Company Quick10K Filing
Host Hotels & Resorts
Price17.06 EPS1
Shares735 P/E15
MCap12,546 P/FCF14
Net Debt-2,215 EBIT1,069
TEV10,331 TEV/EBIT10
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-07 Filed 2012-10-15
10-Q 2012-06-15 Filed 2012-07-23
10-Q 2012-03-23 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-22
10-Q 2011-09-09 Filed 2011-10-17
10-Q 2011-06-17 Filed 2011-07-25
10-Q 2011-03-25 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-10 Filed 2010-10-15
10-Q 2010-06-18 Filed 2010-07-27
10-Q 2010-03-26 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-11-10
8-K 2020-10-15
8-K 2020-09-30
8-K 2020-09-30
8-K 2020-09-22
8-K 2020-09-15
8-K 2020-08-31
8-K 2020-08-31
8-K 2020-08-31
8-K 2020-08-20
8-K 2020-08-11
8-K 2020-08-11
8-K 2020-07-30
8-K 2020-06-26
8-K 2020-05-15
8-K 2020-05-07
8-K 2020-03-16
8-K 2020-03-09
8-K 2020-02-19
8-K 2020-02-06
8-K 2019-12-09
8-K 2019-11-05
8-K 2019-09-26
8-K 2019-09-12
8-K 2019-08-06
8-K 2019-08-01
8-K 2019-05-16
8-K 2019-05-01
8-K 2019-04-19
8-K 2019-04-16
8-K 2019-02-19
8-K 2018-11-01
8-K 2018-08-07
8-K 2018-06-08
8-K 2018-05-25
8-K 2018-05-17
8-K 2018-05-02
8-K 2018-02-21

HST 10Q Quarterly Report

Part I. Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 hst-ex311_12.htm
EX-31.2 hst-ex312_13.htm
EX-31.3 hst-ex313_9.htm
EX-31.4 hst-ex314_11.htm
EX-32.1 hst-ex321_6.htm
EX-32.2 hst-ex322_10.htm

Host Hotels & Resorts Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.81.41.10.70.40.02012201420172020
Rev, G Profit, Net Income
0.70.40.0-0.3-0.7-1.02012201420172020
Ops, Inv, Fin

