued Quarterly Revenue Growth and Sequentially Improved Operations; Exited Credit Facility Covenant Waiver - Three Quarters Ahead of its Expiration; Successful Execution of Capital Allocation Strategy - Acquisition of Alila Ventana Big Sur and Disposition of Five Assets

BETHESDA, Md., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for third quarter 2021.

Operating Results
(unaudited, in millions, except per share and hotel statistics)

  Quarter ended
September 30,
    Percent
Change
  Percent
Change
    Year-to-date ended
September 30,
    Percent
Change
  Percent
Change
 
  2021     2020     vs. Q3
2020
  vs. Q3
2019⁽²⁾
    2021     2020     vs. YTD
2020
  vs. YTD
2019⁽²⁾
 
Revenues $ 844     $ 198       326.3 %   (33.1 )%   $ 1,892     $ 1,353       39.8 %   (54.2 )%
All owned hotel revenues (pro forma)⁽¹⁾   853       220       287.7 %   (32.0 )%     1,978       1,429       38.4 %   (51.5 )%
All owned hotel (pro forma) Total RevPAR - Constant US$   194.82       50.15       288.5 %   (32.3 )%     152.19       109.72       38.7 %   (51.7 )%
All owned hotel (pro forma) RevPAR - Constant US$   129.14       31.71       307.3 %   (31.3 )%     99.68       65.82       51.5 %   (49.6 )%
                                           
  Quarter ended
September 30,
    Percent         Year-to-date ended
September 30,
    Percent      
  2021     2020     Change         2021     2020     Change      
Net loss   (120 )     (316 )     62.0 %       $ (334 )   $ (675 )     50.5 %    
EBITDAre(1)   179       (154 )   N/M           295       (180 )   N/M      
Adjusted EBITDAre(1)   177       (111 )   N/M           290       (136 )   N/M      
                                           
Diluted loss per common  share   (0.17 )     (0.44 )     61.4 %         (0.47 )     (0.95 )     50.5 %    
NAREIT FFO per diluted share⁽¹⁾   0.20       (0.21 )   N/M           0.33       (0.25 )   N/M      
Adjusted FFO per diluted share⁽¹⁾   0.20       (0.11 )   N/M           0.33       (0.14 )   N/M      

* Additional detail on the Company’s results, including data for 21 domestic markets, is available in the Third Quarter 2021 Supplemental Financial Information available on the Company’s website at www.hosthotels.com.

(1) NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and all owned hotel results (pro forma) are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (“SEC”). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures.
(2) Presentation includes comparisons to 2019 operating results in order to allow investors to better understand the trajectory and timing of any recovery from the COVID-19 impacts on hotel operations.
N/M = Not Meaningful


James F. Risoleo, President and Chief Executive Officer, said, “During the third quarter, we continued to see strong positive operating trends and significant sequential improvements across our portfolio. RevPAR was $129 for the quarter, representing a 26% increase over the prior quarter. While much of the recovery has been concentrated in Sunbelt markets, our urban markets also saw significant RevPAR improvements during the third quarter."

Risoleo continued, “In September, we completed another off-market acquisition, buying the Alila Ventana Big Sur in California, bringing our total acquisitions for 2021 to $1.2 billion. Subsequent to quarter end, we disposed of five hotels, totaling 2,323 keys, for $551 million. Additionally, our positive hotel operating results led to improved credit metrics and we exited the credit facility covenant waiver period three quarters ahead of its expiration. We continue to believe we are in the early stages of a prolonged lodging recovery, and remain focused on improving the quality and EBITDA growth profile of our portfolio."

Highlights:

Results for Third Quarter 2021

  • GAAP net loss worsened by $59 million to $120 million in the third quarter compared to the second quarter of 2021, due to impairment expense of $92 million recorded in the third quarter, which offset improved operations. Excluding the impairment expense, the sequential improvement in net loss was $33 million, or 54.1%.
  • Achieved Adjusted EBITDAre of $177 million, which, after interest expense of $43 million, exceeded the Company's capital expenditures, totaling $113 million for the quarter, by $21 million. The results benefited from continued positive quarterly sequential improvements in RevPAR and operations.
  • Produced All Owned Hotel Pro Forma EBITDA of $196 million, which included positive hotel-level operating profit at 65 of the Company’s hotels, an increase from 53 hotels achieved in the second quarter of 2021.
  • Acquired the Baker's Cay Resort Key Largo, Curio Collection by Hilton and a 223-room luxury downtown Houston hotel, as previously announced, as well as the Alila Ventana Big Sur for a total investment of $415 million.
  • Completed a multi-year renovation at the New York Marriott Marquis, including a complete upgrade of all 1,966 guestrooms, renovation of over 140,000 square feet of meeting space, the expansion of a skybridge lined with two high-definition LED screens, and a reimagined lobby with new bars and upgraded restaurants. Additionally, after quarter end completed a multi-year renovation at the Orlando World Center Marriott, including the transformation of all 2,010 guestrooms, a redesigned 18th hole at the golf course and an updated lobby. The projects at both properties were part of the Marriott transformational capital program, bringing the total number of completed projects in this program to 10 of 16 properties.
  • Ended the quarter with total available liquidity of approximately $1.2 billion, including FF&E escrow reserves of $138 million. Including the transactions completed subsequent to quarter end, which are noted below, the Company’s total available liquidity was approximately $1.7 billion, including the FF&E escrow reserves.

Subsequent Events

  • Sold five assets for a total sales price of $551 million, including approximately $11 million for the FF&E replacement funds.
  • Preliminary forecast October RevPAR is expected to be approximately $143, the highest monthly result since the onset of the pandemic.

Balance Sheet

Subsequent to quarter end, the Company terminated its credit facility's covenant waiver period, as it met the required minimum fixed charge coverage ratio for its first phase-in quarter test. The Company will be required to meet the modified phase-in financial covenant thresholds for the following five quarters and, after that time, will be subject to the original covenant levels in the credit facility prior to amendment. Upon termination of the waiver period, the 40 basis point additional interest rate applicable to borrowings under the credit facility was removed, in addition to lifting additional restrictions on repayments, investments and distributions.

