Host Hotels & Resorts, Inc. annonce ses résultats pour 2018 et l'acquisition du 1 Hotel South Beach Miami NYSE: HST
Par Roger Viret
, le
juin 6, 2019
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53 minutes de lecture
Accueil › Vacances d'été › Host Hotels & Resorts, Inc. annonce ses résultats pour 2018 et l'acquisition du 1 Hotel South Beach Miami NYSE: HST
BETHESDA, Md., 19 février 2019 (GLOBE NEWSWIRE) – Host Hotels & Resorts, Inc. (NYSE: HST) («Host Hotels» ou la «société»), la plus grande fiducie de placement immobilier en matière d'hébergement du pays ( REIT ”), a annoncé aujourd'hui les résultats du quatrième trimestre et de l'année.
Faits saillants La croissance comparable de 2% du revPAR des hôtels sur une base en dollars constants a permis d'atteindre des résultats annuels supérieurs à ceux des prévisions de résultat net et d'EBITDA ajusté; des acquisitions de plus de 1,6 milliard USD ont été réalisées depuis le début de 2018, dont 1 hôtel South Beach. , ainsi que des propriétés à Hawaii, à San Francisco et en Floride – renforcement supplémentaire du portefeuille d'actifs emblématiques et irremplaçables de la société; exposition internationale réduite à environ 1,5% du chiffre d'affaires avec la cession de l'hôtel JW Marriott à Mexico et la participation de la société dans son capital européen. coentreprise; eta disposé de plus de 2,2 milliards de dollars d'actifs non essentiels à des prix attractifs. Acquisition de 1 Hotel South Beach Miami Le 14 février 2019, la Société a acquis la participation en fief simple dans le 1 Hotel South Beach pour 610 millions de dollars. Cet hôtel de luxe emblématique et irremplaçable a rouvert ses portes en 2015 après une rénovation et une reprogrammation de 300 millions de dollars. Ce complexe de 1,19 million de pieds carrés, certifié 429 Clé, est certifié LEED et bénéficie d'un emplacement de choix dans le quartier animé de South Beach à Miami Beach d'accès direct à la plage. La station est la pièce maîtresse d'un complexe à usage mixte qui comprend 155 unités de condominiums de luxe supplémentaires; Tous les propriétaires de ces unités peuvent participer à un programme de location via le complexe: 160 000 pieds carrés d'espace de réunion dynamique et flexible, huit points de restauration et de boissons, un spa, une salle de sport, quatre piscines surélevées avec vue sur l'océan et 23 000 pieds carrés de boutiques de luxe. ; etÉvalué dans le top 10 des États-Unis par Conde Nast Traveler et récemment classé n ° 1 à Miami Beach par TripAdvisor.
James F. Risoleo, président et chef de la direction, a déclaré: «2018 a été une année de grandes réalisations pour Host Hotels, qui a concrétisé avec succès sa vision stratégique à long terme. Nous avons obtenu des résultats dans la fourchette supérieure de nos prévisions et avons réalisé une croissance significative de la marge tout au long de l'année. Sur le plan des transactions, nous avons abandonné notre participation dans notre coentreprise européenne et avons continué à nous concentrer davantage sur les États-Unis. Au début de 2019, nous avons vendu le Westin New York Grand Central et nous avons acquis la semaine dernière l'emblématique 1 Hotel South Plage. Notre stratégie de réaffectation des fonds propres a considérablement fait progresser nos efforts en cours pour renforcer notre portefeuille irremplaçable tout en réduisant notre exposition à New York et aux marchés internationaux. »
M. Risoleo a poursuivi: «Notre objectif est de générer de la valeur pour les actionnaires en combinant notre expertise opérationnelle et notre portefeuille exceptionnel avec des investissements disciplinés et opportunistes. Cette stratégie, alliée à un bilan de qualité supérieure et à notre engagement à restituer du capital aux actionnaires, positionne Host Hotels comme la SIC de choix pour les investisseurs. Nous sommes impatients de fournir une croissance continue et une création de valeur aux actionnaires de Host Hotel en 2019 et au-delà. ”
Résultats d'exploitation (non audités, en millions, sauf les statistiques par action et hôtelières)
Des informations supplémentaires sur les résultats de la société, y compris les données de 22 marchés nationaux et des 40 meilleurs hôtels du RevPAR, sont disponibles dans les informations financières supplémentaires de fin d’année 2018 disponibles sur le site Web de la société à l’adresse www.hosthotels.com.
Performance d'exploitation
Mesures GAAP
L’amélioration des produits d’exploitation totaux de 1,3% pour le trimestre et de 2,5% pour l’ensemble de l’exercice est imputable à l’augmentation des produits d’hébergement dans les services de chambre et les services de restauration. au quatrième trimestre de 2017. Sur l'ensemble de l'exercice, la marge bénéficiaire d'exploitation a diminué de 290 points de base en raison de la perte de valeur liée à quatre hôtels comptabilisée plus tôt en 2018. Le bénéfice net a augmenté de 213 M $ pour le trimestre et de 580 M $ pour atteindre 1 151 $ millions d'euros pour l'exercice complet, principalement en raison de la hausse du profit sur la vente d'actifs, partiellement compensée par une perte de valeur.Le bénéfice dilué par action ordinaire a augmenté de 241,7% et de 93,4% pour le trimestre et l'exercice complet, respectivement.
Autres métriques
Le taux de revPAR comparable, en dollars constants, s’est amélioré de 2,3% pour le trimestre, grâce à une augmentation de 2,0% du tarif moyen par chambre et à une augmentation de 20 points de base de l’occupation. Pour l’ensemble de l’exercice, les recettes de revPAR comparables en dollars constants se sont améliorées de 2,0%, sous l’effet de la hausse de 1,2% du tarif moyen des chambres et de 60 points de base du nombre d’occupants. Les produits comparables des hôtels ont augmenté de 1,9% pour le trimestre et de 2,4% pour l’ensemble des hôtels. Le BAIIA des hôtels comparables a augmenté de 12 millions de dollars, ou 3,7%, pour le trimestre et de 60 millions de dollars, ou 4,6%, pour l’exercice complet. Les marges du BAIIA des hôtels comparables se sont améliorées de 45 points de base pour le trimestre et de 60 points de base pour l’ensemble du trimestre. Le BAIIA ajusté a diminué de 3 M $, ou 0,8%, pour le trimestre et a augmenté de 52 M $, ou de 3,4%, pour l'ensemble de l'exercice.Les flux de trésorerie liés aux opérations ajustés par action diluée ont augmenté de 2,4% pour le trimestre et de 4,7% pour l'exercice.
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(1) Les fonds provenant de l’exploitation de NAREIT («FFO») par action diluée, les FPA ajustés par action, le BAIIAre, le BAIIA ajusté et les résultats hôteliers comparables sont des mesures financières non conformes aux PCGR (principes comptables généralement reconnus des États-Unis) au sens des règles de la la Securities and Exchange Commission («SEC»). Voir les notes explicatives sur les raisons pour lesquelles la société estime que ces mesures supplémentaires sont utiles, les rapprochements avec la mesure GAAP la plus directement comparable et les restrictions quant à l’utilisation de ces mesures supplémentaires.
Les dispositions
Au cours du quatrième trimestre, la Société a finalisé la vente de sa participation d'environ 33% dans sa coentreprise européenne à ses partenaires pour un produit net d'environ 435 millions € (496 millions $). Le produit net reflète une valeur brute de l’actif de la part de 33% de l’hôtel dans les hôtels de 700 millions d’euros (800 millions de dollars), nette de sa part de la dette de la coentreprise.
Le 9 janvier 2019, la Société a vendu le Westin New York Grand Central pour 302 millions de dollars, dont environ 20 millions de dollars de fonds FF & E.
