Host Hotels and Resorts (TG:HMT)
Historical Stock Chart
From Jun 2019 to Jun 2024
Year-to-date ended September 9, 2005
Average
Average Occupancy
Daily Rate Percentages RevPAR
Pacific $170.81 77.9% $133.11
Florida 177.40 74.8 132.65
Mid-Atlantic 195.12 79.1 154.29
North Central 129.17 67.1 86.67
DC Metro 177.98 78.3 139.41
Atlanta 150.30 68.2 102.50
South Central 133.74 76.7 102.60
New England 151.15 71.4 107.98
Mountain 111.24 64.4 71.62
International 131.45 72.2 94.95
All Regions 163.17 74.5 121.55
Year-to-date ended September 10, 2004
Average Percent
Occupancy Change
Average Percent- in
Daily Rate ages RevPAR RevPAR
Pacific $160.32 75.6% $121.26 9.8%
Florida 166.53 73.5 122.33 8.4
Mid-Atlantic 178.16 77.6 138.28 11.6
North Central 119.33 68.6 81.82 5.9
DC Metro 160.16 75.5 120.87 15.3
Atlanta 145.56 68.7 99.97 2.5
South Central 125.32 76.4 95.78 7.1
New England 145.56 73.2 106.57 1.3
Mountain 104.33 60.4 63.04 13.6
International 120.72 72.8 87.83 8.1
All Regions 151.75 73.4 111.44 9.1
Comparable Hotels by Property Type (a)
As of September 9, 2005
No. of No. of
Properties Rooms
Urban 39 22,874
Suburban 34 12,492
Airport 16 16 7,328
Resort/Convention 10 6,388
All Types 99 49,082
Quarter ended September 9, 2005
Average
Average Occupancy
Daily Rate Percentages RevPAR
Urban $168.27 78.4% $131.96
Suburban 130.54 71.3 93.02
Airport 16 115.45 78.5 90.63
Resort/Convention 185.81 70.9 131.68
All Types 153.38 75.6 115.98
Quarter ended September 10, 2004
Average Percent
Occupancy Change
Average Percent- in
Daily Rate ages RevPAR RevPAR
Urban $159.22 77.2% $122.90 7.4%
Suburban 121.76 69.3 84.43 10.2
Airport 16 107.88 76.5 82.54 9.8
Resort/Convention 171.88 72.0 123.84 6.3
All Types 144.24 74.4 107.34 8.0
As of September 9, 2005
No. of No. of
Properties Rooms
Urban 39 22,874
Suburban 34 12,492
Airport 16 7,328
Resort/Convention 10 6,388
All Types 99 49,082
Year-to-date ended September 9, 2005
Average
Average Occupancy
Daily Rate Percentages RevPAR
Urban $176.35 77.5% $136.69
Suburban 131.87 68.6 90.44
Airport 120.53 76.0 91.62
Resort/Convention 220.93 73.5 162.49
All Types 163.17 74.5 121.55
Year-to-date ended September 10, 2004
Average Percent
Occupancy Change
Average Percent- in
Daily Rate ages RevPAR RevPAR
Urban $164.23 75.9% $124.62 9.7%
Suburban 122.47 67.5 $82.71 9.3
Airport 112.22 75.6 84.85 8.0
Resort/Convention 204.98 73.8 151.35 7.4
All Types 151.75 73.4 111.44 9.1
(a) See the notes to financial information for a discussion of reporting
periods and comparable hotel results.
HOST MARRIOTT CORPORATION
Comparable Hotel Operating Data
Schedule of Comparable Hotel Results (a)
(unaudited, in millions, except hotel statistics)
Quarter ended Year-to-date ended
Sept. Sept. Sept. Sept.
9, 10, 9, 10,
2005 2004 2005 2004
Number of hotels 99 99 99 99
Number of rooms 49,082 49,082 49,082 49,082
Percent change in
Comparable Hotel
RevPAR 8.0% - 9.1% -
Operating profit
margin under GAAP (b) 8.3% 5.6% 12.7% 10.6%
Comparable hotel
adjusted operating
profit margin (c) 20.2% 18.4% 23.8% 22.1%
Comparable hotel sales
Room $489 $452 $1,491 $1,371
Food and beverage 221 208 754 717
Other 54 51 167 157
Comparable hotel
sales (d) 764 711 2,412 2,245
Comparable hotel expenses
Room 125 119 364 345
Food and beverage 182 174 568 545
Other 34 34 103 99
Management fees,
ground rent and other
costs 269 253 802 760
Comparable hotel
expenses (e) 610 580 1,837 1,749
Comparable hotel
adjusted operating
profit 154 131 575 496
Non-comparable hotel
results, net (f) 17 14 61 49
Office buildings and
limited service
properties, net (g) - - - (1)
Depreciation and
amortization (85) (83) (254) (242)
Corporate and other
expenses (16) (18) (45) (43)
Operating profit $70 $44 $337 $259
(a) See the notes to the financial information for discussion of non-GAAP
measures, reporting periods and comparable hotel results.
