Host Hotels & Resorts, Inc. Reports Results for the Third Quarter 2024
Host Hotels & Resorts (HST) reported Q3 2024 results with Total RevPAR growth of 3.1% to $328.86, driven by improvements in food and beverage revenues from group business. Revenue increased 8.6% to $1,319 million, while net income decreased 25.7% to $84 million. The company maintained its full-year guidance despite hurricane impacts in Florida. Notable events include the completion of $700 million Series L senior notes issuance at 5.5%, $57 million in stock repurchases, and the acquisitions of 1 Hotel Central Park and The Ritz-Carlton O'ahu for $265 million and $680 million respectively.
Host Hotels & Resorts (HST) ha riportato i risultati del terzo trimestre 2024 con una Crescita del RevPAR Totale del 3,1% fino a $328,86, trainata da miglioramenti nei ricavi di cibo e bevande provenienti da attività di gruppo. I ricavi sono aumentati dell'8,6% a $1.319 milioni, mentre l'utile netto è diminuito del 25,7% a $84 milioni. L'azienda ha mantenuto le sue previsioni per l'intero anno nonostante gli impatti degli uragani in Florida. Gli eventi significativi includono il completamento dell'emissione di note senior di Serie L per $700 milioni a tasso del 5,5%, $57 milioni in riacquisti di azioni e le acquisizioni di 1 Hotel Central Park e The Ritz-Carlton O'ahu per $265 milioni e $680 milioni rispettivamente.
Host Hotels & Resorts (HST) informó los resultados del tercer trimestre de 2024 con un crecimiento del RevPAR total del 3,1% hasta $328.86, impulsado por mejoras en los ingresos de alimentos y bebidas provenientes de negocios grupales. Los ingresos aumentaron un 8,6% a $1,319 millones, mientras que el ingreso neto disminuyó un 25,7% a $84 millones. La empresa mantuvo su guía para todo el año a pesar de los impactos de huracanes en Florida. Los eventos notables incluyen la finalización de la emisión de notas senior de la Serie L por $700 millones al 5,5%, $57 millones en recompra de acciones, y las adquisiciones del 1 Hotel Central Park y The Ritz-Carlton O'ahu por $265 millones y $680 millones respectivamente.
호스트 호텔 & 리조트(Host Hotels & Resorts, HST)는 2024년 3분기 실적을 발표했으며, 총 RevPAR가 3.1% 증가하여 $328.86에 이르렀습니다. 이는 그룹 비즈니스에서 오는 음식 및 음료 수익의 개선 덕분입니다. 수익은 8.6% 증가하여 $1,319백만에 이른 반면, 순이익은 25.7% 감소하여 $84백만으로 집계되었습니다. 이 회사는 플로리다 주의 허리케인 영향에도 불구하고 연간 가이드를 유지했습니다. 주요 사건으로는 5.5%의 이자를 갖는 $700백만의 시리즈 L 고급 채권 발행 및 $57백만의 자사주 매입, 그리고 1 Hotel Central Park와 The Ritz-Carlton O'ahu를 각각 $265백만 및 $680백만에 인수한 것이 포함됩니다.
Host Hotels & Resorts (HST) a publié ses résultats pour le troisième trimestre 2024 avec une croissance du RevPAR total de 3,1% pour atteindre 328,86 $, stimulée par des améliorations dans les revenus de la restauration et des boissons provenant des affaires de groupe. Les revenus ont augmenté de 8,6 % pour atteindre 1 319 millions de dollars, tandis que le bénéfice net a diminué de 25,7 % pour s'établir à 84 millions de dollars. La société a maintenu ses prévisions pour l'ensemble de l'année malgré les impacts des ouragans en Floride. Parmi les événements notables figurent l'émission de 700 millions de dollars de billets seniors de la série L à 5,5 %, 57 millions de dollars de rachat d'actions et les acquisitions de 1 Hotel Central Park et du Ritz-Carlton O'ahu pour respectivement 265 millions de dollars et 680 millions de dollars.
Host Hotels & Resorts (HST) berichtete über die Ergebnisse des 3. Quartals 2024 mit einem Wachstum des Total RevPAR um 3,1% auf $328,86, angetrieben von Verbesserungen der Speisen- und Getränkeumsätze aus Gruppen-Geschäften. Der Umsatz stieg um 8,6% auf $1.319 Millionen, während der Nettogewinn um 25,7% auf $84 Millionen fiel. Das Unternehmen hielt seine Jahresprognose trotz der Auswirkungen von Hurrikanen in Florida aufrecht. Zu den bemerkenswerten Ereignissen gehören die Ausgabe von $700 Millionen an Serie L Senior Notes mit 5,5%, $57 Millionen für Aktienrückkäufe und die Übernahmen von 1 Hotel Central Park und The Ritz-Carlton O'ahu für jeweils $265 Millionen und $680 Millionen.
- Total RevPAR increased 3.1% to $328.86
- Revenue grew 8.6% to $1,319 million
- Strong liquidity position with $2.3 billion available
- Completed strategic acquisitions of two premium properties
- Net income declined 25.7% to $84 million
- Operating profit margin decreased 270 basis points to 10.2%
- Adjusted EBITDAre decreased 10.2% to $324 million
- Hurricane damage caused temporary closure of properties in Florida
Insights
Host Hotels & Resorts delivered mixed Q3 2024 results with some concerning trends. While Total RevPAR grew
Key concerns include:
- Adjusted EBITDAre fell
10.2% to$324 million - Comparable hotel EBITDA margin declined 130 basis points to
25.3% - Hurricane impacts affecting Florida properties with The Don CeSar closure extending into 2025
However, the company maintains strong liquidity of
The acquisition strategy and capital structure moves demonstrate strategic positioning despite operational headwinds. Key developments include:
- Completed acquisitions of 1 Hotel Central Park (
$265 million ) and The Ritz-Carlton O'ahu ($680 million ) - Issued
$700 million of 5.5% Series L senior notes, strengthening the balance sheet - Maintains investment-grade balance sheet with
4.8% weighted average interest rate
The property damage from recent hurricanes and ongoing Maui impact create near-term challenges, but insurance settlements and strategic portfolio management should help mitigate these issues. The
Strong Group Contribution Leads to Total RevPAR Growth of
BETHESDA, Md., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for third quarter of 2024.
OPERATING RESULTS (unaudited, in millions, except per share and hotel statistics) | |||||||||||||||||||||||
Quarter ended September 30, | Year-to-date ended September 30, | ||||||||||||||||||||||
2024 | 2023 | Percent Change | 2024 | 2023 | Percent Change | ||||||||||||||||||
Revenues | $ | 1,319 | $ | 1,214 | 8.6 | % | $ | 4,256 | $ | 3,988 | 6.7 | % | |||||||||||
Comparable hotel revenues⁽¹⁾ | 1,299 | 1,259 | 3.2 | % | 4,235 | 4,151 | 2.0 | % | |||||||||||||||
Comparable hotel Total RevPAR⁽¹⁾ | 328.86 | 319.01 | 3.1 | % | 360.07 | 354.40 | 1.6 | % | |||||||||||||||
Comparable hotel RevPAR⁽¹⁾ | 206.21 | 204.56 | 0.8 | % | 218.09 | 217.72 | 0.2 | % | |||||||||||||||
Net income | $ | 84 | $ | 113 | (25.7 | %) | $ | 598 | $ | 618 | (3.2 | %) | |||||||||||
EBITDAre⁽¹⁾ | 353 | 361 | (2.2 | %) | 1,359 | 1,251 | 8.6 | % | |||||||||||||||
Adjusted EBITDAre⁽¹⁾ | 324 | 361 | (10.2 | %) | 1,283 | 1,251 | 2.6 | % | |||||||||||||||
Diluted earnings per common share | $ | 0.12 | $ | 0.16 | (25.0 | %) | $ | 0.84 | $ | 0.85 | (1.2 | %) | |||||||||||
NAREIT FFO per diluted share⁽¹⁾ | 0.36 | 0.41 | (12.2 | %) | 1.53 | 1.48 | 3.4 | % | |||||||||||||||
Adjusted FFO per diluted share⁽¹⁾ | 0.36 | 0.41 | (12.2 | %) | 1.53 | 1.48 | 3.4 | % |
* Additional detail on the Company’s results, including data for 24 domestic markets, is available in the Third Quarter 2024 Supplemental Financial Information on the Company’s website at www.hosthotels.com.