Comme indiqué ci-dessus, la société a réalisé plus de 2,2 milliards USD de ventes d'actifs depuis le début de 2018, ce qui comprend la cession de projets d'amélioration de la valeur, tels que l'espace de vente au détail au New York Marriott Marquis pour un montant de 442 millions USD, et la vente de le Key Bridge Marriott en tant que projet de réaménagement à usage mixte pour 190 millions de dollars en janvier 2018.
L'allocation du capital
Au cours du quatrième trimestre, la société a dépensé environ 154 millions de dollars en dépenses en immobilisations, dont 94 millions de dollars en dépenses de retour sur investissement (RSI) et 60 millions de dollars en projets de renouvellement et de remplacement. Pour l'ensemble de l'exercice, la société a dépensé 474 millions de dollars en dépenses en immobilisations, dont 200 millions de dollars en dépenses de retour sur investissement et 274 millions de dollars en projets de renouvellement et de remplacement.
Pour 2019, la société prévoit des dépenses en capital de 550 millions à 625 millions de dollars. Cela comprend des projets de retour sur investissement de 315 à 350 millions de dollars et des projets de renouvellement et de remplacement de 235 à 275 millions de dollars. Cela inclut environ 225 millions de dollars en projets d’investissement de réinvestissement de marque qui font partie de l’accord précédemment annoncé avec Marriott International pour mener à bien 17 projets transformationnels sur une période de quatre ans. Ces investissements de portefeuille sont conçus pour mieux positionner les actifs afin qu'ils puissent faire face à la concurrence sur leurs marchés respectifs et améliorer leur performance à long terme. La société prévoit dépenser en moyenne 175 millions de dollars par an au cours de la période de quatre ans. En échange, Marriott a fourni des rendements prioritaires supplémentaires sur les investissements convenus et les garanties de bénéfices d'exploitation, y compris un montant estimatif de 23 millions de dollars en 2019, afin de compenser la perturbation des activités attendue.
Les dividendes
La société a versé un dividende trimestriel en espèces de 0,25 $ par action sur ses actions ordinaires le 15 janvier 2019 aux actionnaires inscrits au 31 décembre 2018, ce qui comprenait un dividende spécial de 0,05 $. Le 19 février 2019, le conseil d'administration a autorisé un dividende trimestriel en espèces régulier de 0,20 USD sur ses actions ordinaires. Le dividende sera payé le 15 avril 2019 aux actionnaires inscrits le 29 mars 2019. Tous les dividendes futurs, y compris les dividendes exceptionnels, sont soumis à l’approbation du conseil d’administration de la Société.
Bilan
Michael D. Bluhm, directeur financier, a déclaré: «Nous entrons en 2019 dans la situation financière la plus solide de notre société, car nous avons considérablement renforcé le bilan de la catégorie investissement de Host Hotel et renforcé notre position de liquidité grâce à une gestion de portefeuille active. Notre flexibilité financière nous permet de tirer parti d'opportunités significatives pour améliorer notre portefeuille d'hôtels irremplaçables, investir dans nos actifs, restituer du capital aux actionnaires et générer de la valeur. "
Au 31 décembre 2018, la Société disposait d'encaisse non affectée d'environ 1 542 M $, sans compter 213 M $ dans les réserves d'entiercement de FF & E, et une capacité disponible de 945 M $ au titre du volet revolver de sa facilité de crédit. Au 31 décembre 2018, la dette totale s'élevait à 3,8 milliards de dollars, avec une échéance moyenne de 4,2 ans et un taux d'intérêt moyen de 4,4%. La Société n’a aucune échéance de dette avant 2020. L’activité de trésorerie de la Société après la fin de l’exercice comprenait les éléments suivants (en millions):
Trésorerie et équivalents de trésorerie au 31 décembre 2018 1 542 $ Produit de la vente de The Westin New York Grand Central 276, contrepartie en espèces liée à l’acquisition du 1 Hotel South Beach (584) Trésorerie et équivalents de trésorerie ajusté aux transactions immobilières de 2019 1 234 $
Comme annoncé précédemment, la Société a conclu un contrat de distribution en vertu duquel elle peut émettre et vendre, de temps à autre, des actions ordinaires ayant un prix d'offre total allant jusqu'à 500 millions de dollars en offres «sur le marché». Aucune action n'a été émise en 2018. La société dispose également d'une capacité de 500 millions de dollars dans le cadre de son programme actuel de rachat d'actions ordinaires. Aucune action n'a été rachetée en 2018.
Perspectives 2019
Pour 2019, la société prévoit une croissance du RevPAR des hôtels comparable de 0% à 2%. Les prévisions du RevPAR reflètent une perturbation estimée à 45 points de base des dépenses en immobilisations supplémentaires associées à l’accord Marriott susmentionné. Toutefois, l’incidence estimée de ces dépenses sur le bénéfice est compensée par les garanties de profit d’exploitation de Marriott. La société s'attend à recevoir une garantie de 23 millions de dollars sur le bénéfice d'exploitation en 2019, dont 10 millions de dollars sont inclus dans le BAIIA comparable des hôtels, afin de compenser la perturbation des activités résultant des dépenses supplémentaires engagées pour ces propriétés. La société prévoit que ses résultats d'exploitation pour 2019 par rapport à l'exercice précédent changeront dans la fourchette suivante:
Prévisions annuelles 2019 Total des hôtels comparables RevPAR – US $ (1) de 0,0% à 2,0% Total des revenus selon les PCGR De 0,6% à 2,6% Marge bénéficiaire d'exploitation selon les PCGR De 440 à 530 points de baseMarges EBITDA comparables pour les hôtels (50) à 10 points de base
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(1) Les résultats des hôtels comparables prévus incluent les 84 hôtels supposés être classés comme tels au 31 décembre 2019. Voir les prévisions pour 2019 pour obtenir une liste des hôtels exclus de l'ensemble des hôtels comparables pour l'année 2019.
Sur la base des paramètres ci-dessus, la société estime ses prévisions pour 2019 comme suit:
Revenus nets (en millions) de 587 $ à 652 $ EBITDA ajusté (en millions) de 1 515 $ à 1 580 $ Résultat dilué par action ordinaire de 0,78 $ à 0,87 $ CA par action diluée 1,72 $ à 1,81 $ FFO ajustée par action ordinaire de 1,72 à 1,81 $
Veuillez vous reporter aux tableaux de prévisions 2019 et aux notes relatives aux informations financières pour connaître les autres hypothèses utilisées dans les prévisions et les éléments susceptibles d'avoir une incidence sur les résultats prévisionnels.
À propos de Host Hotels & Resorts
Host Hotels & Resorts, Inc., une société du groupe S & P 500, est la plus grande fiducie de placement immobilier et un des plus importants propriétaires d'hôtels de luxe et d'hôtels de luxe. La société possède actuellement 88 propriétés aux États-Unis et cinq propriétés dans le monde, totalisant environ 52 000 chambres. La société détient également des participations ne donnant pas le contrôle dans six coentreprises nationales et une coentreprise internationale. Guidée par une approche disciplinée en matière d’allocation de capital et de gestion d’actifs dynamique, la Société s’associe à des marques haut de gamme telles que Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®. , Fairmont®, Hilton®, Swissôtel®, ibis® et Novotel®, ainsi que des marques indépendantes dans l'exploitation de propriétés dans plus de 50 marchés importants. Pour plus d’informations, veuillez visiter le site Web de la société à l’adresse www.hosthotels.com.
