Business
Host Hotels & Resorts, Inc. Reports Results for 2019
BETHESDA, Md., Feb. 19, 2020 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NYSE: HST) (the “Company”), the nation’s largest lodging real estate investment
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"BETHESDA, Md., Feb. 19, 2020 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NYSE: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for the fourth quarter and the full year.\n Operating Results(unaudited, in millions, except per share and hotel statistics) Quarter ended December 31, Percent Year ended December 31, Percent 2019 2018 Change 2019 2018 Change Revenues$1,334 $1,361 (2.0)% $5,469 $5,524 (1.0)%Comparable hotel revenues (1) 1,110 1,090 1.9% 4,397 4,356 0.9%Net income 81 306 (73.5)% 932 1,151 (19.0)%EBITDAre (1) 355 372 (4.6)% 1,538 1,562 (1.5)%Adjusted EBITDAre (1) 355 372 (4.6)% 1,534 1,562 (1.8)%Comparable hotel Total RevPAR - 292.39 287.05 1.9% 291.94 289.08 1.0%Constant US$Comparable hotel RevPAR - 179.22 179.32 (0.1)% 183.59 184.78 (0.6)%Constant US$ Diluted earnings per common share 0.11 0.41 (73.2)% 1.26 1.47 (14.3)%NAREIT FFO per diluted share (1) 0.33 0.43 (23.3)% 1.7 1.77 (4.0)%Adjusted FFO per diluted share (1) 0.41 0.43 (4.7)% 1.78 1.77 0.6% *Additional detail on the Company’s results, including data for 22 domestic markets and top 40 hotels by RevPAR, is available in the Year End 2019 Supplemental Financial Information available on the Company’s website at www.hosthotels.com. _______________________ (1) NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel results 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. 2019 Highlights Increased comparable hotel Total RevPAR by 1.9% for the quarter and 1.0% for the full year, on a constant dollar basis.Repurchased approximately 35 million shares for $609 million from May 2019 through February 18, 2020.Executed $1.3 billion of strategic asset sales by capitalizing on a favorable transaction market to sell 14 properties with relatively lower Total RevPAR and higher capital expenditure requirements.Acquired the 1 Hotel South Beach, Miami for $610 million. The iconic resort ranks amo...