Host Hotels & Resorts, Inc. Reports Results for 2021
Fourth Quarter Represented Highest RevPAR of 2021;
Successful Execution of Capital Allocation Strategy – Since the Start of 2021, Acquired $1.6 Billion and
Disposed of $1 Billion
Announces Reinstatement of Quarterly Dividend
BETHESDA, Md., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for fourth quarter and full year 2021.
*Operating Results*
(unaudited, in millions, except per share and hotel statistics)
*Quarter ended December 31,* *Percent Change* *Percent Change* *Year ended December 31,* *Percent Change* *Percent Change* *2021* *2020* *vs. Q4 2020* *vs. Q4 2019⁽²⁾* *2021* *2020* *vs.
2020* *vs.
2019⁽²⁾*
Revenues $ 998 $ 267 273.8 % (25.2 )% $ 2,890 $ 1,620 78.4 % (47.2 )%
All owned hotel revenues (pro forma)⁽¹⁾ 1,000 293 241.3 % (25.0 )% 2,933 1,678 74.8 % (44.6 )%
All owned hotel (pro forma) Total RevPAR 237.98 70.31 238.5 % (25.7 )% 176.59 101.12 74.6 % (44.9 )%
All owned hotel (pro forma) RevPAR 148.46 42.52 249.2 % (24.2 )% 113.40 60.44 87.6 % (43.2 )%
Net income (loss) $ 323 $ (66 ) N/M $ (11 ) $ (741 ) 98.5 %
EBITDAre⁽¹⁾ 247 (53 ) N/M 542 (233 ) N/M
Adjusted EBITDAre⁽¹⁾ 242 (32 ) N/M 532 (168 ) N/M
Diluted earnings (loss) per common share .45 .(09 ) N/M .(02 ) (1.04 ) 98.1 %
NAREIT FFO per diluted share⁽¹⁾ .26 .(07 ) N/M .60 .(31 ) N/M
Adjusted FFO per diluted share⁽¹⁾ .29 .(02 ) N/M .61 .(17 ) N/M
* Additional detail on the Company’s results, including data for 22 domestic markets and top 40 hotels by Total RevPAR, is available in the Fourth Quarter 2021 Supplemental Financial Information available on the Company’s website at www.hosthotels.com.
James F. Risoleo, President and Chief Executive Officer, said, “We finished 2021 on a high note as we continued to see strong sequential operating improvements across our portfolio. During the fourth quarter, RevPAR was approximately $148, representing a 13% increase over the prior quarter. While the newest variant created additional uncertainty for the lodging industry, it did not dampen the recovery, which continues to be concentrated in Sunbelt markets, particularly at our resorts. Our urban markets also saw strong sequential improvements, driven by business transient customers, where room nights improved over last quarter relative to 2019.”
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^(1) NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and all owned hotel results (pro forma) are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (“SEC”). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures.
^(2) Presentation includes comparisons to 2019 operating results in order to allow investors to better understand the trajectory and timing of any recovery from the COVID-19 impacts on hotel operations.
^N/M = Not Meaningful
Risoleo continued, “During the quarter, we completed two additional acquisitions, buying The Alida, Savannah and the Hotel Van Zandt in Austin, bringing the total value of our acquisitions for 2021 to $1.6 billion. In addition, during the quarter and subsequent to year end, we disposed of seven hotels for nearly $1 billion. We also acquired a 49% interest in the established asset management platform of Noble Investment Group through a joint venture with Noble in January. We view the investment as a new opportunity to elevate the EBITDA growth profile of our portfolio by allowing for investment in select service hotels, extended stay hotels, and new development deals. We remain optimistic about the future of travel and we are focused on continuing to improve the quality, revenue, and profitability metrics of our iconic and irreplaceable portfolio."
*2021 HIGHLIGHTS:*
· Achieved sequential improvement in RevPAR each quarter of 2021, from $68.04 in the first quarter to $148.46 in the fourth quarter. Improvements were primarily driven by leisure travel in Sunbelt markets with urban hotels showing sequential improvements in the second half of the year.
· Invested over $1.6 billion in seven hotels and two golf courses, the majority of which were in new markets for the Company, including Austin, Savannah, Key Largo and Big Sur.
· Completed the sale of six properties during the year for a total of $748 million.
· Completed Marriott Transformational Capital Program projects at three properties in 2021 and an additional two properties subsequent to year end, highlighted by multi-year guestroom, public space and meeting space renovations at the 1,966-room New York Marriott Marquis and the 2,004-room Orlando World Center Marriott. In addition, significant updates at The Ritz-Carlton, Amelia Island, Houston Marriott Medical Center, and Marina del Rey Marriott have concluded. These achievements bring the total number of completed projects in this program to 12 of 16 properties.
· Completed significant return on investment and development projects in 2021, including the addition of 19 new luxury villas at the Andaz Maui at Wailea Resort and a new waterpark at The Ritz-Carlton Golf Resort, Naples. Significant progress was made on the extensive transformational renovation and expansion at The Ritz-Carlton, Naples and on the redevelopment projects at the Orlando World Center Marriott.
· Refinanced $400 million of senior note debt, through the issuance of $450 million of Series J Senior Notes at 2.9%, the lowest rate in Company history, and repayment of the 3.75% Series D Senior Notes, extending the next significant debt maturity to 2024.
· Met the required financial covenant thresholds under the Company's credit facility agreement and exited the covenant waiver period three quarters ahead of its scheduled expiration.Results for Fourth Quarter 2021
· Generated GAAP net income of $323 million in the fourth quarter, an increase of $443 million from the third quarter of 2021, due to the gain of $302 million, primarily related to the sale of six assets, and improved operations.
· Achieved Adjusted EBITDAre of $242 million, which, after interest expense of $40 million, excluding costs related to refinancing, exceeded the Company's capital expenditures, totaling $134 million for the quarter, by $68 million. The results benefited from continued positive quarterly sequential improvements in RevPAR and operations.
