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

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

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

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

Equity of Host Inc. is allocated between controlling and non-controlling interests as follows (in millions):

	Equity of Host Inc.			Non-redeemable, non-controlling interests			Total equity			Redeemable, non-controlling interests
Balance, December 31,2013	$	7,228		$	34		$	7,262		$	190
Net income		478			4			482			7
Issuance of common stock		15			—			15			—
Dividends declared on common stock		(370	)		—			(370	)		—
Distributions to non-controlling interests		—			(5	)		(5	)		(4	)
Other changes in ownership		(13	)		2			(11	)		11
Other comprehensive loss		(23	)		—			(23	)		—
Balance, September 30, 2014	$	7,315		$	35		$	7,350		$	204

Capital of Host L.P.

As of September 30, 2014, Host Inc. is the owner of approximately 99% of Host L.P.’s common OP units. The remaining common OP units are held by third party limited partners. Each 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 OP unit.

In exchange for any shares issued by Host Inc., Host L.P. will issue 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.

Capital of Host L.P. is allocated between controlling and non-controlling interests as follows (in millions):

										Limited
				Non-						Partnership
	Capital of			controlling			Total			Interests of
	Host L.P.			Interests			Capital			Third Parties
Balance, December 31, 2013	$	7,228		$	34		$	7,262		$	190
Net income		478			4			482			7
Issuance of common OP units		15			—			15			—
Distributions declared on common OP units		(370	)		—			(370	)		(4	)
Distributions to non-controlling interests		—			(5	)		(5	)		—
Other changes in ownership		(13	)		2			(11	)		11
Other comprehensive loss		(23	)		—			(23	)		—
Balance, September 30, 2014	$	7,315		$	35		$	7,350		$	204

For Host Inc. and Host L.P., there were no material amounts reclassified out of accumulated other comprehensive income (loss) to net income for the quarter and year-to-date periods ended September 30, 2014.  

Dividends/Distributions

On July 31, 2014, Host Inc.’s Board of Directors declared a regular dividend of $0.20 per share on its common stock. The dividend was paid on October 15, 2014 to stockholders of record as of September 30, 2014. Accordingly, Host L.P. made a distribution of $0.2042988 per unit on its common OP units based on the current conversion ratio.