hst-10q_20200930.htm
false Q3 0001070750 0001061937 --12-31 --12-31 0001070750 2020-01-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-01-01 2020-09-30 xbrli:shares 0001070750 2020-11-04 iso4217:USD 0001070750 2020-09-30 0001070750 2019-12-31 0001070750 hst:TermLoanMember 2020-09-30 0001070750 hst:TermLoanMember 2019-12-31 iso4217:USD xbrli:shares 0001070750 us-gaap:OccupancyMember 2020-07-01 2020-09-30 0001070750 us-gaap:OccupancyMember 2019-07-01 2019-09-30 0001070750 us-gaap:OccupancyMember 2020-01-01 2020-09-30 0001070750 us-gaap:OccupancyMember 2019-01-01 2019-09-30 0001070750 us-gaap:FoodAndBeverageMember 2020-07-01 2020-09-30 0001070750 us-gaap:FoodAndBeverageMember 2019-07-01 2019-09-30 0001070750 us-gaap:FoodAndBeverageMember 2020-01-01 2020-09-30 0001070750 us-gaap:FoodAndBeverageMember 2019-01-01 2019-09-30 0001070750 us-gaap:HotelOtherMember 2020-07-01 2020-09-30 0001070750 us-gaap:HotelOtherMember 2019-07-01 2019-09-30 0001070750 us-gaap:HotelOtherMember 2020-01-01 2020-09-30 0001070750 us-gaap:HotelOtherMember 2019-01-01 2019-09-30 0001070750 2020-07-01 2020-09-30 0001070750 2019-07-01 2019-09-30 0001070750 2019-01-01 2019-09-30 0001070750 us-gaap:ManagementServiceMember 2020-07-01 2020-09-30 0001070750 us-gaap:ManagementServiceMember 2019-07-01 2019-09-30 0001070750 us-gaap:ManagementServiceMember 2020-01-01 2020-09-30 0001070750 us-gaap:ManagementServiceMember 2019-01-01 2019-09-30 0001070750 2018-12-31 0001070750 2019-09-30 0001070750 hst:PhoenicianLandParcelMember 2020-01-01 2020-09-30 0001070750 hst:HotelSouthBeachMember 2019-01-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-12-31 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:OccupancyMember 2020-07-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:OccupancyMember 2019-07-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:OccupancyMember 2020-01-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:OccupancyMember 2019-01-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:FoodAndBeverageMember 2020-07-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:FoodAndBeverageMember 2019-07-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:FoodAndBeverageMember 2020-01-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:FoodAndBeverageMember 2019-01-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:HotelOtherMember 2020-07-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:HotelOtherMember 2019-07-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:HotelOtherMember 2020-01-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:HotelOtherMember 2019-01-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-07-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-07-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-01-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-01-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:ManagementServiceMember 2020-07-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:ManagementServiceMember 2019-07-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:ManagementServiceMember 2020-01-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:ManagementServiceMember 2019-01-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2018-12-31 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember hst:PhoenicianLandParcelMember 2020-01-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember hst:HotelSouthBeachMember 2019-01-01 2019-09-30 0001070750 srt:ParentCompanyMember 2020-01-01 2020-09-30 xbrli:pure 0001070750 hst:HostLimitedPartnershipInterestMember 2020-09-30 0001070750 us-gaap:RevolvingCreditFacilityMember hst:COVID19Member 2020-09-01 2020-09-30 hst:Hotel 0001070750 hst:COVID19Member 2020-04-01 2020-04-30 0001070750 hst:COVID19Member 2020-01-01 2020-09-30 0001070750 country:US 2020-09-30 0001070750 country:BR 2020-09-30 0001070750 country:CA 2020-09-30 0001070750 srt:ParentCompanyMember 2020-09-30 0001070750 hst:FloridaGulfCoastMember 2020-07-01 2020-09-30 0001070750 hst:FloridaGulfCoastMember 2019-07-01 2019-09-30 0001070750 hst:FloridaGulfCoastMember 2020-01-01 2020-09-30 0001070750 hst:FloridaGulfCoastMember 2019-01-01 2019-09-30 0001070750 hst:SanFranciscoSanJoseMember 2020-07-01 2020-09-30 0001070750 hst:SanFranciscoSanJoseMember 2019-07-01 2019-09-30 0001070750 hst:SanFranciscoSanJoseMember 2020-01-01 2020-09-30 0001070750 hst:SanFranciscoSanJoseMember 2019-01-01 2019-09-30 0001070750 hst:SanDiegoMember 2020-07-01 2020-09-30 0001070750 