· Delivered All Owned Hotel Pro Forma EBITDA of $269 million, which included positive hotel-level operating profit at 70 of the Company’s hotels, an increase from 61 hotels in the third quarter of 2021.
· Acquired the 173-room Alida, Savannah in Georgia and the 319-room Hotel Van Zandt in Austin, Texas.
· Repaid $800 million on the revolver portion of the Company's credit facility during the quarter, and repaid the remaining $683 million outstanding subsequent to year-end.Subsequent Events
· Sold the Sheraton Boston for $233 million, which includes a $163 million bridge loan provided by the Company to the buyer, with an initial term of six months and two potential six month extensions.
· Acquired a 49% ownership interest in a joint venture with Noble Investment Group, a leading private hospitality asset manager, for $35 million of cash and the issuance of approximately $56 million of Host L.P. OP units.
· January RevPAR is estimated to be $105 and February RevPAR is forecast to be between $150 and $155.*BALANCE SHEET*
The Company maintains a robust balance sheet, with the following balances at December 31, 2021:
· Total assets of $12.4 billion.
· Debt balance of $4.9 billion, with an average maturity of 5.1 years, an average interest rate of 3.1%, and no significant maturities until 2024. Following the credit facility revolver payment subsequent to year end, the debt balance is $4.2 billion.
· Ended the year with total available liquidity of approximately $1.8 billion, including FF&E escrow reserves of $144 million and approximately $812 million available under the revolver portion of the credit facility. Following the additional credit facility revolver repayment, completed subsequent to year end, the Company has $1.5 billion of availability under the credit facility.Sourav Ghosh, Executive Vice President, Chief Financial Officer, stated, “We continued to deliver operational improvements in the fourth quarter, which led to growth in positive cash flows. In addition, we opted to pay down the outstanding balance on our credit facility to reduce interest expense, given our large cash balance and increased flexibility to incur debt. We also continued to enhance our portfolio through accretive capital recycling and reinvestment in our portfolio, and announced a quarterly cash dividend, as we remain optimistic on the trajectory of the lodging recovery."
*DIVIDEND*
On February 16, 2022, the Board of Directors announced a regular quarterly cash dividend of $0.03 on its common stock. The dividend will be paid on April 15, 2022 to stockholders of record on March 31, 2022. All future dividends are subject to approval by the Company’s Board of Directors.
*OPERATING RESULTS*
The following presents the monthly pro forma hotel operating results for the full portfolio owned as of December 31, 2021 compared to 2020 and 2019 for the months presented^(3):
*October* *October* *November* *November* *December* *December* *Quarter ended December 31,* *2021* *2020* *Change* *2021* *2020* *Change* *2021* *2020* *Change* *2021* *2020* *Change*
Number of hotels 80 79 81 79 81 79 81 79
Number of rooms 45,349 45,184 45,572 45,184 45,572 45,184 45,572 45,184
Average Occupancy
Percentage 58.9 % 21.5 % 37.4pts 57.4 % 20.0 % 37.4pts 55.3 % 17.8 % 37.5pts 57.2 % 19.8 % 37.4pts
Average Room Rate $ 246.98 $ 194.78 26.8 % $ 249.07 $ 208.07 19.7 % $ 283.62 $ 246.68 15.0 % $ 259.63 $ 214.94 20.8 %
RevPAR $ 145.46 $ 41.82 247.8 % $ 142.92 $ 41.71 242.6 % $ 156.79 $ 43.98 256.5 % $ 148.46 $ 42.52 249.2 %
*October* *October* *November* *November* *December* *December* *Quarter ended December 31,* *2021* *2019* *Change* *2021* *2019* *Change* *2021* *2019* *Change* *2021* *2019* *Change*
Number of hotels 80 79 81 79 81 79 81 79
Number of rooms 45,349 45,184 45,572 45,184 45,572 45,184 45,572 45,184
Average Occupancy
Percentage 58.9 % 82.3 % (23.4pts ) 57.4 % 75.8 % (18.4pts ) 55.3 % 70.0 % (14.7pts ) 57.2 % 76.1 % (18.9pts )
Average Room Rate $ 246.98 $ 264.75 (6.7 )% $ 249.07 $ 249.38 (0.1 )% $ 283.62 $ 257.00 10.4 % $ 259.63 $ 257.35 0.9 %
RevPAR $ 145.46 $ 217.92 (33.3 )% $ 142.92 $ 189.08 (24.4 )% $ 156.79 $ 179.99 (12.9 )% $ 148.46 $ 195.73 (24.2 )%
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^(3) The AC Hotel Scottsdale North is a new development hotel that opened in January 2021 and The Laura Hotel in Houston re-opened under new management in November 2021. Therefore, no adjustments were made for results of these hotels for periods prior to their openings. Results for the Sheraton Boston, sold subsequent to year end, are included, as it was owned for the entirety of the periods presented.Fourth Quarter 2021 Revenue Performance
· All Owned Hotel Pro Forma RevPAR improved 13% compared to the third quarter of 2021, with average room rates exceeding fourth quarter 2019 rates. While strong leisure demand for resorts and hotels located in the Company’s Sunbelt markets and Hawaii continued to drive the sequential improvement, RevPAR at the Company's downtown and non-resort hotels also saw improvement in the fourth quarter.
· Food and beverage pro forma revenues improved approximately $82 million, or 44%, compared to the third quarter of 2021, fueled by continued improvement in Banquet and Catering revenues, which increased 84% over the prior quarter, following the doubling of Banquet and Catering revenues from the second quarter to the third quarter. Throughout the pandemic, food and beverage revenues mostly has been driven by restaurants and other outlet revenue.