(b) Operating profit margin under GAAP is calculated as the operating
profit divided by the total revenues per the consolidated statements
of operations.
(c) Comparable hotel adjusted operating profit margin is calculated as
the comparable hotel adjusted operating profit divided by the
comparable hotel sales per the table above.
(d) The reconciliation of total revenues per the consolidated statements
of operations to the comparable hotel sales is as follows:
Quarter ended Year-to-date ended
Sept. Sept. Sept. Sept.
9, 10, 9, 10,
2005 2004 2005 2004
Revenues per the
consolidated statements
of operations $841 $781 $2,647 $2,452
Revenues of hotels
held for sale 3 2 8 7
Non-comparable hotel sales (72) (62) (224) (181)
Hotel sales for the property
for which we record rental
income, net 10 8 35 31
Rental income for office
buildings and limited
service hotels (18) (18) (54) (53)
Adjustment for hotel sales
for comparable hotels to
reflect Marriott's fiscal
year for Marriott-managed
hotels - - - (11)
Comparable hotel sales $764 $711 $2,412 $2,245
(e) The reconciliation of operating costs per the consolidated statements
of operations to the comparable hotel expenses is as follows (in
millions):
Quarter ended Year-to-date ended
Sept. Sept. Sept. Sept.
9, 10, 9, 10,
2005 2004 2005 2004
Operating costs and expenses
per the consolidated
statements of operations $771 $737 $2,310 $2,193
Operating cost of hotels
held for sale 3 2 7 6
Non-comparable hotel
expenses (55) (48) (162) (133)
Hotel expenses for the
property for which we
record rental income 10 8 35 32
Rent expense for office
buildings and limited
service hotels (18) (18) (54) (54)
Adjustment for hotel expenses
for comparable hotels to
reflect Marriott's fiscal
year for Marriott-
managed hotels - - - (10)
Depreciation and
amortization (85) (83) (254) (242)
Corporate and other expenses (16) (18) (45) (43)
Comparable hotel expenses $610 $580 $1,837 $1,749
(f) Non-comparable hotel results, net, includes the following items: (i)
the results of operations of our non-comparable hotels whose
operations are included in our consolidated statement of operations
as continuing operations and (ii) the difference between the number
of days of operations reflected in the comparable hotel results and
the number of days of operations reflected in the consolidated
statements of operations. For further detail, see "Notes to
Financial Information."
(g) Represents rental income less rental expense for limited service
properties and office buildings. For further detail, see footnote (b)
to the consolidated statements of operations.
HOST MARRIOTT CORPORATION
Other Financial and Operating Data
(unaudited, in millions, except per share amounts)
September 9, December 31,
2005 2004
Equity
Common shares outstanding 353.3 350.3
Common shares and minority held
common OP Units outstanding 373.3 371.3
Preferred OP Units outstanding .02 .02
Class B Preferred shares outstanding (a) - 4.0
Class C Preferred shares outstanding 6.0 6.0
Class D Preferred shares outstanding (a) - .03
Class E Preferred shares outstanding 4.0 4.0
Security pricing (per share price)
Common (b) $17.65 $17.30
Class B Preferred (a) (b) $- $25.80
Class C Preferred (b) $26.10 $26.37
Class E Preferred (b) $27.19 $27.45
Convertible Preferred Securities (c) $57.85 $57.25
Exchangeable Senior Debentures (d) $1,122.50 $1,156.00
Dividends declared per share for
calendar year
Common (e) $.29 $.05
Class A Preferred (f) $- $1.38
Class B Preferred (a) $.87 $2.50
Class C Preferred (e) $1.88 $2.50
Class D Preferred (a) $.87 $2.50
Class E Preferred (e) $1.66 $1.37
Debt
Series B senior notes, with a rate
of 7 7/8% due August 2008 $136 $304
Series E senior notes, with a rate
of 8 3/8% due February 2006 - 300
Series G senior notes, with a rate
of 9 1/4% due October 2007 (g) 237 243
Series I senior notes, with a rate
of 9 1/2% due January 2007 (h) 455 468
Series K senior notes, with a rate
of 7 1/8% due November 2013 725 725
Series M senior notes, with a rate
of 7% due August 2012 (i) 346 346
Series O senior notes, with a rate
of 6 3/8% due March 2015 (j) 650 -
Exchangeable Senior Debentures, with
a rate of 3.25% due April 2024 492 491
Senior notes, with an average rate
of 9.7%, maturing through 2012 13 13
Total senior notes 3,054 2,890
Mortgage debt (non-recourse) secured
by $2.8 billion of real estate
assets, with an average interest
rate of 7.7% at September 9, 2005
and December 31, 2004, respectively 1,858 2,043
Credit facility (k) - -
Convertible Subordinated Debentures,
with a rate of 6 3/4% due December
2026 492 492
Other 97 98
Total debt $5,501 $5,523
Percentage of fixed rate debt 85% 85%
Weighted average interest rate 7.0% 7.1%
Weighted average debt maturity 6.9 years 6.6 years
Quarter ended Year-to-date ended
Sept. Sept. Sept. Sept.