hst:SanDiegoMember 2019-07-01 2019-09-30 0001070750 hst:SanDiegoMember 2020-01-01 2020-09-30 0001070750 hst:SanDiegoMember 2019-01-01 2019-09-30 0001070750 hst:PhoenixMember 2020-07-01 2020-09-30 0001070750 hst:PhoenixMember 2019-07-01 2019-09-30 0001070750 hst:PhoenixMember 2020-01-01 2020-09-30 0001070750 hst:PhoenixMember 2019-01-01 2019-09-30 0001070750 hst:NewYorkCityMember 2020-07-01 2020-09-30 0001070750 hst:NewYorkCityMember 2019-07-01 2019-09-30 0001070750 hst:NewYorkCityMember 2020-01-01 2020-09-30 0001070750 hst:NewYorkCityMember 2019-01-01 2019-09-30 0001070750 hst:MauiOahuMember 2020-07-01 2020-09-30 0001070750 hst:MauiOahuMember 2019-07-01 2019-09-30 0001070750 hst:MauiOahuMember 2020-01-01 2020-09-30 0001070750 hst:MauiOahuMember 2019-01-01 2019-09-30 0001070750 hst:MiamiMember 2020-07-01 2020-09-30 0001070750 hst:MiamiMember 2019-07-01 2019-09-30 0001070750 hst:MiamiMember 2020-01-01 2020-09-30 0001070750 hst:MiamiMember 2019-01-01 2019-09-30 0001070750 stpr:DC 2020-07-01 2020-09-30 0001070750 stpr:DC 2019-07-01 2019-09-30 0001070750 stpr:DC 2020-01-01 2020-09-30 0001070750 stpr:DC 2019-01-01 2019-09-30 0001070750 hst:OrlandoMember 2020-07-01 2020-09-30 0001070750 hst:OrlandoMember 2019-07-01 2019-09-30 0001070750 hst:OrlandoMember 2020-01-01 2020-09-30 0001070750 hst:OrlandoMember 2019-01-01 2019-09-30 0001070750 hst:LosAngelesMember 2020-07-01 2020-09-30 0001070750 hst:LosAngelesMember 2019-07-01 2019-09-30 0001070750 hst:LosAngelesMember 2020-01-01 2020-09-30 0001070750 hst:LosAngelesMember 2019-01-01 2019-09-30 0001070750 hst:JacksonvilleMember 2020-07-01 2020-09-30 0001070750 hst:JacksonvilleMember 2019-07-01 2019-09-30 0001070750 hst:JacksonvilleMember 2020-01-01 2020-09-30 0001070750 hst:JacksonvilleMember 2019-01-01 2019-09-30 0001070750 hst:AtlantaMember 2020-07-01 2020-09-30 0001070750 hst:AtlantaMember 2019-07-01 2019-09-30 0001070750 hst:AtlantaMember 2020-01-01 2020-09-30 0001070750 hst:AtlantaMember 2019-01-01 2019-09-30 0001070750 hst:BostonMember 2020-07-01 2020-09-30 0001070750 hst:BostonMember 2019-07-01 2019-09-30 0001070750 hst:BostonMember 2020-01-01 2020-09-30 0001070750 hst:BostonMember 2019-01-01 2019-09-30 0001070750 hst:HoustonMember 2020-07-01 2020-09-30 0001070750 hst:HoustonMember 2019-07-01 2019-09-30 0001070750 hst:HoustonMember 2020-01-01 2020-09-30 0001070750 hst:HoustonMember 2019-01-01 2019-09-30 0001070750 hst:NewOrleansMember 2020-07-01 2020-09-30 0001070750 hst:NewOrleansMember 2019-07-01 2019-09-30 0001070750 hst:NewOrleansMember 2020-01-01 2020-09-30 0001070750 hst:NewOrleansMember 2019-01-01 2019-09-30 0001070750 hst:NorthernVirginiaMember 2020-07-01 2020-09-30 0001070750 hst:NorthernVirginiaMember 2019-07-01 2019-09-30 0001070750 hst:NorthernVirginiaMember 2020-01-01 2020-09-30 0001070750 hst:NorthernVirginiaMember 2019-01-01 2019-09-30 0001070750 hst:OrangeCountyMember 2020-07-01 2020-09-30 0001070750 hst:OrangeCountyMember 2019-07-01 2019-09-30 0001070750 hst:OrangeCountyMember 2020-01-01 2020-09-30 0001070750 hst:OrangeCountyMember 2019-01-01 2019-09-30 0001070750 hst:ChicagoMember 2020-07-01 2020-09-30 0001070750 hst:ChicagoMember 2019-07-01 2019-09-30 0001070750 hst:ChicagoMember 2020-01-01 2020-09-30 0001070750 hst:ChicagoMember 2019-01-01 2019-09-30 0001070750 hst:SanAntonioMember 2020-07-01 2020-09-30 0001070750 hst:SanAntonioMember 2019-07-01 2019-09-30 0001070750 hst:SanAntonioMember 2020-01-01 2020-09-30 0001070750 hst:SanAntonioMember 2019-01-01 2019-09-30 0001070750 hst:DenverMember 2020-07-01 2020-09-30 0001070750 hst:DenverMember 2019-07-01 2019-09-30 0001070750 hst:DenverMember 2020-01-01 2020-09-30 0001070750 hst:DenverMember 2019-01-01 2019-09-30 0001070750 hst:SeattleMember 2020-07-01 2020-09-30 0001070750 hst:SeattleMember 2019-07-01 2019-09-30 0001070750 hst:SeattleMember 2020-01-01 2020-09-30 0001070750 hst:SeattleMember 2019-01-01 2019-09-30 0001070750 hst:PhiladelphiaMember 2020-07-01 2020-09-30 0001070750 hst:PhiladelphiaMember 2019-07-01 2019-09-30 0001070750 hst:PhiladelphiaMember 2020-01-01 2020-09-30 0001070750 hst:PhiladelphiaMember 2019-01-01 2019-09-30 0001070750 hst:OtherUSLocationsMember 2020-07-01 2020-09-30 0001070750 hst:OtherUSLocationsMember 2019-07-01 2019-09-30 0001070750 hst:OtherUSLocationsMember 2020-01-01 2020-09-30 0001070750 hst:OtherUSLocationsMember 2019-01-01 2019-09-30 0001070750 country:US 2020-07-01 2020-09-30 0001070750 country:US 2019-07-01 2019-09-30 0001070750 country:US 2020-01-01 2020-09-30 