Fourth Quarter 2021 Hotel Operating Expense Performance
· Portfolio-wide pro forma hotel operating costs were approximately 24% lower compared to the fourth quarter of 2019, with a 25% decrease in total revenues compared to fourth quarter of 2019, and costs were only 15% higher compared to the third quarter of 2021, despite an approximately 20% increase in total revenues quarter over quarter.
· Staffing challenges began to ease in the fourth quarter and the Company expects hotel operating costs to increase more in line with total revenues over time as hotels continue to transition from their contingency level operational plans to increased staffing levels and controllable spending.
· Re-introduction of marketing, maintenance and other support costs is expected to increase other departmental and support expenses as the recovery gains momentum. *HOTEL BUSINESS MIX UPDATE*
The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 35%, and 4%, respectively, of its 2019 room sales.
During the fourth quarter, demand continued to be primarily driven by leisure at drive-to and resort destinations. The following are the sequential results of the Company’s consolidated portfolio, including all owned hotels at December 31, 2021 on a pro forma basis, for transient, group and contract business in comparison to 2019 performance:
*Quarter ended December 31, 2021* *Quarter ended September 30, 2021* *Transient* *Group* *Contract* *Transient* *Group* *Contract*
Room nights (in thousands) 1,570 661 163 1,592 573 149
Percentage change in room nights vs. same period in 2019 (17.7 )% (40.5 )% (13.7 )% (23.1 )% (48.2 )% (5.9 )%
Room Revenues (in millions) $ 443 $ 150 $ 29 $ 412 $ 111 $ 24
Percentage change in revenues vs. same period in 2019 (12.6 )% (43.0 )% (33.9 )% (18.8 )% (54.2 )% (41.5 )%
*
CAPITAL ALLOCATION STRATEGY*
The Company continued to execute on its capital allocation strategy by recycling capital into assets that the Company believes will improve the quality and EBITDA growth profile of its portfolio. During the quarter, the Company acquired the 173-room Alida, Savannah, part of the Marriott Tribute Portfolio, for $103 million and the 319-room Hotel Van Zandt in Austin, managed by Kimpton Hotels, for a purchase price of $246 million, including its $4 million FF&E reserve and the assumption of a $102 million non-recourse mortgage. In 2021, the Company acquired seven hotels and two golf courses for a total purchase price of $1.6 billion.
Additionally during the quarter, the Company sold the W Hollywood for approximately $197 million, including $3 million for the FF&E replacement funds, and a five-hotel portfolio consisting of the Westfields Marriott Washington Dulles, San Ramon Marriott, The Westin Buckhead Atlanta, The Westin Los Angeles Airport and The Whitley for $551 million, including approximately $11 million for the FF&E replacement funds.
Subsequent to year end, the Company sold the Sheraton Boston for $233 million, including a $163 million bridge loan provided by the Company to the buyer, and expects to record a gain of $12 million in the first quarter of 2022. Additionally, the Company acquired a 49% ownership interest in a joint venture with Noble Investment Group, a private hospitality asset manager with a focus on upscale select-service and extended stay properties. The agreement provides for the opportunity to acquire interests in future funds and represents a new platform for potential growth.
*CAPITAL EXPENDITURES*
The following presents the Company’s 2021 capital expenditures spend and the forecast for 2022 (in millions):
*Year ended
December 31, 2021* *2022 Full Year Forecast* *Actual* *Low-end of range* *High-end of range*
ROI - Marriott Transformational Capital Program $ 126 $ 90 $ 115
ROI - All other ROI projects 167 235 260
Total ROI project spend 293 325 375
Renewals and Replacements 134 175 225
Total Capital Expenditures $ 427 $ 500 $ 600 The Company continues to invest heavily in capital expenditures in the early phases of recovery in order to minimize future disruption and believes these renovations will position these hotels to capture additional revenue during the economic recovery. As of year-end 2021, the Company has completed approximately 85% of the Marriott Transformational Capital Program. The Company received $14 million of operating profit guarantees in 2021, with $2 million received in the fourth quarter, and expects to receive approximately $11 million in operating profit guarantees in 2022 under the Marriott Transformational Capital Program. The program is expected to be substantially complete by the end of 2022 and the Company also plans to commence the next phase of an estimated $128 million extensive repositioning at the Fairmont Kea Lani in 2022.
*2022 OUTLOOK*
Given the global economic uncertainty COVID-19 has created for the travel, airline, lodging and tourism and event industries, the Company cannot provide guidance for its operations or fully estimate the effect of COVID-19 or its variants on its operations.
January 2022 operations declined compared to the fourth quarter results as operations were negatively affected by the increase in COVID-19 cases due to the Omicron variant. However, trends thus far in February would indicate a return to the positive trajectory of the recovery experienced in the second half of 2021. The Company believes that continued recovery within the lodging industry will be driven by the strength of the economy, increased consumer confidence that the risks associated with travelling and contracting COVID-19 have been significantly reduced, and the return of business and group customers.
While the Company is not providing guidance on operations at this time, it estimates that for full year 2022, interest expense and corporate and other expenses will be in the following ranges (in millions):
*2022 Full Year Forecast* *Low-end of range* *High-end of range*
Interest expense $ 146 $ 149
Corporate and other expenses 103
106
The Company does not intend to provide further guidance updates unless deemed appropriate.