Remarque: le présent communiqué de presse contient des déclarations prospectives au sens de la réglementation fédérale sur les valeurs mobilières. Ces déclarations prospectives comprennent des résultats prévisionnels et sont identifiées par leur utilisation de termes et expressions tels que «anticiper», «croire», «pourrait», «estimer», «s'attendre à», «avoir l’intention», «pouvoir», ,, «Planifier», «prévoir», «projeter», «continuera» et d’autres termes et expressions similaires, y compris des références à des hypothèses et des prévisions de résultats futurs. Les déclarations prospectives ne constituent pas une garantie de performance future et impliquent des risques connus et inconnus, des incertitudes et d’autres facteurs pouvant entraîner une différence substantielle entre les résultats réels et ceux anticipés au moment où ils sont formulés. Ces risques incluent, mais ne sont pas limités à: les changements dans les conditions économiques et commerciales nationales et locales et d'autres facteurs tels que les catastrophes naturelles, les pandémies et les conditions météorologiques qui affecteront les taux d'occupation de nos hôtels et la demande en produits et services hôteliers; l’impact des développements géopolitiques extérieurs aux États-Unis sur la demande d’hébergement; la volatilité des marchés financiers et du crédit mondiaux; les risques opérationnels liés à l'hôtellerie; les risques et les limites de notre souplesse d’exploitation liés au niveau de notre endettement et à notre capacité de respecter les clauses restrictives de nos contrats d’endettement; les risques associés à nos relations avec les gestionnaires immobiliers et les partenaires de coentreprise; notre capacité à entretenir nos propriétés de manière exemplaire, notamment en répondant aux exigences en matière de dépenses en immobilisations; les effets des rénovations d'hôtel sur l'occupation de l'hôtel et les résultats financiers; notre capacité à soutenir efficacement la concurrence dans des domaines tels que l'accès, l'emplacement, la qualité de l'hébergement et la structure des tarifs les risques liés à notre capacité à mener à bien les acquisitions et les cessions et à développer de nouvelles propriétés et les risques que les acquisitions et les nouveaux développements ne se réalisent pas conformément à nos attentes; notre capacité à continuer de respecter des règles complexes afin que nous puissions rester une FPI aux fins de l'impôt sur le revenu fédéral; les risques liés à notre capacité à appliquer notre politique en matière de dividendes, y compris des facteurs tels que les résultats d’exploitation et les perspectives économiques qui influent sur la décision de notre conseil d’administration de verser des dividendes supplémentaires aux niveaux précédemment divulgués ou d’utiliser les liquidités disponibles pour distribuer des dividendes spéciaux; et les autres risques et incertitudes liés à nos activités décrits dans le rapport annuel de la société sur formulaire 10-K, les rapports trimestriels sur formulaire 10-Q et les rapports courants sur formulaire 8-K déposés auprès de la SEC. Bien que la société estime que les attentes reflétées dans ces déclarations prospectives sont basées sur des hypothèses raisonnables, elle ne peut donner aucune assurance que les attentes seront atteintes ou que tout écart ne sera pas important. Toutes les informations contenues dans ce communiqué datent du 19 février 2019 et la société n’assume aucune obligation de mettre à jour tout énoncé prospectif afin de le mettre en conformité avec les résultats réels ou les modifications des attentes de la société.
* Ce communiqué de presse contient des marques déposées qui sont la propriété exclusive de leurs propriétaires respectifs. Aucun des propriétaires de ces marques de commerce n'assume la responsabilité des informations contenues dans ce communiqué de presse.
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Host Hotels & Resorts, Inc., ci-après dénommé «nous» ou «Host Inc.», est une fiducie de placement immobilier autogérée et autogérée qui est propriétaire d'immeubles hôteliers. Nous menons nos activités en tant que partenariat-cadre REIT par l’intermédiaire d’un partenariat opérationnel, Host Hotels & Resorts, L.P. («Host LP»), dont nous sommes le seul commandité. Lorsqu'on distingue Host Inc. de Host LP, la différence principale est d'environ 1% des participations dans Host LP détenues par des partenaires externes au 31 décembre 2018, ce qui correspond aux participations ne donnant pas le contrôle dans Host LP dans nos bilans consolidés. est inclus dans le résultat net attribuable aux intérêts minoritaires dans nos états consolidés des résultats. Les lecteurs sont encouragés à trouver plus de détails concernant notre structure organisationnelle dans notre rapport annuel sur formulaire 10-K.
HÔTELS HÔTELS ET RESORTS, INC. Bilans consolidés condensés (non audité, en millions, sauf les actions et les montants par action)
31 décembre 2018 31 décembre 2017 ACTIF Immobilisations corporelles nettes 9 760 $ 9 692 $ Actifs détenus pour la vente 281 250 Créances sur des gestionnaires 71 79 Avances à des sociétés affiliées et investissements dans des sociétés affiliées 48 327 Fonds de remplacement du mobilier, des agencements et des équipements 213 195 Autres 175 237 Trésorerie et trésorerie Équivalents 1 542 913 Actif total 12 090 $ 11 693 $ PASSIF, INTÉRÊTS SANS CONTRÔLE ET ÉQUITÉ Dette (1) Obligations de premier rang 2 782 $ 2 778 $ Facilité de crédit, y compris les emprunts à terme de 998 $ et 996 $, respectivement 1 049 1 170 Autres dettes 6 6 Créance totale 3 632 3,954 Créances charges 293 283 Autres 266 287 Dettes totales 4 396 4 524 Participations minoritaires rachetables – Host Hotels & Resorts, LP 128 167 Capitaux propres de Host Hotels & Resorts, Inc.: actions ordinaires tock, valeur nominale 0,01 $, 1 050 millions d’actions autorisées, 740,4 millions d'actions et 739,1 millions d'actions émises et en circulation, respectivement 7 7 Capital versé supplémentaire 8 156 8 097 Autres pertes cumulées (59) (60) Déficit (610) (1 071) Total des capitaux propres des actionnaires de Host Hotels & Resorts, Inc. 7 494 6 973 Intérêts non contrôlants non rachetables – autres consolidées partenariats 72 29 Total des capitaux propres 7 566 7 002 Total des passifs, des participations sans contrôle et des capitaux propres 12 090 $ 11 693 $ ___________
(1) Veuillez vous reporter à nos informations financières supplémentaires de fin d’année 2018 pour plus de détails sur le solde de nos dettes.
HÔTELS HÔTELS ET RESORTS, INC. États consolidés des résultats résumés (non audité, en millions, sauf les montants par action)
Trimestre terminé 31 décembre, année terminée 31 décembre 2018 2017 2018 2017 Revenus Pièces 856 $ 847 $ 3 547 $ 3 490 $ Nourriture et boissons 417 409 1 616 1 561 Autres 88 88 361 336 Total des produits 1 361 1 344 5 344 5 387 Dépenses Dépenses 222 223 918 899 Restauration et boissons 281 277 1 103 3 071 Autres dépenses de services et dépenses 330 321 1 302 1 273 Frais de gestion 60 61 243 239 Autres dépenses liées aux biens immobiliers 100 100 387 394 Amortissements (1) 165 217 944 751 Frais généraux et autres (2) 22 19 104 98 Gain sur le règlement en assurance et pertes d'exploitation (7) (7) ( 8) (7) (14) Total des charges et des charges d’exploitation 1 173 1 210 4 994 4 711 Résultat opérationnel 188 134 530 676 Intérêts créditeurs 7 2 15 6 Intérêts débiteurs (42) (42) (176) (167) Gain sur vente d'actifs 235 3 902 108 Gain (perte) sur transactions en monnaies étrangères et dérivés – 2 – (2) Capitaux propres aux résultats des sociétés affiliées 5 11 30 30 Revenu avant impôts sur les bénéfices 393 110 1 301 651 Provision pour impôts sur les bénéfices (3) (87) (17) (150) (80) Bénéfice net 306 93 1 151 571 Moins: Bénéfice net attribuable aux intérêts minoritaires (4) (3) (1) ) (64) (7) Bénéfice net attribuable à Host Inc. 303 USD 92 USD 1 087 USD 564 USD Résultat de base et dilué par action ordinaire, 41 USD, 12 USD 1,47 USD, 76 USD ___________ (1) La charge d’amortissement inclut une charge de dépréciation de 260 millions USD pour l’exercice clos le 31 décembre 2018 et 43 millions de dollars pour le quatrième trimestre et l’exercice clos le 31 décembre 2017. (2) Les charges du siège social et autres comprennent les éléments suivants: Trimestre terminé 31 décembre, année terminée 31 décembre 2018 2017 2017 2018 2017 Frais généraux et administratifs 19 $ 16 $ 90 $ 87 $ Dépense de rémunération sans contrepartie en actions 3 3 14 11 Total 22 $ $ 19 104 $ 98 $ (3) La provision pour impôts sur les bénéfices comprend 113 millions de dollars et 18 millions de dollars en 2018 et 2017, respectivement, liés au gain sur la vente de certains biens immobiliers et d’investissements nationaux et étrangers. Nous avons choisi de payer environ 77 millions de dollars d’impôt américain sur le revenu des sociétés aux niveaux fédéral et étatique sur la plus-value à long terme générée en 2018, plutôt que de la répartir entre nos actionnaires. (4) Le résultat net attribuable aux participations ne donnant pas le contrôle pour l’ensemble de l’année 2018 inclut 56 millions de dollars correspondant à la tranche du profit, déduction faite de l’impôt, de l’associé ne donnant pas le contrôle sur sa vente de la vente du JW Marriott Hotel Mexico City.