Sourav Ghosh, Executive Vice President, Chief Financial Officer, stated, “The third quarter represents a turning point in our recovery as continued sequential operating improvements led to positive cash flow. As a result, we have met the minimum covenant levels required under our senior notes, lifting the restriction on incurring debt. In addition, we have exited our credit facility waiver period, which provides immediate savings through a decrease in our interest rate and reflects the continued strength of our balance sheet. Despite the challenging environment during the quarter, we improved our flexibility for financing transactions and enhanced the quality of our portfolio through hotel acquisitions, dispositions, and reinvestment in our assets."

The Company maintains a robust balance sheet, with the following balances at September 30, 2021:

  • Total assets of $12.7 billion.
  • Debt balance of $5.5 billion, with an average maturity of 4.2 years, an average interest rate of 3.0%, and no maturities until October 2023.
  • As of September 30, 2021, the Company has met the minimum financial covenant levels under its senior notes indentures, which reinstates the Company's ability to incur additional debt, so long as it maintains these covenant levels and subject to the provisions of its senior notes indentures and credit facility.

Operating Results

The following presents the monthly pro forma hotel operating results on a constant dollar basis for the full portfolio owned as of September 30, 2021 compared to 2020 and 2019 for the months presented(3):

  July     July           August     August           September     September           Quarter ended
September 30,
       
  2021     2020     Change     2021     2020     Change     2021     2020     Change     2021     2020     Change  
Number of hotels   84       83             84       83             84       83             84       83        
Number of rooms   47,474       47,309             47,474       47,309             47,474       47,309             47,474       47,309        
                                                                       
Average
    Occupancy
    Percentage
  57.2 %     13.2 %   44.0 pts       54.1 %     19.1 %   35.0 pts       55.4 %     19.9 %   35.5 pts       55.6 %     17.4 %   38.2 pts  
Average Room
    Rate
$ 240.10     $ 190.38     26.1 %   $ 228.78     $ 173.27     32.0 %   $ 227.85     $ 186.16     22.4 %   $ 232.40     $ 182.46     27.4 %
RevPAR $ 137.32     $ 25.04     448.3 %   $ 123.76     $ 33.13     273.6 %   $ 126.23     $ 37.13     240.0 %   $ 129.14     $ 31.71     307.3 %

 

  July     July           August     August           September     September           Quarter ended
September 30,
       
  2021     2019     Change     2021     2019     Change     2021     2019     Change     2021     2019     Change  
Number of hotels   84       83             84       83             84       83             84       83        
Number of rooms   47,474       47,309             47,474       47,309             47,474       47,309             47,474       47,309        
                                                                       
Average
    Occupancy
    Percentage
  57.2 %     82.4 %   (25.2 pts)       54.1 %     80.5 %   (26.4 pts)       55.4 %     78.2 %   (22.8 pts)       55.6 %     80.4 %   (24.8 pts)  
Average Room
    Rate
$ 240.10     $ 233.89     2.7 %   $ 228.78     $ 222.06     3.0 %   $ 227.85     $ 246.32     (7.5 )%   $ 232.40     $ 233.84     (0.6 )%
RevPAR $ 137.32     $ 192.79     (28.8 )%   $ 123.76     $ 178.73     (30.8 )%   $ 126.23     $ 192.55     (34.4 )%   $ 129.14     $ 187.97     (31.3 )%

__________________

(3) The AC Hotel Scottsdale North is a new development hotel that opened in January 2021. Therefore, there were no operations for the hotel prior to January 2021 and no adjustments were made for pro forma results of the hotel for periods prior to its opening. Operations remained suspended at the Sheraton Boston Hotel for part of the quarter and the hotel re-opened on August 1, 2021. Results for the five hotels sold subsequent to quarter end are included, as they were owned for the entirety of the periods presented.

Third Quarter 2021 Revenue Performance

  • All Owned Hotel Pro Forma RevPAR improved 26% compared to the second quarter of 2021, with average room rates nearly reaching third quarter 2019 rates. The sequential improvement was primarily due to strong leisure demand for resorts and hotels located in the Company’s Sunbelt markets and Hawaii.
  • Food and beverage pro forma revenues improved approximately $48 million, or 34%, compared to the second quarter of 2021, as Banquet and Catering revenues doubled over the prior quarter to $84 million, representing an acceleration in Banquet and Catering recovery. Food and beverage revenues throughout the pandemic had mostly been driven by restaurants and other outlet revenue.

Third Quarter 2021 Hotel Operating Expense Performance

  • Portfolio-wide pro forma hotel operating costs were approximately 30% lower compared to the third quarter of 2019, with a 32% decrease in total revenues compared to third quarter of 2019, and costs were only 21% higher compared to the second quarter of 2021, despite an approximately 25% increase in total revenues quarter over quarter.
    • Ramp up of staffing at several properties continues to lag the pace of demand due to the challenging labor environment across the industry. The Company expects hotel operating costs to increase more in line with total revenues over time as hotels continue to transition from their contingency level operational plans to increased staffing levels and controllable spending.
    • Re-introduction of marketing, maintenance and other support costs is expected to increase other departmental and support expenses as the recovery continues to gain momentum.

Hotel Business Mix Update 

The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 35%, and 4%, respectively, of its 2019 room sales.