*ABOUT HOST HOTELS & RESORTS*
Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 75 properties in the United States and five properties internationally totaling approximately 44,400 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott^®, Ritz-Carlton^®, Westin^®, Sheraton^®, W^®, St. Regis^®, The Luxury Collection^®, Hyatt^®, Fairmont^®, Hilton^®, Four Seasons^®, Swissôtel^®, ibis^® and Novotel^®, as well as independent brands. For additional information, please visit the Company’s website at www.hosthotels.com.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements which include, but may not be limited to, our expectations regarding the impact of the COVID-19 pandemic on our business, the recovery of travel and the lodging industry and 2022 estimates with respect to our business, are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the duration and scope of the COVID-19 pandemic and its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic, including limiting or banning travel or the size of gatherings; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity, including the duration and magnitude of its impact on unemployment rates, business investment and consumer discretionary spending; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in U.S. markets where we own hotels and a worsening of economic conditions or low levels of economic growth in these markets; the effects of steps we and our hotel managers take to reduce operating costs in response to the COVID-19 pandemic; other changes (apart from the COVID-19 pandemic) in national and local economic and business conditions and other factors such as natural disasters and weather that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to make special dividends; and other risks and uncertainties associated with our business described in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of February 16, 2022 and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.
*** Tables to Follow ***
Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of December 31, 2021, which is non-controlling interests in Host LP in our consolidated balance sheets and is included in net (income) loss attributable to non-controlling interests in our consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.
*
HOST HOTELS & RESORTS, INC. *
*Condensed Consolidated Balance Sheets
*(unaudited, in millions, except shares and per share amounts)
*December 31, *
* 2021* *December 31, *
*2020*
*ASSETS*
Property and equipment, net $ 9,994 $ 9,416
Right-of-use assets 551 597
Assets held for sale 270 —
Due from managers 113 22
Advances to and investments in affiliates 42 21
Furniture, fixtures and equipment replacement fund 144 139
Other 431 360
Cash and cash equivalents 807 2,335
Total assets $ 12,352 $ 12,890
*LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY*
Debt⁽¹⁾
Senior notes $ 3,109 $ 3,065
Credit facility, including the term loans of $997 1,673 2,471
Mortgage and other debt 109 5
Total debt 4,891 5,541
Lease liabilities 564 610
Accounts payable and accrued expenses 85 71
Due to managers 42 64
Other 198 170
Total liabilities 5,780 6,456
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. 126 108
Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $.01, 1,050 million shares authorized, 714.1 million shares and 705.4 million shares issued and outstanding, respectively 7 7
Additional paid-in capital 7,702 7,568
Accumulated other comprehensive loss (76 ) (74 )
Deficit (1,192 ) (1,180 )
Total equity of Host Hotels & Resorts, Inc. stockholders 6,441 6,321
Non-redeemable non-controlling interests—other consolidated partnerships 5 5
Total equity 6,446 6,326
Total liabilities, non-controlling interests and equity $ 12,352 $ 12,890
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^(1) Please see our Fourth Quarter 2021 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.
*
HOST HOTELS & RESORTS, INC.*
*Condensed Consolidated Statements of Operations
*(unaudited, in millions, except per share amounts)
*Quarter ended *
*December 31,* *Year ended *
*December 31,* *2021* *2020* *2021* *2020*
*Revenues*
Rooms $ 621 $ 163 $ 1,858 $ 976
Food and beverage 269 54 674 426
Other 108 50 358 218
Total revenues 998 267 2,890 1,620
*Expenses*
Rooms 164 63 488 362
Food and beverage 192 64 505 420
Other departmental and support expenses 269 145 890 686
Management fees 38 6 97 39
Other property-level expenses 68 72 307 312
Depreciation and amortization 165 167 762 665
Corporate and other expenses⁽¹⁾ 26 21 99 89
Gain on insurance and business interruption settlements (3 ) — (8 ) —
Total operating costs and expenses 919 538 3,140 2,573
*Operating profit (loss)* 79 (271 ) (250 ) (953 )
Interest income — 1 2 8
Interest expense (63 ) (51 ) (191 ) (194 )
Other gains 302 195 306 208
Equity in earnings (losses) of affiliates (5 ) (4 ) 31 (30 )
*Income (loss) before income taxes* 313 (130 ) (102 ) (961 )
Benefit for income taxes 10 64 91 220
*Net income (loss)* 323 (66 ) (11 ) (741 )
Less: Net (income) loss attributable to non- controlling interests (3 ) 2 — 9
*Net income (loss) attributable to Host Inc.* $ 320 $ (64 ) $ (11 ) $ (732 )
*Basic and diluted earnings (loss) per common share* $ .45 $ (.09 ) $ (.02 ) $ (1.04 )
^__________________________________
^(1) Corporate and other expenses include the following items:
*Quarter ended December 31,* *Year ended December 31,* *2021* *2020* *2021* *2020*
General and administrative costs $ 21 $ 15 $ 81 $ 72
Non-cash stock-based compensation expense 5 6 18 17
Total $ 26 $ 21 $ 99 $ 89
*
HOST HOTELS & RESORTS, INC.*
*Earnings (Loss) per Common Share
*(unaudited, in millions, except per share amounts)
*Quarter ended December 31,* *Year ended December 31,* *2021* *2020* *2021* *2020*
Net income (loss) $ 323 $ (66 ) $ (11 ) $ (741 )
Less: Net (income) loss attributable to non- controlling interests (3 ) 2 — 9
Net income (loss) attributable to Host Inc. $ 320 $ (64 ) $ (11 ) $ (732 )
Basic weighted average shares outstanding 714.0 705.3 710.3 705.9
Assuming distribution of common shares
granted under the comprehensive stock plans,
less shares assumed purchased at market 2.1 — — —
Diluted weighted average shares outstanding⁽¹⁾ 716.1 705.3 710.3 705.9
Basic and diluted earnings (loss)
per common share $ .45 $ (.09 ) $ (.02 ) $ (1.04 )
^__________________________________
^(1) Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by minority partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.
