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Equity of Host Inc. and Capital of Host L.P.
 3 Months Ended
Mar. 31, 2021
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, 2020

 

$

7

 

 

$

7,568

 

 

$

(74

)

 

$

(1,180

)

 

$

5

 

 

$

6,326

 

 

$

108

 

Net loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(152

)

 

 

—

 

 

 

(152

)

 

 

(1

)

Issuance of common stock for

     comprehensive stock plans, net

 

 

—

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

—

 

Changes in ownership and other

 

 

—

 

 

 

(17

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(17

)

 

 

17

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

—

 

Balance, March 31, 2021

 

$

7

 

 

$

7,547

 

 

$

(77

)

 

$

(1,332

)

 

$

5

 

 

$

6,150

 

 

$

124

 

 

 

 

 

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

 

 

Capital of Host L.P.

As of March 31, 2021, 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. Under the credit facility, all redemptions must be made with Host Inc. common stock until Host L.P.’s leverage ratio (as calculated under the credit facility) is below 7.25x.

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, 2020

 

$

1

 

 

$

6,394

 

 

$

(74

)

 

$

5

 

 

$

6,326

 

 

$

108

 

Net loss

 

 

—

 

 

 

(152

)

 

 

—

 

 

 

—

 

 

 

(152

)

 

 

(1

)

Issuance of common OP units to Host Inc.

     for comprehensive stock plans, net

 

 

—

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

—

 

Changes in ownership and other

 

 

—

 

 

 

(17

)

 

 

—

 

 

 

—

 

 

 

(17

)

 

 

17

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

—

 

 

 

(3

)

 

 

—

 

Balance, March 31, 2021

 

$

1

 

 

$

6,221

 

 

$

(77

)

 

$

5

 

 

$

6,150

 

 

$

124

 

 

 

 

 

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 loss

 

 

—

 

 

 

—

 

 

 

(16

)

 

 

—

 

 

 

(16

)

 

 

—

 

Balance, March 31, 2020

 

$

1

 

 

$

7,135

 

 

$

(72

)

 

$

6

 

 

$

7,070

 

 

$

84

 

 

Share Repurchases

As of March 31, 2021, we have $371 million available for repurchase under our common share repurchase program. In accordance with the restrictions in our amended credit facility, there were no share repurchases during the first quarter of 2021.

Dividends/Distributions

As part of our response to the COVID-19 pandemic and in order to preserve cash and future financial flexibility, we have suspended our regular quarterly common cash dividends. Additionally, based on the terms of the credit facility amendments, we are restricted from paying a quarterly common cash dividend in excess of $0.01 per share, unless necessary to allow Host Inc. to maintain its REIT status or to avoid the payment of corporate income or excise taxes, until after the covenant waiver period expires following the second quarter of 2022.