During the third quarter, demand continued to be primarily driven by leisure at drive-to and resort destinations. The following are the sequential results of the Company’s consolidated portfolio, including all owned hotels at September 30, 2021 on a pro forma basis, for transient, group and contract business in comparison to 2019 performance:

  Quarter ended
September 30, 2021
    Quarter ended
June 30, 2021
 
  Transient     Group     Contract     Transient     Group     Contract  
Room nights (in thousands)   1,678       594       157       1,416       346       109  
Percentage change in room nights vs. same period in 2019   (23.3 )%     (47.8 )%     (9.9 )%     (29.6 )%     (74.4 )%     (34.3 )%
Room Revenues (in millions) $ 424     $ 114     $ 26     $ 367     $ 60     $ 18  
Percentage change in revenues vs. same period in 2019   (19.6 )%     (54.0 )%     (40.5 )%     (30.6 )%     (81.7 )%     (59.0 )%

Capital Allocation Strategy

The Company continued to execute on its capital allocation strategy by recycling capital into assets that the Company believes will improve the quality and EBITDA growth profile of its portfolio. During the quarter, the Company acquired the 200-room Baker's Cay Resort Key Largo, Curio Collection by Hilton, for $200 million, a 223-room luxury downtown Houston hotel for $65 million and the 59-room Alila Ventana Big Sur for $150 million. The downtown Houston hotel has been rebranded as The Laura Hotel, as part of the Autograph Collection by Marriott. It will be managed by HEI Hotels & Resorts and is expected to open in the fourth quarter of 2021. Year-to-date, the Company has acquired five hotels and land for a total purchase price of $1.2 billion.

Subsequent to quarter end, the Company sold the Westfields Marriott Washington Dulles, San Ramon Marriott, The Westin Buckhead Atlanta, The Westin Los Angeles Airport and The Whitley for $551 million, including approximately $11 million for the FF&E replacement funds, and expects to record a gain on sale of $300 million in the fourth quarter.

Capital Expenditures

The following presents the Company’s year-to-date 2021 capital expenditures spend and the forecast for full year 2021 (in millions):

  Year-to-date ended
September 30, 2021
    2021 Full Year Forecast  
  Actuals     Low-end of range     High-end of range  
ROI - Marriott transformational capital program $ 82     $ 115     $ 140  
ROI - All other ROI projects   119       170       180  
Total ROI project spend   201       285       320  
Renewals and Replacements   92       125       145  
Total Capital Expenditures $ 293     $ 410     $ 465  

The Company is utilizing the lower occupancy environment to accelerate certain projects and minimize future disruption and believes the renovations will position these hotels to capture additional revenue during the economic recovery. The Company is on track to complete 85% of the Marriott transformational capital program by the end of 2021. The Company expects to receive approximately $14 million in operating profit guarantees in 2021 under the Marriott transformational capital program. As of September 30, 2021, the Company has received $12 million in operating profit guarantees for the year, with $2 million received in the third quarter.

2021 Outlook

Given the global economic uncertainty COVID-19 has created for the travel, airline, lodging and tourism and event industries, the Company cannot provide guidance for its operations or fully estimate the effect of COVID-19 or its variants and the current U.S. vaccination deployment on its operations.

The Company believes that recovery within the lodging industry will be driven by the strength of the economy, increased consumer confidence that the risks associated with travelling and contracting COVID-19 have been significantly reduced, and the return of business and group customers.

While the Company is not providing guidance on operations at this time, it estimates that for full year 2021, interest expense and corporate and other expenses will be in the following ranges (in millions):

  Full Year 2021  
  Low-end of range     High-end of range  
Interest expense $ 169     $ 171  
Corporate and other expenses   98       100  

The Company does not intend to provide further guidance updates unless deemed appropriate.

About Host Hotels & Resorts 

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 75 properties in the United States and five properties internationally totaling approximately 45,400 rooms. The Company also holds non-controlling interests in six domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Four Seasons®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company’s website at www.hosthotels.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include forecast results and are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the duration and scope of the COVID-19 pandemic and its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic, including limiting or banning travel or the size of gatherings; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity, including the duration and magnitude of its impact on unemployment rates, business investment and consumer discretionary spending; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in U.S. markets where we own hotels and a worsening of economic conditions or low levels of economic growth in these markets; the effects of steps we and our hotel managers take to reduce operating costs in response to the COVID-19 pandemic; other changes (apart from the COVID-19 pandemic) in national and local economic and business conditions and other factors such as natural disasters and weather that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to make special dividends; and other risks and uncertainties associated with our business described in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of November 3, 2021 and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.

*** Tables to Follow ***

Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of September 30, 2021, which is non-controlling interests in Host LP in our consolidated balance sheets and is included in net (income) loss attributable to non-controlling interests in our consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.

 

HOST HOTELS & RESORTS, INC. 
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)

  September 30,
2021
    December 31,
2020
 
           
ASSETS  
Property and equipment, net $ 10,124     $ 9,416  
Right-of-use assets   559       597  
Assets held for sale   280        
Due from managers   58       22  
Advances to and investments in affiliates   62       21  
Furniture, fixtures and equipment replacement fund   138       139  
Other   453       360  
Cash and cash equivalents   1,038       2,335  
Total assets $ 12,712     $ 12,890  
           
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY  
Debt⁽¹⁾          
Senior notes $ 3,068     $ 3,065  
Credit facility, including the term loans of $997   2,472       2,471  
Other debt   5       5  
Total debt   5,545       5,541  
Lease liabilities   572       610  
Accounts payable and accrued expenses   91       71  
Due to managers   55       64  
Liabilities held for sale   37        
Other   167       170  
Total liabilities   6,467       6,456  
           
Redeemable non-controlling interests - Host Hotels & Resorts, L.P.   119       108  
             
Host Hotels & Resorts, Inc. stockholders’ equity:            
Common stock, par value $.01, 1,050 million shares authorized, 714.0 million shares and 705.4 million shares issued and outstanding, respectively   7       7  
Additional paid-in capital   7,700       7,568  
Accumulated other comprehensive loss   (75 )     (74 )
Deficit   (1,511 )     (1,180 )
Total equity of Host Hotels & Resorts, Inc. stockholders   6,121       6,321  
Non-redeemable non-controlling interests—other consolidated partnerships   5       5  
Total equity   6,126       6,326  
Total liabilities, non-controlling interests and equity $ 12,712     $ 12,890  

________

(1) Please see our Third Quarter 2021 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.

