Host Hotels & Resorts, Inc. · NASDAQ:HST
Host Hotels & Resorts — Q4 2024 Earnings Presentation
46 slides from Host Hotels & Resorts's earnings presentation, Feb 20, 2025
Slide 1: Supplemental Financial Information
Supplemental Financial Information DECEMBER 31, 2024 FOUR SEASONS RESORT AND RESIDENCES JACKSON HOLE
Slide 2: Table of Contents
TABLE OF CONTENTS 3 OVERVIEW About Host Hotels & Resorts 4 Analyst Coverage 5 Forward-Looking Statements 6 Non-GAAP Financial Measures 6 7 PROPERTY LEVEL DATA AND CORPORATE MEASURES Comparable Hotel Results by Location 8 Top 40 Hotels by Total RevPAR 16 Historical Comparable Hotel Results 18 Compara
Slide 3: Overview
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION HOST HOTELS & RESORTS CORPORATE HEADQUARTERS
Slide 4: About Host Hotels & Resorts
BAKER'S CAY RESORT KEY LARGO, CURIO COLLECTION BY HILTON About Host Hotels & Resorts PREMIER U.S. LODGING REIT S&P $12.4 $17.2 500 BILLION BILLION COMPANY MARKET CAP(1) ENTERPRISE VALUE(1) LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2) 81 43,400 21 HOTELS ROOMS TOP U.S. MARKETS (1) Based on
Slide 5: Analyst Coverage
Analyst Coverage BAIRD GREEN STREET ADVISORS STIFEL, NICOLAUS & CO. Mike Bellisario Chris Darling Simon Yarmak 414-298-6130 949-640-8780 443-224-1345 mbellisario@rwbaird.com cdarling@greenst.com yarmaks@stifel.com BOFA SECURITIES, INC. HSBC SECURITIES (USA) INC. TRUIST Shaun Kelley Meredith Jensen C
Slide 6: Overview
Overview ABOUT HOST HOTELS & RESORTS 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
Slide 7: Property Level Data and Corporate Measures
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION 7 © Host Hotels & Resorts, Inc. 1 HOTEL NASHVILLE
Slide 8: Comparable Hotel Results by Location (Q4 2024)
Comparable Hotel Results by Location (1) (unaudited, in millions, except hotel statistics and per room basis) Quarter ended December 31, 2024 Average Total Revenues No. of No. of Average Occupancy per Available Hotel Net Location Properties Rooms Room Rate Percentage RevPAR Total revenues Room Incom
Slide 9: Comparable Hotel Results by Location
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Quarter ended December 31, 2024 No. of No. of Hotel Net Income Plus: Interest Equals: Hotel Location Properties Rooms (Loss) Plus: Depreciation Expense Plus: Income Tax EBITDA Maui 3 1,580 $ 4.6
Slide 10: Comparable Hotel Results by Location (Q4 2023)
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Quarter ended December 31, 2023 Average Total Revenues No. of No. of Average Occupancy per Available Hotel Net Location Properties Rooms Room Rate Percentage RevPAR Total revenues Room Income (L
Slide 11: Comparable Hotel Results by Location
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Quarter ended December 31, 2023 Plus: Property No. of No. of Hotel Net Income Plus: Plus: Interest Transaction Equals: Hotel Location Properties Rooms (Loss) Depreciation Expense Plus: Income Ta
Slide 12: Comparable Hotel Results by Location (FY2024)
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Year ended December 31, 2024 Average Total Revenues No. of No. of Average Occupancy per Available Hotel Net Location Properties Rooms Room Rate Percentage RevPAR Total revenues Room Income (Loss
Slide 13: Comparable Hotel Results by Location
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Year ended December 31, 2024 Plus: Property No. of No. of Hotel Net Income Plus: Plus: Interest Transaction Equals: Hotel Location Properties Rooms (Loss) Depreciation Expense Plus: Income Tax A
Slide 14: Comparable Hotel Results by Location (FY2023)
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Year ended December 31, 2023 Average Total Revenues No. of No. of Average Occupancy per Available Hotel Net Location Properties Rooms Room Rate Percentage RevPAR Total revenues Room Income (Loss
Slide 15: Comparable Hotel Results by Location
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Year ended December 31, 2023 Plus: Property No. of No. of Hotel Net Income Plus: Plus: Interest Transaction Equals: Hotel Location Properties Rooms (Loss) Depreciation Expense Plus: Income Tax A
Slide 16: Top 40 Hotels by Total RevPAR for Year Ended December 31, 2024
Top 40 Hotels by Total RevPAR for Year Ended December 31, 2024 (unaudited, in millions, except hotel statistics and per room basis) Year ended December 31, 2024 Average Total Revenues No. of Average Occupancy per Available Hotel Net Income Hotel Location Rooms Room Rate Percentage RevPAR Total reven
