Business
Host Hotels & Resorts, Inc. Reports Results for Third Quarter 2021
Continued Quarterly Revenue Growth and Sequentially Improved Operations; Exited Credit Facility Covenant Waiver - Three Quarters Ahead of its Expiration;
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"Continued Quarterly Revenue Growth and Sequentially Improved Operations; Exited Credit Facility Covenant Waiver - Three Quarters Ahead of its Expiration; Successful Execution of Capital Allocation Strategy - Acquisition of Alila Ventana Big Sur and Disposition of Five Assets\nBETHESDA, Md., Nov. 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 third quarter 2021. Operating Results (unaudited, in millions, except per share and hotel statistics) Quarter ended September 30, Percent Change Percent Change Year-to-date ended September 30, Percent Change Percent Change 2021 2020 vs. Q3 2020 vs. Q3 2019⁽²⁾ 2021 2020 vs. YTD 2020 vs. YTD 2019⁽²⁾ Revenues$844 $198 326.3% (33.1)% $1,892 $1,353 39.8% (54.2)%All owned hotel revenues (pro forma)⁽¹⁾ 853 220 287.7% (32.0)% 1,978 1,429 38.4% (51.5)%All owned hotel (pro forma) Total RevPAR - Constant US$ 194.82 50.15 288.5% (32.3)% 152.19 109.72 38.7% (51.7)%All owned hotel (pro forma) RevPAR - Constant US$ 129.14 31.71 307.3% (31.3)% 99.68 65.82 51.5% (49.6)% Quarter ended September 30, Percent Year-to-date ended September 30, Percent 2021 2020 Change 2021 2020 Change Net loss (120) (316) 62.0% $(334) $(675) 50.5% EBITDAre(1) 179 (154) N/M 295 (180) N/M Adjusted EBITDAre(1) 177 (111) N/M 290 (136) N/M Diluted loss per common share (0.17) (0.44) 61.4% (0.47) (0.95) 50.5% NAREIT FFO per diluted share⁽¹⁾ 0.20 (0.21) N/M 0.33 (0.25) N/M Adjusted FFO per diluted share⁽¹⁾ 0.20 (0.11) N/M 0.33 (0.14) N/M * Additional detail on the Company’s results, including data for 21 domestic markets, is available in the Third Quarter 2021 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 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)Presen...