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 2020-06-30 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 2020-07-30 Earnings, Exhibits
8-K 2020-06-26 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
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-10.14 hst-ex1014_12.htm
EX-10.15 hst-ex1015_13.htm
EX-31.1 hst-ex311_8.htm
EX-31.2 hst-ex312_7.htm
EX-31.3 hst-ex313_10.htm
EX-31.4 hst-ex314_6.htm
EX-32.1 hst-ex321_9.htm
EX-32.2 hst-ex322_11.htm

Host Hotels & Resorts Earnings 2020-06-30

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_20200630.htm
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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, 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

 

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 July 28, 2020, there were 705,263,208 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 -

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

1

 

 

 

 

 

  

Condensed Consolidated Statements of Operations (unaudited) -

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

2

 

 

 

 

 

  

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

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

3

 

 

 

 

 

  

Condensed Consolidated Statements of Cash Flows (unaudited) -

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

4

 

 

 

 

 

  

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

 

 

 

 

 

 

  

Condensed Consolidated Balance Sheets -

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

6

 

 

 

 

 

  

Condensed Consolidated Statements of Operations (unaudited) -

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

7

 

 

 

 

 

  

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

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

8

 

 

 

 

 

  

Condensed Consolidated Statements of Cash Flows (unaudited) -

Year-to-date ended June 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

47

 

 

 

 

Item 4.

  

Controls and Procedures

48

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

49

 

 

 

 

Item 6.

  

Exhibits

50

 

 

 

ii


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2020 and December 31, 2019

(in millions, except share and per share amounts)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

Property and equipment, net

 

$

9,613

 

 

$

9,671

 

Right-of-use assets

 

 

595

 

 

 

595

 

Due from managers

 

 

6

 

 

 

63

 

Advances to and investments in affiliates

 

 

38

 

 

 

56

 

Furniture, fixtures and equipment replacement fund

 

 

154

 

 

 

176

 

Other

 

 

206

 

 

 

171

 

Cash and cash equivalents

 

 

1,578

 

 

 

1,573

 

Total assets

 

$

12,190

 

 

$

12,305

 

 

 

 

 

 

 

 

 

 

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY

 

Debt

 

 

 

 

 

 

 

 

Senior notes

 

$

2,778

 

 

$

2,776

 

Credit facility, including term loans of $997

 

 

1,736

 

 

 

989

 

Other debt

 

 

29

 

 

 

29

 

Total debt

 

 

4,543

 

 

 

3,794

 

Lease liabilities

 

 

607

 

 

 

606

 

Accounts payable and accrued expenses

 

 

68

 

 

 

263

 

Other

 

 

169

 

 

 

175

 

Total liabilities

 

 

5,387

 

 

 

4,838

 

 

 

 

 

 

 

 

 

 

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

 

 

81

 

 

 

142

 

 

 

 

 

 

 

 

 

 

Host Hotels & Resorts, Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

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

     705.2 million shares and 713.4 million shares issued and

     outstanding, respectively

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

7,586

 

 

 

7,675

 

Accumulated other comprehensive loss

 

 

(74

)

 

 

(56

)

Deficit

 

 

(802

)

 

 

(307

)

Total equity of Host Hotels & Resorts, Inc. stockholders

 

 

6,717

 

 

 

7,319

 

Non-redeemable non-controlling interests—other consolidated partnerships

 

 

5

 

 

 

6

 

Total equity

 

 

6,722

 

 

 

7,325

 

Total liabilities, non-controlling interests and equity

 

$

12,190

 

 

$

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 June 30, 2020 and 2019

(unaudited, in millions, except per share amounts)

 

 

 

Quarter ended June 30,

 

 

Year-to-date ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms

 

$

61

 

 

$

931

 

 

$

687

 

 

$

1,788

 

Food and beverage

 

 

11

 

 

 

449

 

 

 

341

 

 

 

882

 

Other

 

 

31

 

 

 

103

 

 

 

127

 

 

 

203

 

Total revenues

 

 

103

 

 

 

1,483

 

 

 

1,155

 

 

 

2,873

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms

 

 

43

 

 

 

226

 

 

 

230

 

 

 

443

 

Food and beverage

 

 

39

 

 

 

290

 

 

 

284

 

 

 

575

 

Other departmental and support expenses

 

 

113

 

 

 

334

 

 

 

432

 

 

 

661

 

Management fees

 

 

(2

)

 

 

71

 

 

 

28

 

 

 

125

 

Other property-level expenses

 

 

70

 

 

 

91

 

 

 

163

 

 

 

183

 

Depreciation and amortization

 

 

168

 

 

 

166

 

 

 

332

 

 

 

336

 

Corporate and other expenses

 

 

25

 

 

 

25

 

 

 

50

 

 

 

54

 

Total operating costs and expenses

 

 

456

 

 

 

1,203

 

 

 

1,519

 

 

 

2,377

 

OPERATING PROFIT (LOSS)

 

 

(353

)

 

 

280

 

 

 

(364

)

 

 

496

 

Interest income

 

 

1

 

 

 

7

 

 

 

7

 

 

 

15

 

Interest expense

 

 

(40

)

 

 

