Host Hotels & Resorts, Inc. · NASDAQ:HST
Host Hotels & Resorts — Q1 2021 Earnings Presentation
37 slides from Host Hotels & Resorts's earnings presentation, May 4, 2021
Slide 1: Supplemental Financial Information March 31, 2021
Supplemental Financial Information MARCH 31, 2021 Exhibit 99.2
Slide 2: Table of Contents
TABLE OF CONTENTS PROPERTY LEVEL DATA (CAPITALIZATION Hoa win Suspendd Onerations NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION ‘lLOuned Hote! Poo Forma Opsesting Siatshes and Ress ‘Non-GAAP Financial Measures
Slide 3: Overview
OVERVIEW PROPERTY LEVEL DATA CAPITALIZATION COVID-19 DATA NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION 3
Slide 4: About Host Hotels & Resorts
About host Hotels & Resorts 4 Premier US LODGING REIT LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2) Based on market cap as of March 31, 2021. See Comparative Capitalization for calculation. At May 4, 2021.
Slide 5: Analyst Coverage
5 Analyst Coverage The Company is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of the Company or its management. The Com
Slide 6: About Host Hotels & Resorts
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 REIT that owns hotel properties. We conduct our operations as an umbrella partnership real estate investment trust through an operating partners
Slide 7: Comparable hotel presentation suspended; pro forma basis
To facilitate a quarter-to-quarter comparison of our operations, we typically present certain operating statistics (i.e., Total RevPAR, RevPAR, average daily rate and average occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in this s
Slide 8: Property Level Data
Overview Property level data capitalization Covid-19 data NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION 8
Slide 9: All Owned Hotels (Pro Forma) Results by Location
All owned Hotels (pro forma) Results by Location in Nominal US$ (unaudited, in millions, except hotel statistics and per room basis) RevPAR is the product of the average daily room rate charged and the average daily occupancy achieved. Total Revenues per Available Room (“Total RevPAR”) is a summary
Slide 10: All Owned Hotels (Pro Forma) Results by Location
All owned Hotels (pro forma) results by Location in Nominal US$ 10 (unaudited, in millions, except hotel statistics and per room basis) Other property level includes certain ancillary revenues. Pro forma adjustments represent the following items: (i) the elimination of results of operations of our s
Slide 11: All Owned Hotels (Pro Forma) Results by Location
All owned Hotels (pro forma) results by Location in Nominal US$ 11 (unaudited, in millions, except hotel statistics and per room basis) Other property level includes certain ancillary revenues. Pro forma adjustments represent the following items: (i) the elimination of results of operations of our s
Slide 12: Capitalization
Overview Property level data Capitalization COVID-19 Data NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION 12
Slide 13: Comparative Capitalization
Comparative Capitalization (in millions, except security pricing and per share amounts) 13 Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, there were 7.2 million
Slide 14: Consolidated Debt Summary
Consolidated Debt Summary 14 (in millions) The interest rate shown is the rate of the outstanding credit facility revolver borrowings at March 31, 2021, based on LIBOR plus 150 basis points. Depending on Host L.P.’s unsecured long-term debt rating, interest on revolver borrowings is equal to LIBOR p
Slide 15: Consolidated Debt Maturity as of March 31, 2021
Consolidated Debt Maturity as of March 31, 2021 15 The term loan and revolver under our credit facility that are due in 2024 have extension options that would extend maturity of both instruments to 2025, subject to meeting certain conditions, including payment of a fee.
Slide 16: Ground Lease Summary as of December 31, 2020
Ground Lease Summary as of December 31, 2020 16 Exercise of Host’s option to extend is subject to certain conditions, including the existence of no defaults and subject to any applicable rent escalation or rent re-negotiation provisions. All rental payments have been previously paid and no further r
Slide 17: Property Transactions
Property TRANSACTIONS 17 The tables include 14 properties sold in 2019, one property sold in 2020, and two properties acquired in 2021, through May 4, 2021. 2019 sales use trailing twelve-month results from disposition date, while 2020 sales and 2021 acquisitions use full year 2019 results. Due to t
Slide 18: Historical Pro Forma Results
HISTORICAL PRO-FORMA RESULTS 18 Historical Pro forma Hotel Metrics (1) (2) Historical Pro Forma Hotel Revenues (1) (2) Historical Pro forma Adjusted EBITDAre (1) (2)
Slide 19: Historical Pro Forma Results Cont.