 

HOST HOTELS & RESORTS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)

  Quarter ended
September 30,
    Year-to-date ended
September 30,
 
  2021     2020     2021     2020  
Revenues                      
Rooms $ 557     $ 126     $ 1,237     $ 813  
Food and beverage   191       31       405       372  
Other   96       41       250       168  
Total revenues   844       198       1,892       1,353  
Expenses                      
Rooms   150       69       324       299  
Food and beverage   146       72       313       356  
Other departmental and support expenses   252       109       621       541  
Management fees   27       5       59       33  
Other property-level expenses   82       77       239       240  
Depreciation and amortization   263       166       597       498  
Corporate and other expenses⁽¹⁾   24       18       73       68  
Gain on insurance and business interruption settlements   (5 )           (5 )      
Total operating costs and expenses   939       516       2,221       2,035  
Operating loss   (95 )     (318 )     (329 )     (682 )
Interest income   1             2       7  
Interest expense   (43 )     (66 )     (128 )     (143 )
Other gains   2             4       13  
Equity in earnings (losses) of affiliates⁽²⁾   2       (5 )     36       (26 )
Loss before income taxes   (133 )     (389 )     (415 )     (831 )
Benefit for income taxes⁽³⁾   13       73       81       156  
Net loss   (120 )     (316 )     (334 )     (675 )
Less: Net loss attributable to non-controlling interests   1       3       3       7  
Net loss attributable to Host Inc. $ (119 )   $ (313 )   $ (331 )   $ (668 )
Basic and diluted loss per common share $ (.17 )   $ (.44 )   $ (.47 )   $ (.95 )

__________

(1) Corporate and other expenses include the following items:

 

  Quarter ended September 30,     Year-to-date ended September 30,  
  2021     2020     2021     2020  
                       
General and administrative costs $ 20     $ 14     $ 60     $ 57  
Non-cash stock-based compensation expense   4       4       13       11  
Total $ 24     $ 18     $ 73     $ 68  

 

(2) Equity in earnings of affiliates for the year-to-date 2021 primarily represents unrealized gains in our investment in Fifth Wall Ventures, L.P.
 
(3) We recorded an income tax benefit in each quarter year-to-date 2021 and in each quarter in 2020 to reflect net operating losses incurred in those years. A portion of the 2020 net operating loss, as a result of legislation enacted by the CARES Act, may be carried back up to five years in order to procure a refund of U.S. federal corporate income taxes previously paid. Any net operating loss not carried back pursuant to these rules and the 2021 net operating loss may be carried forward indefinitely, subject to an annual limit on the use thereof of 80% of annual taxable income. We expect to generate additional net operating losses in 2021 and will record an income tax benefit for all of such net operating loss during and throughout 2021.

 

HOST HOTELS & RESORTS, INC.
Earnings (Loss) per Common Share
(unaudited, in millions, except per share amounts)

  Quarter ended September 30,     Year-to-date ended September 30,  
  2021     2020     2021     2020  
Net loss $ (120 )   $ (316 )   $ (334 )   $ (675 )
Less: Net loss attributable to non-controlling interests   1       3       3       7  
Net loss attributable to Host Inc. $ (119 )   $ (313 )   $ (331 )   $ (668 )
                       
Basic weighted average shares outstanding   713.9       705.2       709.0       706.1  
Diluted weighted average shares outstanding⁽¹⁾   713.9       705.2       709.0       706.1  
Basic and diluted loss per common share $ (.17 )   $ (.44 )   $ (.47 )   $ (.95 )

__________

(1) Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by minority partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.

 

HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (1)(2)

All Owned Hotels (pro forma) by Location in Constant US$ Compared to 2020

  As of
September 30, 2021
  Quarter ended September 30, 2021   Quarter ended September 30, 2020          
Location No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Maui/Oahu   4     2,007   $ 514.34     82.8 % $ 425.86   $ 635.28   $ 172.74     11.3 % $ 19.47   $ 25.42     2,087.7 %   2,399.1 %
Jacksonville   1     446     465.60     68.7     319.90     683.35     419.23     43.3     181.67     383.23     76.1     78.3  
Miami   3     1,276     364.54     55.2     201.40     333.79     209.34     26.8     56.08     98.65     259.1     238.3  
Florida Gulf Coast   5     1,842     314.16     45.2     141.93     286.62     288.56     33.7     97.38     194.67     45.7     47.2  
Phoenix   4     1,822     245.88     57.7     141.92     321.83     201.12     22.0     44.33     110.66     220.1     190.8  
Orlando   2     2,448     332.90     37.4     124.35     228.19     433.28     7.0     30.40     63.13     309.1     261.5  
Los Angeles/Orange County   5     2,119     218.60     71.1     155.40     216.04     182.68     26.4     48.15     62.24     222.8     247.1  
Philadelphia   2     810     191.85     79.1     151.74     223.07     147.01     32.2     47.36     68.09     220.4     227.6  
San Diego   3     3,288     247.61     72.1     178.55     281.14     203.85     15.6     31.78     52.66     461.8     433.9  
Houston   4     1,716     149.60     66.6     99.67     133.88     105.12     32.4     34.07     47.93     192.5     179.3  
Atlanta   4     1,682     178.31     56.6     100.94     142.30     139.03     31.6     43.89     60.57     130.0     134.9  
Northern Virginia   3     1,252     169.41     60.6     102.70     156.44     157.90     19.7     31.11     43.91     230.1     256.3  
San Antonio/Austin   3     1,960     181.37     56.1     101.79     152.09     130.06     15.4     20.04     28.10     408.0     441.3  
Washington, D.C. (CBD)   5     3,238     185.06     37.1     68.65     96.94     163.25     6.3     10.22     12.42     571.6     680.6  
Denver   3     1,340     169.25     65.4     110.75     141.64     122.10     21.5     26.24     34.58     322.0     309.6  
Chicago   4     1,816     191.01     62.4     119.27     149.38     124.78     17.6     21.95     26.96     443.2     454.1  
New York   3     4,261     217.90     46.2     100.72     130.88     187.37     11.0     20.70     23.16     386.5     465.2  
Seattle   2     1,315     202.49     53.5     108.25     130.03     172.32     6.1     10.48     12.33     932.5     954.7  
New Orleans   1     1,333     136.76     54.3     74.30     91.66     112.64     26.6     30.00     35.57     147.7     157.7  
San Francisco/San Jose   7     4,530     163.42     50.0     81.72     104.30     165.35     13.1     21.59     27.13     278.4     284.5  
Boston   3     2,715     204.56     48.1     98.46     117.58     135.30     4.9     6.62     9.43     1,387.8     1,146.4  
Other   8     2,759     252.92     53.8     136.07     189.18     198.70     26.0     51.63     73.67     163.6     156.8  
Domestic   79     45,975     236.65     55.7     131.82     199.00     184.34     17.6     32.40     51.32     306.8     287.7  
                                                 