0001070750 country:US 2019-01-01 2019-09-30 0001070750 us-gaap:NonUsMember 2020-07-01 2020-09-30 0001070750 us-gaap:NonUsMember 2019-07-01 2019-09-30 0001070750 us-gaap:NonUsMember 2020-01-01 2020-09-30 0001070750 us-gaap:NonUsMember 2019-01-01 2019-09-30 0001070750 hst:SeriesISeniorNotesThreePointFivePercentDueSeptemberTwentyThirtyMember 2020-09-30 0001070750 hst:SeriesISeniorNotesThreePointFivePercentDueSeptemberTwentyThirtyMember 2020-07-01 2020-09-30 0001070750 hst:SeriesCSeniorNotesFourPointSevenFivePercentDueTwentyTwentyThreeMember 2020-07-01 2020-09-30 0001070750 hst:SeriesCSeniorNotesFourPointSevenFivePercentDueTwentyTwentyThreeMember 2020-09-30 0001070750 us-gaap:RevolvingCreditFacilityMember 2020-07-01 2020-09-30 0001070750 us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:RevolvingCreditFacilityMember 2020-07-01 2020-09-30 0001070750 us-gaap:LondonInterbankOfferedRateLIBORMember hst:TermLoanMember 2020-07-01 2020-09-30 0001070750 us-gaap:CommonStockMember 2019-12-31 0001070750 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001070750 us-gaap:RetainedEarningsMember 2019-12-31 0001070750 us-gaap:NoncontrollingInterestMember 2019-12-31 0001070750 hst:TemporaryEquityRedeemableNoncontrollingInterestsMember 2019-12-31 0001070750 us-gaap:RetainedEarningsMember 2020-01-01 2020-09-30 0001070750 hst:TemporaryEquityRedeemableNoncontrollingInterestsMember 2020-01-01 2020-09-30 0001070750 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-09-30 0001070750 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-09-30 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0001070750 us-gaap:CommonStockMember 2020-09-30 0001070750 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001070750 us-gaap:RetainedEarningsMember 2020-09-30 0001070750 us-gaap:NoncontrollingInterestMember 2020-09-30 0001070750 hst:TemporaryEquityRedeemableNoncontrollingInterestsMember 2020-09-30 0001070750 us-gaap:CommonStockMember 2020-06-30 0001070750 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001070750 us-gaap:RetainedEarningsMember 2020-06-30 0001070750 us-gaap:NoncontrollingInterestMember 2020-06-30 0001070750 2020-06-30 0001070750 hst:TemporaryEquityRedeemableNoncontrollingInterestsMember 2020-06-30 0001070750 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001070750 hst:TemporaryEquityRedeemableNoncontrollingInterestsMember 2020-07-01 2020-09-30 0001070750 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001070750 us-gaap:CommonStockMember 2018-12-31 0001070750 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001070750 us-gaap:RetainedEarningsMember 2018-12-31 0001070750 us-gaap:NoncontrollingInterestMember 2018-12-31 0001070750 hst:TemporaryEquityRedeemableNoncontrollingInterestsMember 2018-12-31 0001070750 us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0001070750 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-09-30 0001070750 hst:TemporaryEquityRedeemableNoncontrollingInterestsMember 2019-01-01 2019-09-30 0001070750 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0001070750 us-gaap:CommonStockMember 2019-09-30 0001070750 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001070750 us-gaap:RetainedEarningsMember 2019-09-30 0001070750 us-gaap:NoncontrollingInterestMember 2019-09-30 0001070750 hst:TemporaryEquityRedeemableNoncontrollingInterestsMember 2019-09-30 0001070750 us-gaap:CommonStockMember 2019-06-30 0001070750 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001070750 us-gaap:RetainedEarningsMember 2019-06-30 0001070750 us-gaap:NoncontrollingInterestMember 2019-06-30 0001070750 2019-06-30 0001070750 hst:TemporaryEquityRedeemableNoncontrollingInterestsMember 2019-06-30 0001070750 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001070750 hst:TemporaryEquityRedeemableNoncontrollingInterestsMember 2019-07-01 2019-09-30 0001070750 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001070750 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001070750 us-gaap:GeneralPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-12-31 0001070750 us-gaap:LimitedPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-12-31 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:NoncontrollingInterestMember 2019-12-31 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember hst:LimitedPartnershipInterestsOfThirdPartiesMember 2019-12-31 0001070750 us-gaap:LimitedPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-01-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember