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Equity of Host Inc. and Capital of Host L.P. | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Equity of Host Inc. and Capital of Host L.P. | Equity of Host Inc. and Capital of Host L.P. Equity of Host Inc. The components of the equity of Host Inc. are as follows (in millions):
| Common Stock |  | Additional Paid-in Capital |  | Accumulated Other Comprehensive Loss |  | Retained Deficit |  | Non-redeemable, non-controlling interests |  | Total equity |  | Redeemable, non-controlling interests
Balance, December 31, 2023 | $ | 7 |  |  | $ | 7,535 |  |  | $ | (70) |  |  | $ | (839) |  |  | $ | 4 |  |  | $ | 6,637 |  |  | $ | 189 |
Net income | — |  |  | — |  |  | — |  |  | 507 |  |  | — |  |  | 507 |  |  | 7 |
Changes in ownership and other | — |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |  |  | (21) |
Other comprehensive loss | — |  |  | — |  |  | (8) |  |  | — |  |  | — |  |  | (8) |  |  | — |
Issuance of common stock for comprehensive stock plans, net | — |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | — |
Dividends declared on common stock | — |  |  | — |  |  | — |  |  | (283) |  |  | — |  |  | (283) |  |  | — |
Distributions to non-controlling interests | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | (3) |
Repurchase of common stock | — |  |  | (50) |  |  | — |  |  | — |  |  | — |  |  | (50) |  |  | — |
Balance, June 30, 2024 | $ | 7 |  |  | $ | 7,500 |  |  | $ | (78) |  |  | $ | (615) |  |  | $ | 3 |  |  | $ | 6,817 |  |  | $ | 172 |
| Common Stock |  | Additional Paid-in Capital |  | Accumulated Other Comprehensive Loss |  | Retained Deficit |  | Non-redeemable, non-controlling interests |  | Total equity |  | Redeemable, non-controlling interests
Balance, March 31, 2024 | $ | 7 |  |  | $ | 7,514 |  |  | $ | (73) |  |  | $ | (712) |  |  | $ | 4 |  |  | $ | 6,740 |  |  | $ | 200 |
Net income | — |  |  | — |  |  | — |  |  | 239 |  |  | — |  |  | 239 |  |  | 3 |
Changes in ownership and other | — |  |  | 30 |  |  | — |  |  | — |  |  | (1) |  |  | 29 |  |  | (30) |
Other comprehensive loss | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | (5) |  |  | — |
Issuance of common stock for comprehensive stock plans, net | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |
Dividends declared on common stock | — |  |  | — |  |  | — |  |  | (142) |  |  | — |  |  | (142) |  |  | — |
Distributions to non-controlling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |
Repurchase of common stock | — |  |  | (50) |  |  | — |  |  | — |  |  | — |  |  | (50) |  |  | — |
Balance, June 30, 2024 | $ | 7 |  |  | $ | 7,500 |  |  | $ | (78) |  |  | $ | (615) |  |  | $ | 3 |  |  | $ | 6,817 |  |  | $ | 172 |
| Common Stock |  | Additional Paid-in Capital |  | Accumulated Other Comprehensive Loss |  | Retained Deficit |  | Non-redeemable, non-controlling interests |  | Total equity |  | Redeemable, non-controlling interests
Balance, December 31, 2022 | $ | 7 |  |  | $ | 7,717 |  |  | $ | (75) |  |  | $ | (939) |  |  | $ | 5 |  |  | $ | 6,715 |  |  | $ | 164 |
Net income | — |  |  | — |  |  | — |  |  | 497 |  |  | 1 |  |  | 498 |  |  | 7 |
Other comprehensive income | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 5 |  |  | — |
Issuance of common stock for comprehensive stock plans, net | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |
Dividends declared on common stock | — |  |  | — |  |  | — |  |  | (194) |  |  | — |  |  | (194) |  |  | — |
Distributions to non-controlling interests | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | (3) |
Repurchase of common stock | — |  |  | (50) |  |  | — |  |  | — |  |  | — |  |  | (50) |  |  | — |
Balance, June 30, 2023 | $ | 7 |  |  | $ | 7,671 |  |  | $ | (70) |  |  | $ | (636) |  |  | $ | 5 |  |  | $ | 6,977 |  |  | $ | 168 |
| Common Stock |  | Additional Paid-in Capital |  | Accumulated Other Comprehensive Loss |  | Retained Deficit |  | Non-redeemable, non-controlling interests |  | Total equity |  | Redeemable, non-controlling interests
Balance, March 31, 2023 | $ | 7 |  |  | $ | 7,663 |  |  | $ | (73) |  |  | $ | (739) |  |  | $ | 5 |  |  | $ | 6,863 |  |  | $ | 167 |
Net income | — |  |  | — |  |  | — |  |  | 210 |  |  | 1 |  |  | 211 |  |  | 3 |
Other comprehensive income | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  | — |
Issuance of common stock for comprehensive stock plans, net | — |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |
Dividends declared on common stock | — |  |  | — |  |  | — |  |  | (107) |  |  | — |  |  | (107) |  |  | — |
Distributions to non-controlling interests | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | (2) |
Balance, June 30, 2023 | $ | 7 |  |  | $ | 7,671 |  |  | $ | (70) |  |  | $ | (636) |  |  | $ | 5 |  |  | $ | 6,977 |  |  | $ | 168 |
Capital of Host L.P. As of June 30, 2024, Host Inc. is the owner of approximately 99% of Host L.P.’s common OP units. The remaining common OP units are owned by unaffiliated limited partners. Each common OP unit may be redeemed for cash or, at the election of Host Inc., Host Inc. common stock, based on the conversion ratio of 1.021494 shares of Host Inc. common stock for each common OP unit. In exchange for any shares issued by Host Inc., Host L.P. will issue common OP units to Host Inc. based on the applicable conversion ratio. Additionally, funds used by Host Inc. to pay dividends on its common stock are provided by distributions from Host L.P. The components of the Capital of Host L.P. are as follows (in millions):