International   5     1,499     90.99     51.4     46.77     66.43     93.15     11.3     10.56     14.14     342.8     369.8  
All Locations -
Constant
US$
  84     47,474     232.40     55.6     129.14     194.82     182.46     17.4     31.71     50.15     307.3     288.5  

 

All Owned Hotels (pro forma) in Nominal US$ Compared to 2020

  As of September 30, 2021   Quarter ended September 30, 2021   Quarter ended September 30, 2020          
  No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
International   5     1,499   $ 90.99     51.4 % $ 46.77   $ 66.43   $ 88.93     11.3 % $ 10.08   $ 13.50     363.8 %   392.0 %
Domestic   79     45,975     236.65     55.7     131.82     199.00     184.34     17.6     32.40     51.32     306.8     287.7  
All Locations   84     47,474     232.40     55.6     129.14     194.82     182.37     17.4     31.69     50.13     307.5     288.7  

 

All Owned Hotels (pro forma) by Location in Constant US$ Compared to 2019

  As of September 30, 2021   Quarter ended September 30, 2021   Quarter ended September 30, 2019          
Location No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total RevPAR   Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total RevPAR   Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Maui/Oahu   4     2,007   $ 514.34     82.8 % $ 425.86   $ 635.28   $ 385.51     91.5 % $ 352.78   $ 554.15     20.7 %   14.6 %
Jacksonville   1     446     465.60     68.7     319.90     683.35     363.69     69.0     251.05     516.90     27.4     32.2  
Miami   3     1,276     364.54     55.2     201.40     333.79     235.65     73.9     174.18     294.09     15.6     13.5  
Florida Gulf Coast   5     1,842     314.16     45.2     141.93     286.62     242.93     61.6     149.63     302.07     (5.1 )   (5.1 )
Phoenix   4     1,822     245.88     57.7     141.92     321.83     197.07     57.9     114.19     287.59     24.3     11.9  
Orlando   2     2,448     332.90     37.4     124.35     228.19     250.13     61.0     152.55     315.38     (18.5 )   (27.6 )
Los Angeles/Orange County   5     2,119     218.60     71.1     155.40     216.04     229.84     86.3     198.43     289.80     (21.7 )   (25.5 )
Philadelphia   2     810     191.85     79.1     151.74     223.07     207.13     88.2     182.60     295.52     (16.9 )   (24.5 )
San Diego   3     3,288     247.61     72.1     178.55     281.14     256.92     83.5     214.41     372.78     (16.7 )   (24.6 )
Houston   4     1,716     149.60     66.6     99.67     133.88     170.32     67.0     114.07     159.84     (12.6 )   (16.2 )
Atlanta   4     1,682     178.31     56.6     100.94     142.30     168.37     85.6     144.09     219.82     (29.9 )   (35.3 )
Northern Virginia   3     1,252     169.41     60.6     102.70     156.44     199.70     72.7     145.09     217.46     (29.2 )   (28.1 )
San Antonio/Austin   3     1,960     181.37     56.1     101.79     152.09     171.99     70.8     121.83     182.42     (16.4 )   (16.6 )
Washington, D.C. (CBD)   5     3,238     185.06     37.1     68.65     96.94     211.15     84.4     178.19     254.63     (61.5 )   (61.9 )
Denver   3     1,340     169.25     65.4     110.75     141.64     184.28     84.5     155.64     218.16     (28.8 )   (35.1 )
Chicago   4     1,816     191.01     62.4     119.27     149.38     220.91     85.5     188.78     264.29     (36.8 )   (43.5 )
New York   3     4,261     217.90     46.2     100.72     130.88     271.11     92.0     249.40     341.59     (59.6 )   (61.7 )
Seattle   2     1,315     202.49     53.5     108.25     130.03     260.45     90.2     234.96     291.64     (53.9 )   (55.4 )
New Orleans   1     1,333     136.76     54.3     74.30     91.66     156.82     77.0     120.78     175.05     (38.5 )   (47.6 )
San Francisco/San Jose   7     4,530     163.42     50.0     81.72     104.30     266.18     84.2     224.20     301.99     (63.6 )   (65.5 )
Boston   3     2,715     204.56     48.1     98.46     117.58     243.00     91.1     221.28     291.41     (55.5 )   (59.6 )
Other   8     2,759     252.92     53.8     136.07     189.18     199.21     80.2     159.70     245.36     (14.8 )   (22.9 )
Domestic   79     45,975     236.65     55.7     131.82     199.00     236.51     80.5     190.47     291.96     (30.8 )   (31.8 )
                                                 
International   5     1,499     90.99     51.4     46.77     66.43     147.24     75.9     111.82     155.21     (58.2 )   (57.2 )
All Locations -
Constant
US$
  84     47,474     232.40     55.6     129.14     194.82     233.84     80.4     187.97     287.63     (31.3 )   (32.3 )

 