9, 10, 9, 10,
2005 2004 2005 2004
Hotel Operating Statistics for All
Full-Service Properties (l)
Average daily rate $155.59 $142.30 $164.46 $148.53
Average occupancy 74.5% 74.0% 73.7% 73.3%
RevPAR $115.97 $105.32 $121.22 $108.90
(a) On May 20, 2005, we redeemed, at par, all four million shares of our
10% Class B Cumulative Redeemable Preferred stock for approximately
$101 million, including accrued dividends and all 33,182 shares of
our 10% Class D Cumulative Redeemable Preferred stock.
(b) Share prices are the closing price as reported by the New York Stock
Exchange.
(c) Market price as quoted by Bloomberg L.P. Amount reflects the price of
a single $50 security, which is convertible into common stock upon
the occurrence of certain events.
(d) Market price as quoted by Bloomberg L.P. Amount reflects the price of
a single $1,000 debenture, which is exchangeable for common stock
upon the occurrence of certain events.
(e) On September 19, 2005, we declared a third quarter common dividend of
$.11 per share and preferred dividends per share for our Class C and
Class E preferred stock of $.625 and $.5546875, respectively.
(f) On August 3, 2004, we redeemed all 4.16 million shares of the
outstanding Class A preferred stock at a price of $25.00 per share
plus dividends accrued to that date.
(g) Includes the fair value of interest rate swap agreements of $(5)
million and $1 million as of September 9, 2005 and December 31, 2004,
respectively.
(h) Includes the fair value of interest rate swap agreements of $5
million and $18 million as of September 9, 2005 and December 31,
2004, respectively.
(i) On March 3, 2005, we exchanged all of our 7% Series L senior notes due
2012 for our 7% Series M senior notes due 2012. The terms of the
Series L senior notes and the Series M senior notes are substantially
identical in all material respects, except that the Series M senior
notes are registered under the Securities Act of 1933 and are,
therefore, freely transferable by the holders.
(j) On July 19, 2005, we exchanged all of our 6 3/8% Series N senior notes
for our 6 3/8% Series O senior notes. The terms of the Series O
senior notes and the Series N senior notes are substantially identical
in all material respects, except that the Series O senior notes are
registered under the Securities Act of 1933 and are, therefore, freely
transferable by the holders.
(k) Our credit facility has an available capacity of $575 million and
there are currently no amounts outstanding.
(l) The operating statistics reflect all consolidated properties as of
September 9, 2005 and September 10, 2004, respectively. The operating
statistics include the results of operations for four properties sold
in the first quarter of 2005 and nine properties sold in 2004 prior to
their disposition.