Slide 17: Top 40 Hotels Reconciliation from Hotel Net Income to Hotel EBITDA
Top 40 Hotels by Total RevPAR Reconciliation from Hotel Net Income (Loss) to Hotel EBITDA and EBITDAre (unaudited, in millions, except hotel statistics and per room basis) Year ended December 31, 2024 Plus: Plus: No. of Hotel Net Plus: Plus: Interest Plus: Income Plus: Equity Acquisition Transition
Slide 18: Historical Comparable Hotel Results with 2025 Comparable Hotel Set
Historical Comparable Hotel Results with 2025 Comparable Hotel Set (unaudited, in millions, except hotel statistics) Historical Comparable Hotel Metrics (1) 2025 Comparable Hotel Set (3) Three Months Ended Three Months Ended Three Months Ended Three Months Ended Year Ended December March 31, 2024 Ju
Slide 19: Historical Comparable Hotel Results with 2025 Comparable Hotel Set (cont.)
Historical Comparable Hotel Results with 2025 Comparable Hotel Set (cont.) (unaudited, in millions, except hotel statistics) Historical Comparable Hotel EBITDA (1)(2) 2025 Comparable Hotel Set (3) Three Months Ended Three Months Ended Three Months Ended Three Months Ended Year Ended December March 3
Slide 20: Comparable Hotel Results 2025 Forecast and Full Year 2024
Comparable Hotel Results 2025 Forecast and Full Year 2024 (unaudited, in millions, except hotel statistics) 2025 Comparable Hotel Set 2025 Forecast(1) 2024 Number of hotels 79 79 Number of rooms 42,982 42,982 Comparable hotel Total RevPAR $ 370.73 $ 363.79 Comparable hotel RevPAR $ 222.74 $ 219.49 O
Slide 21: Comparable Hotel Results 2025 Forecast and Full Year 2024 (cont.)
Comparable Hotel Results 2025 Forecast and Full Year 2024 (cont.) (unaudited, in millions) Forecast Year ended December 31, 2025 Year ended December 31, 2024 Adjustments Adjustments Non- Non- comparable Depreciation Property comparable Depreciation hotel results, Condominium and corporate Comparable
Slide 22: Reconciliation of Net Income to EBITDA and FFO for 2025 Forecasts
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 2025 Forecasts (unaudited, in millions, except per share amounts) Full Year 2025 Mid-point Net income $ 516 Intere
Slide 23: Ground Lease Summary as of December 31, 2024
Ground Lease Summary as of December 31, 2024 As of December 31, 2024 Lessor Institution Expiration after all No. of rooms Type Minimum rent Current expiration potential options (1) 1 Boston Marriott Copley Place 1,145 Public N/A (2) 12/31/2123 12/31/2123 2 Coronado Island Marriott Resort & Spa 300 P
Slide 24: Capitalization
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION SAN FRANCISCO MARRIOTT MARQUIS
Slide 25: Comparative Capitalization
Comparative Capitalization (in millions, except security pricing and per share amounts) As of As of As of As of As of December 31, September 30, June 30, March 31, December 31, Shares/Units 2024 2024 2024 2024 2023 Common shares outstanding 699.1 699.0 702.3 705.0 703.6 Common shares outstanding ass
Slide 26: Consolidated Debt Summary
Consolidated Debt Summary (in millions) Debt Senior debt Rate Maturity date December 31, 2024 December 31, 2023 Series E 4% 6/2025 $ 500 $ 499 Series F 4 ½% 2/2026 399 399 Series G 3 ⅞% 4/2024 — 400 Series H 3 ⅜% 12/2029 644 643 Series I 3 ½% 9/2030 740 738 Series J 2.9% 12/2031 442 441 Series K 5.7
Slide 27: Consolidated Debt Maturity as of December 31, 2024
Consolidated Debt Maturity as of December 31, 2024 (in millions) $1,000 $750 Debt Balance (in Millions) 90 $500 750 700 650 600 $250 500 500 500 450 400 $0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Senior Notes Term Loan (1) Mortgage and Other Debt (2) (1) The first term loan that is du
Slide 28: Financial Covenants
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION 1 HOTEL SOUTH BEACH
Slide 29: Credit Facility and Senior Notes Financial Performance Tests
Financial Covenants: Credit Facility and Senior Notes Financial Performance Tests (unaudited, in millions, except ratios) On January 4, 2023, we amended our Credit Facility agreement. The covenant requirements are consistent with previous amendment covenant levels: Leverage Ratio Maximum 7.25x Fixed
Slide 30: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio
Financial Covenants: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our leverage ratio using GAAP measures and as used in the financial covenants of the credit facility. Leverage Ratio pe
