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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number: 001-14625 (Host Hotels & Resorts, Inc.)

0-25087 (Host Hotels & Resorts, L.P.)

 

HOST HOTELS & RESORTS, INC.

HOST HOTELS & RESORTS, L.P.

(Exact name of registrant as specified in its charter)

 

 

Maryland (Host Hotels & Resorts, Inc.)

Delaware (Host Hotels & Resorts, L.P.)

(State or Other Jurisdiction of

Incorporation or Organization)

 

53-0085950

52-2095412

(I.R.S. Employer

Identification No.)

 

 

 

6903 Rockledge Drive, Suite 1500

Bethesda, Maryland

(Address of Principal Executive Offices)

 

20817

(Zip Code)

(240) 744-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

 

Title of each class

 

Trading Symbol

 

Name of Each Exchange on Which Registered

Host Hotels & Resorts, Inc.

 

Common Stock, $.01 par value

 

HST

 

New York Stock Exchange

Host Hotels & Resorts, L.P.

 

None

 

None

 

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Host Hotels & Resorts, Inc.

 

Yes  

  

    

 

No  

  

Host Hotels & Resorts, L.P.

 

Yes  

  

    

 

No  

  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Host Hotels & Resorts, Inc.

 

Yes  

  

    

 

No  

  

Host Hotels & Resorts, L.P.

 

Yes  

  

    

 

No  

  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Host Hotels & Resorts, Inc.

 

Large accelerated filer    

Accelerated filer    

Non-accelerated filer    

Smaller reporting company    

Emerging growth company    

 

 

 

Host Hotels & Resorts, L.P.

 

Large accelerated filer    

Accelerated filer    

Non-accelerated filer    

Smaller reporting company    

Emerging growth company    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Host Hotels & Resorts, Inc.

 

Yes  

  

    

 

No  

  

Host Hotels & Resorts, L.P.

 

Yes  

  

    

 

No  

  

As of August 6, 2019 there were 729,903,577 shares of Host Hotels & Resorts, Inc.’s common stock, $.01 par value per share, outstanding.

 

 

 


 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q of Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. Unless stated otherwise or the context requires otherwise, references to “Host Inc.” mean Host Hotels & Resorts, Inc., a Maryland corporation, and references to “Host L.P.” mean Host Hotels & Resorts, L.P., a Delaware limited partnership, and its consolidated subsidiaries, in cases where it is important to distinguish between Host Inc. and Host L.P. We use the terms “we” or “our” or “the company” to refer to Host Inc. and Host L.P. together, unless the context indicates otherwise.

Host Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”). Host Inc. owns properties and conducts operations through Host L.P., of which Host Inc. is the sole general partner and of which it holds approximately 99% of the partnership interests (“OP units”). The remaining OP units are owned by various unaffiliated limited partners. As the sole general partner of Host L.P., Host Inc. has the exclusive and complete responsibility for Host L.P.’s day-to-day management and control. Management operates Host Inc. and Host L.P. as one enterprise. The management of Host Inc. consists of the same persons who direct the management of Host L.P. As general partner with control of Host L.P., Host Inc. consolidates Host L.P. for financial reporting purposes, and Host Inc. does not have significant assets other than its investment in Host L.P. Therefore, the assets and liabilities of Host Inc. and Host L.P. are substantially the same on their respective condensed consolidated financial statements and the disclosures of Host Inc. and Host L.P. also are substantially similar. For these reasons, we believe that the combination into a single report of the quarterly reports on Form 10-Q of Host Inc. and Host L.P. results in benefits to management and investors.

The substantive difference between Host Inc.’s and Host L.P.’s filings is the fact that Host Inc. is a REIT with public stock, while Host L.P. is a partnership with no publicly traded equity. In the condensed consolidated financial statements, this difference primarily is reflected in the equity (or partners’ capital for Host L.P.) section of the consolidated balance sheets and in the consolidated statements of equity (or partners’ capital for Host L.P.). Apart from the different equity treatment, the condensed consolidated financial statements of Host Inc. and Host L.P. nearly are identical.

This combined Form 10-Q for Host Inc. and Host L.P. includes, for each entity, separate interim financial statements (but combined footnotes), separate reports on disclosure controls and procedures and internal control over financial reporting and separate CEO/CFO certifications. In addition, with respect to any other financial and non-financial disclosure items required by Form 10-Q, any material differences between Host Inc. and Host L.P. are discussed separately herein. For a more detailed discussion of the substantive differences between Host Inc. and Host L.P. and why we believe the combined filing results in benefits to investors, see the discussion in the combined Annual Report on Form 10-K for the year ended December 31, 2018 under the heading “Explanatory Note.”