(43

)

 

 

(77

)

 

 

(86

)

Other gains/(losses)

 

 

13

 

 

 

57

 

 

 

12

 

 

 

62

 

Gain on foreign currency transactions and derivatives

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

Equity in earnings (losses) of affiliates

 

 

(25

)

 

 

4

 

 

 

(21

)

 

 

9

 

INCOME (LOSS) BEFORE INCOME TAXES

 

 

(402

)

 

 

306

 

 

 

(442

)

 

 

497

 

Benefit (provision) for income taxes

 

 

46

 

 

 

(16

)

 

 

83

 

 

 

(18

)

NET INCOME (LOSS)

 

 

(356

)

 

 

290

 

 

 

(359

)

 

 

479

 

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

     interests

 

 

4

 

 

 

(4

)

 

 

4

 

 

 

(7

)

NET INCOME (LOSS) ATTRIBUTABLE TO HOST

     HOTELS & RESORTS, INC.

 

$

(352

)

 

$

286

 

 

$

(355

)

 

$

472

 

Basic earnings (loss) per common share

 

$

(.50

)

 

$

.39

 

 

$

(.50

)

 

$

.64

 

Diluted earnings (loss) per common share

 

$

(.50

)

 

$

.39

 

 

$

(.50

)

 

$

.64

 

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, 2020 and 2019

(unaudited, in millions)

 

 

 

Quarter ended June 30,

 

 

Year-to-date ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

NET INCOME (LOSS)

 

$

(356

)

 

$

290

 

 

$

(359

)

 

$

479

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation and other comprehensive income

     of unconsolidated affiliates

 

 

 

 

 

3

 

 

 

(19

)

 

 

3

 

Change in fair value of derivative instruments

 

 

(2

)

 

 

(1

)

 

 

1

 

 

 

(1

)

Amounts reclassified from other comprehensive income (loss)

 

 

 

 

 

1

 

 

 

 

 

 

1

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

 

(2

)

 

 

3

 

 

 

(18

)

 

 

3

 

COMPREHENSIVE INCOME (LOSS)

 

 

(358

)

 

 

293

 

 

 

(377

)

 

 

482

 

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

     interests

 

 

4

 

 

 

(4

)

 

 

4

 

 

 

(7

)

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO

     HOST HOTELS & RESORTS, INC.

 

$

(354

)

 

$

289

 

 

$

(373

)

 

$

475

 

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, 2020 and 2019

(unaudited, in millions)

 

 

 

Year-to-date ended June 30,

 

 

 

2020

 

 

2019

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(359

)

 

$

479

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

332

 

 

 

336

 

Amortization of finance costs, discounts and premiums, net

 

 

3

 

 

 

3

 

Loss on extinguishment of debt

 

 

1

 

 

 

 

Stock compensation expense

 

 

7

 

 

 

7

 

Deferred income taxes

 

 

 

 

 

1

 

Other gains

 

 

(12

)

 

 

(62

)

Gain on foreign currency transactions and derivatives

 

 

(1

)

 

 

(1

)

Equity in (earnings) losses of affiliates

 

 

21

 

 

 

(9

)

Change in due from managers

 

 

53

 

 

 

(96

)

Distributions from investments in affiliates

 

 

 

 

 

7

 

Changes in other assets

 

 

(51

)

 

 

41

 

Changes in other liabilities

 

 

(9

)

 

 

(82

)

Net cash provided by (used in) operating activities

 

 

(15

)

 

 

624

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from sales of assets, net

 

 

11

 

 

 

385

 

Proceeds from loan receivable

 

 

28

 

 

 

 

Advances to and investments in affiliates

 

 

(3

)

 

 

(3

)

Acquisitions

 

 

 

 

 

(602

)

Capital expenditures:

 

 

 

 

 

 

 

 

Renewals and replacements

 

 

(94

)

 

 

(118

)

Return on investment

 

 

(206

)

 

 

(122

)

Net cash used in investing activities

 

 

(264

)

 

 

(460

)

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Financing costs

 

 

(5

)

 

 

 

Draws on credit facility

 

 

1,500

 

 

 

 

Repayment of credit facility

 

 

(750

)

 

 

 

Common stock repurchase

 

 

(147

)

 

 

(200

)

Dividends on common stock

 

 

(320

)

 

 

(334

)

Distributions and payments to non-controlling interests

 

 

(3

)

 

 

(72

)

Other financing activities

 

 

(7

)

 

 

(5

)

Net cash provided by (used in) financing activities

 

 

268

 

 

 

(611

)

Effects of exchange rate changes on cash held

 

 

(6

)

 

 

1

 

NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(17

)

 

 

(446

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING

     OF PERIOD

 

 

1,750

 

 

 

1,756

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

 

$

1,733

 

 

$

1,310

 

 

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, 2020 and 2019

(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, 2020

 

 

 

 

June 30, 2019

 

Cash and cash equivalents

 

$

1,578

 

 

 

 

$

1,107

 

Restricted cash (included in other assets)

 

 

1

 

 

 

 

 

 

Cash included in furniture, fixtures and equipment replacement fund

 

 

154

 

 

 

 

 

203

 

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

 

$