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

·21 min read

Continued Quarterly Revenue Growth and Sequentially Improved Operations;
Strong Beat to Consensus RevPAR;
Acquired Baker’s Cay Resort Key Largo and a Luxury Downtown Hotel in Houston

BETHESDA, Md., Aug. 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 second quarter 2021.

OPERATING RESULTS
(unaudited, in millions, except per share and hotel statistics)

Quarter ended June 30,

Percent Change

Percent Change

Year-to-date ended June 30,

Percent Change

Percent Change

2021

2020

vs. Q2
2020

vs. Q2
2019(2)

2021

2020

vs. Q2
2020

vs. Q2
2019(2)

Revenues

$

649

$

103

530.1

%

(56.2

)%

$

1,048

$

1,155

(9.3

)%

(63.5

)%

All owned hotel revenues (pro forma) (1)

659

104

533.7

%

(54.2

)%

1,088

1,196

(9.0

)%

(61.1

)%

All owned hotel (pro forma) Total RevPAR - Constant US$

152.84

23.86

540.7

%

(54.4

)%

126.83

139.05

(8.8

)%

(61.3

)%

All owned hotel (pro forma) RevPAR - Constant US$

99.86

14.12

607.0

%

(52.0

)%

82.28

82.57

(0.3

)%

(59.3

)%

Quarter ended June 30,

Percent

Year-to-date ended June 30,

Percent

2021

2020

Change

2021

2020

Change

Net loss

(61

)

(356

)

82.9

%

$

(214

)

$

(359

)

40.4

%

EBITDAre (1)

111

(190

)

N/M

116

(26

)

N/M

Adjusted EBITDAre (1)

110

(189

)

N/M

113

(25

)

N/M

Diluted loss per common share

(0.09

)

(0.50

)

82.0

%

(0.30

)

(0.50

)

40.0

%

NAREIT FFO per diluted share (1)

0.12

(0.26

)

N/M

0.13

(0.03

)

N/M

Adjusted FFO per diluted share (1)

0.12

(0.26

)

N/M

0.13

(0.03

)

N/M

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

James F. Risoleo, President and Chief Executive Officer, said, “During the second quarter, we were extremely encouraged to see positive trends across the lodging industry and our portfolio, as our hotel operations continued to exceed our expectations. RevPAR reached nearly $100 for the quarter, which dramatically outperformed consensus RevPAR, with average room rates only 8.4% below our 2019 second quarter rates. These RevPAR gains have translated into significant sequential improvements in our bottom line as expense saving initiatives have been implemented by our managers, supplemented in part by the challenging labor environment.”

Risoleo continued, “Subsequent to quarter end, we completed two additional opportunistic acquisitions – Baker’s Cay Resort in Key Largo and a luxury hotel in downtown Houston. We believe these assets will provide meaningful opportunities for EBITDA growth and continue to improve the quality of our portfolio. Thus far in 2021, we have invested $1.1 billion in new assets. Additionally, we opportunistically issued 7.8 million shares of common stock through our “at-the-market” program at an average price of approximately $18 per share for total net proceeds of $138 million, which further strengthened our balance sheet. We remain encouraged by the continued improvement in lodging fundamentals and we believe our strong capital allocation decisions over the past few years will drive stockholder value through the upcoming lodging cycle.”

_____________________________

(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 so investors can better understand the trajectory and timing of any recovery from the COVID-19 impacts on hotel operations.

N/M = Not Meaningful

HIGHLIGHTS:

Results for Second Quarter 2021

  • Improved GAAP net loss by $92 million to $61 million in the second quarter compared to the first quarter of 2021, reflecting sequential improvement in operations.

  • Achieved positive cash provided by operating activities in the second quarter of 2021, fueled by All Owned Hotel Pro Forma EBITDA of $126 million, due to sequential improvement in RevPAR and operations. This included break-even or positive hotel-level operating profit at 52 of the Company’s hotels, representing 56% of rooms, an increase from 31 hotels, representing 31% of rooms, achieved in the first quarter of 2021.

  • Acquired the fee simple interest in the 444-room Four Seasons Resort Orlando at Walt Disney World® Resort for $610 million and acquired the Royal Ka’anapali and Ka’anapali Kai Golf Courses for $28 million.

  • Completed the development of a new waterpark at The Ritz-Carlton Golf Resort, Naples and additional villas at the Andaz Maui at Wailea Resort. The 19 two-bedroom luxury villas achieved occupancy of 73% in the first full month of operations at an average rate of $1,626.

  • Ended the quarter with total available liquidity of approximately $1.6 billion, including FF&E escrow reserves of $139 million. Following the property transactions completed subsequent to quarter end noted below, the Company’s total available liquidity was approximately $1.3 billion, including the FF&E escrow reserves.