*
HOST HOTELS & RESORTS, INC.*
*Hotel Operating Data for Consolidated Hotels ^(1)(2)*
*All Owned Hotels (pro forma) by Location Compared to 2020*
As of December 31, 2021 Quarter ended December 31, 2021 Quarter ended December 31, 2020
*Location* No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total RevPAR Average Room Rate Average Occupancy Percentage RevPAR Total RevPAR Percent Change in RevPAR Percent Change in Total RevPAR
Maui/Oahu 4 2,007 $ 527.16 74.1 % $ 390.37 $ 605.32 $ 359.56 25.8 % $ 92.86 $ 140.11 320.4 % 332.0 %
Jacksonville 1 446 463.81 66.2 307.26 674.17 394.11 28.8 113.66 255.23 170.3 164.1
Miami 3 1,276 532.47 64.2 342.06 523.37 403.46 35.0 141.11 242.05 142.4 116.2
Florida Gulf Coast 5 1,850 381.12 59.8 228.07 472.20 365.11 37.2 135.74 273.10 68.0 72.9
Phoenix 4 1,822 351.10 72.4 254.15 533.26 301.20 35.7 107.53 217.08 136.4 145.7
Los Angeles / Orange County 3 1,067 259.39 62.7 162.73 258.96 197.97 20.4 40.45 56.13 302.4 361.4
Orlando 2 2,448 443.69 41.5 184.28 337.70 461.74 11.8 54.65 112.39 237.2 200.5
Austin 2 767 269.59 69.4 186.99 304.02 139.19 30.0 41.71 69.59 348.3 336.8
Philadelphia 2 810 193.17 77.1 148.92 235.12 136.85 33.9 46.39 63.16 221.0 272.3
San Diego 3 3,288 233.02 60.4 140.85 253.78 152.26 18.6 28.33 50.72 397.2 400.3
Atlanta 2 810 164.89 70.3 115.89 180.31 125.39 32.8 41.16 59.40 181.6 203.6
Northern Virginia 2 916 194.01 61.4 119.16 199.80 161.89 26.7 43.29 69.46 175.2 187.6
Houston 5 1,942 164.16 58.6 96.20 135.32 118.00 37.2 43.93 63.24 119.0 114.0
New York 3 4,261 274.12 52.4 143.72 207.84 163.99 11.4 18.78 21.71 665.4 857.6
San Antonio 2 1,512 158.61 63.8 101.24 144.11 123.70 14.2 17.55 27.34 476.8 427.0
Chicago 4 1,816 180.45 59.1 106.70 143.91 110.71 13.4 14.87 18.68 617.7 670.4
Washington, D.C. (CBD) 5 3,238 200.64 43.5 87.34 124.51 161.64 8.1 13.15 17.74 564.3 601.7
Denver 3 1,340 156.62 49.1 76.97 106.82 112.46 16.1 18.16 23.99 323.9 345.2
Boston 3 2,715 197.82 62.1 122.77 145.26 126.56 6.3 8.03 10.91 1,429.7 1,231.8
New Orleans 1 1,333 176.86 54.7 96.81 141.52 138.80 41.4 57.42 73.00 68.6 93.9
San Francisco / San Jose 6 4,162 170.71 53.4 91.10 125.30 152.04 13.5 20.46 25.43 345.2 392.8
Seattle 2 1,315 171.61 46.4 79.56 104.93 151.61 5.8 8.75 12.03 809.4 772.1
Other 9 2,932 252.77 54.6 138.12 198.65 212.80 27.6 58.79 85.31 135.0 132.9
Domestic 76 44,073 264.36 57.4 151.86 243.66 217.76 20.0 43.59 72.22 248.4 237.4
International 5 1,499 98.32 49.5 48.66 71.32 86.73 12.8 11.13 14.71 337.1 384.7
All Locations 81 45,572 259.63 57.2 148.46 237.98 214.94 19.8 42.52 70.31 249.2 238.5
*
All Owned Hotels (pro forma) by Location Compared to 2019*
As of December 31, 2021 Quarter ended December 31, 2021 Quarter ended December 31, 2019
*Location* No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total RevPAR Average Room Rate Average Occupancy Percentage RevPAR Total RevPAR Percent Change in RevPAR Percent Change in Total RevPAR
Maui/Oahu 4 2,007 $ 527.16 74.1 % $ 390.37 $ 605.32 $ 434.72 79.6 % $ 346.15 $ 530.96 12.8 % 14.0 %
Jacksonville 1 446 463.81 66.2 307.26 674.17 334.64 62.4 208.94 497.75 47.1 35.4
Miami 3 1,276 532.47 64.2 342.06 523.37 345.79 79.0 273.07 438.79 25.3 19.3
Florida Gulf Coast 5 1,850 381.12 59.8 228.07 472.20 316.16 69.9 220.85 480.84 3.3 (1.8 )
Phoenix 4 1,822 351.10 72.4 254.15 533.26 293.33 72.6 213.00 489.76 19.3 8.9
Los Angeles / Orange County 3 1,067 259.39 62.7 162.73 258.96 249.68 81.7 204.11 320.66 (20.3 ) (19.2 )
Orlando 2 2,448 443.69 41.5 184.28 337.70 328.06 64.4 211.35 424.70 (12.8 ) (20.5 )
Austin 2 767 269.59 69.4 186.99 304.02 255.26 80.8 206.16 342.15 (9.3 ) (11.1 )
Philadelphia 2 810 193.17 77.1 148.92 235.12 219.68 86.6 190.20 316.27 (21.7 ) (25.7 )
San Diego 3 3,288 233.02 60.4 140.85 253.78 228.60 74.2 169.53 325.13 (16.9 ) (21.9 )
Atlanta 2 810 164.89 70.3 115.89 180.31 175.95 78.8 138.71 231.69 (16.5 ) (22.2 )
Northern Virginia 2 916 194.01 61.4 119.16 199.80 224.95 71.8 161.48 308.69 (26.2 ) (35.3 )