HÔTELS HÔTELS ET RESORTS, INC. Bénéfice par action ordinaire (non audité, en millions, sauf les montants par action)
Trimestre terminé 31 décembre, année terminée 31 décembre 2018 2017 2018 2017 Résultat net 306 $ 93 $ 1 151 $ 571 $ Moins: Résultat net attribuable aux participations ne donnant pas le contrôle (3) (1) (64) (7) Résultat net attribuable à Host Inc. 303 $ 92 $ 1 087 $ 564 $ 564 $ Actions moyennes pondérées de base 740,3 739,0 739,8 738,6 en circulation dans l’hypothèse d’une distribution d’actions ordinaires octroyée les plans de stock complets, moins les actions assumées achetées au marché .7 .6 .8 .5 Moyenne pondérée des actions en circulation (1) 741,0 739,6 740,6 739,1 Bénéfice de base et dilué par action ordinaire .41 $ .12 $ 1,47 $ .76 __________ (1) Les titres dilutifs peuvent inclure des actions attribuées. aux termes de régimes d’actions globaux, des parts de société en exploitation privilégiées («parts OP») détenues par des associés minoritaires et d’autres participations ne donnant pas le contrôle qui ont la possibilité de convertir leurs participations en commandite en parts OP. Aucun effet n'est indiqué pour les titres antidilutifs pour la période.
HÔTELS HÔTELS ET RESORTS, INC. Données d'exploitation des hôtels pour les hôtels consolidés (1)
Hôtels comparables par lieu à Constant US $
Au 31 décembre 2018 Trimestre terminé le 31 décembre 2018 Trimestre terminé le 31 décembre 2017 Emplacement N ° de Propriétés Chambres Moyenne Taux de chambre moyen Occupation Pourcentage moyen de RevPAR Taux de chambre moyen Occupation Pourcentage RevPAR Pour cent Changer RevPAR Maui / Oahu 3 1682 $ 363,85 88,4% 321,64 $ $ 344,36 Jacksonville 90,1% 310,20 $ 3,7% 1 446 330,10 62,4 205,92 314,15 62,4 196,04 5.0 de New York 4 5033 338,15 91,1 308,01 332,55 91,2 303,37 1,5 Seattle 2 1315 214,74 77,4 166,24 200,33 74,4 148,98 11,6 Washington, DC (CBD) 5 3.238 237.51 76.3 181.14 248.18 75.5 187.29 (3.3) Boston 4 3.185 238.68 75.4 180.08 225.47 78.5 177.02 1.7 San Diego 4 4.341 222.07 78.5 174.22 207.37 75.2 155.91 11.7 San Francisco / San José 5 233 225.07 47.44 185 Angeles 3 1,421 200,38 86,6 173.50 206,06 86,2 177,59 (2,3) Philadelphie 2 810 217,30 81,7 177,53 207,32 82,9 171,88 3,3 Côte du golfe en Floride 2 593 231,81 69,2 160,45 221,25 76,7 169,68 (5,4) Chicago 6 2 392 202,53 76,6 155,08 199,06 78,7 156,87 (1,1) Phoenix 4 1 518 208,43 71,2 148,37 201,83 73,2 147,81 0.4 76,1 134,71 (0,4) Nouvelle-Orléans 1 1 333 190,46 78,7 149,84 177,68 77,0 136,85 9,5 Atlanta 5 1 936 186,04 73,9 137,44 204,84 73,9 151,37 (9,2) Virginie du Nord 5 1 919 183,16 72,49 181,91 72,1 131,11 1,2 San Antonio 2 1 513 189,75 74,5 140,75 Orlando 1 2 004 184,78 61,0 112,67 183,45 65,9 120,95 (6,8) Miami 2 843 163,64 79,3 129,69 150,88 65,5 98,77 31,3 Houston 4 1 716 176,54 71,0 125,33 73,34 73,1 127,40 (1,6) Denver 3 1 340 163,45 66,1 107,99 159,67 67,8 108,26 (0,3) Autres 8 3 596 163,09 69,53 159,22 69,43 69,23 19,50 45 956 227,85 76,8 174,98 223,27 76,6 171,06 2,3 International 5 1 499 150,69 65,4 98,53 151,08 63,2 95,49 3,2 Tous les sites – US $ Constante 85 47 455 225,77 76,4 172,57 221,37 76,2 168,68 2,3
Tous les hôtels à Constant US $ (2)
Au 31 décembre 2018 trimestre terminé le 31 décembre 2018 trimestre clos le 31 décembre 2017 N ° de Propriétés Chambres Moyenne Taux de chambre moyen Occupation Pourcentage moyen de RevPAR Taux de chambre moyen Occupation Pourcentage RevPAR Pour cent Changer RevPAR Comparable Hotels 85 47 455 $ 225,77 $ 76,4% 172,57 $ 221,37 $ 76,2% 168,68 $ 2,3% Hôtels non comparables (Pro forma) 8 4 670 328,08 72,3 237,28 315,26 77,6 244,63 (3,0) Tous les hôtels 93 52,125 234,47 76,2 178,34
Hôtels comparables en Nominal US $
Au 31 décembre 2018 trimestre terminé le 31 décembre 2018 trimestre clos le 31 décembre 2017 N ° de Propriétés Chambres Moyenne Taux de chambre moyen Occupation Pourcentage moyen de RevPAR Taux de chambre moyen Occupation Pourcentage RevPAR Pour cent Changer RevPAR International 5 1 499 $ 150,69 $ 65,4% 98,53 $ 162,12 $ 63,2% 102,47 $ (3,9)% domestique 80 45 956 227,85 76,8 174,98 223,27 76,6 171,06 2.3 Tous les emplacements 85 47 455 225,77 76,4 172,57 221,66 76,2 168,6 2,2
HÔTELS HÔTELS ET RESORTS, INC. Données d'exploitation des hôtels pour les hôtels consolidés (1)
Hôtels comparables par lieu à Constant US $
Au 31 décembre 2018 Exercice terminé le 31 décembre 2018 Exercice clos le 31 décembre 2017 Emplacement Numéro Propriétés Chambres Moyenne Taux de chambre moyen Occupation Pourcentage moyen de RevPAR Taux de chambre moyen Occupation Pourcentage RevPAR Pour cent Changer RevPAR Maui / Oahu 3 1 682 361,68 $ 90,3% 326,71 $ 340,98 $ 90,7% 309,15 $ 5,7% Jacksonville 1 446 364,02 74,0 269,32 349,70 71,0 248,28 8,5 New York 4 5 033 295,09 87,7 258,87 288,79 88h30 42,48 à 14h30 – 14h30 – 14h30 – 14h30 – 14h30 – 14h30 – 14h30 – 8h30 – 14h30 – 8h30 – 14h30 – 20h30 – 7h30 – 8h30 – 7h30 – 14h30 – 20h30 – 20h30 – 20h30 – 20h30 – 20h30 – départ de la pointe des rayons du temps – dans les points de départ – (CBD) 5 3.238 245.96 80.4 197.70 257.16 82.2 211.42 (6.5) Boston 4 3.185 236.41 81.6 192.99 234.25 81.5 190.88 1.1 San Diego 4 4.341 231.68 82.5 191.10 227.31 82.3 187.01 2.2 San Francisco / San José 5 2.353 229.16 82.63 22.23 22.22 22.28 Angeles 3 1 421 212,89 88,8 189,01 218,15 89,0 194,24 (2,7) Philadelphie 2 810 209,57 85,0 178,20 199,69 82,4 164,54 8,3 côte du golfe en Floride 2 593 245,73 71,9 176,76 233,20 74,5 173,67 Chicago 6 2 392 204,10 78,9 161,19 197,52 79,4 156,83 2,7 Phoenix 4 1 518 211,72 74,5 157,61 157,51 73,9 152,54 3,3 Orange 7,5 Orleans 1 1,333 181.73 80.1 145.64 175.51 77.0 135.13 7.8 Atlanta 5 1,936 185.91 77.9 144.75 195.60 77.0 150.69 (3.9)Northern Virginia 5 1,919 185.99 75.8 140.90 184.14 75.0 138.11 2.0 San Antonio 2 1,513 187.32 74.4 139.40 181.55 72.2 131.01 6.4 Orlando 1 2,004 184.98 70.4 130.17 179.30 70.1 1 25.62 3.6 Miami 2 843 160.37 80.4 128.90 157.48 75.0 118.14 9.1 Houston 4 1,716 176.25 72.3 127.50 178.11 72.1 128.50 (0.8)Denver 3 1,340 166.34 75.1 124.93 164.30 75.0 123.19 1.4 Other 8 3,596 168.08 73.9 124.26 166.34 72.8 121.10 2.6 Domestic 80 45,956 225.20 80.0 180.19 222.39 79.6 176.95 1.8 International 5 1,499 158.60 66.2 105.06 154.85 61.0 94.45 11.2 All Locations – Constant US$ 85 47,455 223.45 79.6 177.82 220.74 79.0 174.35 2.0
All Owned Hotels in Constant US$ (2)