Subsequent Events

  • Acquired the 200-room Baker’s Cay Resort Key Largo, Curio Collection by Hilton for $200 million.

  • Acquired a 223-room luxury downtown Houston hotel, formerly operated as the Hotel Alessandra, for $65 million.

  • Preliminary forecast July RevPAR is expected to be $134.

SOURCES AND USES OF CASH

Significant components of cash generated (burn) in the quarter included (in millions):

Quarter ended
June 30, 2021

Quarter ended
March 31, 2021

Net loss

$

(61

)

$

(153

)

GAAP net cash provided by (used in) operating activities

9

(49

)

Cash generated (burn) before capital expenditures

61

(45

)

Cash burn (3)

(26

)

(138

)

Components of cash generated (burn):

All Owned Hotel Pro Forma EBITDA (3)

126

25

Benefits for furloughed employees adjustment

(1

)

(12

)

Interest payments

(48

)

(35

)

Cash corporate and other expenses

(20

)

(19

)

Net proceeds from (payments to) unconsolidated operations

4

(2

)

Severance (expense) reversal at hotel properties

1

2

Pro forma adjustment

(1

)

(4

)

Cash generated (burn) before capital expenditures

61

(45

)

Capital expenditures:

Renewals and replacements

(31

)

(32

)

ROI - Marriott transformational capital program

(22

)

(28

)

ROI - All other ROI projects

(34

)

(33

)

For the quarter, the Company had positive operating cash flow at both the hotel and corporate level. Sourav Ghosh, Executive Vice President, Chief Financial Officer, stated, “The second quarter represents a significant milestone in our recovery. After taking into consideration our corporate overhead and interest expense, our operations generated $61 million of cash in the quarter. If you take into account our robust capital expenditures program, including ROI projects, renewal and replacement expenditures, and the Marriott transformational capital program, our cash outflows were only $26 million. As a result, we maintained our strong liquidity position, even as we continued to invest in our portfolio through hotel acquisitions and other capital projects.”

OPERATING RESULTS

As of August 3, 2021, all of the 35 hotels that had suspended operations during the pandemic have been re-opened. Operations remained suspended at the Sheraton Boston Hotel during the quarter and the hotel re-opened on August 1, 2021.

The following presents the monthly pro forma hotel operating results on a constant dollar basis for the full portfolio owned as of June 30, 2021 compared to 2020 and 2019 for the periods presented(4):

April
2021

April
2020

Change

May
2021

May
2020

Change

June
2021

June
2020

Change

Number of hotels

82

81

82

81

82

81

Number of rooms

47,199

47,034

47,219

47,054

47,222

47,057

Average Occupancy Percentage

38.6

%

6.9

%

31.7

pts

42.0

%

8.8

%

33.2

pts

48.5

%

10.5

%

38.0

pts

Average Room Rate

$

242.01

$

128.47

88.4

%

$

226.15

$

150.31

50.5

%

$

229.54

$

193.95

18.3

%

RevPAR

$

93.49

$

8.84

957.8

%

$

94.99

$

13.17

621.5

%

$

111.25

$

20.40

445.4

%

April
2021

April
2019

Change

May
2021

May
2019

Change

June
2021

June
2019

Change

Number of hotels

82

81

82

81

82

81

Number of rooms

47,199

47,034

47,219

47,054

47,222

47,057

Average Occupancy Percentage

38.6

%

82.7

%

(44.1

pts)

42.0

%

81.0

%

(39.0

pts)

48.5

%

82.4

%

(33.9

pts)

Average Room Rate

$

242.01

$

262.18

(7.7

)%

$

226.15

$

248.88

(9.1

)%

$

229.54

$

249.30

(7.9

)%

RevPAR

$

93.49

$

216.82

(56.9

)%

$

94.99

$

201.70

(52.9

)%

$

111.25

$

205.50

(45.9

)%

_______________________________

(3) All Owned Hotel pro forma EBITDA and cash burn are non-GAAP financial measures within the meaning of the rules of the 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. All Owned Hotel Pro Forma EBITDA includes an Employee Retention Credit in the second quarter and first quarter of 2021 of $3 million and $7 million, respectively.

(4) 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 made for pro forma results of the hotel for periods prior to its opening. Operations remained suspended at the Sheraton Boston Hotel during the quarter and the hotel re-opened on August 1, 2021.

Second Quarter 2021 Revenue Performance

  • All Owned Hotel Pro Forma RevPAR improved 55% compared to the first quarter of 2021, although still a decline of 52% compared to the second quarter of 2019. The sequential improvement was primarily due to strong leisure demand for resorts and hotels located in the Company’s Sunbelt markets and Hawaii.