James F. Risoleo, President and Chief Executive Officer, said, “Host delivered comparable hotel Total RevPAR growth of
Risoleo continued, “Despite the impact of the hurricanes in Florida, we are maintaining our previous full year comparable hotel guidance at the midpoint. During the quarter, we repurchased
_______________________________
(1) | NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues 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. Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments. | |
HIGHLIGHTS:
- Comparable hotel Total RevPAR was
$328.86 for the third quarter of 2024 and$360.07 year to date, representing an increase of3.1% and1.6% , respectively, compared to the same periods in 2023, due primarily to improvements in food & beverage revenues driven by group business, as well as an increase in other revenues from ancillary spend.
- Comparable hotel RevPAR was
$206.21 and$218.09 for the third quarter and year-to-date of 2024, respectively, representing an increase of0.8% and0.2% , compared to the same periods in 2023 and reflecting continued strong group demand, along with moderating domestic leisure demand and the slow, yet improving, recovery in Maui.
- GAAP net income was
$84 million for the third quarter of 2024, reflecting a25.7% decrease compared to the third quarter of 2023, and GAAP operating profit margin was10.2% , a decline of 270 basis points compared to the third quarter of 2023, both affected by a$25 million decrease in gains on insurance settlements. Year-to-date GAAP net income was$598 million , a3.2% decrease compared to 2023, reflecting a decline in gains on asset sales, and operating profit margin was16.9% , an improvement of 50 basis points compared to 2023, benefiting from a$59 million increase in gains on insurance settlements for year-to-date compared to 2023.
- Comparable hotel EBITDA was
$329 million for the third quarter of 2024, a1.8% decrease compared to the third quarter of 2023, leading to a comparable hotel EBITDA margin decline of 130 basis points to25.3% . The decline for the quarter was driven by Maui performance and the business interruption proceeds included in 2023, while the revenue improvements described above were offset by increased wages and other inflationary pressures in comparison to third quarter 2023. Year-to-date, comparable hotel EBITDA was$1,261 million , a decrease of1.1% compared to 2023, leading to a comparable hotel EBITDA margin decline of 90 basis points to29.8% .
- Adjusted EBITDAre was
$324 million for the third quarter of 2024, a decrease of10.2% compared to 2023. Third quarter 2023 results benefited from business interruption of$54 million , while none were recognized in third quarter 2024. Year-to-date, Adjusted EBITDAre was$1,283 million , exceeding 2023 by2.6% , driven by operations from the recent acquisitions and The Ritz-Carlton, Naples, which was closed in the first half of 2023 due to Hurricane Ian.
- In July 2024, the Company completed the previously announced acquisitions of the fee simple interest in the 234-room 1 Hotel Central Park for
$265 million and the 450-room The Ritz-Carlton O’ahu, Turtle Bay for$680 million , net of key money received from Marriott International.
Hurricane and Maui Update
- Many of the Company's hotels in Florida were affected by Hurricanes Helene and Milton, which made landfall in September and October of 2024, respectively. Due to evacuation mandates and/or loss of commercial power, four of the Company's properties in Florida were temporarily closed, three of which have reopened. The enhanced resilience projects implemented during the reconstruction of The Ritz-Carlton, Naples were successful in minimizing damage to the resort during the two storms. The most significant damage sustained during the storms occurred at The Don CeSar, which remains closed to guests. Due to proximity of the event to quarter end, operating results for the third quarter of 2024 were not materially impacted, however the impact will carry into the fourth quarter as well as 2025. The Company is still evaluating the complete remediation plans and disruption impacts of the storms. The Company currently expects a phased reopening of The Don CeSar beginning in late first quarter of 2025.
- The Company reached a final settlement with its insurance carriers on covered costs related to damage and disruption caused by Hurricane Ian, which totaled
$308 million , and received the remaining$29 million of property insurance proceeds in the third quarter, resulting in a gain on property insurance settlement of$25 million . In total,$99 million of the insurance receipts were recognized as a gain on business interruption, and the Company does not expect to recognize any additional gains on business interruption related to Hurricane Ian.
- Effects from the August 2023 wildfires in Maui, Hawaii continued into 2024. In the third quarter, the Company's Maui hotels and golf courses impacted RevPAR by 170 basis points. The impact in the quarter is understated, however, as the Company would have expected Maui to contribute 20 basis points to portfolio RevPAR growth in the third quarter given the renovation disruption at Fairmont Kea Lani in 2023. As a result, the total estimated impact of the wildfires on third quarter RevPAR is 190 basis points. Operating profit margin and comparable hotel EBITDA margin were impacted by Maui's operations by approximately 70 basis points for the third quarter.
- The Company previously settled its claim on the Maui wildfires and recognized
$21 million of insurance proceeds as a gain on business interruption in the second quarter of 2024.
BALANCE SHEET
In August, the Company issued
The Company maintains a robust balance sheet, with the following balances at September 30, 2024:
- Total assets of
$13.1 billion .
- Debt balance of
$5.1 billion , with a weighted average maturity of 5.5 years, a weighted average interest rate of4.8% , and a balanced maturity schedule.
- Total available liquidity of approximately
$2.3 billion , including furniture, fixtures and equipment escrow reserves of$240 million and$1.5 billion available under the revolver portion of the credit facility.
SHARE REPURCHASES AND DIVIDENDS
During the third quarter of 2024, the Company repurchased 3.5 million shares of common stock at an average price of
The Company paid a third quarter common stock cash dividend of
HOTEL BUSINESS MIX UPDATE
The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately
The following are the results for transient, group and contract business in comparison to 2023 performance, for the Company's current portfolio:
Quarter ended September 30, 2024 | Year-to-date ended September 30, 2024 | ||||||||||||||||||||||
Transient | Group | Contract | Transient | Group | Contract | ||||||||||||||||||
Room nights (in thousands) | 1,607 | 1,023 | 202 | 4,538 | 3,320 | 560 | |||||||||||||||||
Percent change in room nights vs. same period in 2023 | (0.1 | %) | (0.1 | %) | (0.9 | %) | (1.3 | %) | 2.5 | % | 3.6 | % | |||||||||||
Rooms revenues (in millions) | $ | 509 | $ | 265 | $ | 41 | $ | 1,516 | $ | 933 | $ | 116 | |||||||||||
Percent change in revenues vs. same period in 2023 | 0.2 | % | 1.0 | % | 8.8 | % | (2.9 | %) | 5.3 | % | 13.0 | % | |||||||||||
CAPITAL EXPENDITURES
The following presents the Company’s capital expenditures spend through the third quarter of 2024 and the forecast for full year 2024 (in millions):
Year-to-date ended September 30, 2024 | 2024 Full Year Forecast | ||||||||||
Actual | Low-end of range | High-end of range | |||||||||
ROI - Marriott and Hyatt Transformational Capital Programs | $ | 94 | $ | 125 | $ | 140 | |||||
All other return on investment ("ROI") projects | 70 | 100 | 115 | ||||||||
Total ROI Projects | 164 | 225 | 255 | ||||||||
Renewals and Replacements ("R&R") | 181 | 225 | 275 | ||||||||
R&R and ROI Capital expenditures | 345 | 450 | 530 | ||||||||
R&R - Property Damage Reconstruction | 30 | 35 | 50 | ||||||||
Total Capital Expenditures | $ | 375 | $ | 485 | $ | 580 | |||||
Inventory spend for condo development(1) | 36 | 50 | 60 | ||||||||
Total capital allocation | $ | 411 | $ | 535 | $ | 640 |
__________
(1) | Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities. | |
Forecast spend for property damage reconstruction includes estimated spend in 2024 related to Hurricanes Helene and Milton, however a significant portion of the total spending will occur in 2025 and those amounts are not reflected in the 2024 forecast. Under the Hyatt Transformational Capital Program, the Company received
2024 OUTLOOK
The Company has maintained its previous midpoint full year comparable hotel guidance, which assumes a continued recovery in Maui and steady demand trends in the fourth quarter, despite the impacts of Hurricanes Helene and Milton. Operating profit margin and comparable hotel EBITDA margins in 2024 are expected to decline compared to 2023, impacted by the Maui wildfires and continued growth in wages, real estate taxes and insurance.
