Host Hotels & Resorts Inc (HST) Reports 2.1% Increase in Q3 2023 Revenues
Host Hotels & Resorts Inc (NASDAQ:HST) reports a 2.1% increase in Q3 2023 revenues, reaching $1,214 million.
Net income for the quarter decreased by 2.6% to $113 million.
EBITDAre for the quarter increased by 10.1% to $361 million.
The company repurchased $100 million of common shares in Q3 2023.
Host Hotels & Resorts Inc (NASDAQ:HST), the nation's largest lodging real estate investment trust, released its third-quarter 2023 earnings report on November 1, 2023. The company reported a 2.1% increase in revenues, reaching $1,214 million, compared to $1,189 million in the same period in 2022. However, net income for the quarter decreased by 2.6% to $113 million, compared to $116 million in Q3 2022.
Financial Performance
Despite the decrease in net income, the company reported a 10.1% increase in EBITDAre, reaching $361 million, compared to $328 million in Q3 2022. The company also reported a 7.9% increase in NAREIT FFO per diluted share and Adjusted FFO per diluted share, reaching $0.41, compared to $0.38 in the same period in 2022.
James F. Risoleo, President and Chief Executive Officer, said, Host delivered comparable hotel RevPAR growth of 1.8% over the third quarter of 2022, driven by improvements in group business, which were offset by moderating rates at our resort properties. We continued to see positive operating trends at our convention and downtown hotels leading to an increase in occupancy of 150 basis points for the quarter."
Share Repurchase and Dividends
In Q3 2023, Host Hotels & Resorts Inc (NASDAQ:HST) repurchased approximately $100 million of its common stock and paid a third-quarter dividend of $0.18 per share, a 20% increase over the second-quarter dividend.
Balance Sheet and Liquidity
As of September 30, 2023, the company reported total assets of $12.3 billion and a debt balance of $4.2 billion. The company also reported total available liquidity of approximately $2.6 billion.
Outlook
Despite the impact of wildfires in Maui, the company maintained the midpoint of its full-year comparable hotel RevPAR growth at 8% and tightened its full-year guidance range to 7.25% to 8.75%.
Explore the complete 8-K earnings release (here) from Host Hotels & Resorts Inc for further details.
This article first appeared on GuruFocus.