| General Partner |  | Limited Partner |  | Accumulated Other Comprehensive Loss |  | Non-controlling interests |  | Total capital |  | Limited partnership interests of third parties
Balance, December 31, 2023 | $ | 1 |  |  | $ | 6,702 |  |  | $ | (70) |  |  | $ | 4 |  |  | $ | 6,637 |  |  | $ | 189 |
Net income | — |  |  | 507 |  |  | — |  |  | — |  |  | 507 |  |  | 7 |
Changes in ownership and other | — |  |  | 21 |  |  | — |  |  | — |  |  | 21 |  |  | (21) |
Other comprehensive loss | — |  |  | — |  |  | (8) |  |  | — |  |  | (8) |  |  | — |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | — |  |  | (6) |  |  | — |  |  | — |  |  | (6) |  |  | — |
Distributions declared on common OP units | — |  |  | (283) |  |  | — |  |  | — |  |  | (283) |  |  | (3) |
Distributions to non-controlling interests | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | — |
Repurchase of common OP units | — |  |  | (50) |  |  | — |  |  | — |  |  | (50) |  |  | — |
Balance, June 30, 2024 | $ | 1 |  |  | $ | 6,891 |  |  | $ | (78) |  |  | $ | 3 |  |  | $ | 6,817 |  |  | $ | 172 |
| General Partner |  | Limited Partner |  | Accumulated Other Comprehensive Loss |  | Non-controlling interests |  | Total capital |  | Limited partnership interests of third parties
Balance, March 31, 2024 | $ | 1 |  |  | $ | 6,808 |  |  | $ | (73) |  |  | $ | 4 |  |  | $ | 6,740 |  |  | $ | 200 |
Net income | — |  |  | 239 |  |  | — |  |  | — |  |  | 239 |  |  | 3 |
Changes in ownership and other | — |  |  | 30 |  |  | — |  |  | (1) |  |  | 29 |  |  | (30) |
Other comprehensive loss | — |  |  | — |  |  | (5) |  |  | — |  |  | (5) |  |  | — |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | — |  |  | 6 |  |  | — |  |  | — |  |  | 6 |  |  | — |
Distributions declared on common OP units | — |  |  | (142) |  |  | — |  |  | — |  |  | (142) |  |  | (1) |
Repurchase of common OP units | — |  |  | (50) |  |  | — |  |  | — |  |  | (50) |  |  | — |
Balance, June 30, 2024 | $ | 1 |  |  | $ | 6,891 |  |  | $ | (78) |  |  | $ | 3 |  |  | $ | 6,817 |  |  | $ | 172 |
| General Partner |  | Limited Partner |  | Accumulated Other Comprehensive Loss |  | Non-controlling interests |  | Total capital |  | Limited partnership interests of third parties
Balance, December 31, 2022 | $ | 1 |  |  | $ | 6,784 |  |  | $ | (75) |  |  | $ | 5 |  |  | $ | 6,715 |  |  | $ | 164 |
Net income | — |  |  | 497 |  |  | — |  |  | 1 |  |  | 498 |  |  | 7 |
Other comprehensive income | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | — |  |  | 4 |  |  | — |  |  | — |  |  | 4 |  |  | — |
Distributions declared on common OP units | — |  |  | (194) |  |  | — |  |  | — |  |  | (194) |  |  | (3) |
Distributions to non-controlling interests | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | — |
Repurchase of common OP units | — |  |  | (50) |  |  | — |  |  | — |  |  | (50) |  |  | — |
Balance, June 30, 2023 | $ | 1 |  |  | $ | 7,041 |  |  | $ | (70) |  |  | $ | 5 |  |  | $ | 6,977 |  |  | $ | 168 |
| General Partner |  | Limited Partner |  | Accumulated Other Comprehensive Loss |  | Non-controlling interests |  | Total capital |  | Limited partnership interests of third parties
Balance, March 31, 2023 | $ | 1 |  |  | $ | 6,930 |  |  | $ | (73) |  |  | $ | 5 |  |  | $ | 6,863 |  |  | $ | 167 |
Net income | — |  |  | 210 |  |  | — |  |  | 1 |  |  | 211 |  |  | 3 |
Other comprehensive income | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | — |  |  | 8 |  |  | — |  |  | — |  |  | 8 |  |  | — |
Distributions declared on common OP units | — |  |  | (107) |  |  | — |  |  | — |  |  | (107) |  |  | (2) |
Distributions to non-controlling interests | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | — |
Balance, June 30, 2023 | $ | 1 |  |  | $ | 7,041 |  |  | $ | (70) |  |  | $ | 5 |  |  | $ | 6,977 |  |  | $ | 168 |
Share Repurchases During the second quarter of 2024, we repurchased 2.8 million shares of Host Inc. common stock at an average price of $17.81 per share, exclusive of commissions, through our common share repurchase program for a total of $50 million. There were no share repurchases during the first quarter of 2024. As of June 30, 2024, there was $742 million available for repurchase under our common share repurchase program. Issuance of Common Stock As of June 30, 2024, there was $600 million of remaining capacity to issue common shares of Host Inc. under our "at the market" distribution agreement. There were no shares issued during the first half of 2024. Dividends/Distributions On June 13, 2024, Host Inc.'s Board of Directors announced a regular quarterly cash dividend of $0.20 per share on its common stock. The dividend was paid on July 15, 2024 to stockholders of record as of June 28, 2024. Accordingly, Host L.P. made a distribution of $0.2042988 per unit on its common OP units based on the current conversion ratio.

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