The Company's full year forecast comparable hotel set now includes the operations of The Ritz-Carlton O'ahu, Turtle Bay and 1 Hotel Central Park properties that were acquired in July 2024, and excludes The Don CeSar, which closed on September 25, 2024, as described above. The estimated impact to net income and Adjusted EBITDAre from the loss of business due to the hurricanes for 2024 is approximately
The impact from Maui operations is expected to be an approximate decline of 150 basis points in RevPAR and 110 basis points in Total RevPAR. When combined with the expected pre-wildfire Maui contribution, the total impact is estimated to be 220 basis points and 180 basis points, respectively. Net of the benefit of the business interruption gains relating to the wildfires received earlier this year, the year-over-year impact from Maui on net income and Adjusted EBITDAre for full year is expected to be a decline of
The Company anticipates its 2024 operating results as compared to 2023 will be approximately as follows:
Current Full Year 2024 Guidance | Current Full Year 2024 Guidance Change vs. 2023 | Previous Full Year 2024 Guidance Midpoint Change vs. 2023 | Change in Full Year 2024 Guidance | |
Comparable hotel Total RevPAR | 0 bps | |||
Comparable hotel RevPAR | 0 bps | |||
Total revenues under GAAP (in millions) | (70) bps | |||
Operating profit margin under GAAP | (40) bps | 0 bps | (40) bps | |
Comparable hotel EBITDA margin | (90) bps | (90) bps | 0 bps | |
Based upon the above parameters, the Company estimates its 2024 guidance will be approximately as follows:
Current Full Year 2024 Guidance | Previous Full Year 2024 Guidance Midpoint | Change in Full Year 2024 Guidance | |
Net income (in millions) | |||
Adjusted EBITDAre (in millions) | |||
Diluted earnings per common share | |||
NAREIT and Adjusted FFO per diluted share | |||
See the 2024 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results.
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 76 properties in the United States and five properties internationally totaling approximately 43,400 rooms. The Company also holds non-controlling interests in seven 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®, 1 Hotels®, 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 which include, but may not be limited to, our expectations regarding the recovery of travel and the lodging industry, the impact of the Maui wildfires and 2024 estimates with respect to our business, including our anticipated capital expenditures and financial and operating 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, those described in the Company’s annual report on Form 10-K and other filings 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 November 6, 2024, 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
HOST HOTELS & RESORTS, INC. Condensed Consolidated Balance Sheets (unaudited, in millions, except shares and per share amounts) | |||||||
September 30, 2024 | December 31, 2023 | ||||||
ASSETS | |||||||
Property and equipment, net | $ | 10,962 | $ | 9,624 | |||
Right-of-use assets | 549 | 550 | |||||
Due from managers | 77 | 128 | |||||
Advances to and investments in affiliates | 162 | 126 | |||||
Furniture, fixtures and equipment replacement fund | 240 | 217 | |||||
Notes receivable | 78 | 72 | |||||
Other | 448 | 382 | |||||
Cash and cash equivalents | 564 | 1,144 | |||||
Total assets | $ | 13,080 | $ | 12,243 | |||
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY | |||||||
Debt⁽¹⁾ | |||||||
Senior notes | $ | 3,991 | $ | 3,120 | |||
Credit facility, including the term loans of | 991 | 989 | |||||
Mortgage and other debt | 99 | 100 | |||||
Total debt | 5,081 | 4,209 | |||||
Lease liabilities | 559 | 563 | |||||
Accounts payable and accrued expenses | 248 | 408 | |||||
Due to managers | 77 | 64 | |||||
Other | 233 | 173 | |||||
Total liabilities | 6,198 | 5,417 | |||||
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. | 167 | 189 | |||||
Host Hotels & Resorts, Inc. stockholders’ equity: | |||||||
Common stock, par value | 7 | 7 | |||||
Additional paid-in capital | 7,454 | 7,535 | |||||
Accumulated other comprehensive loss | (75 | ) | (70 | ) | |||
Deficit | (674 | ) | (839 | ) | |||
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,712 | 6,633 | |||||
Non-redeemable non-controlling interests—other consolidated partnerships | 3 | 4 | |||||
Total equity | 6,715 | 6,637 | |||||
Total liabilities, non-controlling interests and equity | $ | 13,080 | $ | 12,243 |
__________
(1) | Please see our Third Quarter 2024 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 September 30, | Year-to-date ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues | |||||||||||||||
Rooms | $ | 825 | $ | 777 | $ | 2,563 | $ | 2,447 | |||||||
Food and beverage | 365 | 328 | 1,285 | 1,174 | |||||||||||
Other | 129 | 109 | 408 | 367 | |||||||||||
Total revenues | 1,319 | 1,214 | 4,256 | 3,988 | |||||||||||
Expenses | |||||||||||||||
Rooms | 216 | 196 | 632 | 590 | |||||||||||
Food and beverage | 267 | 241 | 848 | 773 | |||||||||||
Other departmental and support expenses | 345 | 314 | 1,022 | 952 | |||||||||||
Management fees | 55 | 51 | 193 | 185 | |||||||||||
Other property-level expenses | 108 | 106 | 313 | 290 | |||||||||||
Depreciation and amortization | 197 | 174 | 565 | 511 | |||||||||||
Corporate and other expenses⁽¹⁾ | 25 | 29 | 81 | 90 | |||||||||||
Gain on insurance settlements | (29 | ) | (54 | ) | (116 | ) | (57 | ) | |||||||
Total operating costs and expenses | 1,184 | 1,057 | 3,538 | 3,334 | |||||||||||
Operating profit | 135 | 157 | 718 | 654 | |||||||||||
Interest income | 11 | 22 | 43 | 56 | |||||||||||
Interest expense | (59 | ) | (48 | ) | (156 | ) | (142 | ) | |||||||
Other gains | 1 | 1 | 1 | 70 | |||||||||||
Equity in earnings (losses) of affiliates | 2 | (4 | ) | 12 | 7 | ||||||||||
Income before income taxes | 90 | 128 | 618 | 645 | |||||||||||
Provision for income taxes | (6 | ) | (15 | ) | (20 | ) | (27 | ) | |||||||
Net income | 84 | 113 | 598 | 618 | |||||||||||
Less: Net income attributable to non-controlling interests | (2 | ) | (2 | ) | (9 | ) | (10 | ) | |||||||
Net income attributable to Host Inc. | $ | 82 | $ | 111 | $ | 589 | $ | 608 | |||||||
Basic and diluted earnings per common share | $ | 0.12 | $ | 0.16 | $ | 0.84 | $ | 0.85 |
___________
(1) | Corporate and other expenses include the following items: | |
Quarter ended September 30, | Year-to-date ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
General and administrative costs | $ | 19 | $ | 20 | $ | 64 | $ | 61 | |||||||