Houston 5 1,942 164.16 58.6 96.20 135.32 176.32 70.9 124.95 188.16 (23.0 ) (28.1 )
New York 3 4,261 274.12 52.4 143.72 207.84 335.19 90.2 302.22 449.65 (52.4 ) (53.8 )
San Antonio 2 1,512 158.61 63.8 101.24 144.11 193.12 59.9 115.62 173.80 (12.4 ) (17.1 )
Chicago 4 1,816 180.45 59.1 106.70 143.91 207.41 76.1 157.94 218.58 (32.4 ) (34.2 )
Washington, D.C. (CBD) 5 3,238 200.64 43.5 87.34 124.51 243.16 76.6 186.27 274.75 (53.1 ) (54.7 )
Denver 3 1,340 156.62 49.1 76.97 106.82 167.45 62.9 105.31 174.21 (26.9 ) (38.7 )
Boston 3 2,715 197.82 62.1 122.77 145.26 232.62 78.4 182.29 261.40 (32.7 ) (44.4 )
New Orleans 1 1,333 176.86 54.7 96.81 141.52 185.82 76.5 142.21 209.94 (31.9 ) (32.6 )
San Francisco / San Jose 6 4,162 170.71 53.4 91.10 125.30 264.99 83.1 220.14 309.64 (58.6 ) (59.5 )
Seattle 2 1,315 171.61 46.4 79.56 104.93 204.05 76.8 156.81 232.64 (49.3 ) (54.9 )
Other 9 2,932 252.77 54.6 138.12 198.65 191.18 73.1 139.69 217.32 (1.1 ) (8.6 )
Domestic 76 44,073 264.36 57.4 151.86 243.66 260.76 76.3 198.86 325.76 (23.6 ) (25.2 )
International 5 1,499 98.32 49.5 48.66 71.32 149.12 70.1 104.55 165.87 (53.5 ) (57.0 )
All Locations 81 45,572 259.63 57.2 148.46 237.98 257.35 76.1 195.73 320.46 (24.2 ) (25.7 )
*
All Owned Hotels (pro forma) by Location in Compared to 2020*
As of December 31, 2021 Year ended December 31, 2021 Year ended December 31, 2020
*Location* No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total RevPAR Average Room Rate Average Occupancy Percentage RevPAR Total RevPAR Percent Change in RevPAR Percent Change in Total RevPAR
Maui/Oahu 4 2,007 $ 486.22 69.0 % $ 335.71 $ 512.34 $ 403.12 28.8 % $ 115.91 $ 174.86 189.6 % 193.0 %
Jacksonville 1 446 494.80 59.9 296.61 609.54 403.32 39.3 158.58 330.97 87.0 84.2
Miami 3 1,276 489.24 59.1 289.20 449.18 378.62 35.2 133.26 219.18 117.0 104.9
Florida Gulf Coast 5 1,850 407.02 56.1 228.20 438.18 368.26 39.8 146.62 304.41 55.6 43.9
Phoenix 4 1,822 316.35 60.5 191.42 393.86 313.05 32.9 102.99 233.16 85.9 68.9
Los Angeles / Orange County 3 1,067 241.56 53.6 129.52 187.07 235.28 28.9 68.04 100.21 90.4 86.7
Orlando 2 2,448 413.95 30.9 127.96 231.90 365.64 19.0 69.62 147.90 83.8 56.8
Austin 2 767 214.87 56.3 121.00 195.68 195.33 30.4 59.41 108.97 103.7 79.6
Philadelphia 2 810 176.82 63.3 111.97 169.50 154.46 34.9 53.85 81.81 107.9 107.2
San Diego 3 3,288 222.93 49.1 109.43 180.41 218.59 24.4 53.40 102.63 104.9 75.8
Atlanta 2 810 156.30 58.5 91.40 129.46 155.63 31.5 49.06 76.54 86.3 69.1
Northern Virginia 2 916 182.84 49.4 90.34 138.95 184.42 30.7 56.68 87.88 59.4 58.1
Houston 5 1,942 146.57 59.4 87.04 118.95 138.61 36.2 50.19 73.46 73.4 61.9
New York 3 4,261 220.05 36.9 81.23 108.52 187.28 27.1 50.75 71.03 60.1 52.8
San Antonio 2 1,512 159.93 46.6 74.53 107.51 159.16 19.0 30.27 45.28 146.2 137.4
Chicago 4 1,816 172.35 42.9 73.96 94.30 130.47 22.1 28.78 38.48 157.0 145.0
Washington, D.C. (CBD) 5 3,238 171.93 42.6 73.18 92.16 216.26 18.2 39.30 55.93 86.2 64.8
Denver 3 1,340 151.40 43.9 66.49 86.94 140.24 23.9 33.49 48.55 98.6 79.1
Boston 3 2,715 188.00 34.8 65.48 78.90 168.75 16.0 27.08 40.90 141.8 92.9
New Orleans 1 1,333 144.71 41.9 60.68 84.82 164.70 33.3 54.89 76.95 10.6 10.2
San Francisco / San Jose 6 4,162 161.21 36.9 59.55 78.95 252.95 22.7 57.38 82.06 3.8 (3.8 )
Seattle 2 1,315 182.40 32.5 59.27 74.16 187.91 16.7 31.38 44.67 88.9 66.0
Other 9 2,932 246.03 47.6 117.20 167.00 192.50 31.5 60.71 88.26 93.0 89.2
Domestic 76 44,073 251.39 46.2 116.25 181.13 235.07 26.2 61.66 103.33 88.5 75.3
International 5 1,499 90.03 33.4 30.10 43.52 116.26 21.4 24.91 36.65 20.8 18.7
All Locations 81 45,572 247.50 45.8 113.40 176.59 231.83 26.1 60.44 101.12 87.6 74.6
*
All Owned Hotels (pro forma) by Location in Compared to 2019*
As of December 31, 2021 Year ended December 31, 2021 Year ended December 31, 2019
*Location* No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total RevPAR Average Room Rate Average Occupancy Percentage RevPAR Total RevPAR Percent Change in RevPAR Percent Change in Total RevPAR