    • Average room rates in the second quarter were 91.6% of second quarter 2019 rates. Rates declined by 3.9% compared to the first quarter of 2021, representing a mix shift as urban hotels begin to recover.

    • Average occupancy declined by 39.0 percentage points compared to the second quarter of 2019 and improved 16.3 percentage points compared to the first quarter of 2021.

Second Quarter 2021 Hotel Operating Expense Performance

  • Portfolio-wide pro forma hotel operating costs were approximately 46% lower compared to the second quarter of 2019, with a 54% decrease in total revenues compared to second quarter of 2019, and costs were only 32% higher compared to the first quarter of 2021, despite an approximately 54% 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.

    • Benefit costs for furloughed employees had a minimal impact on results in the second quarter as they are eligible to be reimbursed through the American Rescue Plan Act.

    • 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 second 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 June 30, 2021 on a pro forma basis, for transient, group and contract business in comparison to 2019 performance:

Quarter ended
June 30, 2021

Quarter ended
March 31, 2021

Transient

Group

Contract

Transient

Group

Contract

Room nights (in thousands)

1,397

344

109

779

267

89

Percentage change in room nights vs. same period in 2019

(30.0

)%

(74.5

)%

(34.3

)%

(56.2

)%

(79.2

)%

(43.0

)%

Room Revenues (in millions)

$

357

$

59

$

14

$

218

$

42

$

13

Percentage change in revenues vs. same period in 2019

(33.0

)%

(81.9

)%

(58.5

)%

(54.2

)%

(86.8

)%

(62.4

)%

ACQUISITIONS

During the quarter, the Company acquired the 444-room Four Seasons Resort Orlando at Walt Disney World® Resort for $610 million and acquired the Royal Ka’anapali and Ka’anapali Kai Golf Courses for $28 million. Subsequent to quarter end, the Company acquired the 200-room Baker’s Cay Resort in Key Largo for $200 million and a 223-room luxury hotel in downtown Houston for $65 million. The hotel completed construction in 2017 at a cost of $90 million and is currently closed. The Company has engaged HEI to manage the property as a luxury lifestyle hotel and the hotel is expected to reopen in 2021.

Year-to-date, the Company has acquired four hotels and land for a total purchase price of $1.1 billion. The Company considers these properties to be opportunistic acquisitions that are expected to improve the quality and EBITDA growth profile of its portfolio.

CAPITAL EXPENDITURES

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

Year-to-date ended
June 30, 2021

2021 Full Year Forecast

Actuals

Low-end of range

High-end of range

ROI - Marriott transformational capital program

$

50

$

110

$

140

ROI - All other ROI projects

67

165

185

Total ROI project spend

117

275

325

Renewals and Replacements

63

125

150

Total Capital Expenditures

$

180

$

400

$

475

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 $15 million in operating profit guarantees in 2021 under the Marriott transformational capital program. As of June 30, 2021 the Company has received $10 million in operating profit guarantees, with $5 million received in each of the second and first quarters.

BALANCE SHEET

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

  • Total assets of $12.8 billion.

  • Debt balance of $5.5 billion, with an average maturity of 4.5 years, an average interest rate of 3.0%, and no maturities until 2023.

The Company entered into a distribution agreement with J. P. Morgan Securities LLC, BofA Securities, Inc., BTIG, LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC on May 6, 2021 by which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $600 million. The shares can be offered and sold through sales agents in transactions that are deemed to be “at-the-market” offerings at then-current market prices. The Company is not obligated to sell any shares. During the second quarter, the Company issued 7.8 million shares at an average price of approximately $18 per share for net proceeds of $138 million. There is $460 million of remaining issuance capacity available under the program.

2021 OUTLOOK

Given the global economic uncertainty COVID-19 has created for the travel, airline, lodging and tourism and event industries, among others, 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 through vaccine deployment 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

$

171

$

177

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 79 properties in the United States and five properties internationally totaling approximately 47,600 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 August 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 June 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)

June 30, 2021

December 31, 2020

ASSETS

Property and equipment, net

$

10,071

$

9,416

Right-of-use assets

594

597

Due from managers

55

22

Advances to and investments in affiliates

58

21

Furniture, fixtures and equipment replacement fund

139

139

Other

442

360

Cash and cash equivalents

1,450

2,335

Total assets

$

12,809

$

12,890

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY

Debt (1)

Senior notes

$

3,067

$

3,065

Credit facility, including the term loans of $996 and $997, respectively

2,470

2,471

Other debt

5

5

Total debt

5,542

5,541

Lease liabilities

607

610

Accounts payable and accrued expenses

80

71

Due to managers

50

64

Other

168

170

Total liabilities

6,447

6,456

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

125

108

Host Hotels & Resorts, Inc. stockholders’ equity:

Common stock, par value $.01, 1,050 million shares authorized, 713.9 million shares and 705.4 million shares issued and outstanding, respectively

7

7

Additional paid-in capital

7,688

7,568

Accumulated other comprehensive loss

(71

)

(74

)

Deficit

(1,392

)

(1,180

)

Total equity of Host Hotels & Resorts, Inc. stockholders

6,232

6,321

Non-redeemable non-controlling interests—other consolidated partnerships

5

5

Total equity

6,237

6,326

Total liabilities, non-controlling interests and equity

$

12,809

$

12,890

___________

(1) Please see our Second 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 June 30,

Year-to-date ended June 30,

2021

2020

2021

2020

Revenues

Rooms

$

423

$

61

$

680

$

687

Food and beverage

137

11

214

341

Other

89

31

154

127

Total revenues

649

103

1,048

1,155

Expenses

Rooms

.

109

43

174

230

Food and beverage

105

39

167

284

Other departmental and support expenses

209

113

369

432

Management fees

21

(2

)

32

28

Other property-level expenses

79

70

157

163

Depreciation and amortization

169

168

334

332

Corporate and other expenses(1)

25

25

49

50

Total operating costs and expenses

717

456

1,282

1,519

Operating loss

(68

)

(353

)

(234

)

(364

)

Interest income

1

1

7

Interest expense

(43

)

(40

)

(85

)

(77

)

Other gains

3

15

2

13

Equity in earnings (losses) of affiliates(2)

25

(25

)

34

(21

)

Loss before income taxes

(83

)

(402

)

(282

)

(442

)

Benefit for income taxes(3)

22

46

68

83

Net loss

(61

)

(356

)

(214

)

(359

)

Less: Net loss attributable to non-controlling interests

1

4

2

4

Net loss attributable to Host Inc.

$

(60

)

$

(352

)

$

(212

)

$

(355

)

Basic and diluted loss per common share

$

(.09

)

$

(.50

)

$

(.30

)

$

(.50

)

___________

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

Quarter ended
June 30,

Year-to-date ended
June 30,

2021

2020

2021

2020

General and administrative costs

$

20

$

21

$

40

$

43

Non-cash stock-based compensation expense

5

4

9

7

Total

$

25

$

25

$

49

$

50

(2) Equity in earnings of affiliates for the second quarter and 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 first and second quarter of 2021 and each quarter in 2020 to reflect net operating losses incurred that, 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 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 evaluate whether to record an income tax benefit for all or a portion 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 June 30,

Year-to-date ended June 30,

2021

2020

2021

2020

Net loss

$

(61

)

$

(356

)

$

(214

)

$

(359

)

Less: Net loss attributable to non-controlling interests

1

4

2

4

Net loss attributable to Host Inc.

$

(60

)

$

(352

)

$

(212

)

$

(355

)

Basic weighted average shares outstanding

707.6

705.1

706.6

706.7

Diluted weighted average shares outstanding (1)

707.6

705.1

706.6

706.7

Basic and diluted loss per common share

$

(.09

)

$

(.50

)

$

(.30

)

$

(.50

)

___________

(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 June 30, 2021

Quarter ended June 30, 2021

Quarter ended June 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

Miami

3

1,276

$

496.88

61.3

%

$

304.64

$

469.79

$

276.13

8.3

%

$

22.86

$

39.35

1,232.6

%

1,093.9

%

Jacksonville

1

446

559.42

68.9

385.55

730.42

469.00

28.1

131.95

219.50

192.2

232.8

Florida Gulf Coast

5

1,842

404.15

66.5

268.58

506.14

278.24

17.7

49.11

102.21

446.9

395.2

Maui/Oahu

4

2,006

457.70

78.5

359.35

543.98

75.47

3.7

2.77

8.23

12,890.4

6,510.8

Phoenix

4

1,822

311.33

61.6

191.85

382.50

185.02

6.8

12.58

53.48

1,425.5

615.2

Orlando

2

2,448

427.88

27.0

115.67

204.69

N/M

0.0

N/M

19.13

N/M

970.1

Houston

4

1,716

141.99

61.3

87.08

117.76

112.05

13.9

15.63

20.43

457.1

476.3

Los Angeles/ Orange County

5

2,119

171.25

63.5

108.66

147.12

206.66

8.1

16.84

23.12

545.4

536.3

Philadelphia

2

810

160.86

59.6

95.82

147.30

120.32

10.6

12.75

15.74

651.3

835.7

Atlanta

4

1,682

172.58

49.5

85.50

115.83

138.09

9.6

13.23

18.55

546.4

524.5

Washington, D.C. (CBD)