Non-cash stock-based compensation expense | 6 | 6 | 17 | 19 | |||||||||||
Litigation accruals | — | 3 | — | 10 | |||||||||||
Total | $ | 25 | $ | 29 | $ | 81 | $ | 90 | |||||||
HOST HOTELS & RESORTS, INC. Earnings per Common Share (unaudited, in millions, except per share amounts) | |||||||||||||||
Quarter ended September 30, | Year-to-date ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net income | $ | 84 | $ | 113 | $ | 598 | $ | 618 | |||||||
Less: Net income attributable to non-controlling interests | (2 | ) | (2 | ) | (9 | ) | (10 | ) | |||||||
Net income attributable to Host Inc. | $ | 82 | $ | 111 | $ | 589 | $ | 608 | |||||||
Basic weighted average shares outstanding | 700.9 | 709.7 | 703.1 | 711.4 | |||||||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.5 | 2.2 | 1.6 | 2.2 | |||||||||||
Diluted weighted average shares outstanding⁽¹⁾ | 702.4 | 711.9 | 704.7 | 713.6 | |||||||||||
Basic and diluted earnings per common share | $ | 0.12 | $ | 0.16 | $ | 0.84 | $ | 0.85 |
___________
(1) | Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by non-controlling limited 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 |
Comparable Hotel Results by Location(1)
As of September 30, 2024 | Quarter ended September 30, 2024 | Quarter ended September 30, 2023 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
Jacksonville | 1 | 446 | $ | 500.84 | 71.6 | % | $ | 358.59 | $ | 805.21 | $ | 479.33 | 69.2 | % | $ | 331.47 | $ | 726.78 | 8.2 | % | 10.8 | % | |||||||||||
Maui | 3 | 1,580 | 626.00 | 57.0 | % | 356.87 | 569.42 | 710.27 | 62.2 | % | 442.00 | 631.23 | (19.3 | %) | (9.8 | %) | |||||||||||||||||
Oahu (2) | 2 | 876 | 458.26 | 81.6 | % | 373.80 | 562.08 | 452.27 | 82.4 | % | 372.46 | 578.74 | 0.4 | % | (2.9 | %) | |||||||||||||||||
Miami | 2 | 1,038 | 366.49 | 59.2 | % | 216.89 | 414.64 | 377.39 | 50.3 | % | 189.66 | 358.25 | 14.4 | % | 15.7 | % | |||||||||||||||||
New York | 3 | 2,720 | 379.23 | 87.5 | % | 331.84 | 447.06 | 357.95 | 86.5 | % | 309.77 | 412.96 | 7.1 | % | 8.3 | % | |||||||||||||||||
Nashville | 2 | 721 | 335.61 | 80.5 | % | 270.28 | 435.21 | 342.53 | 78.2 | % | 267.92 | 422.57 | 0.9 | % | 3.0 | % | |||||||||||||||||
Phoenix | 3 | 1,545 | 269.17 | 54.5 | % | 146.75 | 374.60 | 263.79 | 59.6 | % | 157.18 | 368.20 | (6.6 | %) | 1.7 | % | |||||||||||||||||
Florida Gulf Coast | 4 | 1,403 | 272.83 | 61.2 | % | 167.03 | 361.33 | 279.05 | 63.9 | % | 178.25 | 357.14 | (6.3 | %) | 1.2 | % | |||||||||||||||||
Orlando | 2 | 2,448 | 312.21 | 60.3 | % | 188.39 | 426.35 | 309.53 | 64.9 | % | 200.78 | 419.73 | (6.2 | %) | 1.6 | % | |||||||||||||||||
San Diego | 3 | 3,294 | 305.38 | 84.2 | % | 257.27 | 455.83 | 295.59 | 83.5 | % | 246.81 | 441.94 | 4.2 | % | 3.1 | % | |||||||||||||||||
Los Angeles/Orange County | 3 | 1,067 | 303.51 | 81.9 | % | 248.54 | 369.47 | 314.25 | 85.9 | % | 269.85 | 375.29 | (7.9 | %) | (1.6 | %) | |||||||||||||||||
Boston | 2 | 1,496 | 301.09 | 84.4 | % | 253.98 | 316.86 | 273.06 | 83.8 | % | 228.75 | 291.12 | 11.0 | % | 8.8 | % | |||||||||||||||||
Washington, D.C. (CBD) | 5 | 3,245 | 261.33 | 69.0 | % | 180.29 | 265.21 | 244.50 | 71.5 | % | 174.94 | 248.36 | 3.1 | % | 6.8 | % | |||||||||||||||||
Philadelphia | 2 | 810 | 236.34 | 83.7 | % | 197.75 | 298.37 | 231.09 | 82.6 | % | 190.83 | 288.59 | 3.6 | % | 3.4 | % | |||||||||||||||||
Northern Virginia | 2 | 916 | 246.97 | 74.3 | % | 183.58 | 272.79 | 233.30 | 72.0 | % | 168.00 | 250.70 | 9.3 | % | 8.8 | % | |||||||||||||||||
Chicago | 3 | 1,562 | 284.56 | 79.3 | % | 225.77 | 302.96 | 253.34 | 79.5 | % | 201.35 | 280.27 | 12.1 | % | 8.1 | % | |||||||||||||||||
Seattle | 2 | 1,315 | 278.67 | 84.2 | % | 234.60 | 295.93 | 271.12 | 81.0 | % | 219.56 | 285.88 | 6.9 | % | 3.5 | % | |||||||||||||||||
San Francisco/San Jose | 6 | 4,162 | 221.47 | 71.4 | % | 158.03 | 224.25 | 241.34 | 72.8 | % | 175.71 | 241.07 | (10.1 | %) | (7.0 | %) | |||||||||||||||||
Austin | 2 | 767 | 206.04 | 60.4 | % | 124.50 | 226.42 | 225.87 | 59.0 | % | 133.29 | 242.58 | (6.6 | %) | (6.7 | %) | |||||||||||||||||
Houston | 5 | 1,942 | 207.33 | 66.6 | % | 138.07 | 189.00 | 191.21 | 66.3 | % | 126.73 | 172.15 | 8.9 | % | 9.8 | % | |||||||||||||||||
Denver | 3 | 1,342 | 212.74 | 82.1 | % | 174.65 | 252.81 | 204.48 | 79.9 | % | 163.34 | 235.48 | 6.9 | % | 7.4 | % | |||||||||||||||||
New Orleans | 1 | 1,333 | 161.65 | 68.4 | % | 110.53 | 180.91 | 147.45 | 58.9 | % | 86.87 | 133.83 | 27.2 | % | 35.2 | % | |||||||||||||||||
San Antonio | 2 | 1,512 | 201.02 | 56.3 | % | 113.14 | 179.56 | 194.04 | 53.5 | % | 103.87 | 167.34 | 8.9 | % | 7.3 | % | |||||||||||||||||
Atlanta | 2 | 810 | 193.10 | 62.3 | % | 120.29 | 182.01 | 182.03 | 75.0 | % | 136.49 | 210.62 | (11.9 | %) | (13.6 | %) | |||||||||||||||||
Other | 9 | 3,007 | 283.60 | 69.3 | % | 196.42 | 303.39 | 281.41 | 68.1 | % | 191.51 | 287.59 | 2.6 | % | 5.5 | % | |||||||||||||||||
Domestic | 74 | 41,357 | 290.32 | 71.9 | % | 208.61 | 334.05 | 287.43 | 72.1 | % | 207.22 | 324.22 | 0.7 | % | 3.0 | % | |||||||||||||||||
International | 5 | 1,499 | 206.99 | 67.6 | % | 140.02 | 183.91 | 199.27 | 65.7 | % | 130.95 | 174.16 | 6.9 | % | 5.6 | % | |||||||||||||||||
All Locations | 79 | 42,856 | $ | 287.57 | 71.7 | % | $ | 206.21 | $ | 328.86 | $ | 284.61 | 71.9 | % | $ | 204.56 | $ | 319.01 | 0.8 | % | 3.1 | % |
___________
(1) | See the Notes to Financial Information for a discussion of comparable hotel operating statistics. Beginning in third quarter of 2024, we have separated the Oahu and Maui markets. CBD of a location refers to the central business district. 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. | |
(2) | Prior to our ownership of The Ritz Carlton O'ahu, Turtle Bay, golf revenues were recorded by the property based on gross sales. After our acquisition of the property in July 2024, the golf course operates under a lease agreement, under which we record rental income, resulting in lower total revenues when comparing to the periods prior to our ownership. | |
Comparable Hotel Results by Location(1)
As of September 30, 2024 | Year-to-date ended September 30, 2024 | Year-to-date ended September 30, 2023 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
Jacksonville | 1 | 446 | $ | 527.92 | 74.2 | % | $ | 391.58 | $ | 876.65 | $ | 515.29 | 72.8 | % | $ | 375.31 | $ | 823.23 | 4.3 | % | 6.5 | % | |||||||||||
Maui | 3 | 1,580 | 658.69 | 59.3 | % | 390.76 | 639.14 | 716.28 | 69.5 | % | 497.61 | 758.00 | (21.5 | %) | (15.7 | %) | |||||||||||||||||
