Equity of Host Inc. and Capital of Host L.P.

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity of Host Inc. and Capital of Host L.P.

7.	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 Income (Loss)			Retained Earnings / (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		—		—			—			287			—		287			4
Issuance of common stock for comprehensive stock plans, net		—		(4	)		—			—			—		(4	)		—
Repurchase of common       stock		—		(50	)		—			—			—		(50	)		—
Dividends declared on common stock		—		—			—			(87	)		—		(87	)		—
Distributions to non-controlling interests		—		—			—			—			—		—			(1	)
Other comprehensive income		—		—			2			—			—		2			—
Balance, March 31, 2023	$	7	$	7,663		$	(73	)	$	(739	)	$	5	$	6,863		$	167

	Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings / (Deficit)			Non-redeemable, non-controlling interests			Total equity			Redeemable, non-controlling interests
Balance, December 31, 2021	$	7	$	7,702		$	(76	)	$	(1,192	)	$	5		$	6,446		$	126
Net income		—		—			—			116			1			117			1
Issuance of common stock for comprehensive stock plans, net		—		(9	)		—			—			—			(9	)		—
Dividends declared on common stock		—		—			—			(22	)		—			(22	)		—
Issuance of common OP units		—		—			—			—			—			—			56
Changes in ownership and other		—		(13	)		—			—			(1	)		(14	)		20
Other comprehensive income		—		—			7			—			—			7			—
Balance, March 31, 2022	$	7	$	7,680		$	(69	)	$	(1,098	)	$	5		$	6,525		$	203

Capital of Host L.P.

As of March 31, 2023, 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 Income (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		—		287			—			—		287			4
Issuance of common OP units to Host Inc. for comprehensive stock plans, net		—		(4	)		—			—		(4	)		—
Repurchase of common OP units		—		(50	)		—			—		(50	)		—
Distributions declared on common OP units		—		(87	)		—			—		(87	)		(1	)
Other comprehensive income		—		—			2			—		2			—
Balance, March 31, 2023	$	1	$	6,930		$	(73	)	$	5	$	6,863		$	167

	General Partner		Limited Partner			Accumulated Other Comprehensive Income (Loss)			Non-controlling interests			Total capital			Limited partnership interests of third parties
Balance, December 31, 2021	$	1	$	6,516		$	(76	)	$	5		$	6,446		$	126
Net income		—		116			—			1			117			1
Issuance of common OP units to Host Inc. for comprehensive stock plans, net		—		(9	)		—			—			(9	)		—
Distributions declared on common OP units		—		(22	)		—			—			(22	)		—
Issuance of common OP units		—		—			—			—			—			56
Changes in ownership and other		—		(13	)		—			(1	)		(14	)		20
Other comprehensive income		—		—			7			—			7			—
Balance, March 31, 2022	$	1	$	6,588		$	(69	)	$	5		$	6,525		$	203

Share Repurchases

During the first quarter of 2023, we repurchased 3.2 million shares at an average price of $15.65 per share, exclusive of commissions, through our common share repurchase program for a total of $50 million. As of March 31, 2023, there was $923 million available for repurchase under our common share repurchase program.

Issuance of Common Stock

As of March 31, 2023, there was $460 million of remaining capacity under the distribution agreement we entered into in 2021 with various investment banks to sell shares of Host Inc. common stock in "at-the-market" offerings. No shares were issued during the first quarter of 2023.

Dividends/Distributions

On February 15, 2023, Host Inc.'s Board of Directors announced a regular quarterly cash dividend of $0.12 per share on its common stock. The dividend was paid on April 17, 2023 to stockholders of record as of March 31, 2023. Accordingly, Host L.P. made a distribution of $0.12257928 per unit on its common OP units based on the current conversion ratio.