
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, 2016	$	6,994		$	39		$	7,033		$	165
Net income		368			1			369			4
Issuance of common stock for comprehensive stock plans		14			—			14			—
Dividends declared on common stock		(295	)		—			(295	)		—
Distributions to non-controlling interests		—			—			—			(3	)
Changes in ownership and other		15			(1	)		14			(10	)
Other comprehensive income		5			1			6			—
Balance, June 30, 2017	$	7,101		$	40		$	7,141		$	156

Capital of Host L.P.

As of June 30, 2017, 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 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.

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

	Capital of Host L.P.			Non-controlling interests			Total Capital			Limited Partnership Interest of Third Parties
Balance, December 31, 2016	$	6,994		$	39		$	7,033		$	165
Net income		368			1			369			4
Issuance of common OP units to Host Inc. for comprehensive stock plans		14			—			14			—
Distributions declared on common OP units		(295	)		—			(295	)		(3	)
Changes in ownership and other		15			(1	)		14			(10	)
Other comprehensive income		5			1			6			—
Balance, June 30, 2017	$	7,101		$	40		$	7,141		$	156

Dividends/Distributions

On June 15, 2017, 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 17, 2017 to stockholders of record as of June 30, 2017. Accordingly, Host L.P. made a distribution of $0.2042988 per unit on its common OP units based on the current conversion ratio.