hst:LimitedPartnershipInterestsOfThirdPartiesMember 2020-01-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:NoncontrollingInterestMember 2020-01-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0001070750 us-gaap:GeneralPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-09-30 0001070750 us-gaap:LimitedPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:NoncontrollingInterestMember 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember hst:LimitedPartnershipInterestsOfThirdPartiesMember 2020-09-30 0001070750 us-gaap:GeneralPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-06-30 0001070750 us-gaap:LimitedPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-06-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:NoncontrollingInterestMember 2020-06-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-06-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember hst:LimitedPartnershipInterestsOfThirdPartiesMember 2020-06-30 0001070750 us-gaap:LimitedPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2020-07-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember hst:LimitedPartnershipInterestsOfThirdPartiesMember 2020-07-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:GeneralPartnerMember 2018-12-31 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:LimitedPartnerMember 2018-12-31 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:NoncontrollingInterestMember 2018-12-31 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember hst:LimitedPartnershipInterestsOfThirdPartiesMember 2018-12-31 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:LimitedPartnerMember 2019-01-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:NoncontrollingInterestMember 2019-01-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember hst:LimitedPartnershipInterestsOfThirdPartiesMember 2019-01-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:GeneralPartnerMember 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:LimitedPartnerMember 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember us-gaap:NoncontrollingInterestMember 2019-09-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember hst:LimitedPartnershipInterestsOfThirdPartiesMember 2019-09-30 0001070750 us-gaap:GeneralPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-06-30 0001070750 us-gaap:LimitedPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-06-30 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-06-30 0001070750 us-gaap:NoncontrollingInterestMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-06-30 0001070750 hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-06-30 0001070750 hst:LimitedPartnershipInterestsOfThirdPartiesMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-06-30 0001070750 us-gaap:LimitedPartnerMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-07-01 2019-09-30 0001070750 hst:LimitedPartnershipInterestsOfThirdPartiesMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-07-01 2019-09-30 0001070750 us-gaap:NoncontrollingInterestMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-07-01 2019-09-30 0001070750 us-gaap:AccumulatedOtherComprehensiveIncomeMember hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember 2019-07-01 2019-09-30 0001070750 hst:NewportBeachMarriottHotelAndSpaMember us-gaap:SubsequentEventMember 2020-10-01 2020-10-01 0001070750 hst:NewportBeachMarriottHotelAndSpaMember us-gaap:SubsequentEventMember 2020-10-01 0001070750 hst:PhoenicianLandParcelMember us-gaap:SubsequentEventMember 2020-10-01 2020-10-01 0001070750 srt:ScenarioForecastMember 2020-10-01 2020-12-31 0001070750 us-gaap:FairValueInputsLevel1Member us-gaap:SeniorNotesMember 2020-09-30 0001070750 us-gaap:FairValueInputsLevel1Member us-gaap:SeniorNotesMember 2019-12-31 0001070750 us-gaap:FairValueInputsLevel2Member 2020-09-30 0001070750 us-gaap:FairValueInputsLevel2Member 2019-12-31 hst:Segment hst:Country 0001070750 us-gaap:NonUsMember 2020-09-30 0001070750 country:BR 2020-07-01 2020-09-30 0001070750 country:CA 2020-07-01 2020-09-30 0001070750 country:BR 2019-07-01 2019-09-30 0001070750 country:CA 2019-07-01 2019-09-30 0001070750 country:BR 2020-01-01 2020-09-30 0001070750 country:CA 2020-01-01 2020-09-30 0001070750 country:BR 2019-01-01 2019-09-30 0001070750 country:CA 2019-01-01 2019-09-30 0001070750 country:US 2019-12-31 0001070750 country:BR 2019-12-31 0001070750 country:CA 2019-12-31 hst:Entity 0001070750 hst:OtherLitigationCasesMember srt:MaximumMember 2020-09-30