5

3,238

152.55

40.4

61.69

68.15

221.94

4.6

10.14

10.76

508.2

533.1

San Diego

3

3,288

194.88

46.0

89.63

134.93

181.47

2.5

4.57

17.07

1,859.2

690.6

Northern Virginia

3

1,252

157.97

42.4

67.01

101.80

129.21

7.9

10.20

557.1

558.8

San Antonio/Austin

3

1,960

162.93

43.6

70.96

101.33

135.64

6.3

8.49

12.80

736.1

691.9

New York

3

4,261

172.42

32.6

56.16

63.98

134.19

30.2

40.47

43.18

38.8

48.2

Denver

3

1,340

133.42

43.3

57.76

74.07

112.47

7.9

8.87

10.96

551.3

575.6

New Orleans

1

1,333

125.59

44.8

56.27

77.37

N/M

0.0

0.29

1.94

19,219.2

3,881.3

Chicago

4

1,816

149.79

33.2

49.78

59.22

110.04

9.8

10.82

13.03

360.1

354.4

San Francisco/San Jose

7

4,529

145.03

30.8

44.69

59.49

175.74

4.2

7.43

14.51

501.2

309.9

Seattle

2

1,315

166.90

22.2

37.13

45.54

196.68

1.1

2.26

5.68

1,545.2

702.3

Boston

3

2,715

145.54

20.4

29.70

38.73

N/M

0.2

0.28

2.05

10,627.5

1,791.4

Other

6

2,509

145.72

40.7

59.29

78.10

109.28

13.5

14.77

18.40

301.3

324.5

Domestic

77

45,723

234.48

43.8

102.71

157.19

165.12

8.7

14.41

24.20

612.6

549.6

International

5

1,499

66.34

19.2

12.75

19.99

62.96

8.4

5.29

13.43

141.2

48.9

All Locations -Constant US$

82

47,222

232.10

43.0

99.86

152.84

161.98

8.7

14.12

23.86

607.0

540.7

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

As of June 30, 2021

Quarter ended June 30, 2021

Quarter ended June 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

$

66.34

19.2

%

$

12.75

$

19.99

$

59.79

8.4

%

$

5.02

$

12.44

154.0

%

60.7

%

Domestic

77

45,723

234.48

43.8

102.71

157.19

165.12

8.7

14.41

24.20

612.6

549.6

All Locations

82

47,222

232.10

43.0

99.86

152.84

161.89

8.7

14.11

23.83

607.5

541.5

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

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

As of June 30, 2021

Quarter ended June 30, 2021

Quarter ended June 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

Miami

3

1,276

$

496.88

61.3

%

$

304.64

$

469.79

$

299.54

80.6

%

$

241.56

$

390.25

26.1

%

20.4

%

Jacksonville

1

446

559.42

68.9

385.55

730.42

414.11

84.1

348.40

753.61

10.7

(3.1

)

Florida Gulf Coast

5

1,842

404.15

66.5

268.58

506.14

313.53

73.9

231.56

496.76

16.0

1.9

Maui/Oahu

4

2,006

457.70

78.5

359.35

543.98

384.31

92.3

354.62

577.55

1.3

(5.8

)

Phoenix

4

1,822

311.33

61.6

191.85

382.50

277.88

74.6

207.40

488.38

(7.5

)

(21.7

)

Orlando

2

2,448

427.88

27.0

115.67

204.69

280.14

72.2

202.14

411.47

(42.8

)

(50.3

)

Houston

4

1,716

141.99

61.3

87.08

117.76

181.69

74.6

135.49

193.31

(35.7

)

(39.1

)

Los Angeles/ Orange County

5

2,119

171.25

63.5

108.66

147.12

220.32

87.0

191.79

286.02

(43.3

)

(48.6

)

Philadelphia

2

810

160.86

59.6

95.82

147.30

247.35

89.7

221.94

366.74

(56.8

)

(59.8

)

Atlanta

4

1,682

172.58

49.5

85.50

115.83

188.81

76.7

144.87

232.21

(41.0

)

(50.1

)

Washington, D.C. (CBD)

5

3,238

152.55

40.4

61.69

68.15

278.76

91.5

255.04

367.23

(75.8

)

(81.4

)

San Diego

3

3,288

194.88

46.0

89.63

134.93

257.34

83.0

213.66

394.65

(58.1

)

(65.8

)

Northern Virginia

3

1,252

157.97

42.4

67.01

101.80

214.09

77.9

166.82

280.83

(59.8

)

(63.8

)

San Antonio/Austin

3

1,960

162.93

43.6

70.96

101.33

196.21

78.9

154.89

235.22

(54.2

)