Maui/Oahu 4 2,007 $ 486.22 69.0 % $ 335.71 $ 512.34 $ 409.40 88.1 % $ 360.59 $ 565.70 (6.9 )% (9.4 )%
Jacksonville 1 446 494.80 59.9 296.61 609.54 372.94 73.5 274.07 613.80 8.2 (0.7 )
Miami 3 1,276 489.24 59.1 289.20 449.18 325.16 79.8 259.54 410.81 11.4 9.3
Florida Gulf Coast 5 1,850 407.02 56.1 228.20 438.18 334.73 72.0 241.11 501.15 (5.4 ) (12.6 )
Phoenix 4 1,822 316.35 60.5 191.42 393.86 292.50 71.9 210.32 476.62 (9.0 ) (17.4 )
Los Angeles / Orange County 3 1,067 241.56 53.6 129.52 187.07 259.35 84.0 217.78 331.66 (40.5 ) (43.6 )
Orlando 2 2,448 413.95 30.9 127.96 231.90 295.49 69.1 204.18 415.24 (37.3 ) (44.2 )
Austin 2 767 214.87 56.3 121.00 195.68 248.70 85.2 211.79 356.91 (42.9 ) (45.2 )
Philadelphia 2 810 176.82 63.3 111.97 169.50 217.01 85.7 185.91 305.37 (39.8 ) (44.5 )
San Diego 3 3,288 222.93 49.1 109.43 180.41 249.41 79.4 198.02 360.49 (44.7 ) (50.0 )
Atlanta 2 810 156.30 58.5 91.40 129.46 184.71 82.7 152.76 251.41 (40.2 ) (48.5 )
Northern Virginia 2 916 182.84 49.4 90.34 138.95 221.33 75.3 166.61 276.13 (45.8 ) (49.7 )
Houston 5 1,942 146.57 59.4 87.04 118.95 177.93 72.0 128.14 185.48 (32.1 ) (35.9 )
New York 3 4,261 220.05 36.9 81.23 108.52 286.36 84.8 242.96 359.92 (66.6 ) (69.8 )
San Antonio 2 1,512 159.93 46.6 74.53 107.51 185.33 69.7 129.14 189.71 (42.3 ) (43.3 )
Chicago 4 1,816 172.35 42.9 73.96 94.30 207.67 76.2 158.19 222.83 (53.2 ) (57.7 )
Washington, D.C. (CBD) 5 3,238 171.93 42.6 73.18 92.16 245.82 81.5 200.27 288.52 (63.5 ) (68.1 )
Denver 3 1,340 151.40 43.9 66.49 86.94 173.47 72.9 126.48 190.45 (47.4 ) (54.4 )
Boston 3 2,715 188.00 34.8 65.48 78.90 237.24 81.7 193.83 268.74 (66.2 ) (70.6 )
New Orleans 1 1,333 144.71 41.9 60.68 84.82 187.65 79.0 148.30 216.97 (59.1 ) (60.9 )
San Francisco / San Jose 6 4,162 161.21 36.9 59.55 78.95 279.18 82.4 230.14 319.93 (74.1 ) (75.3 )
Seattle 2 1,315 182.40 32.5 59.27 74.16 225.12 82.4 185.50 250.12 (68.0 ) (70.4 )
Other 9 2,932 246.03 47.6 117.20 167.00 192.98 75.6 145.96 220.89 (19.7 ) (24.4 )
Domestic 76 44,073 251.39 46.2 116.25 181.13 256.97 78.9 202.64 326.00 (42.6 ) (44.4 )
International 5 1,499 90.03 33.4 30.10 43.52 153.01 70.9 108.44 160.74 (72.2 ) (72.9 )
All Locations 81 45,572 247.50 45.8 113.40 176.59 253.86 78.6 199.52 320.52 (43.2 ) (44.9 )
^__________________________________
^(1) To facilitate a quarter-to-quarter comparison of our operations, we typically present certain operating statistics and operating results for the periods included in this presentation on a comparable hotel basis. However, due to the COVID-19 pandemic and its effects on operations there is little comparability between periods. For this reason, we temporarily are suspending our comparable hotel presentation and instead present hotel operating results for all consolidated hotels and, to facilitate comparisons between periods, we are presenting results on a pro forma basis including the following adjustments: (1) operating results are presented for all consolidated properties owned as of December 31, 2021 but do not include the results of operations for properties sold through the reporting date; and (2) operating results for acquisitions as of December 31, 2021 are reflected for full calendar years, to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. See the Notes to Financial Information – All Owned Hotel Pro Forma Operating Statistics and Results for further information on these pro forma statistics. The AC Hotel Scottsdale North is a new development hotel that opened in January 2021 and The Laura Hotel in Houston re-opened under new management in November 2021. Therefore, no adjustments were made for results of these hotels for periods prior to their openings. Results for the hotel sold subsequent to quarter end are included, as it was owned for the entirety of the periods presented. CBD of a location refers to the central business district.
^(2) Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.