 

 

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 September 30, 2020

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.)

 

 

 

4747 Bethesda Ave, Suite 1300

Bethesda, Maryland

(Address of Principal Executive Offices)

 

20814

(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

 

The Nasdaq Stock Market LLC

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 November 4, 2020, there were 705,330,433 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,” “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. are nearly 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, 2019 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 -

September 30, 2020 (unaudited) and December 31, 2019

1

 

 

 

 

 

  

Condensed Consolidated Statements of Operations (unaudited) -

Quarter and Year-to-date ended September 30, 2020 and 2019

2

 

 

 

 

 

  

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

Quarter and Year-to-date ended September 30, 2020 and 2019

3

 

 

 

 

 

  

Condensed Consolidated Statements of Cash Flows (unaudited) -

Year-to-date ended September 30, 2020 and 2019

4

 

 

 

 

 

  

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

 

 

 

 

 

 

  

Condensed Consolidated Balance Sheets -

September 30, 2020 (unaudited) and December 31, 2019

6

 

 

 

 

 

  

Condensed Consolidated Statements of Operations (unaudited) -

Quarter and Year-to-date ended September 30, 2020 and 2019

7

 

 

 

 

 

  

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

Quarter and Year-to-date ended September 30, 2020 and 2019

8

 

 

 

 

 

  

Condensed Consolidated Statements of Cash Flows (unaudited) -

Year-to-date ended September 30, 2020 and 2019

9

 

 

 

 

 

  

Notes to Condensed Consolidated Financial Statements (unaudited)

11

 

 

 

 

Item 2.

  

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

21

 

 

 

 

Item 3.

  

Quantitative and Qualitative Disclosures about Market Risk

48

 

 

 

 

Item 4.

  

Controls and Procedures

49

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

50

 

 

 

 

Item 6.

  

Exhibits

51

 

 

 

ii


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2020 and December 31, 2019

(in millions, except share and per share amounts)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

Property and equipment, net

 

$

9,487

 

 

$

9,671

 

Right-of-use assets

 

 

600

 

 

 

595

 

Assets held for sale

 

 

53

 

 

 

 

Due from managers

 

 

19

 

 

 

63

 

Advances to and investments in affiliates

 

 

33

 

 

 

56

 

Furniture, fixtures and equipment replacement fund

 

 

138

 

 

 

176

 

Other

 

 

311

 

 

 

171

 

Cash and cash equivalents

 

 

2,430

 

 

 

1,573

 

Total assets

 

$

13,071

 

 

$

12,305

 

 

 

 

 

 

 

 

 

 

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY

 

Debt

 

 

 

 

 

 

 

 

Senior notes

 

$

3,150

 

 

$

2,776

 

Credit facility, including term loans of $997

 

 

2,482

 

 

 

989

 

Other debt

 

 

6

 

 

 