 

 

 

i


 

HOST HOTELS & RESORTS, INC. AND HOST HOTELS & RESORTS, L.P.

INDEX

PART I. FINANCIAL INFORMATION

 

 

  

 

Page No.

Item 1.

  

Financial Statements for Host Hotels & Resorts, Inc.:

 

 

 

 

 

 

  

Condensed Consolidated Balance Sheets -

June 30, 2019 (unaudited) and December 31, 2018

1

 

 

 

 

 

  

Condensed Consolidated Statements of Operations (unaudited) -

Quarter and Year-to-date ended June 30, 2019 and 2018

2

 

 

 

 

 

  

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) -

Quarter and Year-to-date ended June 30, 2019 and 2018

3

 

 

 

 

 

  

Condensed Consolidated Statements of Cash Flows (unaudited) -

Year-to-date ended June 30, 2019 and 2018

4

 

 

 

 

 

  

Financial Statements for Host Hotels & Resorts, L.P.:

 

 

 

 

 

 

  

Condensed Consolidated Balance Sheets -

June 30, 2019 (unaudited) and December 31, 2018

6

 

 

 

 

 

  

Condensed Consolidated Statements of Operations (unaudited) -

Quarter and Year-to-date ended June 30, 2019 and 2018

7

 

 

 

 

 

  

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) -

Quarter and Year-to-date ended June 30, 2019 and 2018

8

 

 

 

 

 

  

Condensed Consolidated Statements of Cash Flows (unaudited) -

Year-to-date ended June 30, 2019 and 2018

9

 

 

 

 

 

  

Notes to Condensed Consolidated Financial Statements (unaudited)

11

 

 

 

 

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

 

 

 

 

Item 3.

  

Quantitative and Qualitative Disclosures about Market Risk

45

 

 

 

 

Item 4.

  

Controls and Procedures

46

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

47

 

 

 

 

Item 6.

  

Exhibits

48

 

 

 

ii


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2019 and December 31, 2018

(in millions, except share and per share amounts)

 

 

 

June 30, 2019

 

 

December 31, 2018

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

Property and equipment, net

 

$

10,000

 

 

$

9,760

 

Right-of-use assets

 

 

590

 

 

 

 

Assets held for sale

 

 

272

 

 

 

281

 

Due from managers

 

 

163

 

 

 

71

 

Advances to and investments in affiliates

 

 

53

 

 

 

48

 

Furniture, fixtures and equipment replacement fund

 

 

203

 

 

 

213

 

Other

 

 

137

 

 

 

175

 

Cash and cash equivalents

 

 

1,107

 

 

 

1,542

 

Total assets

 

$

12,525

 

 

$

12,090

 

 

 

 

 

 

 

 

 

 

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY

 

Debt

 

 

 

 

 

 

 

 

Senior notes

 

$

2,783

 

 

$

2,782

 

Credit facility, including term loans of $998

 

 

1,052

 

 

 

1,049

 

Other debt

 

 

29

 

 

 

6

 

Total debt

 

 

3,864

 

 

 

3,837

 

Lease liabilities

 

 

599

 

 

 

 

Accounts payable and accrued expenses

 

 

248

 

 

 

293

 

Liabilities held for sale

 

 

13

 

 

 

 

Other

 

 

186

 

 

 

266

 

Total liabilities

 

 

4,910

 

 

 

4,396

 

 

 

 

 

 

 

 

 

 

Redeemable non-controlling interests - Host Hotels & Resorts, L.P.

 

 

141

 

 

 

128

 

 

 

 

 

 

 

 

 

 

Host Hotels & Resorts, Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, par value $.01, 1,050 million shares authorized,

     730.0 million shares and 740.4 million shares issued and

     outstanding, respectively

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

7,948

 

 

 

8,156

 

Accumulated other comprehensive loss

 

 

(56

)

 

 

(59

)

Deficit

 

 

(432

)

 

 

(610

)

Total equity of Host Hotels & Resorts, Inc. stockholders

 

 

7,467

 

 

 

7,494

 

Non-redeemable non-controlling interests—other consolidated partnerships

 

 

7

 

 

 

72

 

Total equity

 

 

7,474

 

 

 

7,566

 

Total liabilities, non-controlling interests and equity

 

$

12,525

 

 

$

12,090

 

See notes to condensed consolidated financial statements.

