Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HST | |
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | |
Entity Central Index Key | 1,070,750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 739,745,335 | |
HOST HOTELS & RESORTS L.P. | ||
Document And Entity Information [Line Items] | ||
Entity Registrant Name | HOST HOTELS & RESORTS L.P. | |
Entity Central Index Key | 1,061,937 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Property and equipment, net | $ 10,382 | $ 10,145 | |
Assets held for sale | 138 | 150 | |
Due from managers | 133 | 55 | |
Advances to and investments in affiliates | 295 | 286 | |
Furniture, fixtures and equipment replacement fund | 171 | 173 | |
Other | 244 | 225 | |
Restricted cash | 2 | 2 | |
Cash and cash equivalents | 411 | 372 | |
Total assets | 11,776 | 11,408 | |
Debt | |||
Senior notes | 2,776 | 2,380 | |
Credit facility, including term loans of $998 million and $997 million, respectively | 1,211 | 1,206 | |
Mortgage debt and other | 1 | 63 | |
Total debt | 3,988 | 3,649 | |
Accounts payable and accrued expenses | 218 | 278 | |
Liabilities held for sale | 74 | ||
Other | 269 | 283 | |
Total liabilities | 4,549 | 4,210 | |
Partnership interests | 161 | 165 | |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Common stock, par value $.01, 1,050 million shares authorized, 738.6 million shares and 737.8 million shares issued and outstanding, respectively | 7 | 7 | |
Additional paid-in capital | 8,089 | 8,077 | |
Accumulated other comprehensive loss | (78) | (83) | |
Deficit | (992) | (1,007) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 7,026 | 6,994 | |
Non-controlling interests—other consolidated partnerships | 40 | 39 | |
Total equity | 7,066 | 7,033 | |
Total liabilities, non-controlling interests and equity | 11,776 | 11,408 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (78) | (83) | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 10,382 | 10,145 | |
Assets held for sale | 138 | 150 | |
Due from managers | 133 | 55 | |
Advances to and investments in affiliates | 295 | 286 | |
Furniture, fixtures and equipment replacement fund | 171 | 173 | |
Other | 244 | 225 | |
Restricted cash | 2 | 2 | |
Cash and cash equivalents | 411 | 372 | |
Total assets | 11,776 | 11,408 | |
Debt | |||
Senior notes | 2,776 | 2,380 | |
Credit facility, including term loans of $998 million and $997 million, respectively | 1,211 | 1,206 | |
Mortgage debt and other | 1 | 63 | |
Total debt | 3,988 | 3,649 | |
Accounts payable and accrued expenses | 218 | 278 | |
Liabilities held for sale | 74 | ||
Other | 269 | 283 | |
Total liabilities | 4,549 | 4,210 | |
Partnership interests | [1] | 161 | 165 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (78) | (83) | |
Total equity | 7,066 | 7,033 | |
Total liabilities, non-controlling interests and equity | 11,776 | 11,408 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 7,103 | 7,076 | |
Accumulated other comprehensive loss | (78) | (83) | |
Total Host Hotels & Resorts, L.P. capital | 7,026 | 6,994 | |
Non-controlling interests—consolidated partnerships | 40 | 39 | |
Total capital | $ 7,066 | $ 7,033 | |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Credit facility | $ 1,211 | $ 1,206 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 |
Common stock, shares issued | 738,600,000 | 737,800,000 |
Common stock, shares outstanding | 738,600,000 | 737,800,000 |
HOST HOTELS & RESORTS L.P. | ||
Credit facility | $ 1,211 | $ 1,206 |
Term Loan | ||
Credit facility | 998 | 997 |
Term Loan | HOST HOTELS & RESORTS L.P. | ||
Credit facility | $ 998 | $ 997 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUES | ||
Rooms | $ 843 | $ 843 |
Food and beverage | 422 | 408 |
Other | 83 | 88 |
Total revenues | 1,348 | 1,339 |
EXPENSES | ||
Rooms | 219 | 221 |
Food and beverage | 277 | 284 |
Other departmental and support expenses | 319 | 328 |
Management fees | 56 | 57 |
Other property-level expenses | 100 | 93 |
Depreciation and amortization | 180 | 181 |
Corporate and other expenses | 29 | 27 |
Gain on insurance and business interruption settlements | (3) | (3) |
Total operating costs and expenses | 1,177 | 1,188 |
OPERATING PROFIT | 171 | 151 |
Interest income | 1 | 1 |
Interest expense | (39) | (39) |
Gain on sale of assets | 17 | 59 |
Gain (loss) on foreign currency transactions and derivatives | (2) | 1 |
Equity in earnings of affiliates | 7 | 2 |
INCOME BEFORE INCOME TAXES | 155 | 175 |
Benefit for income taxes | 6 | 9 |
NET INCOME | 161 | 184 |
Less: Net income attributable to non-controlling interests | (3) | (2) |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 158 | $ 182 |
Basic earnings per common share | $ 0.21 | $ 0.24 |
Diluted earnings per common share | $ 0.21 | $ 0.24 |
HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Rooms | $ 843 | $ 843 |
Food and beverage | 422 | 408 |
Other | 83 | 88 |
Total revenues | 1,348 | 1,339 |
EXPENSES | ||
Rooms | 219 | 221 |
Food and beverage | 277 | 284 |
Other departmental and support expenses | 319 | 328 |
Management fees | 56 | 57 |
Other property-level expenses | 100 | 93 |
Depreciation and amortization | 180 | 181 |
Corporate and other expenses | 29 | 27 |
Gain on insurance and business interruption settlements | (3) | (3) |
Total operating costs and expenses | 1,177 | 1,188 |
OPERATING PROFIT | 171 | 151 |
Interest income | 1 | 1 |
Interest expense | (39) | (39) |
Gain on sale of assets | 17 | 59 |
Gain (loss) on foreign currency transactions and derivatives | (2) | 1 |
Equity in earnings of affiliates | 7 | 2 |
INCOME BEFORE INCOME TAXES | 155 | 175 |
Benefit for income taxes | 6 | 9 |
NET INCOME | 161 | 184 |
Less: Net income attributable to non-controlling interests | (1) | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 160 | $ 184 |
Basic earnings per common share | $ 0.22 | $ 0.25 |
Diluted earnings per common share | $ 0.22 | $ 0.25 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
NET INCOME | $ 161 | $ 184 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | 7 | 14 |
Change in fair value of derivative instruments | (1) | (5) |
Amounts reclassified from other comprehensive income (loss) | (1) | 4 |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 5 | 13 |
COMPREHENSIVE INCOME | 166 | 197 |
Less: Comprehensive income attributable to non-controlling interests | (2) | (2) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO REPORTING ENTITY | 164 | 195 |
HOST HOTELS & RESORTS L.P. | ||
NET INCOME | 161 | 184 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | 7 | 14 |
Change in fair value of derivative instruments | (1) | (5) |
Amounts reclassified from other comprehensive income (loss) | (1) | 4 |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 5 | 13 |
COMPREHENSIVE INCOME | 166 | 197 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 166 | $ 197 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | ||
NET INCOME | $ 161 | $ 184 |
Adjustments to reconcile to cash provided by operations: | ||
Depreciation and amortization | 180 | 181 |
Amortization of finance costs, discounts and premiums, net | 1 | 2 |
Stock compensation expense | 3 | 3 |
Deferred income taxes | (6) | (9) |
Gain on sale of assets | (17) | (59) |
(Gain) loss on foreign currency transactions and derivatives | 2 | (1) |