All Owned Hotels (pro forma) in Nominal US$ Compared to 2019

  As of September 30, 2021   Quarter ended September 30, 2021   Quarter ended September 30, 2019          
  No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
International   5     1,499   $ 90.99     51.4 % $ 46.77   $ 66.43   $ 159.14     75.9 % $ 120.86   $ 166.88     (61.3 )%   (60.2 )%
Domestic   79     45,975     236.65     55.7     131.82     199.00     236.51     80.5     190.47     291.96     (30.8 )   (31.8 )
All Locations   84     47,474     232.40     55.6     129.14     194.82     234.20     80.4     188.26     288.00     (31.4 )   (32.4 )

 

All Owned Hotels (pro forma) by Location in Constant US$ Compared to 2020

  As of September 30, 2021   Year-to-date ended September 30, 2021   Year-to-date ended September 30, 2020          
Location No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Maui/Oahu   4     2,007   $ 470.97     67.4 % $ 317.20   $ 480.87   $ 415.84     29.7 % $ 123.66   $ 186.54     156.5 %   157.8 %
Jacksonville   1     446     506.77     57.8     293.02     587.76     405.40     42.8     173.66     356.40     68.7     64.9  
Miami   3     1,276     472.94     57.4     271.38     424.17     370.39     35.3     130.64     211.54     107.7     100.5  
Florida Gulf Coast   5     1,842     416.57     54.8     228.24     426.68     369.22     40.7     150.28     314.92     51.9     35.5  
Phoenix   4     1,822     301.23     56.5     170.12     346.53     317.49     32.0     101.46     238.55     67.7     45.3  
Orlando   2     2,448     398.72     27.3     108.98     196.25     347.84     21.5     74.64     159.82     46.0     22.8  
Los Angeles/Orange County   5     2,119     190.62     53.1     101.25     138.42     204.60     33.9     69.42     100.22     45.9     38.1  
Philadelphia   2     810     169.58     58.7     99.52     147.38     160.15     35.2     56.35     88.08     76.6     67.3  
San Diego   3     3,288     218.39     45.3     98.85     155.68     234.30     26.4     61.82     120.05     59.9     29.7  
Houston   4     1,716     140.32     59.7     83.73     113.03     145.80     35.9     52.30     76.89     60.1     47.0  
Atlanta   4     1,682     170.45     48.0     81.83     111.31     171.23     34.7     59.48     91.63     37.6     21.5  
Northern Virginia   3     1,252     161.62     44.3     71.60     107.52     187.00     26.7     50.00     79.88     43.2     34.6  
San Antonio/Austin   3     1,960     162.63     43.8     71.26     103.90     176.22     23.1     40.72     65.85     75.0     57.8  
Washington, D.C. (CBD)   5     3,238     161.96     42.2     68.41     81.26     223.18     21.5     48.07     68.76     42.3     18.2  
Denver   3     1,340     149.35     42.1     62.95     80.24     145.92     26.5     38.63     56.80     63.0     41.3  
Chicago   4     1,816     168.03     37.4     62.92     77.59     134.05     25.0     33.45     45.13     88.1     71.9  
New York   3     4,261     189.90     31.7     60.17     75.05     190.05     32.4     61.49     87.59     (2.1 )   (14.3 )
Seattle   2     1,315     188.47     27.8     52.43     63.79     191.36     20.4     38.98     55.62     34.5     14.7  
New Orleans   1     1,333     128.95     37.6     48.51     65.71     176.44     30.6     54.04     78.28     (10.2 )   (16.1 )
San Francisco/San Jose   7     4,530     153.68     31.5     48.40     62.82     266.39     25.5     67.87     98.41     (28.7 )   (36.2 )
Boston   3     2,715     180.00     25.7     46.18     56.54     173.40     19.3     33.48     50.97     37.9     10.9  
Other   8     2,759     245.69     43.7     107.40     151.39     187.25     32.7     61.21     88.43     75.5     71.2  
Domestic   79     45,975     240.30     42.5     102.15     156.04     235.37     28.5     67.02     111.88     52.4     39.5  
                                                 
International   5     1,499     85.10     28.0     23.85     34.15     119.06     24.3     28.94     43.76     (17.6 )   (22.0 )
All Locations -
Constant
US$
  84     47,474     237.03     42.1     99.68     152.19     232.21     28.3     65.82     109.72     51.5     38.7  

 

All Owned Hotels (pro forma) in Nominal US$ Compared to 2020

  As of September 30, 2021   Year-to-date ended September 30, 2021   Year-to-date ended September 30, 2020          
  No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
International   5     1,499   $ 85.10     28.0 % $ 23.85   $ 34.15   $ 121.49     24.3 % $ 29.53   $ 44.01     (19.3 )%   (22.4 )%
Domestic   79     45,975     240.30     42.5     102.15     156.04     235.37     28.5     67.02     111.88     52.4     39.5  
All Locations   84     47,474     237.03     42.1     99.68     152.19     232.27     28.3     65.84     109.73     51.4     38.7  

 