29

 

Total debt

 

 

5,638

 

 

 

3,794

 

Lease liabilities

 

 

612

 

 

 

606

 

Accounts payable and accrued expenses

 

 

78

 

 

 

263

 

Due to managers

 

 

90

 

 

 

 

Other

 

 

166

 

 

 

175

 

Total liabilities

 

 

6,584

 

 

 

4,838

 

 

 

 

 

 

 

 

 

 

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

 

 

80

 

 

 

142

 

 

 

 

 

 

 

 

 

 

Host Hotels & Resorts, Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

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

     705.3 million shares and 713.4 million shares issued and

     outstanding, respectively

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

7,589

 

 

 

7,675

 

Accumulated other comprehensive loss

 

 

(79

)

 

 

(56

)

Deficit

 

 

(1,115

)

 

 

(307

)

Total equity of Host Hotels & Resorts, Inc. stockholders

 

 

6,402

 

 

 

7,319

 

Non-redeemable non-controlling interests—other consolidated partnerships

 

 

5

 

 

 

6

 

Total equity

 

 

6,407

 

 

 

7,325

 

Total liabilities, non-controlling interests and equity

 

$

13,071

 

 

$

12,305

 

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 September 30, 2020 and 2019

(unaudited, in millions, except per share amounts)

 

 

 

Quarter ended

September 30,

 

 

Year-to-date ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms

 

$

126

 

 

$

830

 

 

$

813

 

 

$

2,618

 

Food and beverage

 

 

31

 

 

 

341

 

 

 

372

 

 

 

1,223

 

Other

 

 

41

 

 

 

91

 

 

 

168

 

 

 

294

 

Total revenues

 

 

198

 

 

 

1,262

 

 

 

1,353

 

 

 

4,135

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms

 

 

69

 

 

 

221

 

 

 

299

 

 

 

664

 

Food and beverage

 

 

72

 

 

 

260

 

 

 

356

 

 

 

835

 

Other departmental and support expenses

 

 

109

 

 

 

320

 

 

 

541

 

 

 

981

 

Management fees

 

 

5

 

 

 

52

 

 

 

33

 

 

 

177

 

Other property-level expenses

 

 

77

 

 

 

85

 

 

 

240

 

 

 

268

 

Depreciation and amortization

 

 

166

 

 

 

165

 

 

 

498

 

 

 

501

 

Corporate and other expenses

 

 

18

 

 

 

26

 

 

 

68

 

 

 

80

 

Gain on insurance and business interruption settlements

 

 

 

 

 

(4

)

 

 

 

 

 

(4

)

Total operating costs and expenses

 

 

516

 

 

 

1,125

 

 

 

2,035

 

 

 

3,502

 

OPERATING PROFIT (LOSS)

 

 

(318

)

 

 

137

 

 

 

(682

)

 

 

633

 

Interest income

 

 

 

 

 

8

 

 

 

7

 

 

 

23

 

Interest expense

 

 

(66

)

 

 

(46

)

 

 

(143

)

 

 

(132

)

Other gains/(losses)

 

 

1

 

 

 

274

 

 

 

13

 

 

 

336

 

Loss on foreign currency transactions and derivatives

 

 

(1

)

 

 

(1

)

 

 

 

 

 

 

Equity in earnings (losses) of affiliates

 

 

(5

)

 

 

4

 

 

 

(26

)

 

 

13

 

INCOME (LOSS) BEFORE INCOME TAXES

 

 

(389

)

 

 

376

 

 

 

(831

)

 

 

873

 

Benefit (provision) for income taxes

 

 

73

 

 

 

(4

)

 

 

156

 

 

 

(22

)

NET INCOME (LOSS)

 

 

(316

)

 

 

372

 

 

 

(675

)

 

 

851

 

Less: Net (income) loss attributable to non-controlling

     interests

 

 

3

 

 

 

(4

)

 

 

7

 

 

 

(11

)

NET INCOME (LOSS) ATTRIBUTABLE TO HOST

     HOTELS & RESORTS, INC.