As of December 31, 2018 Year ended December 31, 2018 Year ended December 31, 2017 No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Average Room Rate Average Occupancy Percentage RevPAR Percent Change in RevPAR Comparable Hotels 85 47,455 $223.45 79.6% $177.82 $220.74 79.0% $174.35 2.0%Non-comparable Hotels (Pro forma) 8 4,670 335.55 79.3 265.98 327.04 79.8 261.02 1.9 All Hotels 93 52,125 233.44 79.6 185.71 230.34 79.1 182.10 2.0
Comparable Hotels in Nominal US$
As of December 31, 2018 Year ended December 31, 2018 Year ended December 31, 2017 No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Average Room Rate Average Occupancy Percentage RevPAR Percent Change in RevPAR International 5 1,499 $158.60 66.2% $105.06 $161.46 61.0% $98.48 6.7%Domestic 80 45,956 225.20 80.0 180.19 222.39 79.6 176.95 1.8 All Locations 85 47,455 223.45 79.6 177.82 220.90 79.0 174.47 1.9 (1) See the Notes to Financial Information for a discussion of comparable hotel operating statistics and constant US$ presentation. Nominal US$ results include the effect of currency fluctuations, consistent with our financial statement presentation. CBD of a location refers to the central business district.(2) Operating statistics are presented for all consolidated properties owned as of December 31, 2018 and do not include the results of operations for properties sold in 2018 or 2017. Additionally, all owned hotel operating statistics include hotels that we did not own for the entirety of the periods presented and properties that are undergoing large-scale capital projects during the periods presented and, therefore, are not considered comparable hotel information upon which we usually evaluate our performance. Specifically, comparable RevPAR is calculated as room revenues divided by the available room nights, which will rarely vary on a year-over-year basis. Conversely, the available room nights included in the non-comparable RevPAR statistic will vary widely based on the timing of hotel closings, the scope of a capital project, or the development of a new property. See the Notes to Financial Information – Comparable Hotel Operating Statistics for further information on these pro forma statistics and the limitations on their use. • Non-comparable hotels (pro forma) – This represents three hotels under significant renovations in 2017 and 2018, and five hotels acquired in 2017 and 2018, which are presented on a pro forma basis assuming we owned the hotels as of January 1, 2017 and includes historical operating data for periods prior to our ownership. As a result, the RevPAR decrease of 3.0% and increase of 1.9% for the quarter and full year, respectively for these eight hotels are considered non-comparable.
HOST HOTELS & RESORTS, INC. Schedule of Comparable Hotel Results (1) (unaudited, in millions, except hotel statistics)
Quarter ended December 31, Year ended December 31, 2018 2017 2018 2017 Number of hotels 85 85 85 85 Number of rooms 47,455 47,455 47,455 47,455 Change in comparable hotel RevPAR – Constant US$ 2.3% — 2.0% — Nominal US$ 2.2% — 1.9% — Operating profit margin (2) 13.8% 10.0% 9.6% 12.5%Comparable hotel EBITDA margin (2) 27.85% 27.4% 28.8% 28.2%Food and beverage profit margin (2) 32.6% 32.3% 31.7% 31.4%Comparable hotel food and beverage profit margin (2) 33.8% 33.2% 32.9% 32.4% Net income $306 $93 $1,151 $571 Depreciation and amortization 165 217 944 751 Interest expense 42 42 176 167 Provision for income taxes 87 17 150 80 (Gain)/loss on sale of property and corporate level income/expense (225) 1 (843) (44)Non-comparable hotel results, net (3) (48) (55) (222) (229)Comparable hotel EBITDA $327 $315 $1,356 $1,296 Quarter ended December 31, 2018 Quarter ended December 31, 2017 Adjustments Adjustments GAAP Results Non-comparable hotel results, net (3) Depreciation and corporate level items Comparable Hotel Results GAAP Results Non-comparable hotel results, net (3) Depreciation and corporate level items Comparable Hotel ResultsRevenues Room $856 $(103) $— $753 $847 $(110) $— $737Food and beverage 417 (63) — 354 409 (60) — 349Other 88 (21) — 67 88 (22) — 66Total revenues 1,361 (187) — 1,174 1,344 (192) — 1,152Expenses Room 222 (29) — 193 223 (32) — 191Food and beverage 281 (47) — 234 277 (44) — 233Other 490 (70) — 420 482 (69) — 413Depreciation and amortization 165 — (165) — 217 — (217) —Corporate and other expenses 22 — (22) — 19 — (19) —Gain on insurance and business interruption settlements (7) 7 — — (8) 8 — —Total expenses 1,173 (139) (187) 847 1,210 (137) (236) 837Operating Profit – Comparable Hotel EBITDA $188 $(48) $187 $327 $134 $(55) $236 $315 Year ended December 31, 2018 Year ended December 31, 2017 Adjustments Adjustments GAAP Results Non-comparable hotel results, net (3) Depreciation and corporate level items Comparable Hotel Results GAAP Results Non-comparable hotel results, net (3) Depreciation and corporate level items Comparable Hotel ResultsRevenues Room $3,547 $(467) $— $3,080 $3,490 $(468) $— $3,022Food and beverage 1,616 (248) — 1,368 1,561 (226) — 1,335Other 361 (95) — 266 336 (90) — 246Total revenues 5,524 (810) — 4,714 5,387 (784) — 4,603Expenses Room 918 (130) — 788 899 (129) — 770Food and beverage 1,103 (185) — 918 1,071 (169) — 902Other 1,932 (280) — 1,652 1,906 (271) — 1,635Depreciation and amortization 944 — (944) — 751 — (751) —Corporate and other expenses 104 — (104) — 98 — (98) —Gain on insurance and business interruption settlements (7) 7 — — (14) 14 — —Total expenses 4,994 (588) (1,048) 3,358 4,711 (555) (849) 3,307Operating Profit – Comparable Hotel EBITDA $530 $(222) $1,048 $1,356 $676 $(229) $849 $1,296___________ (1) See the Notes to Financial Information for a discussion of non-GAAP measures and the calculation of comparable hotel results. For additional information on comparable hotel EBITDA by location, see the Year End 2018 Supplemental Financial Information posted on our website.(2) Profit margins are calculated by dividing the applicable operating profit (loss) by the related revenue amount. GAAP profit (loss) margins are calculated using amounts presented in the condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the above tables.(3) Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels and sold hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, (ii) gains on insurance settlements and business interruption proceeds, and (iii) the results of our office spaces and other non-hotel income.