Oahu (2) | 2 | 876 | 454.33 | 82.5 | % | 374.93 | 589.86 | 441.48 | 77.0 | % | 339.77 | 549.45 | 10.3 | % | 7.4 | % | |||||||||||||||||
Miami | 2 | 1,038 | 521.24 | 70.2 | % | 365.80 | 636.48 | 538.29 | 65.8 | % | 354.38 | 620.61 | 3.2 | % | 2.6 | % | |||||||||||||||||
New York | 3 | 2,720 | 360.45 | 82.9 | % | 298.70 | 421.87 | 343.87 | 81.4 | % | 279.88 | 396.80 | 6.7 | % | 6.3 | % | |||||||||||||||||
Nashville | 2 | 721 | 341.19 | 80.8 | % | 275.55 | 445.00 | 343.42 | 76.0 | % | 260.91 | 394.85 | 5.6 | % | 12.7 | % | |||||||||||||||||
Phoenix | 3 | 1,545 | 393.86 | 69.8 | % | 275.08 | 632.88 | 401.67 | 71.8 | % | 288.45 | 630.82 | (4.6 | %) | 0.3 | % | |||||||||||||||||
Florida Gulf Coast | 4 | 1,403 | 357.96 | 71.5 | % | 256.00 | 548.61 | 359.25 | 72.8 | % | 261.52 | 554.05 | (2.1 | %) | (1.0 | %) | |||||||||||||||||
Orlando | 2 | 2,448 | 363.77 | 68.3 | % | 248.43 | 527.80 | 369.46 | 71.4 | % | 263.81 | 533.70 | (5.8 | %) | (1.1 | %) | |||||||||||||||||
San Diego | 3 | 3,294 | 298.26 | 81.5 | % | 243.21 | 452.45 | 286.71 | 81.2 | % | 232.85 | 432.14 | 4.4 | % | 4.7 | % | |||||||||||||||||
Los Angeles/Orange County | 3 | 1,067 | 297.47 | 79.1 | % | 235.16 | 350.72 | 303.01 | 82.8 | % | 250.80 | 360.45 | (6.2 | %) | (2.7 | %) | |||||||||||||||||
Boston | 2 | 1,496 | 280.49 | 79.8 | % | 223.91 | 292.37 | 262.27 | 78.7 | % | 206.41 | 272.25 | 8.5 | % | 7.4 | % | |||||||||||||||||
Washington, D.C. (CBD) | 5 | 3,245 | 289.07 | 71.0 | % | 205.24 | 298.07 | 276.94 | 71.3 | % | 197.40 | 285.28 | 4.0 | % | 4.5 | % | |||||||||||||||||
Philadelphia | 2 | 810 | 233.93 | 80.5 | % | 188.37 | 286.45 | 230.17 | 80.1 | % | 184.43 | 285.52 | 2.1 | % | 0.3 | % | |||||||||||||||||
Northern Virginia | 2 | 916 | 255.73 | 73.0 | % | 186.80 | 287.34 | 241.35 | 70.5 | % | 170.04 | 256.35 | 9.9 | % | 12.1 | % | |||||||||||||||||
Chicago | 3 | 1,562 | 255.00 | 70.5 | % | 179.73 | 249.82 | 244.43 | 69.2 | % | 169.15 | 240.13 | 6.3 | % | 4.0 | % | |||||||||||||||||
Seattle | 2 | 1,315 | 254.22 | 70.5 | % | 179.21 | 239.04 | 242.11 | 69.1 | % | 167.33 | 226.93 | 7.1 | % | 5.3 | % | |||||||||||||||||
San Francisco/San Jose | 6 | 4,162 | 245.14 | 68.2 | % | 167.30 | 244.90 | 254.24 | 66.8 | % | 169.73 | 246.35 | (1.4 | %) | (0.6 | %) | |||||||||||||||||
Austin | 2 | 767 | 247.35 | 66.2 | % | 163.68 | 292.67 | 259.09 | 66.6 | % | 172.50 | 309.26 | (5.1 | %) | (5.4 | %) | |||||||||||||||||
Houston | 5 | 1,942 | 215.18 | 70.9 | % | 152.65 | 210.55 | 201.57 | 70.6 | % | 142.37 | 196.37 | 7.2 | % | 7.2 | % | |||||||||||||||||
Denver | 3 | 1,342 | 201.25 | 70.5 | % | 141.92 | 215.52 | 193.63 | 65.0 | % | 125.92 | 180.78 | 12.7 | % | 19.2 | % | |||||||||||||||||
New Orleans | 1 | 1,333 | 191.16 | 72.3 | % | 138.16 | 219.14 | 195.70 | 68.9 | % | 134.85 | 204.28 | 2.5 | % | 7.3 | % | |||||||||||||||||
San Antonio | 2 | 1,512 | 216.80 | 61.4 | % | 133.13 | 214.38 | 217.64 | 62.4 | % | 135.91 | 217.29 | (2.0 | %) | (1.3 | %) | |||||||||||||||||
Atlanta | 2 | 810 | 204.24 | 61.4 | % | 125.42 | 207.89 | 190.91 | 75.0 | % | 143.15 | 230.87 | (12.4 | %) | (10.0 | %) | |||||||||||||||||
Other | 9 | 3,007 | 285.03 | 65.7 | % | 187.28 | 289.56 | 287.76 | 65.1 | % | 187.34 | 285.72 | — | % | 1.3 | % | |||||||||||||||||
Domestic | 74 | 41,357 | 308.20 | 71.9 | % | 221.50 | 366.58 | 308.05 | 71.8 | % | 221.31 | 361.09 | 0.1 | % | 1.5 | % | |||||||||||||||||
International | 5 | 1,499 | 196.00 | 63.2 | % | 123.88 | 178.79 | 188.41 | 62.9 | % | 118.58 | 168.30 | 4.5 | % | 6.2 | % | |||||||||||||||||
All Locations | 79 | 42,856 | $ | 304.74 | 71.6 | % | $ | 218.09 | $ | 360.07 | $ | 304.37 | 71.5 | % | $ | 217.72 | $ | 354.40 | 0.2 | % | 1.6 | % |
___________
(1) | See the Notes to Financial Information for a discussion of comparable hotel operating statistics. Beginning in third quarter of 2024, we have separated the Oahu and Maui markets. CBD of a location refers to the central business district. 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. | |
(2) | Prior to our ownership of The Ritz Carlton O'ahu, Turtle Bay, golf revenues were recorded by the property based on gross sales. After our acquisition of the property in July 2024, the golf course operates under a lease agreement, under which we record rental income, resulting in lower total revenues when comparing to the periods prior to our ownership. | |
Results by Location - actual, based on ownership period(1)
As of September 30, | |||||||||||||||||||||||||||||||||
2024 | 2023 | Quarter ended September 30, 2024 | Quarter ended September 30, 2023 | ||||||||||||||||||||||||||||||
Location | No. of Properties | No. of Properties | 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 | |||||||||||||||||||||
Jacksonville | 1 | 1 | $ | 500.84 | 71.6 | % | $ | 358.59 | $ | 805.21 | $ | 479.33 | 69.2 | % | $ | 331.47 | $ | 726.78 | 8.2 | % | 10.8 | % | |||||||||||
Maui | 3 | 3 | 626.00 | 57.0 | % | 356.87 | 569.42 | 710.27 | 62.2 | % | 442.00 | 631.23 | (19.3 | %) | (9.8 | %) | |||||||||||||||||
Oahu | 2 | 1 | 386.23 | 82.6 | % | 318.97 | 462.52 | 220.44 | 97.3 | % | 214.45 | 246.44 | 48.7 | % | 87.7 | % | |||||||||||||||||
Miami | 2 | 2 | 366.49 | 59.2 | % | 216.89 | 414.64 | 377.39 | 50.3 | % | 189.66 | 358.25 | 14.4 | % | 15.7 | % | |||||||||||||||||
New York | 3 | 2 | 378.23 | 87.7 | % | 331.88 | 441.73 | 334.84 | 87.0 | % | 291.33 | 387.71 | 13.9 | % | 13.9 | % | |||||||||||||||||
Nashville | 2 | — | 335.61 | 80.5 | % | 270.28 | 435.21 | — | — | % | — | — | — | % | — | % | |||||||||||||||||
Phoenix | 3 | 3 | 269.17 | 54.5 | % | 146.75 | 374.60 | 263.79 | 59.6 | % | 157.18 | 368.20 | (6.6 | %) | 1.7 | % | |||||||||||||||||
Florida Gulf Coast | 5 | 5 | 332.00 | 57.0 | % | 189.13 | 403.96 | 328.97 | 58.5 | % | 192.44 | 384.90 | (1.7 | %) | 5.0 | % | |||||||||||||||||
Orlando | 2 | 2 | 312.21 | 60.3 | % | 188.39 | 426.35 | 309.53 | 64.9 | % | 200.78 | 419.73 | (6.2 | %) | 1.6 | % | |||||||||||||||||
San Diego | 3 | 3 | 305.38 | 84.2 | % | 257.27 | 455.83 | 295.59 | 83.5 | % | 246.81 | 441.94 | 4.2 | % | 3.1 | % | |||||||||||||||||
Los Angeles/Orange County | 3 | 3 | 303.51 | 81.9 | % | 248.54 | 369.47 | 314.25 | 85.9 | % | 269.85 | 375.29 | (7.9 | %) | (1.6 | %) | |||||||||||||||||
Boston | 2 | 2 | 301.09 | 84.4 | % | 253.98 | 316.86 | 273.06 | 83.8 | % | 228.75 | 291.12 | 11.0 | % | 8.8 | % | |||||||||||||||||
Washington, D.C. (CBD) | 5 | 5 | 261.33 | 69.0 | % | 180.29 | 265.21 | 244.50 | 71.5 | % | 174.94 | 248.36 | 3.1 | % | 6.8 | % | |||||||||||||||||
Philadelphia | 2 | 2 | 236.34 | 83.7 | % | 197.75 | 298.37 | 231.09 | 82.6 | % | 190.83 | 288.59 | 3.6 | % | 3.4 | % | |||||||||||||||||