 

 

 

1


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Quarter and Year-to-date ended June 30, 2019 and 2018

(unaudited, in millions, except per share amounts)

 

 

 

Quarter ended June 30,

 

 

Year-to-date ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms

 

$

931

 

 

$

973

 

 

$

1,788

 

 

$

1,817

 

Food and beverage

 

 

449

 

 

 

449

 

 

 

882

 

 

 

862

 

Other

 

 

103

 

 

 

96

 

 

 

203

 

 

 

185

 

Total revenues

 

 

1,483

 

 

 

1,518

 

 

 

2,873

 

 

 

2,864

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms

 

 

226

 

 

 

238

 

 

 

443

 

 

 

462

 

Food and beverage

 

 

290

 

 

 

290

 

 

 

575

 

 

 

568

 

Other departmental and support expenses

 

 

334

 

 

 

336

 

 

 

661

 

 

 

651

 

Management fees

 

 

71

 

 

 

73

 

 

 

125

 

 

 

127

 

Other property-level expenses

 

 

91

 

 

 

99

 

 

 

183

 

 

 

197

 

Depreciation and amortization

 

 

166

 

 

 

189

 

 

 

336

 

 

 

367

 

Corporate and other expenses

 

 

25

 

 

 

30

 

 

 

54

 

 

 

58

 

Total operating costs and expenses

 

 

1,203

 

 

 

1,255

 

 

 

2,377

 

 

 

2,430

 

OPERATING PROFIT

 

 

280

 

 

 

263

 

 

 

496

 

 

 

434

 

Interest income

 

 

7

 

 

 

2

 

 

 

15

 

 

 

5

 

Interest expense

 

 

(43

)

 

 

(45

)

 

 

(86

)

 

 

(89

)

Gain on sale of assets

 

 

57

 

 

 

 

 

 

62

 

 

 

120

 

Gain (loss) on foreign currency transactions and derivatives

 

 

1

 

 

 

(1

)

 

 

1

 

 

 

(1

)

Equity in earnings of affiliates

 

 

4

 

 

 

9

 

 

 

9

 

 

 

19

 

INCOME BEFORE INCOME TAXES

 

 

306

 

 

 

228

 

 

 

497

 

 

 

488

 

Provision for income taxes

 

 

(16

)

 

 

(17

)

 

 

(18

)

 

 

(21

)

NET INCOME

 

 

290

 

 

 

211

 

 

 

479

 

 

 

467

 

Less: Net income attributable to non-controlling interests

 

 

(4

)

 

 

(2

)

 

 

(7

)

 

 

(5

)

NET INCOME ATTRIBUTABLE TO HOST HOTELS &

     RESORTS, INC.

 

$

286

 

 

$

209

 

 

$

472

 

 

$

462

 

Basic earnings per common share

 

$

.39

 

 

$

.28

 

 

$

.64

 

 

$

.62

 

Diluted earnings per common share

 

$

.39

 

 

$

.28

 

 

$

.64

 

 

$

.62

 

See notes to condensed consolidated financial statements.

 

 

2


 

 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Quarter and Year-to-date ended June 30, 2019 and 2018

(unaudited, in millions)

 

 

 

Quarter ended June 30,

 

 

Year-to-date ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

NET INCOME

 

$

290

 

 

$

211

 

 

$

479

 

 

$

467

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation and other comprehensive income

     of unconsolidated affiliates

 

 

3

 

 

 

(14

)

 

 

3

 

 

 

(8

)

Change in fair value of derivative instruments

 

 

(1

)

 

 

1

 

 

 

(1

)

 

 

 

Amounts reclassified from other comprehensive income (loss)

 

 

1

 

 

 

 

 

 

1

 

 

 

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

 

3

 

 

 

(13

)

 

 

3

 

 

 

(8

)

COMPREHENSIVE INCOME

 

 

293

 

 

 

198

 

 

 

482

 

 

 

459

 

Less: Comprehensive income attributable to non-controlling

     interests

 

 

(4

)

 

 

(2

)

 

 

(7

)

 

 

(5

)

COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST

     HOTELS & RESORTS, INC.

 

$

289

 

 

$

196

 

 

$

475

 

 

$

454

 

See notes to condensed consolidated financial statements.

