Portfolio Re-Investment and Growth Opportunities Presentation
COMPANY
OVERVIEW
RECENT
HIGHLIGHTS
PORTFOLIO
UPDATE
GROWTH
OPPORTUNITIES
CORPORATE
RESPONSIBILITY
RECONCILIATIONS &
SUPPLEMENTAL INFO
Reconciliation of GAAP Leverage Ratio to Credit Facility
Leverage Ratio
(UNAUDITED, IN MILLIONS, EXCEPT RATIOS)
The following tables present the calculation of Host's leverage ratio using GAAP measures and as used in the financial covenants of the credit facility. In addition, for this
quarter, we are also presenting our leverage ratio as adjusted for certain post quarter transactions that are not part of the typical adjustments required under our credit facility
definition ("Leverage Ratio per Credit Facility, as Adjusted"):
•
Net repayment on revolver portion of the credit facility of $85 million;
$530 million cash consideration for the acquisition of 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown; and
the first quarter dividend paid on common stock of $141 million.
Debt
Net income
GAAP Leverage Ratio
Net debt (1)
Adjusted Credit Facility EBITDA (2)
Leverage Ratio
$
$
GAAP Leverage Ratio - As Reported at
Trailing twelve months
March 31, 2024
Year ended
December 31, 2019
4,510
733
$
6.2 x
3,794
932
4.1 x
Leverage Ratio per Credit Facility - As Reported at
Trailing twelve months
March 31, 2024
As Adjusted
March 31, 2024
Year ended
December 31, 2019
3,263
$
1,672
3,934
1,710
$
2,321
1,490
2.0 x
2.3 x
1.6 x
1.
The following presents the reconciliation of debt to net debt per our credit facility definition, and as adjusted for certain post quarter transactions (in millions):
March 31, 2024
Debt
$
4,510
$
Less: Series G Senior Notes
Less: Unrestricted cash over $100 million
Net debt per credit facility definition
Less: Net repayment of credit facility revolver - debt
Plus: Cash used to repay the credit facility revolver
Plus: Cash dividend payment in April
Plus: Cash consideration for Nashville acquisition
(400)
(847)
3,263
(85)
85
141
530
Net debt per credit facility definition, as adjusted $
2024 Host Hotels & Resorts, Inc.
3,934
December 31, 2019
3,794
(1,473)
2,321
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