Gain on property insurance settlement | (1) | |
Equity in earnings of affiliates | (7) | (2) |
Change in due from managers | (77) | (83) |
Distributions from investments in affiliates | 12 | |
Changes in other assets | (12) | 9 |
Changes in other liabilities | (19) | (17) |
Cash provided by operating activities | 209 | 219 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 160 | 115 |
Return of investments in affiliates | 3 | 7 |
Advances to and investments in affiliates | (1) | |
Acquisitions | (467) | |
Capital expenditures: | ||
Renewals and replacements | (64) | (89) |
Redevelopment and acquisition-related investments | (16) | (79) |
Cash used in investing activities | (384) | (47) |
FINANCING ACTIVITIES | ||
Financing costs | (3) | |
Issuances of debt | 398 | |
Draws on credit facility | 340 | 170 |
Repayment of credit facility | (340) | (70) |
Mortgage debt and other prepayments and scheduled maturities | (20) | |
Common stock repurchase | (81) | |
Dividends on common stock | (185) | (150) |
Other financing activities | (2) | (1) |
Cash provided by (used in) financing activities | 208 | (152) |
Effects of exchange rate changes on cash held | 4 | 4 |
INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 37 | 24 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 547 | 377 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 584 | 401 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 411 | 234 |
Restricted cash | 2 | 15 |
Cash included in Furniture, fixtures and equipment replacement fund | 171 | 152 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 584 | 401 |
Total interest paid | 37 | 34 |
Income taxes paid | 1 | 2 |
HOST HOTELS & RESORTS L.P. | ||
OPERATING ACTIVITIES | ||
NET INCOME | 161 | 184 |
Adjustments to reconcile to cash provided by operations: | ||
Depreciation and amortization | 180 | 181 |
Amortization of finance costs, discounts and premiums, net | 1 | 2 |
Stock compensation expense | 3 | 3 |
Deferred income taxes | (6) | (9) |
Gain on sale of assets | (17) | (59) |
(Gain) loss on foreign currency transactions and derivatives | 2 | (1) |
Gain on property insurance settlement | (1) | |
Equity in earnings of affiliates | (7) | (2) |
Change in due from managers | (77) | (83) |
Distributions from investments in affiliates | 12 | |
Changes in other assets | (12) | 9 |
Changes in other liabilities | (19) | (17) |
Cash provided by operating activities | 209 | 219 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 160 | 115 |
Return of investments in affiliates | 3 | 7 |
Advances to and investments in affiliates | (1) | |
Acquisitions | (467) | |
Capital expenditures: | ||
Renewals and replacements | (64) | (89) |
Redevelopment and acquisition-related investments | (16) | (79) |
Cash used in investing activities | (384) | (47) |
FINANCING ACTIVITIES | ||
Financing costs | (3) | |
Issuances of debt | 398 | |
Draws on credit facility | 340 | 170 |
Repayment of credit facility | (340) | (70) |
Mortgage debt and other prepayments and scheduled maturities | (20) | |
Repurchase of common OP units | (81) | |
Distributions on common OP units | (187) | (151) |
Cash provided by (used in) financing activities | 208 | (152) |
Effects of exchange rate changes on cash held | 4 | 4 |
INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 37 | 24 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 547 | 377 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 584 | 401 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 411 | 234 |
Restricted cash | 2 | 15 |
Cash included in Furniture, fixtures and equipment replacement fund | 171 | 152 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 584 | 401 |
Total interest paid | 37 | 34 |
Income taxes paid | $ 1 | $ 2 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Business Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”), with its operations conducted solely through Host Hotels & Resorts, L.P. and its subsidiaries. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to these unaudited condensed consolidated financial statements, we use the terms “we” or “our” to refer to Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. together, unless the context indicates otherwise. We also use the term “Host Inc.” specifically to refer to Host Hotels & Resorts, Inc. and the term “Host L.P.” specifically to refer to Host Hotels & Resorts, L.P. in cases where it is important to distinguish between Host Inc. and Host L.P. As of March 31, 2017, Host Inc. holds approximately 99% of Host L.P.’s OP units. Consolidated Portfolio As of March 31, 2017, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 90 Australia 1 Brazil 3 Canada 2 Mexico 1 Total 97 Joint Ventures We own a non-controlling interest in a joint venture in Europe (“Euro JV”) that owns hotels in two separate funds. We own a 32.1% interest in the first fund (“Euro JV Fund I”) (3 hotels) and a 33.4% interest in the second fund (“Euro JV Fund II”) (7 hotels). As of March 31, 2017, the Euro JV owned hotels located in the following countries: Hotels Belgium 1 France 3 Germany 1 Spain 2 Sweden 1 The Netherlands 1 United Kingdom 1 Total 10 We also own non-controlling interests in an additional six joint ventures that own eight hotels totaling approximately 3,700 rooms. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10–K for the year ended December 31, 2016. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2017, and the results of our operations and cash flows for the quarters ended March 31, 2017 and 2016, respectively. Interim results are not necessarily indicative of full year performance because of the impact of seasonal variations. Three of our partnerships are considered variable interest entities (VIEs) as the general partner maintains control over the decisions that most significantly impact the partnerships. This includes the operating partnership, Host L.P., which is consolidated by Host Inc., of which Host Inc. is the general partner and holds 99% of the limited partner interests. Host Inc.’s sole significant asset is its investment in Host L.P. and, consequently, substantially all of Host Inc.’s assets and liabilities consist of the assets and liabilities of Host L.P. All of Host Inc.’s debt is an obligation of Host L.P. and may be settled only with assets of Host L.P. Our consolidated partnership that owns the Houston Airport Marriott at George Bush Intercontinental, of which we are the general partner and hold 85% of the partnership interests, is a VIE. The total assets of this VIE are $60 million and consist of cash and property and equipment. Liabilities for the VIE total $3 million and consist of accounts payable and deferred revenue. The unconsolidated partnership that owns the Philadelphia Marriott Downtown, of which we hold 11% of the limited partner interests, also is a VIE. The carrying amount of this investment is $(7) million and is included in advances to and investments in affiliates. The mortgage debt held by this VIE is non-recourse to us. New Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-01, Business Combinations (Topic 805) In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard sets forth steps to determine the timing and amount of revenue to be recognized to depict the transfer of goods or services in an amount that reflects the consideration that the entity expects in exchange. In March, April, May and December 2016, the FASB issued ASUs Nos. 2016-08, 2016-10, 2016-12 and 2016-20, respectively, all related to Revenue from Contracts with Customers (Topic 606), which further clarify the application of the standard. Additionally, in February 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), which is required to be adopted concurrently with ASU No. 2014-09, as it provides further guidance on accounting for the derecognition of and partial sales of a non-financial asset. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effectiveness of ASU No. 2014-09 to reporting periods beginning after December 15, 2017 and permitted early application for annual reporting periods beginning after December 15, 2016. The new standards can be applied retrospectively or under a modified retrospective approach. Based on our assessment of this standard, it will not materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales; however, it may allow for earlier gain recognition for certain sale transactions pursuant to which we have continuing involvement. Upon adoption, we expect to implement these standards using a modified retrospective approach with a cumulative effect recognized with no restatements of prior period amounts. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), |
Earnings Per Common Share (Unit
Earnings Per Common Share (Unit) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share (Unit) | 3. Earnings Per Common Share (Unit) Basic earnings per common share (unit) is computed by dividing net income attributable to common stockholders (unitholders) by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding. Diluted earnings per common share (unit) is computed by dividing net income attributable to common stockholders (unitholders), as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans or the common OP units distributed to Host Inc. to support such shares granted, 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 are anti-dilutive. We have 8.4 million common OP units which are convertible into 8.6 million common shares which are not included in Host Inc.’s calculation of earnings per share as their effect is not dilutive. The calculation of Host Inc. basic and diluted earnings per common share is shown below (in millions, except per share amounts): Quarter ended March 31, 2017 2016 Net income $ 161 $ 184 Less: Net income attributable to non-controlling interests (3 ) (2 ) Net income attributable to Host Inc. $ 158 $ 182 Basic weighted average shares outstanding 738.0 749.6 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 0.2 0.1 Diluted weighted average shares outstanding 738.2 749.7 Basic earnings per common share $ .21 $ .24 Diluted earnings per common share $ .21 $ .24 The calculation of Host L.P. basic and diluted earnings per unit is shown below (in millions, except per unit amounts): Quarter ended March 31, 2017 2016 Net income $ 161 $ 184 Less: Net income attributable to non-controlling interests (1 ) — Net income attributable to Host L.P. $ 160 $ 184 Basic weighted average units outstanding 731.0 742.9 Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market 0.2 0.1 Diluted weighted average units outstanding 731.2 743.0 Basic earnings per common unit $ .22 $ .25 Diluted earnings per common unit $ .22 $ .25 ___________ |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consists of the following (in millions): March 31, 2017 December 31, 2016 Land and land improvements $ 2,145 $ 2,047 Buildings and leasehold improvements 13,720 13,483 Furniture and equipment 2,392 2,377 Construction in progress 70 86 18,327 17,993 Less accumulated depreciation and amortization (7,945 ) (7,848 ) $ 10,382 $ 10,145 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt Senior notes. On March 20, 2017, we issued $400 million of 3.875% Series G senior notes due April 2024 for proceeds of approximately $395 million, net of discounts, underwriting fees and expenses. Interest is payable semi-annually in arrears on May 15 and November 15, commencing November 15, 2017. The net proceeds were used to repay $250 million that had been drawn under the revolver portion of our credit facility during the first quarter and for general corporate purposes. Credit facility. As of March 31, 2017, we had $784 million of available capacity under the revolver portion of our credit facility. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 $ 6,994 $ 39 $ 7,033 $ 165 Net income 158 1 159 2 Issuance of common stock for comprehensive stock plans 8 — 8 — Dividends declared on common stock (147 ) — (147 ) — Distributions to non-controlling interests — — — (2 ) Changes in ownership and other 9 (1 ) 8 (4 ) Other comprehensive income 4 1 5 — Balance, March 31, 2017 $ 7,026 $ 40 $ 7,066 $ 161 Capital of Host L.P. As of March 31, 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 158 1 159 2 Issuance of common OP units to Host Inc. for comprehensive stock plans 8 — 8 — Distributions declared on common OP units (147 ) — (147 ) (2 ) Changes in ownership and other 9 (1 ) 8 (4 ) Other comprehensive income 4 1 5 — Balance, March 31, 2017 $ 7,026 $ 40 $ 7,066 $ 161 Dividends/Distributions On February 22, 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 April 17, 2017 to stockholders of record as of March 31, 2017. Accordingly, Host L.P. made a distribution of $0.2042988 per unit on its common OP units based on the current conversion ratio. |
Dispositions
Dispositions | 3 Months Ended |
Mar. 31, 2017 | |
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] | |
Dispositions | 7. Dispositions During the first quarter, we sold the JW Marriott Desert Springs Resort & Spa for $172 million, including $12 million of furniture, fixtures and equipment replacement funds retained at the hotel. The following table provides summary results of operations for the one hotel sold during the first quarter of 2017 and ten hotels sold in 2016, which are included in continuing operations (in millions): Quarter ended March 31, 2017 2016 Revenues $ 3 $ 68 Income before taxes and gain on disposal 1 11 Gain on disposals 15 58 As of March 31, 2017, the Sheraton Memphis Downtown and the Hilton Melbourne South Wharf have been classified as held for sale. Subsequent to quarter end, on April 19, 2017, we sold the Sheraton Memphis Downtown for $67 million and expect to record a gain of approximately $28 million in the second quarter. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | 8. Acquisitions Business Combinations On March 7, 2017, we acquired the 305-room W Hollywood for $219 million. On February 16, 2017, we acquired the 347-room Don CeSar, including the adjacent Beach House Suites for $214 million. Asset Acquisitions On March 24, 2017, we purchased the ground lease at the Miami Marriott Biscayne Bay for $38 million. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements The following tables detail the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis (in millions): Fair Value at Measurement Date Using Balance at March 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 10 $ — $ 10 $ — Fair Value at Measurement Date Using Balance at December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 12 $ — $ 12 $ — ___________ (1) These derivative contracts have been designated as hedging instruments. Derivatives and Hedging Foreign Investment Hedging Instruments. We have five foreign currency forward sale contracts that hedge a portion of the foreign currency exposure resulting from the eventual repatriation of our net investment in foreign operations. These derivatives are considered hedges of the foreign currency exposure of a net investment in a foreign operation and are marked-to-market with changes in fair value recorded to other comprehensive income (loss) within the equity portion of our balance sheet. The foreign currency forward sale contracts are valued based on the forward yield curve of the foreign currency to U.S. dollar forward exchange rate on the date of measurement. We also evaluate counterparty credit risk when we calculate the fair value of the derivatives. The following table summarizes our foreign currency forward sale contracts (in millions): Currently Outstanding Change in Fair Value - All Contracts Total Transaction Amount in Total Transaction Gain (Loss) Transaction Date Foreign Amount Forward Quarter ended March 31, Range Currency in Dollars Date Range 2017 2016 May 2014-January 2016 € 100 $ 118 May 2017-January 2018 $ (1 ) $ (4 ) November 2016 C$ 25 $ 19 November 2018 $ — $ (1 ) In addition to the foreign currency forward sale contracts, we have designated a portion of the foreign currency draws on our credit facility as hedges of net investments in foreign operations. Changes in fair value of the designated credit facility draws are recorded to other comprehensive income (loss). The following table summarizes the draws on our credit facility that are designated as hedges of net investments in foreign operations (in millions): Balance Balance Gain (Loss) Outstanding Outstanding in Quarter ended March 31, Currency US$ Foreign Currency 2017 2016 Canadian dollars (1) $ 35 C$ 46 $ — $ 2 Euros $ 82 € 77 $ (1 ) $ 4 Australian dollars $ 38 A$ 50 $ (2 ) $ — ___________ (1) We have drawn an additional $45 million on the credit facility in Canadian dollars, which has not been designated as a hedging instrument. Other Liabilities Fair Value of Other Financial Liabilities. We did not elect the fair value measurement option for any of our other financial liabilities. The fair values of secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Senior notes are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. The fair value of certain financial liabilities is shown below (in millions): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 2,776 $ 2,913 $ 2,380 $ 2,477 Credit facility (Level 2) 1,211 1,215 1,206 1,211 Mortgage debt and other, excluding capital leases (Level — — 62 62 |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Geographic Information | 10. Geographic Information We consider each of our hotels to be an operating segment, none of which meets the threshold for a reportable segment. We also allocate resources and assess operating performance based on individual hotels. All of our other real estate investment activities (primarily office buildings and apartments) are immaterial and, with our operating segments, meet the aggregation criteria, and thus, we report one segment: hotel ownership. Our consolidated foreign operations consist of hotels in four countries as of March 31, 2017. There were no intersegment sales during the periods presented. The following table presents total revenues and property and equipment for each of the geographical areas in which we operate (in millions): Revenues Property and Equipment, net Quarter ended March 31, March 31, December 31, 2017 2016 2017 2016 United States $ 1,317 1,296 $ 10,233 $ 9,913 Australia 9 8 — 85 Brazil 5 7 65 63 Canada 10 10 70 71 Chile — 5 — — Mexico 7 7 14 13 New Zealand — 6 — — Total $ 1,348 $ 1,339 $ 10,382 $ 10,145 |
Non-Controlling Interests
Non-Controlling Interests | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 11. Non-controlling Interests Other Consolidated Partnerships. We consolidate four majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party partnership interests are included in non-controlling interests — other consolidated partnerships on the balance sheets and totaled $40 million and $39 million as of March 31, 2017 and December 31, 2016, respectively. One of the partnerships has a finite life that terminates in 2095, and the associated non-controlling interests are redeemable at our option at the end of, but not prior to, the finite life. Net income attributable to non-controlling interests of consolidated partnerships is included in our determination of net income. Net income attributable to non-controlling interests of third parties was $1 million for the quarter ended March 31, 2017 and immaterial for the quarter ended March 31, 2016. Host Inc.’s treatment of the non-controlling interests of Host L.P.: Host Inc. adjusts the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying value based on accumulated historical cost or its redemption value. The historical cost is based on the proportional relationship between the historical cost of equity held by our common stockholders relative to that of the unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. common stock, at our option, that would be paid to the non-controlling interests of Host L.P. if it were terminated. Therefore, the redemption value of the common OP units is equivalent to the number of shares that would be issued upon conversion of the common OP units held by third parties valued at the market price of Host Inc. common stock at the balance sheet date. One common OP unit may be exchanged for 1.021494 shares of Host Inc. common stock. Non-controlling interests of Host L.P. are classified in the mezzanine section of our balance sheets as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. The table below details the historical cost and redemption values for the non-controlling interests: March 31, 2017 December 31, 2016 Common OP units outstanding (millions) 8.4 8.6 Market price per Host Inc. common share $ 18.66 $ 18.84 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 161 $ 165 Historical cost (millions) 83 84 Book value (millions) (1) 161 165 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. Net income is allocated to the non-controlling interests of Host L.P. based on their weighted average ownership interest during the period. Net income attributable to the non-controlling interests of Host L.P. was $2 million for both quarters ended March 31, 2017 and 2016. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 12. Legal Proceedings We are involved in various legal proceedings in the normal course of business regarding the operation of our hotels and company matters. To the extent not covered by insurance, these legal proceedings generally fall into the following broad categories: disputes involving hotel-level contracts, employment litigation, compliance with laws such as the Americans with Disabilities Act, tax disputes and other general matters. Under our management agreements, our operators have broad latitude to resolve individual hotel-level claims for amounts generally less than $150,000. However, for matters exceeding such threshold, our operators may not settle claims without our consent. Based on our analysis of legal proceedings with which we currently are involved or of which we are aware and our experience in resolving similar claims in the past, we have accrued approximately $5 million as of March 31, 2017. We have estimated that, in the aggregate, our losses related to these proceedings could be as much as $17 million. We believe this range represents the maximum potential loss for all of our legal proceedings. We are not aware of any other matters with a reasonably possible unfavorable outcome for which disclosure of a loss contingency is required. No assurances can be given as to the outcome of any pending legal proceedings. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-01, Business Combinations (Topic 805) In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard sets forth steps to determine the timing and amount of revenue to be recognized to depict the transfer of goods or services in an amount that reflects the consideration that the entity expects in exchange. In March, April, May and December 2016, the FASB issued ASUs Nos. 2016-08, 2016-10, 2016-12 and 2016-20, respectively, all related to Revenue from Contracts with Customers (Topic 606), which further clarify the application of the standard. Additionally, in February 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), which is required to be adopted concurrently with ASU No. 2014-09, as it provides further guidance on accounting for the derecognition of and partial sales of a non-financial asset. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effectiveness of ASU No. 2014-09 to reporting periods beginning after December 15, 2017 and permitted early application for annual reporting periods beginning after December 15, 2016. The new standards can be applied retrospectively or under a modified retrospective approach. Based on our assessment of this standard, it will not materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales; however, it may allow for earlier gain recognition for certain sale transactions pursuant to which we have continuing involvement. Upon adoption, we expect to implement these standards using a modified retrospective approach with a cumulative effect recognized with no restatements of prior period amounts. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), |
Organization (Tables)
Organization (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Consolidated Portfolio of Hotels by Location | As of March 31, 2017, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 90 Australia 1 Brazil 3 Canada 2 Mexico 1 Total 97 |
European Joint Venture | |
Consolidated Portfolio of Hotels by Location | As of March 31, 2017, the Euro JV owned hotels located in the following countries: Hotels Belgium 1 France 3 Germany 1 Spain 2 Sweden 1 The Netherlands 1 United Kingdom 1 Total 10 |
Earnings Per Common Share (Un21
Earnings Per Common Share (Unit) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Common Share (Unit) | The calculation of Host Inc. basic and diluted earnings per common share is shown below (in millions, except per share amounts): Quarter ended March 31, 2017 2016 Net income $ 161 $ 184 Less: Net income attributable to non-controlling interests (3 ) (2 ) Net income attributable to Host Inc. $ 158 $ 182 Basic weighted average shares outstanding 738.0 749.6 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 0.2 0.1 Diluted weighted average shares outstanding 738.2 749.7 Basic earnings per common share $ .21 $ .24 Diluted earnings per common share $ .21 $ .24 |
HOST HOTELS & RESORTS L.P. | |
Earnings Per Common Share (Unit) | The calculation of Host L.P. basic and diluted earnings per unit is shown below (in millions, except per unit amounts): Quarter ended March 31, 2017 2016 Net income $ 161 $ 184 Less: Net income attributable to non-controlling interests (1 ) — Net income attributable to Host L.P. $ 160 $ 184 Basic weighted average units outstanding 731.0 742.9 Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market 0.2 0.1 Diluted weighted average units outstanding 731.2 743.0 Basic earnings per common unit $ .22 $ .25 Diluted earnings per common unit $ .22 $ .25 ___________ |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): March 31, 2017 December 31, 2016 Land and land improvements $ 2,145 $ 2,047 Buildings and leasehold improvements 13,720 13,483 Furniture and equipment 2,392 2,377 Construction in progress 70 86 18,327 17,993 Less accumulated depreciation and amortization (7,945 ) (7,848 ) $ 10,382 $ 10,145 |
Equity of Host Inc. and Capit23
Equity of Host Inc. and Capital of Host L.P. (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Equity Allocation between Controlling and Non-Controlling Interests | 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 158 1 159 2 Issuance of common stock for comprehensive stock plans 8 — 8 — Dividends declared on common stock (147 ) — (147 ) — Distributions to non-controlling interests — — — (2 ) Changes in ownership and other 9 (1 ) 8 (4 ) Other comprehensive income 4 1 5 — Balance, March 31, 2017 $ 7,026 $ 40 $ 7,066 $ 161 |
Capital Allocation between Controlling and Non-Controlling Interests | 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 158 1 159 2 Issuance of common OP units to Host Inc. for comprehensive stock plans 8 — 8 — Distributions declared on common OP units (147 ) — (147 ) (2 ) Changes in ownership and other 9 (1 ) 8 (4 ) Other comprehensive income 4 1 5 — Balance, March 31, 2017 $ 7,026 $ 40 $ 7,066 $ 161 |
Dispositions (Tables)
Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] | |
Summary of Results of Operations for Hotels Sold Included in Continuing Operations | The following table provides summary results of operations for the one hotel sold during the first quarter of 2017 and ten hotels sold in 2016, which are included in continuing operations (in millions) Quarter ended March 31, 2017 2016 Revenues $ 3 $ 68 Income before taxes and gain on disposal 1 11 Gain on disposals 15 58 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The following tables detail the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis (in millions): Fair Value at Measurement Date Using Balance at March 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 10 $ — $ 10 $ — Fair Value at Measurement Date Using Balance at December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 12 $ — $ 12 $ — ___________ (1) These derivative contracts have been designated as hedging instruments. |
Foreign Currency Sale Contracts | The following table summarizes our foreign currency forward sale contracts (in millions): Currently Outstanding Change in Fair Value - All Contracts Total Transaction Amount in Total Transaction Gain (Loss) Transaction Date Foreign Amount Forward Quarter ended March 31, Range Currency in Dollars Date Range 2017 2016 May 2014-January 2016 € 100 $ 118 May 2017-January 2018 $ (1 ) $ (4 ) November 2016 C$ 25 $ 19 November 2018 $ — $ (1 ) |