Northern Virginia | 2 | 2 | 246.97 | 74.3 | % | 183.58 | 272.79 | 233.30 | 72.0 | % | 168.00 | 250.70 | 9.3 | % | 8.8 | % | |||||||||||||||||
Chicago | 3 | 3 | 284.56 | 79.3 | % | 225.77 | 302.96 | 253.34 | 79.5 | % | 201.35 | 280.27 | 12.1 | % | 8.1 | % | |||||||||||||||||
Seattle | 2 | 2 | 278.67 | 84.2 | % | 234.60 | 295.93 | 271.12 | 81.0 | % | 219.56 | 285.88 | 6.9 | % | 3.5 | % | |||||||||||||||||
San Francisco/San Jose | 6 | 6 | 221.47 | 71.4 | % | 158.03 | 224.25 | 241.34 | 72.8 | % | 175.71 | 241.07 | (10.1 | %) | (7.0 | %) | |||||||||||||||||
Austin | 2 | 2 | 206.04 | 60.4 | % | 124.50 | 226.42 | 225.87 | 59.0 | % | 133.29 | 242.58 | (6.6 | %) | (6.7 | %) | |||||||||||||||||
Houston | 5 | 5 | 207.33 | 66.6 | % | 138.07 | 189.00 | 191.21 | 66.3 | % | 126.73 | 172.15 | 8.9 | % | 9.8 | % | |||||||||||||||||
Denver | 3 | 3 | 212.74 | 82.1 | % | 174.65 | 252.81 | 204.48 | 79.9 | % | 163.34 | 235.48 | 6.9 | % | 7.4 | % | |||||||||||||||||
New Orleans | 1 | 1 | 161.65 | 68.4 | % | 110.53 | 180.91 | 147.45 | 58.9 | % | 86.87 | 133.83 | 27.2 | % | 35.2 | % | |||||||||||||||||
San Antonio | 2 | 2 | 201.02 | 56.3 | % | 113.14 | 179.56 | 194.04 | 53.5 | % | 103.87 | 167.34 | 8.9 | % | 7.3 | % | |||||||||||||||||
Atlanta | 2 | 2 | 193.10 | 62.3 | % | 120.29 | 182.01 | 182.03 | 75.0 | % | 136.49 | 210.62 | (11.9 | %) | (13.6 | %) | |||||||||||||||||
Other | 10 | 10 | 325.57 | 69.7 | % | 226.89 | 348.53 | 326.91 | 68.5 | % | 223.86 | 333.59 | 1.4 | % | 4.5 | % | |||||||||||||||||
Domestic | 76 | 72 | 293.06 | 71.6 | % | 209.71 | 336.55 | 284.23 | 71.7 | % | 203.67 | 319.19 | 3.0 | % | 5.4 | % | |||||||||||||||||
International | 5 | 5 | 206.99 | 67.6 | % | 140.02 | 183.91 | 199.27 | 65.7 | % | 130.95 | 174.16 | 6.9 | % | 5.6 | % | |||||||||||||||||
All Locations | 81 | 77 | $ | 290.24 | 71.4 | % | $ | 207.30 | $ | 331.32 | $ | 281.45 | 71.4 | % | $ | 201.08 | $ | 314.05 | 3.1 | % | 5.5 | % |
___________
(1) | Represents the results of the portfolio for the time period of our ownership, including the results of non-comparable properties, dispositions through their date of disposal and acquisitions beginning as of the date of acquisition. | |
Results by Location - actual, based on ownership period(1)
As of September 30, | |||||||||||||||||||||||||||||||||
2024 | 2023 | Year-to-date ended September 30, 2024 | Year-to-date ended September 30, 2023 | ||||||||||||||||||||||||||||||
Location | No. of Properties | No. of Properties | 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 | |||||||||||||||||||||
Jacksonville | 1 | 1 | $ | 527.92 | 74.2 | % | $ | 391.58 | $ | 876.65 | $ | 515.29 | 72.8 | % | $ | 375.31 | $ | 823.23 | 4.3 | % | 6.5 | % | |||||||||||
Maui | 3 | 3 | 658.69 | 59.3 | % | 390.76 | 639.14 | 716.28 | 69.5 | % | 497.61 | 758.00 | (21.5 | %) | (15.7 | %) | |||||||||||||||||
Oahu | 2 | 1 | 286.14 | 90.3 | % | 258.41 | 343.46 | 210.66 | 87.0 | % | 183.19 | 212.15 | 41.1 | % | 61.9 | % | |||||||||||||||||
Miami | 2 | 2 | 521.24 | 70.2 | % | 365.80 | 636.48 | 538.29 | 65.8 | % | 354.38 | 620.61 | 3.2 | % | 2.6 | % | |||||||||||||||||
New York | 3 | 2 | 347.40 | 83.0 | % | 288.45 | 406.46 | 323.10 | 81.6 | % | 263.58 | 375.42 | 9.4 | % | 8.3 | % | |||||||||||||||||
Nashville | 2 | — | 355.57 | 84.0 | % | 298.70 | 474.17 | — | — | % | — | — | — | % | — | % | |||||||||||||||||
Phoenix | 3 | 3 | 393.86 | 69.8 | % | 275.08 | 632.88 | 398.12 | 72.1 | % | 286.88 | 619.02 | (4.1 | %) | 2.2 | % | |||||||||||||||||
Florida Gulf Coast | 5 | 5 | 474.03 | 70.0 | % | 331.62 | 694.60 | 371.22 | 58.6 | % | 217.52 | 459.32 | 52.5 | % | 51.2 | % | |||||||||||||||||
Orlando | 2 | 2 | 363.77 | 68.3 | % | 248.43 | 527.80 | 369.46 | 71.4 | % | 263.81 | 533.70 | (5.8 | %) | (1.1 | %) | |||||||||||||||||
San Diego | 3 | 3 | 298.26 | 81.5 | % | 243.21 | 452.45 | 286.71 | 81.2 | % | 232.85 | 432.14 | 4.4 | % | 4.7 | % | |||||||||||||||||
Los Angeles/Orange County | 3 | 3 | 297.47 | 79.1 | % | 235.16 | 350.72 | 303.01 | 82.8 | % | 250.80 | 360.45 | (6.2 | %) | (2.7 | %) | |||||||||||||||||
Boston | 2 | 2 | 280.49 | 79.8 | % | 223.91 | 292.37 | 262.27 | 78.7 | % | 206.41 | 272.25 | 8.5 | % | 7.4 | % | |||||||||||||||||
Washington, D.C. (CBD) | 5 | 5 | 289.07 | 71.0 | % | 205.24 | 298.07 | 276.94 | 71.3 | % | 197.40 | 285.28 | 4.0 | % | 4.5 | % | |||||||||||||||||
Philadelphia | 2 | 2 | 233.93 | 80.5 | % | 188.37 | 286.45 | 230.17 | 80.1 | % | 184.43 | 285.52 | 2.1 | % | 0.3 | % | |||||||||||||||||
Northern Virginia | 2 | 2 | 255.73 | 73.0 | % | 186.80 | 287.34 | 241.35 | 70.5 | % | 170.04 | 256.35 | 9.9 | % | 12.1 | % | |||||||||||||||||
Chicago | 3 | 3 | 255.00 | 70.5 | % | 179.73 | 249.82 | 244.43 | 69.2 | % | 169.15 | 240.13 | 6.3 | % | 4.0 | % | |||||||||||||||||
Seattle | 2 | 2 | 254.22 | 70.5 | % | 179.21 | 239.04 | 242.11 | 69.1 | % | 167.33 | 226.93 | 7.1 | % | 5.3 | % | |||||||||||||||||
San Francisco/San Jose | 6 | 6 | 245.14 | 68.2 | % | 167.30 | 244.90 | 254.24 | 66.8 | % | 169.73 | 246.35 | (1.4 | %) | (0.6 | %) | |||||||||||||||||
Austin | 2 | 2 | 247.35 | 66.2 | % | 163.68 | 292.67 | 259.09 | 66.6 | % | 172.50 | 309.26 | (5.1 | %) | (5.4 | %) | |||||||||||||||||
Houston | 5 | 5 | 215.18 | 70.9 | % | 152.65 | 210.55 | 201.57 | 70.6 | % | 142.37 | 196.37 | 7.2 | % | 7.2 | % | |||||||||||||||||
Denver | 3 | 3 | 201.25 | 70.5 | % | 141.92 | 215.52 | 193.63 | 65.0 | % | 125.92 | 180.78 | 12.7 | % | 19.2 | % | |||||||||||||||||
New Orleans | 1 | 1 | 191.16 | 72.3 | % | 138.16 | 219.14 | 195.70 | 68.9 | % | 134.85 | 204.28 | 2.5 | % | 7.3 | % | |||||||||||||||||
San Antonio | 2 | 2 | 216.80 | 61.4 | % | 133.13 | 214.38 | 217.64 | 62.4 | % | 135.91 | 217.29 | (2.0 | %) | (1.3 | %) | |||||||||||||||||
Atlanta | 2 | 2 | 204.24 | 61.4 | % | 125.42 | 207.89 | 190.91 | 75.0 | % | 143.15 | 230.87 | (12.4 | %) | (10.0 | %) | |||||||||||||||||
Other | 10 | 10 | 312.71 | 65.8 | % | 205.79 | 317.66 | 322.01 | 65.5 | % | 210.89 | 320.75 | (2.4 | %) | (1.0 | %) | |||||||||||||||||
Domestic | 76 | 72 | 310.56 | 71.7 | % | 222.80 | 370.84 | 304.28 | 71.2 | % | 216.53 | 353.71 | 2.9 | % | 4.8 | % | |||||||||||||||||
International | 5 | 5 | 196.00 | 63.2 | % | 123.88 | 178.79 | 188.41 | 62.9 | % | 118.58 | 168.30 | 4.5 | % | 6.2 | % | |||||||||||||||||
All Locations | 81 | 77 | $ | 306.99 | 71.4 | % | $ | 219.32 | $ | 364.14 | $ | 300.61 | 70.9 | % | $ | 213.04 | $ | 347.14 | 2.9 | % | 4.9 | % |
___________
(1) | Represents the results of the portfolio for the time period of our ownership, including the results of non-comparable properties, dispositions through their date of disposal and acquisitions beginning as of the date of acquisition. | |
