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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2014
Consolidated Portfolio of Hotels by Location

As of December 31, 2014, the hotels in our consolidated portfolio are located in the following countries:

 

 

Hotels

 

United States

 

97

 

Australia

 

1

 

Brazil

 

3

 

Canada

 

3

 

Chile

 

2

 

Mexico

 

1

 

New Zealand

 

7

 

Total

 

114

 

 
Historical Cost and Redemption Values for the Non-Controlling Interests

The table below details the historical cost and redemption values for the non-controlling interests:

 

 

 

As of December 31,

 

 

 

2014

 

 

2013

 

OP units outstanding (millions)

 

 

9.3

 

 

 

9.5

 

Market price per Host Inc. common share

 

$

23.77

 

 

$

19.44

 

Shares issuable upon conversion of one OP unit

 

 

1.021494

 

 

 

1.021494

 

Redemption value (millions)

 

$

225

 

 

$

190

 

Historical cost (millions)

 

 

94

 

 

 

95

 

Book value (millions) (1)

 

 

225

 

 

 

190

 

___________

 

 

 

 

 

 

 

 

 

(1)The book value recorded is equal to the greater of the redemption value or the historical cost.

Components of Total Accumulated Other Comprehensive Income in the Balance Sheets

The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions):

 

 

 

As of December 31,

 

 

 

2014

 

 

2013

 

Gain on foreign currency forward contracts

 

$

19

 

 

$

—

 

Loss on interest rate swap cash flow hedges

 

 

(2

)

 

 

(2

)

Foreign currency translation

 

 

(67

)

 

 

(7

)

Total accumulated other comprehensive loss

 

$

(50

)

 

$

(9

)

 
Earnings Per Common Share (Unit)

The calculation of basic and diluted earnings per common share is shown below (in millions, except per share amounts):  

 

 

 

Year ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Net income

 

$

747

 

 

$

325

 

 

$

63

 

Less: Net income attributable to non-controlling interests

 

 

(15

)

 

 

(8

)

 

 

(2

)

Net income attributable to Host Inc.

 

 

732

 

 

 

317

 

 

 

61

 

Assuming conversion of exchangeable senior debentures

 

 

27

 

 

 

—

 

 

 

—

 

Diluted income attributable to Host Inc.

 

$

759

 

 

$

317

 

 

$

61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

755.4

 

 

 

744.4

 

 

 

718.2

 

Assuming weighted average shares for conversion of

     exchangeable senior debentures

 

 

30.3

 

 

 

2.4

 

 

 

—

 

Assuming distribution of common shares granted under the

     comprehensive stock plans, less shares assumed

     purchased at market

 

 

1.1

 

 

 

1.1

 

 

 

1.4

 

Diluted weighted average shares outstanding (1)

 

 

786.8

 

 

 

747.9

 

 

 

719.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

.97

 

 

$

.43

 

 

$

.08

 

Diluted earnings per common share

 

$

.96

 

 

$

.42

 

 

$

.08

 

___________

 

 

 

 

 

 

 

 

 

 

 

 

(1)

There were approximately 30 million and 40 million potentially dilutive shares as of December 31, 2013 and 2012, respectively, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period.

HOST HOTELS & RESORTS L.P.  
Earnings Per Common Share (Unit)

The calculation of basic and diluted earnings per common unit is shown below (in millions, except per unit amounts):  

 

 

 

Year ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Net income

 

$

747

 

 

$

325

 

 

$

63

 

Less: Net income attributable to non-controlling interests

 

 

(6

)

 

 

(4

)

 

 

(1

)

Net income attributable to Host L.P.

 

 

741

 

 

 

321

 

 

 

62

 

Assuming conversion of exchangeable senior debentures

 

 

27

 

 

 

1

 

 

 

—

 

Diluted income attributable to Host L.P.

 

$

768

 

 

$

322

 

 

$

62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average units outstanding

 

 

748.9

 

 

 

738.4

 

 

 

713.3

 

Assuming weighted average units for conversion of

     exchangeable senior debentures

 

 

29.7

 

 

 

2.4

 

 

 

—

 

Assuming distribution of common units granted under the

     comprehensive stock plans, less units assumed

     purchased at market

 

 

1.0

 

 

 

1.1

 

 

 

1.3

 

Diluted weighted average units outstanding (1)

 

 

779.6

 

 

 

741.9

 

 

 

714.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common unit

 

$

.99

 

 

$

.43

 

 

$

.09

 

Diluted earnings per common unit

 

$

.99

 

 

$

.43

 

 

$

.09

 

___________

 

 

 

 

 

 

 

 

 

 

 

 

(1)

There were approximately 29 million and 40 million potentially dilutive units as of December 31, 2013 and 2012, respectively, related to our exchangeable senior debentures, which units were not included in the computation of diluted earnings per unit because to do so would have been anti-dilutive for the period.

European Joint Venture  
Consolidated Portfolio of Hotels by Location

As of December 31, 2014, the Euro JV hotels are located in the following countries:

 

 

Hotels

 

Belgium

 

3

 

France

 

4

 

Germany

 

2

 

Italy

 

3

 

Poland

 

1

 

Spain

 

2

 

Sweden

 

1

 

The Netherlands

 

2

 

United Kingdom

 

1

 

Total

 

19