(56.9

)

New York

3

4,261

172.42

32.6

56.16

63.98

292.59

84.9

248.42

378.93

(77.4

)

(83.1

)

Denver

3

1,340

133.42

43.3

57.76

74.07

176.07

79.4

139.88

210.69

(58.7

)

(64.8

)

New Orleans

1

1,333

125.59

44.8

56.27

77.37

196.98

81.0

159.65

233.90

(64.8

)

(66.9

)

Chicago

4

1,816

149.79

33.2

49.78

59.22

237.05

82.5

195.46

278.10

(74.5

)

(78.7

)

San Francisco/San Jose

7

4,529

145.03

30.8

44.69

59.49

267.87

82.7

221.55

313.95

(79.8

)

(81.1

)

Seattle

2

1,315

166.90

22.2

37.13

45.54

234.35

85.1

199.47

271.52

(81.4

)

(83.2

)

Boston

3

2,715

145.54

20.4

29.70

38.73

272.01

87.8

238.87

324.76

(87.6

)

(88.1

)

Other

6

2,509

145.72

40.7

59.29

78.10

175.50

83.0

145.69

207.76

(59.3

)

(62.4

)

Domestic

77

45,723

234.48

43.8

102.71

157.19

256.49

82.5

211.49

341.16

(51.4

)

(53.9

)

International

5

1,499

66.34

19.2

12.75

19.99

143.72

69.7

100.16

154.14

(87.3

)

(87.0

)

All Locations - Constant US$

82

47,222

232.10

43.0

99.86

152.84

253.44

82.0

207.94

335.20

(52.0

)

(54.4

)

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

As of June 30, 2021

Quarter ended June 30, 2021

Quarter ended June 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

$

66.34

19.2

%

$

12.75

$

19.99

$

158.97

69.7

%

$

110.79

$

169.04

(88.5

)%

(88.2

)%

Domestic

77

45,723

234.48

43.8

102.71

157.19

256.49

82.5

211.49

341.16

(51.4

)

(53.9

)

All Locations

82

47,222

232.10

43.0

99.86

152.84

253.85

82.0

208.28

335.67

(52.1

)

(54.5

)

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

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

As of June 30, 2021

Year-to-date ended June 30, 2021

Year-to-date ended June 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

Miami

3

1,276

$

525.00

58.5

%

$

306.95

$

470.12

$

425.83

39.6

%

$

168.56

$

268.97

82.1

%

74.8

%

Jacksonville

1

446

534.27

52.3

279.35

539.18

398.29

42.6

169.62

342.83

64.7

57.3

Florida Gulf Coast

5

1,842

455.98

59.7

272.11

497.88

400.35

44.2

177.03

375.72

53.7

32.5

Maui/Oahu

4

2,006

440.07

59.4

261.61

401.86

451.32

39.1

176.41

268.10

48.3

49.9

Phoenix

4

1,822

330.65

55.8

184.62

359.23

352.56

37.0

130.34

303.21

41.6

18.5

Orlando

2

2,448

454.91

22.2

101.17

180.02

337.30

28.8

97.01

208.69

4.3

(13.7

)

Houston

4

1,716

134.73

56.1

75.63

102.44

163.52

37.6

61.51

91.53

23.0

11.9

Los Angeles/ Orange County

5

2,119

167.63

44.0

73.73

98.96

212.33

37.8

80.18

119.42

(8.0

)

(17.1

)

Philadelphia

2

810

151.04

48.3

72.98

108.91

165.99

36.7

60.90

98.18

19.8

10.9

Atlanta

4

1,682

165.27

43.6

72.11

95.56

185.37

36.3

67.36

107.33

7.1

(11.0

)

Washington, D.C. (CBD)

5

3,238

152.25

44.9

68.30

73.29

229.66

29.3

67.21

97.24

1.6

(24.6

)

San Diego

3

3,288

184.52

31.6

58.33

91.91

241.83

31.8

77.01

154.12

(24.3

)

(40.4

)

Northern Virginia

3

1,252

154.95

36.0

55.79

82.65

196.57

30.3

59.55

98.07

(6.3

)

(15.7

)

San Antonio/Austin

3

1,960

148.39

37.6

55.74

79.40

189.54

27.0

51.17

84.93

8.9

(6.5

)

New York

3

4,261

162.82

24.3

39.56

46.67

190.39

43.1

82.11

120.16

(51.8

)

(61.2

)

Denver

3

1,340

127.52

30.3

38.66

49.03

154.85

29.0

44.89

68.03

(13.9

)

(27.9

)

New Orleans

1

1,333

121.54

29.1

35.40

52.52

202.76

32.6

66.19

99.87

(46.5

)