 

 

 

3


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year-to-date ended June 30, 2019 and 2018

(unaudited, in millions)

 

 

 

Year-to-date ended June 30,

 

 

 

2019

 

 

2018

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

479

 

 

$

467

 

Adjustments to reconcile to cash provided by operations:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

336

 

 

 

367

 

Amortization of finance costs, discounts and premiums, net

 

 

3

 

 

 

3

 

Stock compensation expense

 

 

7

 

 

 

7

 

Deferred income taxes

 

 

1

 

 

 

 

Gain on sale of assets

 

 

(62

)

 

 

(120

)

(Gain) loss on foreign currency transactions and derivatives

 

 

(1

)

 

 

1

 

Equity in earnings of affiliates

 

 

(9

)

 

 

(19

)

Change in due from managers

 

 

(96

)

 

 

(81

)

Distributions from investments in affiliates

 

 

7

 

 

 

17

 

Changes in other assets

 

 

41

 

 

 

25

 

Changes in other liabilities

 

 

(82

)

 

 

(12

)

Net cash provided by operating activities

 

 

624

 

 

 

655

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from sales of assets, net

 

 

385

 

 

 

362

 

Return of investments in affiliates

 

 

 

 

 

1

 

Advances to and investments in affiliates

 

 

(3

)

 

 

(3

)

Acquisitions

 

 

(602

)

 

 

(1,019

)

Capital expenditures:

 

 

 

 

 

 

 

 

Renewals and replacements

 

 

(118

)

 

 

(143

)

Return on investment

 

 

(122

)

 

 

(58

)

Property insurance proceeds

 

 

 

 

 

1

 

Net cash used in investing activities

 

 

(460

)

 

 

(859

)

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Draws on credit facility

 

 

 

 

 

360

 

Repayment of credit facility

 

 

 

 

 

(75

)

Common stock repurchase

 

 

(200

)

 

 

 

Dividends on common stock

 

 

(334

)

 

 

(333

)

Distributions and payments to non-controlling interests

 

 

(72

)

 

 

 

Other financing activities

 

 

(5

)

 

 

(7

)

Net cash used in financing activities

 

 

(611

)

 

 

(55

)

Effects of exchange rate changes on cash held

 

 

1

 

 

 

(4

)

DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(446

)

 

 

(263

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING

     OF PERIOD

 

 

1,756

 

 

 

1,109

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

 

$

1,310

 

 

$

846

 

 

See notes to condensed consolidated financial statements.

 

 

4


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

Year-to-date ended June 30, 2019 and 2018

(unaudited)

Supplemental disclosure of cash flow information (in millions):

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet to the amount shown in the statements of cash flows:

  

 

June 30, 2019

 

 

 

 

June 30, 2018

 

Cash and cash equivalents

 

$

1,107

 

 

 

 

$

646

 

Restricted cash (included in other assets)

 

 

 

 

 

 

 

1

 

Cash included in furniture, fixtures and equipment replacement fund

 

 

203

 

 

 

 

 

199

 

Total cash and cash equivalents and restricted cash shown in the statements of cash flows

 

$

1,310

 

 

 

 

$

846

 

 The following table presents cash paid during the year-to-date for the following: 

 

 

Year-to-date ended June 30,

 

 

 

2019

 

 

2018

 

Total interest paid

 

$

82

 

 

$

83

 

Income taxes paid

 

$

76

 

 

$

22

 

See notes to condensed consolidated financial statements.

 

 

 

5


 

HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2019 and December 31, 2018

(in millions)

 

 

 

June 30, 2019

 

 

December 31, 2018

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

Property and equipment, net

 

$

10,000

 

 

$

9,760

 

Right-of-use assets

 

 

590

 

 

 

 

Assets held for sale

 

 

272

 

 

 

281

 

Due from managers

 

 

163

 

 

 

71

 

Advances to and investments in affiliates

 

 

53

 

 

 

48

 

Furniture, fixtures and equipment replacement fund

 

 

203

 

 

 

213

 

Other

 

 

137

 

 

 

175

 

Cash and cash equivalents

 

 

1,107

 

 

 

1,542

 

Total assets

 

$

12,525

 

 

$

12,090

 

 

 

 

 

 

 

 

 

 

LIABILITIES, LIMITED PARTNERSHIP INTERESTS OF THIRD PARTIES AND CAPITAL

 

Debt

 

 

 

 

 

 

 

 

Senior notes

 

$

2,783

 

 

$

2,782

 

Credit facility, including term loans of $998

 

 

1,052

 

 

 

1,049

 

Other

 

 

29

 

 

 

6

 

Total debt

 

 

3,864

 

 

 

3,837

 

Lease liabilities

 

 

599

 

 

 

 

Accounts payable and accrued expenses

 

 

248

 

 

 

293

 

Liabilities held for sale

 

 

13

 

 

 

 

Other

 

 

186

 

 

 

266

 

Total liabilities

 

 

4,910

 

 

 

4,396

 

 

 

 

 

 

 

 

 

 

Limited partnership interests of third parties

 

 

141

 

 

 

128