HOST HOTELS & RESORTS, INC. Schedule of Comparable Hotel Results (1) (unaudited, in millions, except hotel statistics) | |||||||||||||||
Quarter ended September 30, | Year-to-date ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Number of hotels | 79 | 79 | 79 | 79 | |||||||||||
Number of rooms | 42,856 | 42,856 | 42,856 | 42,856 | |||||||||||
Change in comparable hotel Total RevPAR | 3.1 | % | — | 1.6 | % | — | |||||||||
Change in comparable hotel RevPAR | 0.8 | % | — | 0.2 | % | — | |||||||||
Operating profit margin⁽²⁾ | 10.2 | % | 12.9 | % | 16.9 | % | 16.4 | % | |||||||
Comparable hotel EBITDA margin⁽²⁾ | 25.3 | % | 26.6 | % | 29.8 | % | 30.7 | % | |||||||
Food and beverage profit margin⁽²⁾ | 26.8 | % | 26.5 | % | 34.0 | % | 34.2 | % | |||||||
Comparable hotel food and beverage profit margin⁽²⁾ | 27.5 | % | 27.1 | % | 33.9 | % | 34.1 | % | |||||||
Net income | $ | 84 | $ | 113 | $ | 598 | $ | 618 | |||||||
Depreciation and amortization | 197 | 174 | 565 | 511 | |||||||||||
Interest expense | 59 | 48 | 156 | 142 | |||||||||||
Provision for income taxes | 6 | 15 | 20 | 27 | |||||||||||
Gain on sale of property and corporate level income/expense | (18 | ) | 10 | (51 | ) | (43 | ) | ||||||||
Property transaction adjustments⁽³⁾ | 4 | 26 | 42 | 66 | |||||||||||
Non-comparable hotel results, net⁽⁴⁾ | (3 | ) | (51 | ) | (69 | ) | (46 | ) | |||||||
Comparable hotel EBITDA⁽¹⁾ | $ | 329 | $ | 335 | $ | 1,261 | $ | 1,275 |
___________
(1) | See the Notes to Financial Information for a discussion of comparable hotel results, which are non-GAAP measures, and the limitations on their use. For additional information on comparable hotel EBITDA by location, see the Third Quarter 2024 Supplemental Financial Information posted on our website. | |
(2) | Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results: | |
Quarter ended September 30, 2024 | Quarter ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||||||
GAAP Results | Property transaction adjustments ⁽³⁾ | Non- comparable hotel results, net ⁽⁴⁾ | Depreciation and corporate level items | Comparable hotel Results | GAAP Results | Property transaction adjustments (3) | Non- comparable hotel results, net ⁽⁴⁾ | Depreciation and corporate level items | Comparable hotel Results | ||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||
Room | $ | 825 | $ | 10 | $ | (20 | ) | $ | — | $ | 815 | $ | 777 | $ | 50 | $ | (20 | ) | $ | — | $ | 807 | |||||||||||||||||
Food and beverage | 365 | 4 | (12 | ) | — | 357 | 328 | 19 | (11 | ) | — | 336 | |||||||||||||||||||||||||||
Other | 129 | 3 | (5 | ) | — | 127 | 109 | 11 | (4 | ) | — | 116 | |||||||||||||||||||||||||||
Total revenues | 1,319 | 17 | (37 | ) | — | 1,299 | 1,214 | 80 | (35 | ) | — | 1,259 | |||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||
Room | 216 | 3 | (5 | ) | — | 214 | 196 | 12 | (5 | ) | — | 203 | |||||||||||||||||||||||||||
Food and beverage | 267 | 4 | (12 | ) | — | 259 | 241 | 15 | (11 | ) | — | 245 | |||||||||||||||||||||||||||
Other | 508 | 6 | (17 | ) | — | 497 | 471 | 27 | (17 | ) | — | 481 | |||||||||||||||||||||||||||
Depreciation and amortization | 197 | — | — | (197 | ) | — | 174 | — | — | (174 | ) | — | |||||||||||||||||||||||||||
Corporate and other expenses | 25 | — | — | (25 | ) | — | 29 | — | — | (29 | ) | — | |||||||||||||||||||||||||||
Gain on insurance settlements | (29 | ) | — | — | 29 | — | (54 | ) | — | 49 | — | (5 | ) | ||||||||||||||||||||||||||
Total expenses | 1,184 | 13 | (34 | ) | (193 | ) | 970 | 1,057 | 54 | 16 | (203 | ) | 924 | ||||||||||||||||||||||||||
Operating Profit - Comparable hotel EBITDA | $ | 135 | $ | 4 | $ | (3 | ) | $ | 193 | $ | 329 | $ | 157 | $ | 26 | $ | (51 | ) | $ | 203 | $ | 335 | |||||||||||||||||
Year-to-date ended September 30, 2024 | Year-to-date ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||||||
GAAP Results | Property transaction adjustments ⁽³⁾ | Non- comparable hotel results, net ⁽⁴⁾ | Depreciation and corporate level items | Comparable hotel Results | GAAP Results | Property transaction adjustments (3) | Non- comparable hotel results, net ⁽⁴⁾ | Depreciation and corporate level items | Comparable hotel Results | ||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||
Room | $ | 2,563 | $ | 93 | $ | (91 | ) | $ | — | $ | 2,565 | $ | 2,447 | $ | 136 | $ | (33 | ) | $ | — | $ | 2,550 | |||||||||||||||||
Food and beverage | 1,285 | 39 | (67 | ) | — | 1,257 | 1,174 | 52 | (15 | ) | — | 1,211 | |||||||||||||||||||||||||||
Other | 408 | 22 | (17 | ) | — | 413 | 367 | 30 | (7 | ) | — | 390 | |||||||||||||||||||||||||||
Total revenues | 4,256 | 154 | (175 | ) | — | 4,235 | 3,988 | 218 | (55 | ) | — | 4,151 | |||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||
Room | 632 | 23 | (17 | ) | — | 638 | 590 | 33 | (8 | ) | — | 615 | |||||||||||||||||||||||||||
Food and beverage | 848 | 32 | (49 | ) | — | 831 | 773 | 42 | (18 | ) | — | 797 | |||||||||||||||||||||||||||
Other | 1,528 | 57 | (59 | ) | — | 1,526 | 1,427 | 77 | (32 | ) | — | 1,472 | |||||||||||||||||||||||||||
Depreciation and amortization | 565 | — | — | (565 | ) | — | 511 | — | — | (511 | ) | — | |||||||||||||||||||||||||||
Corporate and other expenses | 81 | — | — | (81 | ) | — | 90 | — | — | (90 | ) | — | |||||||||||||||||||||||||||
Gain on insurance settlements | (116 | ) | — | 19 | 76 | (21 | ) | (57 | ) | — | 49 | — | (8 | ) | |||||||||||||||||||||||||
Total expenses | 3,538 | 112 | (106 | ) | (570 | ) | 2,974 | 3,334 | 152 | (9 | ) | (601 | ) | 2,876 | |||||||||||||||||||||||||
Operating Profit - Comparable hotel EBITDA | $ | 718 | $ | 42 | $ | (69 | ) | $ | 570 | $ | 1,261 | $ | 654 | $ | 66 | $ | (46 | ) | $ | 601 | $ | 1,275 |
(3) | Property transaction adjustments represent the following items: (i) the elimination of results of operations of hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. | |
(4) | Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable. | |
HOST HOTELS & RESORTS, INC. Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre (1) (unaudited, in millions) | |||||||||||||||
Quarter ended September 30, | Year-to-date ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net income | $ | 84 | $ | 113 | $ | 598 | $ | 618 | |||||||
Interest expense | 59 | 48 | 156 | 142 | |||||||||||
Depreciation and amortization | 197 | 174 | 565 | 511 | |||||||||||
Income taxes | 6 | 15 | 20 | 27 | |||||||||||
EBITDA | 346 | 350 | 1,339 | 1,298 | |||||||||||
Gain on dispositions⁽²⁾ | — | — | — | (69 | ) | ||||||||||