(47.4

)

Chicago

4

1,816

138.56

24.7

34.28

41.10

136.92

28.7

39.26

54.32

(12.7

)

(24.3

)

San Francisco/San Jose

7

4,529

142.47

22.1

31.47

41.73

287.40

31.8

91.26

134.44

(65.5

)

(69.0

)

Seattle

2

1,315

162.69

14.8

24.06

30.12

193.49

27.6

53.38

77.51

(54.9

)

(61.1

)

Boston

3

2,715

137.77

14.2

19.61

25.51

176.94

26.6

47.06

71.97

(58.3

)

(64.6

)

Other

6

2,509

141.77

34.0

48.19

63.11

155.53

35.4

55.07

76.39

(12.5

)

(17.4

)

Domestic

77

45,723

238.03

35.5

84.58

130.40

247.59

33.9

84.03

141.69

0.7

(8.0

)

International

5

1,499

75.57

16.1

12.19

17.74

123.88

30.9

38.23

58.74

(68.1

)

(69.8

)

All Locations - Constant US$

82

47,222

235.65

34.9

82.28

126.83

244.00

33.8

82.57

139.05

(0.3

)

(8.8

)

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

As of June 30, 2021

Year-to-date ended June 30, 2021

Year-to-date ended June 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

$

75.57

16.1

%

$

12.19

$

17.74

$

127.54

30.9

%

$

39.36

$

59.43

(69.0

)%

(70.2

)%

Domestic

77

45,723

238.03

35.5

84.58

130.40

247.59

33.9

84.03

141.69

0.7

(8.0

)

All Locations

82

47,222

235.65

34.9

82.28

126.83

244.10

33.8

82.61

139.07

(0.4

)

(8.8

)

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

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

As of June 30, 2021

Year-to-date ended June 30, 2021

Year-to-date ended June 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

Miami

3

1,276

$

525.00

58.5

%

$

306.95

$

470.12

$

355.53

83.2

%

$

295.96

$

455.82

3.7

%

3.1

%

Jacksonville

1

446

534.27

52.3

279.35

539.18

391.86

81.4

318.88

722.04

(12.4

)

(25.3

)

Florida Gulf Coast

5

1,842

455.98

59.7

272.11

497.88

379.76

78.4

297.90

612.66

(8.7

)

(18.7

)

Maui/Oahu

4

2,006

440.07

59.4

261.61

401.86

410.35

90.6

371.89

589.24

(29.7

)

(31.8

)

Phoenix

4

1,822

330.65

55.8

184.62

359.23

327.86

78.6

257.82

566.03

(28.4

)

(36.5

)

Orlando

2

2,448

454.91

22.2

101.17

180.02

299.99

75.6

226.78

461.20

(55.4

)

(61.0

)

Houston

4

1,716

134.73

56.1

75.63

102.44

182.15

75.2

136.92

197.16

(44.8

)

(48.0

)

Los Angeles/ Orange County

5

2,119

167.63

44.0

73.73

98.96

220.13

85.8

188.88

282.74

(61.0

)

(65.0

)

Philadelphia

2

810

151.04

48.3

72.98

108.91

220.90

83.9

185.41

304.83

(60.6

)

(64.3

)

Atlanta

4

1,682

165.27

43.6

72.11

95.56

208.09

76.7

159.65

252.43

(54.8

)

(62.1

)

Washington, D.C. (CBD)

5

3,238

152.25

44.9

68.30

73.29

265.11

82.5

218.62

312.73

(68.8

)

(76.6

)

San Diego

3

3,288

184.52

31.6

58.33

91.91

255.23

80.0

204.18

372.23

(71.4

)

(75.3

)

Northern Virginia

3

1,252

154.95

36.0

55.79

82.65

212.31

71.8

152.53

260.36

(63.4

)

(68.3

)

San Antonio/Austin

3

1,960

148.39

37.6

55.74

79.40

202.10

79.1

159.76

247.59

(65.1

)

(67.9

)

New York

3

4,261

162.82

24.3

39.56

46.67

266.94

78.5

209.56

323.62

(81.1

)

(85.6

)

Denver

3

1,340

127.52

30.3

38.66

49.03

169.71

72.1

122.41

184.62

(68.4

)

(73.4

)

New Orleans

1

1,333

121.54

29.1

35.40

52.52

203.37

81.3

165.38

241.84

(78.6

)

(78.3

)

Chicago

4

1,816

138.56

24.7

34.28

41.10

199.76

71.5

142.77

203.93

(76.0

)

(79.8

)

San Francisco/San Jose

7

4,529

142.47

22.1

31.47

41.73

286.10

80.0

228.99

322.35

(86.3

)