All Owned Hotels (pro forma) by Location in Constant US$ Compared to 2019

  As of September 30, 2021   Year-to-date ended September 30, 2021   Year-to-date ended September 30, 2019          
Location No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total RevPAR   Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total RevPAR   Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Maui/Oahu   4     2,007   $ 470.97     67.4 % $ 317.20   $ 480.87   $ 401.92     90.9 % $ 365.45   $ 577.41     (13.2 )%   (16.7 )%
Jacksonville   1     446     506.77     57.8     293.02     587.76     383.37     77.2     296.02     652.91     (1.0 )   (10.0 )
Miami   3     1,276     472.94     57.4     271.38     424.17     318.31     80.1     254.98     401.39     6.4     5.7  
Florida Gulf Coast   5     1,842     416.57     54.8     228.24     426.68     340.73     72.8     247.94     507.99     (7.9 )   (16.0 )
Phoenix   4     1,822     301.23     56.5     170.12     346.53     292.22     71.7     209.42     472.19     (18.8 )   (26.6 )
Orlando   2     2,448     398.72     27.3     108.98     196.25     285.49     70.7     201.76     412.06     (46.0 )   (52.4 )
Los Angeles/Orange County   5     2,119     190.62     53.1     101.25     138.42     223.42     86.0     192.10     285.12     (47.3 )   (51.5 )
Philadelphia   2     810     169.58     58.7     99.52     147.38     216.10     85.4     184.46     301.70     (46.0 )   (51.1 )
San Diego   3     3,288     218.39     45.3     98.85     155.68     255.81     81.2     207.62     372.41     (52.4 )   (58.2 )
Houston   4     1,716     140.32     59.7     83.73     113.03     178.46     72.4     129.22     184.58     (35.2 )   (38.8 )
Atlanta   4     1,682     170.45     48.0     81.83     111.31     193.72     79.7     154.41     241.44     (47.0 )   (53.9 )
Northern Virginia   3     1,252     161.62     44.3     71.60     107.52     208.03     72.1     150.02     245.90     (52.3 )   (56.3 )
San Antonio/Austin   3     1,960     162.63     43.8     71.26     103.90     192.68     76.3     146.98     225.63     (51.5 )   (54.0 )
Washington, D.C. (CBD)   5     3,238     161.96     42.2     68.41     81.26     246.65     83.1     204.99     293.15     (66.6 )   (72.3 )
Denver   3     1,340     149.35     42.1     62.95     80.24     175.15     76.3     133.61     195.92     (52.9 )   (59.0 )
Chicago   4     1,816     168.03     37.4     62.92     77.59     207.76     76.2     158.28     224.27     (60.2 )   (65.4 )
New York   3     4,261     189.90     31.7     60.17     75.05     268.50     83.0     222.99     329.67     (73.0 )   (77.2 )
Seattle   2     1,315     188.47     27.8     52.43     63.79     231.59     84.3     195.17     256.01     (73.1 )   (75.1 )
New Orleans   1     1,333     128.95     37.6     48.51     65.71     188.24     79.9     150.35     219.33     (67.7 )   (70.0 )
San Francisco/San Jose   7     4,530     153.68     31.5     48.40     62.82     279.15     81.5     227.38     315.49     (78.7 )   (80.1 )
Boston   3     2,715     180.00     25.7     46.18     56.54     238.71     82.8     197.72     271.22     (76.6 )   (79.2 )
Other   8     2,759     245.69     43.7     107.40     151.39     193.55     77.3     149.55     224.34     (28.2 )   (32.5 )
Domestic   79     45,975     240.30     42.5     102.15     156.04     252.14     79.7     200.84     320.24     (49.1 )   (51.3 )
                                                 
International   5     1,499     85.10     28.0     23.85     34.15     142.14     71.1     101.09     147.50     (76.4 )   (76.8 )
All Locations -
Constant
US$
  84     47,474     237.03     42.1     99.68     152.19     249.02     79.4     197.68     314.77     (49.6 )   (51.7 )

 

All Owned Hotels (pro forma) in Nominal US$ Compared to 2019

  As of September 30, 2021   Year-to-date ended September 30, 2021   Year-to-date ended September 30, 2019          
  No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total
RevPAR
 
International   5     1,499   $ 85.10     28.0 % $ 23.85   $ 34.15   $ 154.30     71.1 % $ 109.74   $ 159.00     (78.3 )%   (78.5 )%
Domestic   79     45,975     240.30     42.5     102.15     156.04     252.14     79.7     200.84     320.24     (49.1 )   (51.3 )
All Locations   84     47,474     237.03     42.1     99.68     152.19     249.36     79.4     197.95     315.13     (49.6 )   (51.7 )

___________

(1) To facilitate a quarter-to-quarter comparison of our operations, we typically present certain operating statistics and operating results for the periods included in this presentation on a comparable hotel basis. However, due to the COVID-19 pandemic and its effects on operations there is little comparability between periods. For this reason, we temporarily are suspending our comparable hotel presentation and instead present hotel operating results for all consolidated hotels and, to facilitate comparisons between periods, we are presenting results on a pro forma basis including the following adjustments: (1) operating results are presented for all consolidated properties owned as of September 30, 2021 but do not include the results of operations for properties sold through the reporting date; and (2) operating results for acquisitions as of September 30, 2021 are reflected for full calendar years, to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. See the Notes to Financial Information – All Owned Hotel Pro Forma Operating Statistics and Results for further information on these pro forma statistics and – Constant US$ and Nominal US$ for a discussion on constant US$ presentation. Nominal US$ results include the effect of currency fluctuations, consistent with our financial statement presentation. The AC Hotel Scottsdale North is a new development hotel that opened in January 2021. Therefore, there were no operations for the hotel prior to January 2021 and no adjustments were made for pro forma results of the hotel for periods prior to its opening. In addition, hotel results exclude the Laura Hotel, a luxury downtown Houston hotel, acquired in July 2021, as it was closed for the entirety of the quarter. Results for the five hotels sold subsequent to quarter end are included, as they were owned for the entirety of the periods presented. CBD of a location refers to the central business district.
(2) Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.
   
