{"id":522574,"date":"2021-08-03T16:33:15","date_gmt":"2021-08-03T20:33:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/host-hotels-resorts-inc-reports-results-for-second-quarter-2021\/"},"modified":"2021-08-03T16:33:15","modified_gmt":"2021-08-03T20:33:15","slug":"host-hotels-resorts-inc-reports-results-for-second-quarter-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/host-hotels-resorts-inc-reports-results-for-second-quarter-2021\/","title":{"rendered":"Host Hotels & Resorts, Inc. Reports Results for Second Quarter 2021"},"content":{"rendered":"
\n

\n \u00a0<\/strong>
\n Continued Quarterly Revenue Growth and Sequentially Improved Operations;<\/em>
\n
\n Strong Beat to Consensus RevPAR;<\/em>
\n
\n Acquired Baker\u2019s Cay Resort Key Largo and a Luxury Downtown Hotel in Houston<\/em>\n <\/p>\n

BETHESDA, Md., Aug. 03, 2021 (GLOBE NEWSWIRE) — Host Hotels\u00a0& Resorts, Inc. (NASDAQ: HST) (the \u201cCompany\u201d), the nation\u2019s largest lodging real estate investment trust (\u201cREIT\u201d), today announced results for second quarter 2021.<\/p>\n

\n OPERATING RESULTS <\/strong>
\n
(unaudited, in millions, except per share and hotel statistics) \u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nQuarter ended June 30,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nPercent Change<\/td>\n\u00a0<\/td>\nPercent Change<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nYear-to-date ended June 30,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nPercent Change<\/td>\n\u00a0<\/td>\nPercent Change<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nvs. Q2
2020<\/td>\n		\u00a0<\/td>\nvs. Q2
2019(2)<\/sup><\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nvs. Q2
2020<\/td>\n		\u00a0<\/td>\nvs. Q2
2019(2)<\/sup><\/td>\n		\u00a0<\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n649<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n103<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n530.1<\/td>\n%<\/td>\n\u00a0<\/td>\n(56.2<\/td>\n)%<\/td>\n\u00a0<\/td>\n$<\/td>\n1,048<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,155<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9.3<\/td>\n)%<\/td>\n\u00a0<\/td>\n(63.5<\/td>\n)%<\/td>\n<\/tr>\n
All owned hotel revenues\u00a0(pro forma) (1)<\/sup><\/td>\n\u00a0<\/td>\n659<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n104<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n533.7<\/td>\n%<\/td>\n\u00a0<\/td>\n(54.2<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,088<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,196<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9.0<\/td>\n)%<\/td>\n\u00a0<\/td>\n(61.1<\/td>\n)%<\/td>\n<\/tr>\n
All owned hotel (pro forma)\u00a0Total RevPAR – Constant\u00a0US$<\/td>\n\u00a0<\/td>\n152.84<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23.86<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n540.7<\/td>\n%<\/td>\n\u00a0<\/td>\n(54.4<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n126.83<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n139.05<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8.8<\/td>\n)%<\/td>\n\u00a0<\/td>\n(61.3<\/td>\n)%<\/td>\n<\/tr>\n
All owned hotel (pro forma)\u00a0RevPAR – Constant US$<\/td>\n\u00a0<\/td>\n99.86<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14.12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n607.0<\/td>\n%<\/td>\n\u00a0<\/td>\n(52.0<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n82.28<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n82.57<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.3<\/td>\n)%<\/td>\n\u00a0<\/td>\n(59.3<\/td>\n)%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nQuarter ended June 30,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nPercent<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nYear-to-date ended June 30,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nPercent<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nChange<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nChange<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n(61<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(356<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n82.9<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(214<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(359<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40.4<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
EBITDAre (1)<\/sup><\/td>\n\u00a0<\/td>\n111<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(190<\/td>\n)<\/td>\n\u00a0<\/td>\nN\/M<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n116<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(26<\/td>\n)<\/td>\n\u00a0<\/td>\nN\/M<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDAre (1)<\/sup>\u00a0\u00a0<\/td>\n\u00a0<\/td>\n110<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(189<\/td>\n)<\/td>\n\u00a0<\/td>\nN\/M<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n113<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25<\/td>\n)<\/td>\n\u00a0<\/td>\nN\/M<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted loss per common share<\/td>\n\u00a0<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.50<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n82.0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.30<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.50<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40.0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
NAREIT FFO per diluted\u00a0share (1)<\/sup><\/td>\n\u00a0<\/td>\n0.12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.26<\/td>\n)<\/td>\n\u00a0<\/td>\nN\/M<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.03<\/td>\n)<\/td>\n\u00a0<\/td>\nN\/M<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted FFO per diluted\u00a0share (1)<\/sup><\/td>\n\u00a0<\/td>\n0.12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.26<\/td>\n)<\/td>\n\u00a0<\/td>\nN\/M<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.03<\/td>\n)<\/td>\n\u00a0<\/td>\nN\/M<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

* Additional detail on the Company\u2019s results, including data for 21 domestic markets, is available in the Second Quarter 2021 Supplemental Financial Information available on the Company\u2019s website at<\/em>www.hosthotels.com<\/a>.<\/p>\n

James F. Risoleo, President and Chief Executive Officer, said, \u201cDuring the second quarter, we were extremely encouraged to see positive trends across the lodging industry and our portfolio, as our hotel operations continued to exceed our expectations. RevPAR reached nearly $100 for the quarter, which dramatically outperformed consensus RevPAR, with average room rates only 8.4% below our 2019 second quarter rates. These RevPAR gains have translated into significant sequential improvements in our bottom line as expense saving initiatives have been implemented by our managers, supplemented in part by the challenging labor environment.\u201d<\/p>\n

Risoleo continued, \u201cSubsequent to quarter end, we completed two additional opportunistic acquisitions \u2013 Baker\u2019s Cay Resort in Key Largo and a luxury hotel in downtown Houston. We believe these assets will provide meaningful opportunities for EBITDA growth and continue to improve the quality of our portfolio. Thus far in 2021, we have invested $1.1 billion in new assets. Additionally, we opportunistically issued\u00a07.8 million shares of common stock through our \u201cat-the-market\u201d program at an average price of approximately $18 per share for total net proceeds of $138 million, which further strengthened our balance sheet. We remain encouraged by the continued improvement in lodging fundamentals and we believe our strong capital allocation decisions over the past few years will drive stockholder value through the upcoming lodging cycle.\u201d<\/p>\n

_____________________________<\/p>\n

(1)\u00a0 NAREIT Funds From Operations (\u201cFFO\u201d) per diluted share, Adjusted FFO per diluted share, EBITDAre<\/em>, Adjusted EBITDAre<\/em>\u00a0and 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 (\u201cSEC\u201d). 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.<\/p>\n

(2)\u00a0 Presentation includes comparisons to 2019 operating results so investors can better understand the trajectory and timing of any recovery from the COVID-19 impacts on hotel operations.\u00a0<\/p>\n

N\/M = Not Meaningful<\/p>\n

\n HIGHLIGHTS:<\/strong>\n <\/p>\n

\n Results for Second Quarter 2021<\/u>\n <\/p>\n