HOST HOTELS & RESORTS, INC. Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre (1) (unaudited, in millions)
Quarter ended December 31, Year ended December 31, 2018 2017 2018 2017 Net income (2) $306 $93 $1,151 $571 Interest expense 42 42 176 167 Depreciation and amortization 165 174 684 708 Income taxes 87 17 150 80 EBITDA (2) 600 326 2,161 1,526 (Gain) loss on dispositions (3) (238) 2 (903) (100)Non-cash impairment expense — 43 260 43 Equity investment adjustments: Equity in earnings of Euro JV (5) (3) (9) (14) (18)Equity in earnings of affiliates other than Euro JV (2) (2) (16) (12)Pro rata EBITDAre of Euro JV (5) 9 9 45 40 Pro rata EBITDAre of equity investments other than Euro JV 6 6 29 31 EBITDAre (2) 372 375 1,562 1,510 Adjustments to EBITDAre: Acquisition costs (4) — — — 1 Gain on property insurance settlement — — — (1)Adjusted EBITDAre (2) $372 $375 $1,562 $1,510 ___________ (1) See the Notes to Financial Information for discussion of non-GAAP measures.(2) Net Income, EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO include a gain of $1 million and $2 million for the years ended December 31, 2018 and 2017, respectively, for the sale of the portion of land attributable to individual units sold by the Maui timeshare joint venture and a gain of $4 million for the year ended December 31, 2017 for the sale of excess land in Chicago.(3) Reflects the sale of the New York Marriott Marquis Retail in the third quarter of 2018, the European Joint Venture (“Euro JV”) in the fourth quarter of 2018, and four hotels in each of 2018 and 2017.(4) Effective January 1, 2018, we adopted Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. As a result, the Hyatt portfolio acquisition was considered an asset acquisition and the related $17 million of acquisition costs were capitalized.(5) Represents our share of earnings and pro rata EBITDAre from our Euro JV. Our approximate one-third non-controlling interest was sold on December 21, 2018.
HOST HOTELS & RESORTS, INC. Reconciliation of Net Income to NAREIT and Adjusted Funds From Operations per Diluted Share (1) (unaudited, in millions, except per share amounts)
Quarter ended December 31, Year ended December 31, 2018 2017 2018 2017 Net income (2) $306 $93 $1,151 $571 Less: Net income attributable to non-controlling interests (3) (1) (64) (7)Net income attributable to Host Inc. 303 92 1,087 564 Adjustments: (Gain) loss on dispositions (3) (238) 2 (903) (100)Tax on dispositions 84 (5) 113 18 Gain on property insurance settlement — — — (1)Depreciation and amortization 164 173 680 704 Non-cash impairment expense — 43 260 43 Equity investment adjustments: Equity in earnings of affiliates (5) (11) (30) (30)Pro rata FFO of equity investments 9 16 53 56 Consolidated partnership adjustments: FFO adjustment for non-controlling partnerships (2) (2) 50 (4)FFO adjustments for non-controlling interests of Host L.P. — (2) (2) (8)NAREIT FFO (2) 315 306 1,308 1,242 Adjustments to NAREIT FFO: Acquisition costs (4) — — — 1 Adjustment for Tax Reform (5) — 6 — 6 Loss on debt extinguishment — — — 1 Adjusted FFO (2) $315 $312 $1,308 $1,250 For calculation on a per share basis (6): Diluted weighted average shares outstanding – EPS, NAREIT FFO and Adjusted FFO 741.0 739.6 740.6 739.1 NAREIT FFO per diluted share $.43 $.41 $1.77 $1.68 Adjusted FFO per diluted share $.43 $.42 $1.77 $1.69 ___________ (1-4) Refer to the corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre.(5) As a result of the reduction of corporate income tax rates from 35% to 21% caused by the Tax Cuts and Jobs Act, we remeasured our domestic deferred tax assets as of December 31, 2017 and recorded a one-time adjustment to reduce the deferred tax assets and increase the provision for income taxes by approximately $11 million. Additionally, similar corporate income tax rate reductions affected our European Joint Venture, causing the remeasurement of the net deferred tax assets and liabilities in France and Belgium, resulting in a net tax benefit to us of $5 million. We do not consider these adjustments to be reflective of our on-going operating performance and therefore have excluded these items from Adjusted FFO.(6) Earnings per diluted share and NAREIT FFO and Adjusted FFO per diluted share are adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP units held by non-controlling partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP units. No effect is shown for securities if they are anti-dilutive.
HOST HOTELS & RESORTS, INC. Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and NAREIT and Adjusted Funds From Operations per Diluted Share for 2019 Forecasts (1) (unaudited, in millions, except per share amounts)
Full Year 2019 Low-end of range High-end of range Net income€587 $652 Interest expense 176 176 Depreciation and amortization 697 697 Income taxes 38 38 EBITDA 1,498 1,563 Equity investment adjustments: Equity in earnings of affiliates (10) (10)Pro rata EBITDAre of equity investments 27 27 EBITDAre 1,515 1,580 Adjusted EBITDAre€1,515 $1,580 Full Year 2019 Low-end of range High-end of range Net income€587 $652 Less: Net income attributable to non-controlling interests (6) (7)Net income attributable to Host Inc. 581 645 Adjustments: Depreciation and amortization 694 694 Equity investment adjustments: Equity in earnings of affiliates (10) (10)Pro rata FFO of equity investments 19 19 Consolidated partnership adjustments: FFO adjustment for non-controlling partnerships (2) (2)FFO adjustment for non-controlling interests of Host LP (7) (7)NAREIT FFO 1,275 1,339 Adjusted FFO€1,275 $1,339 Weighted average diluted shares – EPS, NAREIT and Adjusted FFO 741.8 741.8 Diluted earnings per common share€0.78 $0.87 NAREIT FFO per diluted share€1.72 $1.81 Adjusted FFO per diluted share€1.72 $1.81 ___________
(1) The forecasts are based on the below assumptions:
Total comparable hotel RevPAR in constant US$ will increase 0.0% to 2.0% for the low and high end of the forecast range, which excludes the effect of changes in foreign currency. However, the effect of estimated changes in foreign currency has been reflected in the forecast of net income, EBITDA, earnings per diluted share and Adjusted FFO per diluted share.Comparable hotel EBITDA margins will decrease 50 basis points or increase 10 basis points for the low and high ends of the forecasted RevPAR range, respectively.We expect to spend approximately $315 million to $350 million on ROI capital expenditures and approximately $235 million to $275 million on renewal and replacement capital expenditures.
For a discussion of additional items that may affect forecasted results, see the Notes to Financial Information.