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations | The following table summarizes the draws on our credit facility that are designated as hedges of net investments in foreign operations (in millions): Balance Balance Gain (Loss) Outstanding Outstanding in Quarter ended March 31, Currency US$ Foreign Currency 2017 2016 Canadian dollars (1) $ 35 C$ 46 $ — $ 2 Euros $ 82 € 77 $ (1 ) $ 4 Australian dollars $ 38 A$ 50 $ (2 ) $ — ___________ (1) We have drawn an additional $45 million on the credit facility in Canadian dollars, which has not been designated as a hedging instrument. |
Fair Values of Certain Financial Liabilities and Other Financial Instruments | The fair value of certain financial liabilities is shown below (in millions): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 2,776 $ 2,913 $ 2,380 $ 2,477 Credit facility (Level 2) 1,211 1,215 1,206 1,211 Mortgage debt and other, excluding capital leases (Level — — 62 62 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Revenues and Long-Lived Assets by Geographical Area | The following table presents total revenues and property and equipment for each of the geographical areas in which we operate (in millions): Revenues Property and Equipment, net Quarter ended March 31, March 31, December 31, 2017 2016 2017 2016 United States $ 1,317 1,296 $ 10,233 $ 9,913 Australia 9 8 — 85 Brazil 5 7 65 63 Canada 10 10 70 71 Chile — 5 — — Mexico 7 7 14 13 New Zealand — 6 — — Total $ 1,348 $ 1,339 $ 10,382 $ 10,145 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Historical Cost and Redemption Values for the Non-Controlling Interests | The table below details the historical cost and redemption values for the non-controlling interests: March 31, 2017 December 31, 2016 Common OP units outstanding (millions) 8.4 8.6 Market price per Host Inc. common share $ 18.66 $ 18.84 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 161 $ 165 Historical cost (millions) 83 84 Book value (millions) (1) 161 165 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. |
Organization - Additional Infor
Organization - Additional Information (Detail) | Mar. 31, 2017HotelFundJointVentureRoom |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of hotels | 97 |
European Joint Venture | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of hotels | 10 |
Number of funds | Fund | 2 |
European Joint Venture | Fund I | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Investment ownership percentage | 32.10% |
Number of hotels | 3 |
European Joint Venture | Fund II | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Investment ownership percentage | 33.40% |
Number of hotels | 7 |
Other Joint Venture | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of hotels | 8 |
Number of joint ventures | JointVenture | 6 |
Number of rooms | Room | 3,700 |
HOST HOTELS & RESORTS, INC. | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Percentage of the common OP units | 99.00% |
Consolidated Portfolio of Hotel
Consolidated Portfolio of Hotels by Location (Detail) | Mar. 31, 2017Hotel |
Real Estate Properties [Line Items] | |
Hotels | 97 |
European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 10 |
United States | |
Real Estate Properties [Line Items] | |
Hotels | 90 |
Australia | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Mexico | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Belgium | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
France | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Germany | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Spain | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Sweden | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
The Netherlands | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
United Kingdom | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($)GroundLease | |
ASU 2016-02 | |
Significant Accounting Policies [Line Items] | |
Number of ground leases | GroundLease | 26 |
Percentage of operating lease payments | 85.00% |
ASU 2016-02 | Asset | Minimum | |
Significant Accounting Policies [Line Items] | |
Adjustment applied due to new accounting principle in period of adoption | $ 400,000,000 |
ASU 2016-02 | Asset | Maximum | |
Significant Accounting Policies [Line Items] | |
Adjustment applied due to new accounting principle in period of adoption | 500,000,000 |
ASU 2016-02 | Liability | Minimum | |
Significant Accounting Policies [Line Items] | |
Adjustment applied due to new accounting principle in period of adoption | 400,000,000 |
ASU 2016-02 | Liability | Maximum | |
Significant Accounting Policies [Line Items] | |
Adjustment applied due to new accounting principle in period of adoption | $ 500,000,000 |
HOST HOTELS & RESORTS, INC. | |
Significant Accounting Policies [Line Items] | |
Percentage of the common OP units | 99.00% |
HOST HOTELS & RESORTS, INC. | General Partner | Variable Interest Entities | |
Significant Accounting Policies [Line Items] | |
Percentage of the common OP units | 99.00% |
Houston Airport Marriott at George Bush Intercontinental | Variable Interest Entities | |
Significant Accounting Policies [Line Items] | |
Total assets of VIE | $ 60,000,000 |
Liabilities of VIE | $ 3,000,000 |
Houston Airport Marriott at George Bush Intercontinental | General Partner | |
Significant Accounting Policies [Line Items] | |
General partner and limited partner interest | 85.00% |
Philadelphia Marriott Downtown | Variable Interest Entities Not Primary Beneficiary | |
Significant Accounting Policies [Line Items] | |
Advances to and investments in affiliates | $ (7,000,000) |
Philadelphia Marriott Downtown | Limited Partnership Interests Of Parent Company Ownership | |
Significant Accounting Policies [Line Items] | |
General partner and limited partner interest | 11.00% |
Earnings Per Common Share (Un31
Earnings Per Common Share (Unit) - Additional Information (Detail) - HOST HOTELS & RESORTS, INC. shares in Millions | 3 Months Ended |
Mar. 31, 2017shares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |
Common OP units outstanding | 8.4 |
Number of common shares that would be outstanding if OP units were converted | 8.6 |
Host Inc. Earnings (Loss) Per C
Host Inc. Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
NET INCOME | $ 161 | $ 184 |
Less: Net income attributable to non-controlling interests | (3) | (2) |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 158 | $ 182 |
Basic weighted average shares outstanding | 738 | 749.6 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.2 | 0.1 |
Diluted weighted average shares/units outstanding | 738.2 | 749.7 |
Basic earnings per common share | $ 0.21 | $ 0.24 |
Diluted earnings per common share | $ 0.21 | $ 0.24 |
Host LP Earnings (Loss) Per Com
Host LP Earnings (Loss) Per Common Unit (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share Diluted [Line Items] | ||
NET INCOME | $ 161 | $ 184 |
Less: Net income attributable to non-controlling interests | (3) | (2) |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 158 | $ 182 |
Basic weighted average shares outstanding | 738 | 749.6 |
Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.2 | 0.1 |
Diluted weighted average shares/units outstanding | 738.2 | 749.7 |
Basic earnings per common share | $ 0.21 | $ 0.24 |
Diluted earnings per common share | $ 0.21 | $ 0.24 |
HOST HOTELS & RESORTS L.P. | ||
Earnings Per Share Diluted [Line Items] | ||
NET INCOME | $ 161 | $ 184 |