N/M = Not meaningful

 

HOST HOTELS & RESORTS, INC. 
Schedule of All Owned Hotel Pro Forma Results (1)
(unaudited, in millions, except hotel statistics)

  Quarter ended September 30,     Year-to-date ended September 30,  
  2021     2020     2019     2021     2020     2019  
Number of hotels   84       83       83       84       83       83  
Number of rooms   47,474       47,309       47,309       47,474       47,309       47,309  
Change in hotel Total RevPAR -                                  
Constant US$   288.5 %                 38.7 %            
Nominal US$   288.7 %                 38.7 %            
Change in hotel RevPAR -                                  
Constant US$   307.3 %                 51.5 %            
Nominal US$   307.5 %                 51.4 %            
Operating profit (loss) margin⁽²⁾   (11.3 )%     (160.6 )%     10.9 %     (17.4 )%     (50.4 )%     15.3 %
All Owned Hotel Pro Forma EBITDA margin⁽²⁾   23.0 %     (44.5 )%     25.3 %     18.4 %     (5.6 )%     29.0 %
Food and beverage profit margin⁽²⁾   23.6 %     (132.3 )%     23.8 %     22.7 %     4.3 %     31.7 %
All Owned Hotel Pro Forma food and beverage profit margin⁽²⁾   22.9 %     (47.4 )%     23.5 %     22.2 %     11.1 %     31.6 %
                                   
Net income (loss) $ (120 )   $ (316 )   $ 372     $ (334 )   $ (675 )   $ 851  
Depreciation and amortization   263       166       165       597       498       501  
Interest expense   43       66       46       128       143       132  
Provision (benefit) for income taxes   (13 )     (73 )     4       (81 )     (156 )     22  
Gain on sale of property and corporate level income/expense   19       23       (263 )     31       74       (296 )
Severance expense (reversal) at hotel properties   (2 )     43             (5 )     44        
Pro forma adjustments⁽³⁾   6       (7 )     (6 )     28       (8 )     (29 )
All Owned Hotel Pro Forma EBITDA⁽⁴⁾ $ 196     $ (98 )   $ 318     $ 364     $ (80 )   $ 1,181  

 

HOST HOTELS & RESORTS, INC. 
Schedule of All Owned Hotel Pro Forma Results (1) (cont.)
(unaudited, in millions, except hotel statistics)

  Quarter ended September 30, 2021      Quarter ended September 30, 2020   
        Adjustments                 Adjustments        
  GAAP
Results
    Severance
at hotel
properties
    Pro forma
adjustments⁽³⁾
    Depreciation
and
corporate
level items
    All
Owned
Hotel Pro
Forma
Results⁽⁴⁾
    GAAP
Results
    Severance
at hotel
properties
    Pro forma
adjustments⁽³⁾
    Depreciation
and
corporate
level items
    All
Owned
Hotel Pro
Forma
Results⁽⁴⁾
 
Revenues                                                          
Room $ 557     $     $ 7     $     $ 564     $ 126     $     $ 12     $     $ 138  
Food and beverage   191             1             192       31             7             38  
Other   96             1             97       41             3             44  
Total revenues   844             9             853       198             22             220  
Expenses                                                          
Room   150       1       1             152       69       (13 )     4             60  
Food and beverage   146       1       1             148       72       (24 )     8             56  
Other   361             1             362       191       (6 )     17             202  
Depreciation and amortization   263                   (263 )           166                   (166 )      
Corporate and other expenses   24                   (24 )           18                   (18 )      
Gain on insurance and business interruption settlements   (5 )                       (5 )                              
Total expenses   939       2       3       (287 )     657       516       (43 )     29       (184 )     318  
Operating Profit - All Owned Hotel Pro Forma EBITDA⁽⁴⁾ $ (95 )   $ (2 )   $ 6     $ 287     $ 196     $ (318 )   $ 43     $ (7 )   $ 184     $ (98 )

 

HOST HOTELS & RESORTS, INC. 
Schedule of All Owned Hotel Pro Forma Results (1) (cont.)
(unaudited, in millions, except hotel statistics)

  Quarter ended September 30, 2021      Quarter ended September 30, 2019   
        Adjustments                 Adjustments        
  GAAP
Results
    Severance
at hotel
properties
    Pro forma
adjustments⁽³⁾
    Depreciation
and
corporate
level items
    All
Owned
Hotel Pro
Forma
Results⁽⁴⁾
    GAAP
Results
    Pro forma
adjustments⁽³⁾
    Depreciation
and
corporate
level items
    All
Owned
Hotel Pro
Forma
Results⁽⁴⁾
 
Revenues                                                    
Room $ 557     $     $ 7     $     $ 564     $ 830     $ (11 )   $     $ 819  
Food and beverage   191             1             192       341                   341  
Other   96             1             97       91       4             95  
Total revenues   844             9             853       1,262       (7 )           1,255  
Expenses                                                    
Room   150       1       1             152       221       (2 )           219  
Food and beverage   146       1       1             148       260       1             261  
Other   361             1             362       457                   457  
Depreciation and amortization   263                   (263 )           165             (165 )      
Corporate and other expenses   24                   (24 )           26             (26 )      
Gain on insurance and business interruption settlements   (5 )                       (5 )     (4 )           4        
Total expenses   939       2       3       (287 )     657       1,125       (1 )     (187 )     937  
Operating Profit - All Owned Hotel Pro Forma EBITDA⁽⁴⁾ $ (95 )   $ (2 )   $ 6     $ 287     $ 196     $ 137     $ (6 )   $ 187     $ 318  

 

HOST HOTELS & RESORTS, INC. 
Schedule of All Owned Hotel Pro Forma Results (1) (cont.)
(unaudited, in millions, except hotel statistics)

<
  Year-to-date ended September 30, 2021      Year-to-date ended September 30, 2020   
        Adjustments                 Adjustments        
  GAAP
Results
    Severance
at hotel
properties
    Pro forma
adjustments⁽³⁾
    Depreciation
and
corporate
level items
    All
Owned
Hotel Pro
Forma
Results⁽⁴⁾
    GAAP
Results
    Severance
at hotel
properties
    Pro forma
adjustments⁽³⁾
    Depreciation
and
corporate
level items
    All
Owned
Hotel Pro
Forma
Results⁽⁴⁾
 
Revenues                                                          
Room $ 1,237     $     $ 55     $     $ 1,292     $ 813     $     $ 41     $     $ 854  
Food and beverage   405             18             423       372             24             396  
Other   250             13             263       168             11             179  
Total revenues   1,892             86             1,978       1,353             76             1,429  
Expenses                                                          
Room   324       1       10             335       299       (13 )     12             298  
Food and beverage   313       1       15             329       356       (24 )     20             352  
Other   919       3       33