 

$

(313

)

 

$

368

 

 

$

(668

)

 

$

840

 

Basic earnings (loss) per common share

 

$

(.44

)

 

$

.51

 

 

$

(.95

)

 

$

1.14

 

Diluted earnings (loss) per common share

 

$

(.44

)

 

$

.51

 

 

$

(.95

)

 

$

1.14

 

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 September 30, 2020 and 2019

(unaudited, in millions)

 

 

 

Quarter ended

September 30,

 

 

Year-to-date ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

NET INCOME (LOSS)

 

$

(316

)

 

$

372

 

 

$

(675

)

 

$

851

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation and other comprehensive income

     of unconsolidated affiliates

 

 

(5

)

 

 

(7

)

 

 

(24

)

 

 

(4

)

Change in fair value of derivative instruments

 

 

 

 

 

1

 

 

 

1

 

 

 

 

Amounts reclassified from other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

1

 

OTHER COMPREHENSIVE LOSS, NET OF TAX

 

 

(5

)

 

 

(6

)

 

 

(23

)

 

 

(3

)

COMPREHENSIVE INCOME (LOSS)

 

 

(321

)

 

 

366

 

 

 

(698

)

 

 

848

 

Less: Comprehensive (income) loss attributable to non-controlling

     interests

 

 

3

 

 

 

(4

)

 

 

7

 

 

 

(11

)

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO

     HOST HOTELS & RESORTS, INC.

 

$

(318

)

 

$

362

 

 

$

(691

)

 

$

837

 

See notes to condensed consolidated financial statements.

 

 

 

3


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year-to-date ended September 30, 2020 and 2019

(unaudited, in millions)

 

 

 

Year-to-date ended September 30,

 

 

 

2020

 

 

2019

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(675

)

 

$

851

 

Adjustments to reconcile to cash provided by (used in) operations:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

498

 

 

 

501

 

Amortization of finance costs, discounts and premiums, net

 

 

6

 

 

 

5

 

Loss on extinguishment of debt

 

 

28

 

 

 

3

 

Stock compensation expense

 

 

11

 

 

 

11

 

Deferred income taxes

 

 

 

 

 

(2

)

Other gains

 

 

(13

)

 

 

(336

)

Gain on property insurance settlement

 

 

 

 

 

(4

)

Equity in (earnings) losses of affiliates

 

 

26

 

 

 

(13

)

Change in due from/to managers

 

 

130

 

 

 

(43

)

Distributions from investments in affiliates

 

 

 

 

 

8

 

Changes in other assets

 

 

(161

)

 

 

8

 

Changes in other liabilities

 

 

(14

)

 

 

(75

)

Net cash provided by (used in) operating activities

 

 

(164

)

 

 

914

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from sales of assets, net

 

 

11

 

 

 

895

 

Proceeds from loan receivable

 

 

28

 

 

 

 

Advances to and investments in affiliates

 

 

(4

)

 

 

(5

)

Acquisitions

 

 

 

 

 

(602

)

Capital expenditures:

 

 

 

 

 

 

 

 

Renewals and replacements

 

 

(122

)

 

 

(181

)

Return on investment

 

 

(262

)

 

 

(211

)

Property insurance proceeds

 

 

 

 

 

30

 

Net cash used in investing activities

 

 

(349

)

 

 

(74

)

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Financing costs

 

 

(11

)

 

 

(15

)

Issuances of debt

 

 

740

 

 

 

645

 

Draws on credit facility

 

 

2,245

 

 

 

 

Repayment of credit facility

 

 

(750

)

 

 

(56

)

Repurchase/redemption of senior notes

 

 

(364

)

 

 

 

Redemption of preferred equity units of Host L.P.

 

 

(22

)

 

 

 

Debt extinguishment costs

 

 

(27

)

 

 

 

Common stock repurchase

 

 

(147

)

 

 

(395

)

Dividends on common stock

 

 

(320

)

 

 

(480

)

Distributions and payments to non-controlling interests

 

 

(3

)

 

 

(73

)

Other financing activities

 

 

(4

)

 

 

(6

)

Net cash provided by (used in) financing activities

 

 

1,337