HISTORICAL PRO FORMA RESULTS CONT. 19 Historical All Owned Hotels Pro Forma EBITDA(1) (2) The tables above include pro forma adjustments for one property acquired in 2021, one property sold in 2020, 14 properties sold in 2019 and one property acquired in 2019. Pro forma results represent adjustments
Slide 20: COVID-19 Data
Overview Property Level Data Capitalization COVID-19 Data NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION 20
Slide 21: Credit Facility Amendments
Credit Facility Amendments(1) 21 We have completed two amendments to our credit facility agreement since June 2020. The foregoing reflects the combined terms of the Amendments, but does not purport to be a complete description of the terms of the Amendments and such description is qualified in its e
Slide 22: Financial Covenants: Credit Facility and Senior Notes Financial Performance Tests
financial Covenants: Credit Facility and Senior Notes Financial Performance Tests 22 (unaudited, in millions, except ratios) The following tables present the financial performance tests for our credit facility and senior notes: Covenant ratios are calculated using Host’s credit facility definitions
Slide 23: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio
Financial covenants: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio 23 (unaudited, in millions, except ratios) The following table presents the calculation of our leverage ratio as used in the financial covenants of the credit facility: The following presents the reconciliat
Slide 24: 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 24 (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 c
Slide 25: Reconciliation of GAAP Interest Coverage Ratio to Fixed Charge Coverage Ratio
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio 25 (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
Slide 26: Reconciliation of GAAP Indebtedness Test to Senior Notes Indebtedness Test
Financial Covenants: Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test 26 (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 ou
Slide 27: 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 27 (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
Slide 28: Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Coverage Ratio
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio 28 (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
Slide 29: Reconciliation of GAAP Assets to Indebtedness Test to Unencumbered Assets Test
Financial Covenants: Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test 29 (unaudited, in millions, except ratios) The following tables present the calculation of our total assets to total debt using GAAP measures and unencumbered as
Slide 30: Hotels with Suspended Operations
Hotels with Suspended Operations 30 The following table consists of hotels with suspended operations as of May 4, 2021:
Slide 31: Notes to Supplemental Financial Information
Overview Property level data capitalization Covid-19 data NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION 31
Slide 32: All Owned Hotel Pro Forma Operating Statistics and Results
All Owned Hotel Pro Forma Operating Statistics and Results To facilitate a quarter-to-quarter comparison of our operations, we typically present certain operating statistics (i.e., Total RevPAR, RevPAR, average daily rate and average occupancy) and operating results (revenues, expenses, hotel EBITDA
Slide 33: Non-GAAP Financial Measures: EBITDAre and Adjusted EBITDAre
Non-GAAP financial measures (continued) EBITDAre and Adjusted EBITDAre We present EBITDAre in accordance with NAREIT guidelines, as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate,” to provide an additional performance measure
Slide 34: Limitations on the Use of EBITDA, EBITDAre, Adjusted EBITDAre and NOI
Non-GAAP financial measures (continued) Limitations on the Use of EBITDA, EBITDAre, Adjusted EBITDAre and NOI EBITDA, EBITDAre, Adjusted EBITDAre, and NOI, as presented, may not be comparable to measures calculated by other companies. We calculate EBITDAre in accordance with standards established by
Slide 35: Hotel Property Level Operating Results
Non-GAAP financial measures (continued) 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 hotel-level pro forma basis as supplemental information for our i
Slide 36: Credit Facility Leverage, Unsecured Interest Coverage and Fixed Charge Coverage Ratios
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 coverage and fixed charge ratios, which are dete
Slide 37: Limitations on Credit Facility and Senior Notes Credit Ratios
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, because of the various adjustments taken to
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