^N/M = Not meaningful
*
HOST HOTELS & RESORTS, INC. *
*Schedule of All Owned Hotel Pro Forma Results *^*(1*^*)*
(unaudited, in millions, except hotel statistics)
*Quarter ended December 31,* *Year ended December 31,* *2021* *2020* *2019* *2021* *2020* *2019*
Number of hotels 81 79 79 81 79 79
Number of rooms 45,572 45,184 45,184 45,572 45,184 45,184
Change in hotel Total RevPAR 238.5 % — — 74.6 % — —
Change in hotel RevPAR 249.2 % — — 87.6 % — —
Operating profit (loss) margin⁽²⁾ 7.9 % (101.5 )% 12.4 % (8.7 )% (58.8 )% 14.6 %
All Owned Hotel Pro Forma EBITDA margin⁽²⁾ 26.9 % (18.8 )% 27.7 % 21.7 % (7.7 )% 28.8 %
Food and beverage profit margin⁽²⁾ 28.6 % (18.5 )% 32.8 % 25.1 % 1.4 % 32.0 %
All Owned Hotel Pro Forma food and beverage profit margin⁽²⁾ 29.3 % (3.3 )% 32.5 % 25.1 % 9.6 % 32.0 %
*Net income (loss)* $ 323 $ (66 ) $ 81 $ (11 ) $ (741 ) $ 932
Depreciation and amortization 165 167 175 762 665 676
Interest expense 63 51 90 191 194 222
Provision (benefit) for income taxes (10 ) (64 ) 8 (91 ) (220 ) 30
Gain on sale of property and corporate level income/expense (271 ) (171 ) 13 (240 ) (97 ) (283 )
Severance expense (reversal) at hotel properties (5 ) 21 — (10 ) 65 —
Pro forma adjustments⁽³⁾ 4 7 2 35 5 (55 )
*All Owned Hotel Pro Forma **EBITDA⁽⁴⁾* $ 269 $ (55 ) $ 369 $ 636 $ (129 ) $ 1,522
*
*
*Quarter ended December 31, 2021* *Quarter ended December 31, 2020* *Adjustments* *Adjustments* *GAAP Results* Severance at hotel properties Pro forma adjustments⁽³⁾ Depreciation and corporate level items *All Owned Hotel Pro Forma Results⁽⁴⁾* *GAAP Results* Severance at hotel properties Pro forma adjustments⁽³⁾ Depreciation and corporate level items *All Owned Hotel Pro Forma Results⁽⁴⁾*
*Revenues*
Room $ 621 $ — $ 1 $ — $ 622 $ 163 $ — $ 14 $ — $ 177
Food and beverage 269 — 1 — 270 54 — 7 — 61
Other 108 — — — 108 50 — 5 — 55
Total revenues 998 — 2 — 1,000 267 — 26 — 293
*Expenses*
Room 164 — (1 ) — 163 63 (2 ) 2 — 63
Food and beverage 192 — (1 ) — 191 64 (9 ) 8 — 63
Other 375 5 — — 380 223 (10 ) 9 — 222
Depreciation and amortization 165 — — (165 ) — 167 — — (167 ) —
Corporate and other expenses 26 — — (26 ) — 21 — — (21 ) —
Gain on insurance and business interruption settlements (3 ) — — — (3 ) — — — — —
Total expenses 919 5 (2 ) (191 ) 731 538 (21 ) 19 (188 ) 348
*Operating Profit - **All Owned **Hotel Pro **Forma **EBITDA⁽⁴⁾* $ 79 $ (5 ) $ 4 $ 191 $ 269 $ (271 ) $ 21 $ 7 $ 188 $ (55 )
*Quarter ended December 31, 2021* *Quarter ended December 31, 2019* *Adjustments* *Adjustments* *GAAP Results* Severance at hotel properties Pro forma adjustments⁽³⁾ Depreciation and corporate level items *All Owned Hotel Pro Forma Results⁽⁴⁾* *GAAP Results* Pro forma adjustments⁽³⁾ Depreciation and corporate level items *All Owned Hotel Pro Forma Results⁽⁴⁾*
*Revenues*
Room $ 621 $ — $ 1 $ — $ 622 $ 813 $ 1 $ — $ 814
Food and beverage 269 — 1 — 270 424 (3 ) — 421
Other 108 — — — 108 97 1 — 98
Total revenues 998 — 2 — 1,000 1,334 (1 ) — 1,333
*Expenses*
Room 164 — (1 ) — 163 209 (3 ) — 206
Food and beverage 192 — (1 ) — 191 285 (1 ) — 284
Other 375 5 — — 380 473 1 — 474
Depreciation and amortization 165 — — (165 ) — 175 — (175 ) —
Corporate and other expenses 26 — — (26 ) — 27 — (27 ) —
Gain on insurance and business interruption settlements (3 ) — — — (3 ) (1 ) — 1 —
Total expenses 919 5 (2 ) (191 ) 731 1,168 (3 ) (201 ) 964
*Operating Profit - **All Owned **Hotel Pro **Forma **EBITDA⁽⁴⁾* $ 79 $ (5 ) $ 4 $ 191 $ 269 $ 166 $ 2 $ 201 $ 369
*
*
*Year ended December 31, 2021* *Year ended December 31, 2020* *Adjustments* *Adjustments* *GAAP Results* Severance at hotel properties Pro forma adjustments⁽³⁾ Depreciation and corporate level items *All Owned Hotel Pro Forma Results⁽⁴⁾* *GAAP Results* Severance at hotel properties Pro forma adjustments⁽³⁾ Depreciation and corporate level items *All Owned Hotel Pro Forma Results⁽⁴⁾*
*Revenues*
Room $ 1,858 $ — $ 21 $ — $ 1,879 $ 976 $ — $ 24 $ — $ 1,000
Food and beverage 674 — 14 — 688 426 — 23 — 449
Other 358 — 8 — 366 218 — 11 — 229
Total revenues 2,890 — 43 — 2,933 1,620 — 58 — 1,678
*Expenses*
Room 488 1 (4 ) — 485 362 (15 ) 3 — 350
Food and beverage 505 — 10 — 515 420 (33 ) 19 — 406
Other 1,294 9 2 — 1,305 1,037 (17 ) 31 — 1,051
Depreciation and amortization 762 — — (762 ) — 665 — — (665 ) —
Corporate and other expenses 99 — — (99 ) — 89 — — (89 ) —
Gain on insurance and business interruption settlements (8 ) — — — (8 ) — — — — —
Total expenses 3,140 10 8 (861 ) 2,297 2,573 (65 ) 53 (754 ) 1,80