Equity investment adjustments: | |||||||||||||||
Equity in (earnings) losses of affiliates | (2 | ) | 4 | (12 | ) | (7 | ) | ||||||||
Pro rata EBITDAre of equity investments(3) | 9 | 7 | 32 | 29 | |||||||||||
EBITDAre | 353 | 361 | 1,359 | 1,251 | |||||||||||
Adjustments to EBITDAre: | |||||||||||||||
Gain on property insurance settlement | (29 | ) | — | (76 | ) | — | |||||||||
Adjusted EBITDAre | $ | 324 | $ | 361 | $ | 1,283 | $ | 1,251 |
___________
(1) | See the Notes to Financial Information for discussion of non-GAAP measures. | |
(2) | Reflects the sale of one hotel in 2023. | |
(3) | Unrealized gains of our unconsolidated investments are not recognized in our EBITDAre, Adjusted EBITDAre, NAREIT FFO or Adjusted FFO until they have been realized by the unconsolidated partnership. | |
HOST HOTELS & RESORTS, INC. Reconciliation of Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share (1) (unaudited, in millions, except per share amounts) | |||||||||||||||
Quarter ended September 30, | Year-to-date ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net income | $ | 84 | $ | 113 | $ | 598 | $ | 618 | |||||||
Less: Net income attributable to non-controlling interests | (2 | ) | (2 | ) | (9 | ) | (10 | ) | |||||||
Net income attributable to Host Inc. | 82 | 111 | 589 | 608 | |||||||||||
Adjustments: | |||||||||||||||
Gain on dispositions⁽²⁾ | — | — | — | (69 | ) | ||||||||||
Gain on property insurance settlement | (29 | ) | — | (76 | ) | — | |||||||||
Depreciation and amortization | 197 | 174 | 564 | 510 | |||||||||||
Equity investment adjustments: | |||||||||||||||
Equity in (earnings) losses of affiliates | (2 | ) | 4 | (12 | ) | (7 | ) | ||||||||
Pro rata FFO of equity investments(3) | 5 | 4 | 18 | 20 | |||||||||||
Consolidated partnership adjustments: | |||||||||||||||
FFO adjustment for non-controlling partnerships | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||
FFO adjustments for non-controlling interests of Host L.P. | (2 | ) | (2 | ) | (7 | ) | (6 | ) | |||||||
NAREIT FFO | 250 | 290 | 1,075 | 1,055 | |||||||||||
Adjustments to NAREIT FFO: | |||||||||||||||
Loss on debt extinguishment | — | — | — | 4 | |||||||||||
Adjusted FFO | $ | 250 | $ | 290 | $ | 1,075 | $ | 1,059 | |||||||
For calculation on a per share basis:⁽⁴⁾ | |||||||||||||||
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO | 702.4 | 711.9 | 704.7 | 713.6 | |||||||||||
Diluted earnings per common share | $ | 0.12 | $ | 0.16 | $ | 0.84 | $ | 0.85 | |||||||
NAREIT FFO per diluted share | $ | 0.36 | $ | 0.41 | $ | 1.53 | $ | 1.48 | |||||||
Adjusted FFO per diluted share | $ | 0.36 | $ | 0.41 | $ | 1.53 | $ | 1.48 |
___________
(1-3) | Refer to the corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre. | |
(4) | Diluted earnings per common share, NAREIT FFO per diluted share and Adjusted FFO per diluted share are adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP units held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partner interests to common OP units. No effect is shown for securities if they are anti-dilutive. | |
HOST HOTELS & RESORTS, INC. Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2024 Forecasts (1) (unaudited, in millions) | |||
Full Year 2024 | |||
Net income | $ | 687 | |
Interest expense | 216 | ||
Depreciation and amortization | 755 | ||
Income taxes | 21 | ||
EBITDA | 1,679 | ||
Equity investment adjustments: | |||
Equity in earnings of affiliates | (12 | ) | |
Pro rata EBITDAre of equity investments | 39 | ||
EBITDAre | 1,706 | ||
Adjustments to EBITDAre: | |||
Gain on property insurance settlement | (76 | ) | |
Adjusted EBITDAre | $ | 1,630 |
Full Year 2024 | |||
Net income | $ | 687 | |
Less: Net income attributable to non-controlling interests | (10 | ) | |
Net income attributable to Host Inc. | 677 | ||
Adjustments: | |||
Gain on property insurance settlement | (76 | ) | |
Depreciation and amortization | 753 | ||
Equity investment adjustments: | |||
Equity in earnings of affiliates | (12 | ) | |
Pro rata FFO of equity investments | 21 | ||
Consolidated partnership adjustments: | |||
FFO adjustment for non-controlling partnerships | (1 | ) | |
FFO adjustment for non-controlling interests of Host LP | (9 | ) | |
NAREIT and Adjusted FFO | $ | 1,353 | |
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO | 702.8 | ||
Diluted earnings per common share | $ | 0.96 | |
NAREIT and Adjusted FFO per diluted share | $ | 1.92 |
_______________
(1) | The Forecasts are based on the below assumptions: | ||||
• | Comparable hotel RevPAR will be approximately flat compared to 2023 for the full year forecast, based on a continued recovery in Maui and steady demand trends in the fourth quarter. | ||||
• | Comparable hotel EBITDA margins will decrease approximately 90 basis points compared to 2023 for the full year forecasted comparable hotel RevPAR. | ||||
• | We expect to spend approximately | ||||
• | Assumes no additional acquisitions and no dispositions during the year. | ||||
• | Includes the final settlement for insurance proceeds related to Hurricane Ian and the Maui wildfires, and we are not assuming any additional gains on insurance settlements this year. | ||||
For a discussion of items that may affect forecast results, see the Notes to Financial Information. |
HOST HOTELS & RESORTS, INC. Schedule of Comparable Hotel Results for Full Year 2024 Forecasts (1)(2) (unaudited, in millions) | |||
Full Year 2024 | |||
Operating profit margin(3) | 15.2 | % | |
Comparable hotel EBITDA margin(3) | 29.0 | % | |
Net income | $ | 687 | |
Depreciation and amortization | 755 | ||
Interest expense | 216 | ||
Provision for income taxes | 21 | ||
Gain on sale of property and corporate level income/expense | (23 | ) | |
Property transaction adjustments | 42 | ||
Non-comparable hotel results, net(4) | (104 | ) | |
Comparable hotel EBITDA(1) | $ | 1,594 |
___________
(1) | See "Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2024 Forecasts" for other forecast assumptions. | |
(2) | Forecast comparable hotel results include 78 hotels (of our 81 hotels owned at September 30, 2024) that we have assumed will be classified as comparable as of December 31, 2024. See footnote (4) for details on our non-comparable hotel results. | |
(3) | Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results: | |
Full Year 2024 | |||||||||||||||||||
Adjustments | |||||||||||||||||||
GAAP Results | Property transaction adjustments | Non-comparable hotel results, net | Depreciation and corporate level items | Comparable hotel Results | |||||||||||||||
Revenues |