HOST HOTELS & RESORTS, INC. Schedule of Comparable Hotel Results for 2019 Forecasts (1) (unaudited, in millions, except hotel statistics)
Full Year 2019 Low-end of range High-end of range Operating profit margin (2) 14.0% 14.9%Comparable hotel EBITDA margin (3) 28.4% 29.0% Net income $587 $652 Depreciation and amortization 697 697 Interest expense 176 176 Provision for income taxes 38 38 Corporate level income/expense 88 88 Non-comparable hotel results, net (4) (240) (249)Comparable hotel EBITDA $1,346 $1,402 Low-end of range Adjustments GAAP Results Non- comparable hotel results, net (4) Depreciation et d'entreprise level items Comparable Un hôtel Results Revenues Rooms $3,543 $(511) $— $3,032 Food and beverage 1,644 (234) — 1,410 Other 372 (80) — 292 Total revenues 5,559 (825) — 4,734 Expenses Hotel expenses 3,973 (585) — 3,388 Depreciation 697 — (697) — Corporate and other expenses 111 — (111) — Total expenses 4,781 (585) (808) 3,388 Operating Profit – Comparable Hotel EBITDA $778 $(240) $808 $1,346 High-end of range Adjustments GAAP Results Non- comparable hotel results, net (4) Depreciation et d'entreprise level items Comparable Un hôtel Results Revenues Rooms $3,613 $(520) $— $3,093 Food and beverage 1,676 (238) — 1,438 Other 379 (82) — 297 Total revenues 5,668 (840) — 4,828 Expenses Hotel expenses 4,017 (591) — 3,426 Depreciation and amortization 697 — (697) — Corporate and other expenses 111 — (111) — Total expenses 4,825 (591) (808) 3,426 Operating Profit – Comparable Hotel EBITDA $843 $(249) $808 $1,402 ___________ (1) Forecast comparable hotel results include 84 hotels (of our 93 hotels owned at December 31, 2018) that we have assumed will be classified as comparable as of December 31, 2019. See “Comparable Hotel Operating Statistics” in the Notes to Financial Information. No assurances can be made as to the hotels that will be in the comparable hotel set for 2019. Also, see the notes to the “Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and NAREIT and Adjusted Funds From Operations per Diluted Share for 2019 Forecasts” for other forecast assumptions and further discussion of transactions affecting our comparable hotel set.(2) Operating profit margin under GAAP is calculated as the operating profit divided by the forecast total revenues per the condensed consolidated statements of operations.(3) Comparable hotel EBITDA margin is calculated as the comparable hotel EBITDA divided by the comparable hotel sales per the tables above.(4) Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels and sold hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, (ii) gains on insurance settlements and business interruption proceeds, and (iii) the results of our office spaces and other non-hotel income. The following hotels are expected to be non-comparable for full-year forecast:
Acquisitions:
Andaz Maui at Wailea Resort (acquired in March 2018)Grand Hyatt San Francisco (acquired in March 2018)Hyatt Regency Coconut Point Resort and Spa (acquired in March 2018)1 Hotel South Beach (acquired in February 2019)
Renovations:
The Ritz-Carlton, Naples (business disruption beginning in the second quarter of 2018)San Francisco Marriott Marquis (business disruption beginning in the third quarter of 2018)Costa Mesa Marriott (business disruption in 2019)Minneapolis Marriott City Center (business disruption in 2019)San Antonio Marriott Rivercenter (business disruption in 2019)
Dispositions or properties under contract (includes forecast or actual results from January 1, 2019 through the anticipated or actual sale date):
The Westin New York Grand Central (sold January 9, 2019)
HOST HOTELS & RESORTS, INC. Notes to Financial Information
Prévisions
Our forecast of 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 involve known and unknown risks, uncertainties and other factors which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will not be materially different. Risks that may affect these assumptions and forecasts include the following: potential changes in overall economic outlook make it inherently difficult to forecast the level of RevPAR and margin growth; the amount and timing of acquisitions and dispositions of hotel properties is an estimate that can substantially affect financial results, including such items as net income, depreciation and gains on dispositions; the level of capital expenditures may change significantly, which will directly affect the level of depreciation expense and net income; the amount and timing of debt payments may change significantly based on market conditions, which will directly affect the level of interest expense and net income; the amount and timing of transactions involving shares of our common stock may change based on market conditions; and other risks and uncertainties associated with our business described herein and in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC.
Comparable Hotel Operating Statistics
To facilitate a quarter-to-quarter comparison of our operations, we present certain operating statistics (i.e., RevPAR, average daily rate and average occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in this report on a comparable hotel basis.
Because these statistics and operating results relate only to our hotel properties, they exclude results for our non-hotel properties and other real estate investments. We define our comparable hotels as properties:
(i) that are owned or leased by us and the operations of which are included in our consolidated results for the entirety of the reporting periods being compared; et
(ii) that have not sustained substantial property damage or business interruption, or undergone large-scale capital projects (as further defined below) during the reporting periods being compared.
The hotel business is capital-intensive and renovations are a regular part of the business. Generally, hotels under renovation remain comparable hotels. A large scale capital project that would cause a hotel to be excluded from our comparable hotel set is an extensive renovation of several core aspects of the hotel, such as rooms, meeting space, lobby, bars, restaurants and other public spaces. Both quantitative and qualitative factors are taken into consideration in determining if the renovation would cause a hotel to be removed from the comparable hotel set, including unusual or exceptional circumstances such as: a reduction or increase in room count, rebranding, a significant alteration of the business operations, or the closing of the hotel during the renovation.
We do not include an acquired hotel in our comparable hotel set until the operating results for that hotel have been included in our consolidated results for one full calendar year. For example, we acquired the 1 Hotel South Beach in February 2019. The hotel will not be included in our comparable hotels until January 1, 2021. Hotels that we sell are excluded from the comparable hotel set once the transaction has closed. Similarly, hotels are excluded from our comparable hotel set from the date that they sustain substantial property damage or business interruption or commence a large-scale capital project. In each case, these hotels are returned to the comparable hotel set when the operations of the hotel have been included in our consolidated results for one full calendar year after completion of the repair of the property damage or cessation of the business interruption, or the completion of large-scale capital projects, as applicable.
Of the 93 hotels that we owned on December 31, 2018, 85 have been classified as comparable hotels. The operating results of the following hotels that we owned as of December 31, 2018 are excluded from comparable hotel results for these periods:
The Phoenician (acquired in June 2015 and, beginning in the second quarter of 2016 and into 2017, business disruption due to extensive renovations, including all guestrooms and suites, a redesign of the lobby and public areas, renovation of pools, recreation areas and a restaurant and a re-configured spa and fitness center);The Don CeSar and Beach House Suites complex (acquired in February 2017);W Hollywood (acquired in March 2017);Andaz Maui at Wailea Resort (acquired in March 2018);Grand Hyatt San Francisco (acquired in March 2018);Hyatt Regency Coconut Point Resort and Spa (acquired in March 2018);The Ritz-Carlton, Naples, removed in the second quarter of 2018 (business disruption due to extensive renovations including restoration of the façade that required closure of the hotel for over two months, coordinated with renovation and expansion of restaurant areas and renovation to the spa and ballrooms); andSan Francisco Marriott Marquis, removed in the third quarter of 2018 (business disruption due to renovations of guestrooms, ballrooms, meeting space, and extensive renovations of the main lobby).
The operating results of eight hotels disposed of in 2018 and 2017 are not included in comparable hotel results for the periods presented herein. These operations are also excluded from the hotel operating data for all owned hotels on pages 9 and 10.
Operating statistics for the non-comparable hotels listed above are included in the hotel operating data for all owned hotels. By definition, the RevPAR results for these properties are not comparable due to the reasons listed above, and, therefore, are not indicative of the overall trends for our portfolio. The operating results for the five hotels acquired in 2017 and 2018 are included in the all owned hotel operating data on a pro forma basis, which includes operating results assuming the hotels were owned as of January 1, 2017 and based on actual results obtained from the manager for periods prior to our ownership. For these hotels, since the year-over-year comparison includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. All owned hotel operating statistics are provided for completeness and to show the difference between our comparable hotel information (upon which we usually evaluate performance) and all of our hotels, including non-comparable hotels. Also, while they may not be illustrative of trends (as compared to comparable hotel operating statistics), changes in all owned hotel statistics will have an effect on our overall revenues.