HOST MARRIOTT CORPORATION
Reconciliation of Net Income (Loss) Available to Common Stockholders
to Funds From Operations per Diluted Share
(unaudited, in millions, except per share amounts)
Quarter ended Quarter ended
September 9, 2005 September 10, 2004
Per Per
Income Share Income Share
(Loss)Shares Amount (Loss)Shares Amount
Net loss available to common
stockholders $(11) 353.1 $(.03) $(60) 348.7 $(.17)
Adjustments:
Amortization of deferred gains,
net of taxes (1) - - (4) - (.01)
Depreciation and amortization 85 - .24 85 - .24
Partnership adjustments 1 - - 1 - -
FFO of minority partners of Host
LP (a) (4) - (.01) (1) - -
Adjustments for dilutive
securities:
Assuming distribution of common
shares granted under the
comprehensive stock plan less
shares assumed purchased at
average market price - 2.3 - - 2.0 -
Assuming conversion of
Exchangeable Senior Debentures 4 27.7 (.01) - - -
FFO per diluted share (b) (c) $74 383.1 $.19 $21 350.7 $.06
Year-to-date ended Year-to-date ended
September 9, 2005 September 10, 2004
Per Per
Income Share Income Share
(Loss)Shares Amount(Loss)Shares Amount
Net income (loss) available to
common stockholders $67 352.6 $.19 $(93) 331.5 $(.28)
Adjustments:
Gains on dispositions, net of
taxes (54) - (.15) (20) - (.06)
Amortization of deferred gains,
net of taxes (5) - (.02) (8) - (.02)
Depreciation and amortization 254 - .72 251 - .75
Partnership adjustments 9 - .03 12 - .04
FFO of minority partners of
Host LP (a) (15) - (.04) (9) - (.03)
Adjustments for dilutive
securities:
Assuming distribution of common
shares granted under the
comprehensive stock plan less
shares assumed purchased at
average market price - 2.4 (.01) - 2.1 -
Assuming conversion of
Exchangeable Senior Debentures 13 27.7 (.02) - - -
FFO per diluted share (b) (c) $269 382.7 $.70 $133 333.6 $.40
(a) Represents FFO attributable to the minority interests in Host LP.
(b) FFO per diluted share in accordance with NAREIT is adjusted for the
effects of dilutive securities. Dilutive securities may include shares
granted under comprehensive stock plans, those preferred OP units held
by minority partners, convertible debt securities and other minority
interests that have the option to convert their limited partnership
interest to common OP units. No effect is shown for securities if they
are anti-dilutive.
(c) FFO per diluted share for certain periods presented was significantly
affected by certain transactions, which are detailed in the table
entitled, "Schedule of Significant Transactions Affecting Earnings per
Share, Funds from Operations per Diluted Share and Adjusted EBITDA."
HOST MARRIOTT CORPORATION
Schedule of Significant Transactions Affecting Earnings per Share
and Funds From Operations per Diluted Share
(unaudited, in millions, except per share amounts)
Quarter ended Quarter ended
September 9, 2005 September 10, 2004
Net Income Net Income
Loss FFO Loss FFO
Senior notes redemptions and
debt prepayments (a) $- $- $(14) $(14)
Preferred stock redemption (b) - - (6) (6)
Minority interest income (c) - - 1 1
Total $- $- $(19) $(19)
Per diluted share $- $- $(.05) $(.05)
Year-to-date ended Year-to-date ended
September 9, 2005 September 10, 2004
Net Income Net Income
Loss FFO Loss FFO
Senior notes redemptions and
debt prepayments (a) $(34) $(34) $(59) $(59)
Preferred stock redemptions (b) (4) (4) (6) (6)
Gain on CBM Joint Venture LLC
sale, net of taxes (d) 42 - - -
Gain on hotel dispositions, net
of taxes 12 - 20 -
Minority interest income
(expense) (c) (1) 2 2 4
Total $15 $(36) $(43) $(61)
Per diluted share (e) $.04 $(.09) $(.13) $(.18)
(a) Represents call premiums and the acceleration of original issue
discounts and deferred financing costs, as well as incremental
interest during the call or prepayment notice period, included in
interest expense in the consolidated statements of operations. We
recognized these costs in conjunction with the prepayment or
refinancing of senior notes and mortgages during certain periods
presented.
(b) Represents the original issuance costs for preferred stock, which
were required to be charged against net income (loss) available to
common stockholders in conjunction with the redemption of the Class B
preferred stock in the second quarter of 2005 and the Class A
preferred stock in the third quarter of 2004. The adjustment in 2004
also includes the incremental dividends from the date of issuance of
the Class E preferred stock to the date of redemption of the Class A
preferred stock. For further detail, see footnote (d) to the
consolidated statements of operations.
(c) Represents the portion of the significant transactions attributable
to minority partners in Host LP.
(d) Represents the gain, net of tax, on the sale of 85% of our interest
in CBM Joint Venture LLC.
(e) Prior year per share amounts were adjusted due to the dilutive effect
of the retroactive application of EITF 04-8.
PRNewswire -- Oct. 12
SECOND ADD -- SUPPLEMENTAL INFORMATION -- TO FOLLOW
DATASOURCE: Host Marriott Corporation