Host Hotels & Resorts, Inc. (NYSE: HST), the nation’s largest lodging real estate investment trust (“REIT”), today announced results of operations for the first quarter ended March 31, 2013. On an “As Adjusted” basis, as described herein, the improvements in the Company’s results were driven by a 5.1% increase in comparable hotel RevPAR and strong performances at its luxury and resort and conference center properties.
As of January 1, 2013, the Company adopted calendar quarter reporting periods, compared to 2012 where the Company reported based on the fiscal quarters that had been used by Marriott International. Accordingly, the Company’s revenues, net income,
Adjusted EBITDA, diluted earnings (loss) per share and NAREIT and Adjusted FFO per diluted share quarterly results for 2013 are not comparable to the historical quarterly results of 2012 due to the change in periods. To enable investors to better evaluate its performance, the Company has presented 2012 RevPAR and certain historical results on a calendar quarter basis (the “2012 As Adjusted” results). The 2012 As Adjusted first quarter results include (i) an adjustment to add the operations from March 24, 2012 through March 31, 2012 for the Company’s Marriott-managed hotels and (ii) an adjustment to add the March operations for its hotels managed by Ritz-Carlton, Hyatt, Starwood and other managers who report on a calendar basis, as the Company’s historical first quarter results only included January and February operations for these properties. Accordingly, the following discussion of operating performance will include a comparison between the three months of operations ended March 31 for both years, which management believes is an important supplemental measure of the Company’s performance.
For further discussion of the 2012 As Adjusted results, see the Notes to the Financial Information included in this release.