Constant US$ and Nominal US$
Operating results denominated in foreign currencies are translated using the prevailing exchange rates on the date of the transaction, or monthly based on the weighted average exchange rate for the period. For comparative purposes, we also present the RevPAR results for the prior year assuming the results for our foreign operations were translated using the same exchange rates that were effective for the comparable periods in the current year, thereby eliminating the effect of currency fluctuation for the year-over-year comparisons. For the full year forecast results, we use the applicable forward currency curve (as published by Bloomberg L.P.) for each monthly period to estimate forecast foreign operations in U.S. dollars and have restated the prior year RevPAR results using the same forecast exchange rates to estimate year-over-year growth in RevPAR in constant US$. We believe this presentation is useful to investors as it shows growth in RevPAR in the local currency of the hotel consistent with how we would evaluate our domestic portfolio. However, the estimated effect of changes in foreign currency has been reflected in the actual and forecast results of net income, EBITDA, Adjusted EBITDAre, earnings per diluted share and Adjusted FFO per diluted share. Nominal US$ results include the effect of currency fluctuations, consistent with our financial statement presentation.
Non-GAAP Financial Measures
Included in this press release are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre and (iv) Comparable Hotel Property Level Operating Results. The following discussion defines these measures and presents why we believe they are useful supplemental measures of our performance.
NAREIT FFO and NAREIT FFO per Diluted Share
We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding gains and losses from sales of real estate, the cumulative effect of changes in accounting principles, real estate-related depreciation, amortization and impairments and adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect our pro rata share of the FFO of those entities on the same basis.
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 of earnings per share, provides beneficial information to investors. By excluding the effect of real estate depreciation, amortization, impairments and gains and losses from sales of depreciable real estate, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. As noted by NAREIT in its April 2002 “White Paper on Funds From Operations,” since real estate values have historically risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, NAREIT adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance.
Adjusted FFO per Diluted Share
We also present Adjusted FFO per diluted share when evaluating our performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the adjustments detailed below in evaluating our performance, in our annual budget process and for our compensation programs. We believe that the presentation of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of earnings per share and FFO per diluted share as defined by NAREIT, provides useful supplemental information that is beneficial to an investor’s understanding of our operating performance. We adjust NAREIT FFO per diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share:
Gains and Losses on the Extinguishment of Debt – We exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of the write-off of deferred financing costs associated with the original issuance of the debt being redeemed or retired and incremental interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs.Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
In unusual circumstances, we may also adjust NAREIT FFO for gains or losses that management believes are not representative of the Company’s current operating performance. For example, in 2017, as a result of the reduction of corporate income tax rates from 35% to 21% caused by the Tax Cuts and Jobs Act, we remeasured our domestic deferred tax assets as of December 31, 2017 and recorded a one-time adjustment to reduce the deferred tax assets and increase the provision for income taxes by approximately $11 million. Additionally, similar corporate income tax rate reductions affected our European Joint Venture, causing the remeasurement of the net deferred tax assets and liabilities in France and Belgium, resulting in a net tax benefit to us of $5 million. We do not consider these adjustments to be reflective of our on-going operating performance and therefore excluded these items from Adjusted FFO.
EBITDA
Earnings before Interest Expense, Income Taxes, Depreciation and Amortization (“EBITDA”) is a commonly used measure of performance in many industries. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel owners that are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO and Adjusted FFO per diluted share, it is widely used by management in the annual budget process and for our compensation programs.
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 to facilitate the evaluation and comparison of the Company’s results with other REITs. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates.
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 regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s understanding of our operating performance. Adjusted EBITDAre also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDAre for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre:
Property Insurance Gains – We exclude the effect of property insurance gains reflected in our consolidated statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection with the calculation of the property insurance gain often does not reflect the market value of real estate assets.Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
In unusual circumstances, we also may adjust EBITDAre for gains or losses that management believes are not representative of the Company’s current operating performance. The last such adjustment was a 2013 exclusion of a gain from an eminent domain claim.
Limitations on the Use of NAREIT FFO per Diluted Share, Adjusted FFO per Diluted Share, EBITDA, EBITDAre and Adjusted EBITDAre
We calculate NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. In addition, although FFO per diluted share is a useful measure when comparing our results to other REITs, it may not be helpful to investors when comparing us to non-REITs. We also calculate Adjusted FFO per diluted share, which is not in accordance with NAREIT guidance and may not be comparable to measures calculated by other REITs. EBITDA, EBITDAre and Adjusted EBITDAre, as presented, may also not be comparable to measures calculated by other companies. This information should not be considered as an alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP. Cash expenditures for various long-term assets (such as renewal and replacement capital expenditures), interest expense (for EBITDA, EBITDAre and Adjusted EBITDAre purposes only) and other items have been and will be made and are not reflected in the EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share presentations. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our consolidated statement of operations and cash flows include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures. Additionally, NAREIT FFO per diluted share, Adjusted FFO per diluted share, EBITDA, EBITDAre and Adjusted EBITDAre should not be considered as a measure of our liquidity or indicative of funds available to fund our cash needs, including our ability to make cash distributions. In addition, NAREIT FFO per diluted share and Adjusted FFO per diluted share do not measure, and should not be used as a measure of, amounts that accrue directly to stockholders’ benefit.
Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments and NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of non-controlling partners in consolidated partnerships. Our equity investments consist of interests ranging from 11% to 67% in seven domestic and international partnerships that own a total of 10 properties and a vacation ownership development. Due to the voting rights of the outside owners, we do not control and, therefore, do not consolidate these entities. The non-controlling partners in consolidated partnerships primarily consist of the approximate 1% interest in Host LP held by outside partners, a 15% interest held by outside partners in a partnership owning one hotel for which we do control the entity and, therefore, consolidate its operations and an interest of 48% held by an outside partner for one hotel that we sold during the year. These pro rata results for NAREIT FFO and Adjusted FFO per diluted share, EBITDAre and Adjusted EBITDAre were calculated as set forth in the definitions above. Readers should be cautioned that the pro rata results presented in these measures for consolidated partnerships (for NAREIT FFO and Adjusted FFO per diluted share) and equity investments may not accurately depict the legal and economic implications of our investments in these entities.
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 hotel, or “same store,” basis as supplemental information for investors. Our comparable hotel results present operating results for hotels owned during the entirety of the periods being compared without giving effect to any acquisitions or dispositions, significant property damage or large scale capital improvements incurred during these periods. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our comparable properties after removing the impact of the Company’s capital structure (primarily interest expense), and its asset base (primarily depreciation and amortization). Corporate-level costs and expenses are also removed to arrive at property-level results. We believe these property-level results provide investors with supplemental information into the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by location and for the Company’s comparable properties in the aggregate. We eliminate depreciation and amortization because, even though depreciation and amortization are property-level expenses, these non-cash expenses, which are based on historical cost accounting for real estate assets, implicitly assume that the value of real estate assets diminishes predictably over time. As noted earlier, because real estate values have historically risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost accounting for operating results to be insufficient by themselves.
Because of the elimination of corporate-level costs and expenses and depreciation and amortization, the comparable hotel operating results we present do not represent our total revenues, expenses, operating profit or net income and should not be used to evaluate the performance of our company as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our consolidated statements of operations include such amounts, all of which should be considered by investors when evaluating our performance.
We present these hotel operating results on a comparable hotel basis because we believe that doing so provides investors and management with useful information for evaluating the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at comparable hotels (which represent the vast majority of our portfolio) or from other factors, such as the effect of acquisitions or dispositions. While management believes that presentation of comparable hotel results is a “same store” supplemental measure that provides useful information in evaluating our ongoing performance, this measure is not used to allocate resources or to assess the operating performance of each of these hotels, as these decisions are based on data for individual hotels and are not based on comparable hotel results. For these reasons, we believe that comparable hotel operating results, when combined with the presentation of GAAP operating profit, revenues and expenses, provide useful information to investors and management.
Michael D. Bluhm, Chief Financial Officer 240.744.5110
Gee Lingberg, Senior Vice President 240.744.5275
A PDF accompanying this announcement is available at: http://resource.globenewswire.com/Resource/Download/40fef998-c828-4dd7-bd3f-38d469d0810a
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