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Quarterly Financial Data (unaudited)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Data (unaudited)

18.

Quarterly Financial Data (unaudited)

Effective January 1, 2013, we report quarterly operating results on a calendar cycle, which now is consistent across all of our hotel managers and the majority of companies in the lodging industry. Historically, our annual financial statements have been reported on a calendar basis and are unaffected by this change. However, our quarterly operating results had been reported based on a 52-53 week fiscal calendar used by Marriott International, Inc. (“Marriott”), the manager of approximately 50% of our properties. For 2013, Marriott converted to reporting results based on a 12-month calendar year. During 2012, Marriott used a fiscal year ending on the Friday closest to December 31 and reported twelve weeks of operations for the first three quarters and sixteen weeks for the fourth quarter of the year for its Marriott-managed hotels. Accordingly, our first three quarters of operations in 2012 ended on March 23, June 15 and September 7. In contrast, managers of our other hotels, such as Ritz-Carlton, Hyatt, and Starwood, reported results on a monthly basis. During 2012, we did not report the month of operations that ended after our fiscal quarter until the following quarter for those hotels using a monthly reporting period because these hotel managers did not make mid-month results available to us. Accordingly, the month of operations that ended after our fiscal quarter was included in our quarterly results of operations in the following quarter for those calendar reporting hotel managers. As a result, our 2012 quarterly results of operations include results from hotel managers reporting results on a monthly basis as follows: first quarter (January, February), second quarter (March to May), third quarter (June to August) and fourth quarter (September to December).  

We did not restate the previously filed 2012 quarterly financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) because certain property-level operating expenses for our Marriott-managed properties necessary to restate operations are unavailable on a daily basis. Because we rely upon our operators for the hotel operating results used in our financial statements, the unavailability of this information on a calendar quarter basis for 2012 made restating our financial statements in accordance with GAAP unfeasible. Accordingly, the corresponding 2012 quarterly historical operating results are not comparable to our 2013 quarterly operating results.  

 

 

 

 

2013

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

 

(in millions, except per share/unit amounts)

 

Host Hotels & Resorts, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,225

 

 

$

1,399

 

 

$

1,211

 

 

$

1,331

 

Operating profit

 

 

90

 

 

 

205

 

 

 

79

 

 

 

138

 

Income from continuing operations

 

 

34

 

 

 

116

 

 

 

1

 

 

 

59

 

Income from discontinued operations

 

 

26

 

 

 

5

 

 

 

17

 

 

 

67

 

Net income

 

 

60

 

 

 

121

 

 

 

18

 

 

 

126

 

Net income attributable to Host Hotels & Resorts, Inc.

 

 

56

 

 

 

119

 

 

 

19

 

 

 

123

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

.04

 

 

 

.16

 

 

 

.01

 

 

 

.07

 

Discontinued operations

 

 

.04

 

 

 

—

 

 

 

.02

 

 

 

.09

 

Basic earnings per common share

 

 

.08

 

 

 

.16

 

 

 

.03

 

 

 

.16

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

.04

 

 

 

.16

 

 

 

.01

 

 

 

.07

 

Discontinued operations

 

 

.04

 

 

 

—

 

 

 

.02

 

 

 

.09

 

Diluted earnings per common share

 

 

.08

 

 

 

.16

 

 

 

.03

 

 

 

.16

 

Host Hotels & Resorts, L.P.(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Host Hotels & Resorts, L.P.

 

 

57

 

 

 

120

 

 

 

19

 

 

 

125

 

Basic earnings per common unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

.04

 

 

 

.15

 

 

 

.01

 

 

 

.08

 

Discontinued operations

 

 

.04

 

 

 

.01

 

 

 

.02

 

 

 

.09

 

Basic earnings per common unit

 

 

.08

 

 

 

.16

 

 

 

.03

 

 

 

.17

 

Diluted earnings per common unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

.04

 

 

 

.15

 

 

 

.01

 

 

 

.08

 

Discontinued operations

 

 

.04

 

 

 

.01

 

 

 

.02

 

 

 

.09

 

Diluted earnings per common unit

 

 

.08

 

 

 

.16

 

 

 

.03

 

 

 

.17

 

 

 


 

 

 

2012

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

 

(in millions, except per share/unit amounts)

 

Host Hotels & Resorts, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

929

 

 

$

1,308

 

 

$

1,149

 

 

$

1,673

 

Operating profit

 

 

16

 

 

 

175

 

 

 

63

 

 

 

108

 

Income (loss) from continuing operations

 

 

(54

)

 

 

79

 

 

 

(39

)

 

 

5

 

Income from discontinued operations

 

 

54

 

 

 

4

 

 

 

3

 

 

 

10

 

Net income (loss)

 

 

—

 

 

 

83

 

 

 

(36

)

 

 

15

 

Net income (loss) attributable to Host Hotels & Resorts, Inc.

 

 

(2

)

 

 

82

 

 

 

(34

)

 

 

15

 

Basic earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

(.08

)

 

 

.11

 

 

 

(.05

)

 

 

.01

 

Discontinued operations

 

 

.08

 

 

 

—

 

 

 

—

 

 

 

.01

 

Basic earnings (loss) per common share

 

 

—

 

 

 

.11

 

 

 

(.05

)

 

 

.02

 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

(.08

)

 

 

.11

 

 

 

(.05

)

 

 

.01

 

Discontinued operations

 

 

.08

 

 

 

—

 

 

 

—

 

 

 

.01

 

Diluted earnings (loss) per common share

 

 

—

 

 

 

.11

 

 

 

(.05

)

 

 

.02

 

Host Hotels & Resorts, L.P.(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Host Hotels & Resorts, L.P.

 

 

(2

)

 

 

83

 

 

 

(35

)

 

 

16

 

Basic earnings (loss) per common unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

(.08

)

 

 

.11

 

 

 

(.05

)

 

 

.01

 

Discontinued operations

 

 

.08

 

 

 

.01

 

 

 

—

 

 

 

.01

 

Basic earnings (loss) per common unit

 

 

—

 

 

 

.12

 

 

 

(.05

)

 

 

.02

 

Diluted earnings (loss) per common unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

(.08

)

 

 

.11

 

 

 

(.05

)

 

 

.01

 

Discontinued operations

 

 

.08

 

 

 

.01

 

 

 

—

 

 

 

.01

 

Diluted earnings (loss) per common unit

 

 

—

 

 

 

.12

 

 

 

(.05

)

 

 

.02

 

 

 

(1)

Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc.

The sum of the basic and diluted earnings per common share and OP units for the four quarters in all years presented differs from the annual earnings per common share and OP units due to the required method of computing the weighted average number of shares and OP units in the respective periods.