Less: Net income attributable to non-controlling interests | (1) | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 160 | $ 184 |
Basic weighted average shares outstanding | 731 | 742.9 |
Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.2 | 0.1 |
Diluted weighted average shares/units outstanding | 731.2 | 743 |
Basic earnings per common share | $ 0.22 | $ 0.25 |
Diluted earnings per common share | $ 0.22 | $ 0.25 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $ 2,145 | $ 2,047 |
Buildings and leasehold improvements | 13,720 | 13,483 |
Furniture and equipment | 2,392 | 2,377 |
Construction in progress | 70 | 86 |
Property, Plant and Equipment, Gross, Total | 18,327 | 17,993 |
Less accumulated depreciation and amortization | (7,945) | (7,848) |
Property and equipment, net | $ 10,382 | $ 10,145 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Mar. 20, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Debt Instrument [Line Items] | |||
Repayment of debt | $ 340,000,000 | $ 70,000,000 | |
Revolver | |||
Debt Instrument [Line Items] | |||
Line of credit facility remaining borrowing capacity | $ 784,000,000 | ||
Series G senior notes 3.875% due April 2024 | |||
Debt Instrument [Line Items] | |||
Face amount of debt | $ 400,000,000 | ||
Debt interest rate | 3.875% | ||
Proceed from issuance of note | $ 395,000,000 | ||
Frequency of interest payable | Interest is payable semi-annually. | ||
Date of first payment | Nov. 15, 2017 | ||
Maturity date | Apr. 1, 2024 | ||
Series G senior notes 3.875% due April 2024 | Revolver | |||
Debt Instrument [Line Items] | |||
Repayment of debt | $ 250,000,000 |
Equity Allocation between Contr
Equity Allocation between Controlling and Non-Controlling Interests (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Stockholders Equity Note [Line Items] | ||
Beginning Balance | $ 7,033 | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 158 | $ 182 |
Net income attributable to non-controlling interests | 1 | |
Net income | 2 | 2 |
Other comprehensive income | 5 | $ 13 |
Ending Balance | 7,066 | |
HOST HOTELS & RESORTS, INC. | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 7,033 | |
Net income | 159 | |
Issuance of common stock for comprehensive stock plans | 8 | |
Dividends declared on common stock | (147) | |
Changes in ownership and other | 8 | |
Other comprehensive income | 5 | |
Ending Balance | 7,066 | |
HOST HOTELS & RESORTS, INC. | Parent | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 6,994 | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 158 | |
Issuance of common stock for comprehensive stock plans | 8 | |
Dividends declared on common stock | (147) | |
Changes in ownership and other | 9 | |
Other comprehensive income | 4 | |
Ending Balance | 7,026 | |
HOST HOTELS & RESORTS, INC. | Non-redeemable, non-controlling interest | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 39 | |
Net income attributable to non-controlling interests | 1 | |
Changes in ownership and other | (1) | |
Other comprehensive income | 1 | |
Ending Balance | 40 | |
HOST HOTELS & RESORTS, INC. | Redeemable non-controlling interests | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 165 | |
Net income | 2 | |
Distributions to non-controlling interests | (2) | |
Changes in ownership and other | (4) | |
Ending Balance | $ 161 |
Equity of Host Inc. and Capit37
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) | Feb. 22, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016 |
HOST HOTELS & RESORTS, INC. | |||
Stockholders Equity Note [Line Items] | |||
Percentage of the common OP units | 99.00% | ||
Dividend declaration date | Feb. 22, 2017 | ||
Dividend per share, declared | $ 0.20 | ||
Dividend paid date | Apr. 17, 2017 | ||
Dividend record date | Mar. 31, 2017 | ||
HOST HOTELS & RESORTS L.P. | |||
Stockholders Equity Note [Line Items] | |||
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | |
Common OP units, distribution paid | $ 0.2042988 |
Capital Allocation between Cont
Capital Allocation between Controlling and Non-Controlling Interests (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | $ 7,033 | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 158 | $ 182 |
Net income attributable to non-controlling interests | 1 | |
Net income | 2 | 2 |
Other comprehensive income | 5 | 13 |
Ending Balance | 7,066 | |
HOST HOTELS & RESORTS L.P. | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 7,033 | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 160 | 184 |
Net income | 159 | |
Issuance of common stock for comprehensive stock plans | 8 | |
Distributions declared on common OP units | (147) | |
Changes in ownership and other | 8 | |
Other comprehensive income | 5 | $ 13 |
Ending Balance | 7,066 | |
HOST HOTELS & RESORTS L.P. | Parent | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 6,994 | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 158 | |
Issuance of common stock for comprehensive stock plans | 8 | |
Distributions declared on common OP units | (147) | |
Changes in ownership and other | 9 | |
Other comprehensive income | 4 | |
Ending Balance | 7,026 | |
HOST HOTELS & RESORTS L.P. | Non-controlling Interests | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 39 | |
Net income attributable to non-controlling interests | 1 | |
Changes in ownership and other | (1) | |
Other comprehensive income | 1 | |
Ending Balance | 40 | |
HOST HOTELS & RESORTS L.P. | Limited Partnership Interests Of Third Parties | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 165 | |
Net income | 2 | |
Distributions declared on common OP units | (2) | |
Changes in ownership and other | (4) | |
Ending Balance | $ 161 |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) $ in Millions | Apr. 19, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($)Hotel | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Hotel |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of assets, net | $ 160 | $ 115 | |||
Furniture, fixtures and equipment replacement funds retained | $ 171 | $ 152 | $ 173 | ||
Number of hotels sold | Hotel | 1 | 10 | |||
JW Marriott Desert Springs Resort & Spa | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of assets, net | $ 172 | ||||
Furniture, fixtures and equipment replacement funds retained | $ 12 | ||||
Sheraton Memphis Downtown Hotel | Scenario, Forecast | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Gain on sale of assets | $ 28 | ||||
Sheraton Memphis Downtown Hotel | Subsequent Event | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of assets, net | $ 67 |
Summary Results of Operations f
Summary Results of Operations for the One Hotel Sold During the First Quarter of Twenty Seventeen and Ten Hotels Sold in Twenty Sixteen Which are Included in Continuing Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] | ||
Revenues | $ 3 | $ 68 |
Income before taxes and gain on disposal | 1 | 11 |
Gain on disposals | $ 15 | $ 58 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | Mar. 24, 2017USD ($) | Mar. 07, 2017USD ($)Room | Feb. 16, 2017USD ($)Room |
W Hollywood Hotel | |||
Business Acquisition [Line Items] | |||
Number of rooms | Room | 305 | ||
Acquisition purchase price | $ 219 | ||
The Don CeSar Hotel and Beach House Suites | |||