Slide 31: Reconciliation of GAAP Interest Coverage Ratio to Unsecured Interest Coverage Ratio
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our unsecured interest coverage ratio using GAAP measures and as used in the financial cove
Slide 32: Reconciliation of GAAP Interest Coverage to Fixed Charge Coverage Ratio
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our GAAP Interest coverage ratio and our fixed charge coverage ratio as used in the financial cov
Slide 33: Reconciliation of GAAP Indebtedness Test to Senior Notes Indebtedness Test
Financial Covenants: Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test ` (unaudited, in millions, except ratios) The following tables present the calculation of our total indebtedness to total assets using GAAP measures and as used in the financial covenants of our
Slide 34: Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Test
Financial Covenants: Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test (unaudited, in millions, except ratios) The following table presents the calculation of our secured indebtedness using GAAP measures and as used in the financial covenants of our
Slide 35: Reconciliation of GAAP Interest Coverage to EBITDA-to-Interest Coverage Ratio
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our interest coverage ratio using our GAAP measures and as used in the financial cov
Slide 36: Reconciliation of GAAP Assets to Indebtedness to Unencumbered Assets Test
Financial Covenants: Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test (unaudited, in millions, except ratios) The following tables present the calculation of our total assets to total debt using GAAP measures and unencumbered asset
Slide 37: Notes to Supplemental Financial Information
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION GRAND HYATT WASHINGTON
Slide 38: Notes to Supplemental Financial Information: Forecasts
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION FORECASTS Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and comparable hotel results are forward-looking statements and are not guarantees of future performance and in
Slide 39: Comparable Hotel Operating Statistics and Results
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS (continued) Of the 81 hotels that we owned as of December 31, 2024, 78 have been classified as comparable hotels. The operating results of the following properties that we owned as of December 31, 2024 are
Slide 40: Non-GAAP Financial Measures (continued)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) We believe that NAREIT FFO per diluted share is a useful supplemental measure of our operating performance and that the presentation of NAREIT FFO per diluted share, when combined with the primary GAAP presentation o
Slide 41: Non-GAAP Financial Measures (continued)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) • Effective January 1, 2025, we will exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash transaction and the add back is consistent with the calculation of Adjusted EBITDA
Slide 42: Non-GAAP Financial Measures (continued)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regar
Slide 43: Limitations on the Use of NAREIT FFO, EBITDA and Adjusted EBITDAre
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) LIMITATIONS ON THE USE OF NAREIT FFO PER DILUTED SHARE, ADJUSTED FFO PER DILUTED SHARE, EBITDA, EBITDAre AND ADJUSTED EBITDAre We calculate EBITDAre and NAREIT FFO per diluted share in accordance with standards estab
Slide 44: Comparable Hotel Property Level Operating Results
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) COMPARABLE HOTEL PROPERTY LEVEL OPERATING RESULTS We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a comparable
Slide 45: Credit Facility Leverage, Unsecured Interest Coverage and Fixed Charge Ratios
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) CREDIT FACILITY – LEVERAGE, UNSECURED INTEREST COVERAGE AND CONSOLIDATED FIXED CHARGE COVERAGE RATIOS Host’s credit facility contains certain financial covenants, including allowable leverage, unsecured interest cove
Slide 46: Limitations on Credit Facility and Senior Notes Credit Ratios
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) LIMITATIONS ON CREDIT FACILITY AND SENIOR NOTES CREDIT RATIOS These metrics are useful in evaluating the Company’s compliance with the covenants contained in its credit facility and senior notes indentures. However,
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