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Equity of Host Inc. and Capital of Host L.P.
 3 Months Ended
Mar. 31, 2020
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, 2019

 

$

7

 

 

$

7,675

 

 

$

(56

)

 

$

(307

)

 

$

6

 

 

$

7,325

 

 

$

142

 

Net loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

—

 

 

 

(3

)

 

 

—

 

Issuance of common stock

     for comprehensive stock

     plans, net

 

 

—

 

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5

)

 

 

—

 

Repurchase of common stock

 

 

—

 

 

 

(147

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(147

)

 

 

—

 

Dividends declared on

     common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(141

)

 

 

—

 

 

 

(141

)

 

 

—

 

Distributions to non-

     controlling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2

)

Changes in ownership and

     other

 

 

—

 

 

 

57

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

57

 

 

 

(56

)

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

(16

)

 

 

—

 

 

 

—

 

 

 

(16

)

 

 

—

 

Balance, March 31, 2020

 

$

7

 

 

$

7,580

 

 

$

(72

)

 

$

(451

)

 

$

6

 

 

$

7,070

 

 

$

84

 

 

 

 

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, 2018

 

$

7

 

 

$

8,156

 

 

$

(59

)

 

$

(610

)

 

$

72

 

 

$

7,566

 

 

$

128

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

186

 

 

 

1

 

 

 

187

 

 

 

2

 

Issuance of common stock for comprehensive stock plans, net

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

—

 

Dividends declared on common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(148

)

 

 

—

 

 

 

(148

)

 

 

—

 

Distributions to non-controlling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(67

)

 

 

(67

)

 

 

(2

)

Changes in ownership and other

 

 

—

 

 

 

(16

)

 

 

—

 

 

 

(1

)

 

 

1

 

 

 

(16

)

 

 

19

 

Balance, March 31, 2019

 

$

7

 

 

$

8,138

 

 

$

(59

)

 

$

(573

)

 

$

7

 

 

$

7,520

 

 

$

147

 

Capital of Host L.P.

As of March 31, 2020, 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, 2019

 

$

1

 

 

$

7,374

 

 

$

(56

)

 

$

6

 

 

$

7,325

 

 

$

142

 

Net loss

 

 

—

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

—

 

Issuance of common OP units to Host Inc. for comprehensive stock plans, net

 

 

—

 

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

(5

)

 

 

—

 

Repurchase of common OP units

 

 

—

 

 

 

(147

)

 

 

—

 

 

 

—

 

 

 

(147

)

 

 

—

 

Distributions declared on common OP units

 

 

—

 

 

 

(141

)

 

 

—

 

 

 

—

 

 

 

(141

)

 

 

(2

)

Changes in ownership and other

 

 

—

 

 

 

57

 

 

 

—

 

 

 

—

 

 

 

57

 

 

 

(56

)

Other comprehensive income

 

 

—

 

 

 

—

 

 

 

(16

)

 

 

—

 

 

 

(16

)

 

 

—

 

Balance, March 31, 2020

 

$

1

 

 

$

7,135

 

 

$

(72

)

 

$

6

 

 

$

7,070

 

 

$

84

 

 

 

 

 

General Partner

 

 

Limited Partner

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Non-controlling interests

 

 

Total capital

 

 

Limited partnership interests of third parties

 

Balance, December 31, 2018

 

$

1

 

 

$

7,552

 

 

$

(59

)

 

$

72

 

 

$

7,566

 

 

$

128

 

Net income

 

 

—

 

 

 

186

 

 

 

—

 

 

 

1

 

 

 

187

 

 

 

2

 

Issuance of common OP units to Host Inc. for comprehensive stock plans, net

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

—

 

Distributions declared on common OP units

 

 

—

 

 

 

(148

)

 

 

—

 

 

 

—

 

 

 

(148

)

 

 

(2

)

Distributions to non-controlling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(67

)

 

 

(67

)

 

 

—

 

Changes in ownership and other

 

 

—

 

 

 

(17

)

 

 

—

 

 

 

1

 

 

 

(16

)

 

 

19

 

Balance, March 31, 2019

 

$

1

 

 

$

7,571

 

 

$

(59

)

 

$

7

 

 

$

7,520

 

 

$

147

 

 

Share Repurchases

As of March 31, 2020, we have $371 million available for repurchase under our common share repurchase program. During the first quarter of 2020, we repurchased 8.9 million shares at an average price of $16.49 per share, exclusive of commissions, through our common share repurchase program for a total of $147 million.

Dividends/Distributions

On February 19, 2020, Host Inc.’s Board of Directors declared a regular quarterly cash dividend of $0.20 per share on its common stock. The dividend was paid on April 15, 2020 to stockholders of record as of March 31, 2020. Accordingly, Host L.P. made a distribution of $0.2042988 per unit on its common OP units based on the current conversion ratio.