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

6 Months Ended

Jun. 30, 2015

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.

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, 2014	$	7,336		$	32		$	7,368		$	225
Net income		310			6			316			4
Issuance of common stock		12			—			12			—
Repurchase of common stock		(131	)		—			(131	)		—
Dividends declared on common stock		(301	)		—			(301	)		—
Distributions to non-controlling interests		—			(5	)		(5	)		(4	)
Other changes in ownership		38			(1	)		37			(39	)
Other comprehensive loss		(34	)		—			(34	)		—
Balance, June 30, 2015	$	7,230		$	32		$	7,262		$	186

Capital of Host L.P.

As of June 30, 2015, 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			ThirdParties
Balance, December 31, 2014	$	7,336		$	32		$	7,368		$	225
Net income		310			6			316			4
Issuance of common OP units		12			—			12			—
Repurchase of common OP units		(131	)		—			(131	)		—
Distributions declared on common OP units		(301	)		—			(301	)		(4	)
Distributions to non-controlling interests		—			(5	)		(5	)		—
Other changes in ownership		38			(1	)		37			(39	)
Other comprehensive loss		(34	)		—			(34	)		—
Balance, June 30, 2015	$	7,230		$	32		$	7,262		$	186

Dividends/Distributions

On June 11, 2015, 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 July 15, 2015 to stockholders of record as of June 30, 2015. Accordingly, Host L.P. made a distribution of $0.2042988 per unit on its common OP units based on the current conversion ratio.

ShareRepurchase

Host Inc.’s Board of Directors has authorized a program to repurchase up to $500 million of common stock. The common stock may be purchased in the open market or through private transactions from time to time through December 31, 2016, dependent upon market conditions. The plan does not obligate us to repurchase any specific number of shares and may be suspended at any time at management’s discretion. As of June 30, 2015, the Company has repurchased 6.55 million shares at an average price of $20.07 for a total purchase price of approximately $131 million. The shares repurchased constitute authorized but unissued shares. We have $369 million of repurchase capacity remaining under the program.