(87.1

)

Seattle

2

1,315

162.69

14.8

24.06

30.12

215.31

81.3

174.95

237.90

(86.2

)

(87.3

)

Boston

3

2,715

137.77

14.2

19.61

25.51

236.19

78.6

185.74

260.95

(89.4

)

(90.2

)

Other

6

2,509

141.77

34.0

48.19

63.11

172.13

78.1

134.38

191.51

(64.1

)

(67.0

)

Domestic

77

45,723

238.03

35.5

84.58

130.40

259.49

79.4

205.91

334.09

(58.9

)

(61.0

)

International

5

1,499

75.57

16.1

12.19

17.74

139.27

68.7

95.64

143.57

(87.3

)

(87.6

)

All Locations - Constant US$

82

47,222

235.65

34.9

82.28

126.83

256.16

79.0

202.39

328.02

(59.3

)

(61.3

)

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

As of June 30, 2021

Year-to-date ended June 30, 2021

Year-to-date ended June 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

$

75.57

16.1

%

$

12.19

$

17.74

$

151.58

68.7

%

$

104.09

$

155.00

(88.3

)%

(88.6

)%

Domestic

77

45,723

238.03

35.5

84.58

130.40

259.49

79.4

205.91

334.09

(58.9

)

(61.0

)

All Locations

82

47,222

235.65

34.9

82.28

126.83

256.50

79.0

202.66

328.38

(59.4

)

(61.4

)

___________

(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 June 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 June 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. 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 June 30,

Year-to-date ended June 30,

2021

2020

2019

2021

2020

2019

Number of hotels

82

81

81

82

81

81

Number of rooms

47,222

47,057

47,057

47,222

47,057

47,057

Change in hotel Total RevPAR -

Constant US$

540.7

%

(8.8

)%

Nominal US$

541.5

%

(8.8

)%

Change in hotel RevPAR -

Constant US$

607.0

%

(0.3

)%

Nominal US$

607.5

%

(0.4

)%

Operating profit (loss) margin (2)

(10.5

)%

(342.7

)%

18.9

%

(22.3

)%

(31.5

)%

17.3

%

All Owned Hotel Pro Forma EBITDA margin (2)

19.1

%

(165.4

)%

31.5

%

13.9

%

1.5

%

30.8

%

Food and beverage profit margin (2)

23.4

%

(254.5

)%

35.4

%

22.0

%

16.7

%

34.8

%

All Owned Hotel Pro Forma food and beverage profit margin (2)

23.0

%

(263.6

)%

35.4

%

21.5

%

17.2

%

35.1

%

Net income (loss)

$

(61

)

$

(356

)

$

290

$

(214

)

$

(359

)

$

479

Depreciation and amortization

169

168

166

334

332

336

Interest expense

43

40

43

85

77

86

Provision (benefit) for income taxes

(22

)

(46

)

16

(68

)

(83

)

18

Gain on sale of property and corporate level income/expense

(3

)

34

(44

)

12

51

(33

)

Severance expense (reversal) at hotel properties

(1

)

1

(3

)

1

Pro forma adjustments (3)

1

(13

)

(17

)

5

(1

)

(25

)

All Owned Hotel Pro Forma EBITDA

$

126

$

(172

)

$

454

$

151

$

18

$

861

Quarter ended June 30, 2021

Quarter ended June 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

$

423

$

$

7

$

$

430

$

61

$

$

(1

)

$

$

60

Food and beverage

137

2

139

11

11

Other

89

1

90

31

2

33

Total revenues

649

10

659

103

1

104

Expenses

Room

109

2

111

43

1

44

Food and beverage

105

2

107

39

1

40

Other

309

1

5

315

181

(1

)

12

192

Depreciation and amortization

169

(169

)

168

(168

)

Corporate and other expenses

25

(25

)

25

(25

)

Total expenses

717

1

9

(194

)

533

456

(1

)

14

(193

)

276

Operating Profit - All Owned Hotel Pro Forma EBITDA

$

(68

)

$

(1

)

$

1

$

194

$

126

$

(353

)

$

1

$

(13

)

$

193

$

(172

)

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

Quarter ended June 30, 2021

Quarter ended June 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

$

423

$

$

7

$

$

430

$

931

$

(39

)

$

$

892

Food and beverage

137

2

139

449

(6

)

443

Other

89

1

90

103

1

104

Total revenues

649

10

659

1,483

(44

)

1,439

Expenses

Room

109

2

111

226

(9

)

217

Food and beverage

105

2

107

290

(4

)

286

Other

309

1

5

315

496

(14

)

482

Depreciation and amortization

169

(169

)

166

(166

)

Corporate and other expenses

25<