Business Acquisition [Line Items] | |||
Number of rooms | Room | 347 | ||
Acquisition purchase price | $ 214 | ||
Miami Marriott Biscayne Bay | |||
Business Acquisition [Line Items] | |||
Payments to purchase ground lease | $ 38 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities (Detail) - Financial assets and liabilities measured on recurring basis - Foreign currency forward sale contracts - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurements on a recurring basis, Assets | [1] | $ 10 | $ 12 |
Significant Other Observable Inputs (Level 2) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurements on a recurring basis, Assets | [1] | $ 10 | $ 12 |
[1] | These derivative contracts have been designated as hedging instruments. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Mar. 31, 2017Contract |
Fair Value Disclosures [Abstract] | |
Number of foreign currency forward contracts outstanding | 5 |
Foreign Currency Sale Contracts
Foreign Currency Sale Contracts (Detail) - Foreign Exchange Contract | 3 Months Ended | |||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017EUR (€) | Mar. 31, 2017CAD | |
Euros | ||||
Derivative [Line Items] | ||||
Total transaction amount | $ 118,000,000 | € 100,000,000 | ||
Change in fair value gain (loss) | $ (1,000,000) | $ (4,000,000) | ||
Euros | Minimum | ||||
Derivative [Line Items] | ||||
Transaction Date Range | 2014-05 | |||
Forward purchase date range | 2017-05 | |||
Euros | Maximum | ||||
Derivative [Line Items] | ||||
Transaction Date Range | 2016-01 | |||
Forward purchase date range | 2018-01 | |||
Canadian Dollars | ||||
Derivative [Line Items] | ||||
Transaction Date Range | 2016-11 | |||
Total transaction amount | $ 19,000,000 | CAD 25,000,000 | ||
Forward purchase date range | 2018-11 | |||
Change in fair value gain (loss) | $ (1,000,000) |
Draws on Credit Facility that a
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations (Detail) € in Millions, CAD in Millions, AUD in Millions, $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017EUR (€) | Mar. 31, 2017CAD | Mar. 31, 2017AUD | Dec. 31, 2016USD ($) | ||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | |||||||
Credit facility | $ 1,211 | $ 1,206 | |||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 7 | $ 14 | |||||
Canadian Dollars | |||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | |||||||
Credit facility | [1] | 35 | CAD 46 | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | [1] | 2 | |||||
Euros | |||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | |||||||
Credit facility | 82 | € 77 | |||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (1) | $ 4 | |||||
Australian Dollars | |||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | |||||||
Credit facility | 38 | AUD 50 | |||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | $ (2) | ||||||
[1] | We have drawn an additional $45 million on the credit facility in Canadian dollars, which has not been designated as a hedging instrument. |
Draws on Credit Facility that46
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations (Parenthetical) (Detail) CAD in Millions, $ in Millions | Mar. 31, 2017USD ($) | Mar. 31, 2017CAD | Dec. 31, 2016USD ($) | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Credit facility | $ 1,211 | $ 1,206 | ||
Canadian Dollars | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Credit facility | [1] | 35 | CAD 46 | |
Canadian Dollars | Not Designated as Hedging Instrument | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Credit facility | $ 45 | |||
[1] | We have drawn an additional $45 million on the credit facility in Canadian dollars, which has not been designated as a hedging instrument. |
Fair Values of Certain Financia
Fair Values of Certain Financial Liabilities and Other Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Financial liabilities | ||
Senior notes | $ 2,776 | $ 2,380 |
Credit facility, carrying value | 1,211 | 1,206 |
Mortgage debt and other, excluding capital leases, carrying value | 62 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 2,913 | 2,477 |
Significant Other Observable Inputs (Level 2) | ||
Financial liabilities | ||
Credit facility (Level 2), fair value | $ 1,215 | 1,211 |
Significant Other Observable Inputs (Level 2) | Mortgage debt and other, excluding capital leases | ||
Financial liabilities | ||
Mortgage debt and other, excluding capital leases (Level 2), fair value | $ 62 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017SegmentCountry | |
Segment Reporting Information [Line Items] | |
Number of operating segments | Segment | 1 |
Non-US | |
Segment Reporting Information [Line Items] | |
Foreign operations, number of countries | Country | 4 |
Revenues and Long-Lived Assets
Revenues and Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,348 | $ 1,339 | |
Property and equipment, net | 10,382 | $ 10,145 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,317 | 1,296 | |
Property and equipment, net | 10,233 | 9,913 | |
Australia | |||
Segment Reporting Information [Line Items] | |||
Revenues | 9 | 8 | |
Property and equipment, net | 85 | ||
Brazil | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5 | 7 | |
Property and equipment, net | 65 | 63 | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 10 | 10 | |
Property and equipment, net | 70 | 71 | |
Chile | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5 | ||
Mexico | |||
Segment Reporting Information [Line Items] | |||
Revenues | 7 | 7 | |
Property and equipment, net | $ 14 | $ 13 | |
New Zealand | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 6 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017USD ($)Entity | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Minority Interest [Line Items] | |||
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | Entity | 4 | ||
Non-controlling interests—other consolidated partnerships | $ 40 | $ 39 | |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests with finite lives | Entity | 1 | ||
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | 2,095 | ||
Net income attributable to non-controlling interests outside partnerships | $ 1 | ||
Net income | $ 2 | $ 2 | |
HOST HOTELS & RESORTS L.P. | |||
Minority Interest [Line Items] | |||
OP units conversion basis | One common OP unit may be exchanged for 1.021494 shares of Host Inc | ||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 |
Historical Cost and Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) $ / shares in Units, shares in Millions, $ in Millions | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 161 | $ 165 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Common OP units outstanding | shares | 8.4 | 8.6 | |
Market price per Host Inc. common share | $ / shares | $ 18.66 | $ 18.84 | |
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 161 | $ 165 | |
Historical cost (millions) | 83 | 84 | |
Book value (millions) | [1] | $ 161 | $ 165 |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Mar. 31, 2017USD ($) |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 5,000,000 |
Maximum | |
Loss Contingencies [Line Items] | |
Estimate of possible losses | 17,000,000 |
Other Litigation Cases | |
Loss Contingencies [Line Items] | |
Estimate of possible losses | $ 150,000 |