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Host Hotels & Resorts, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $1,319 million from $1,214 million in the same quarter the previous year. The increase is attributed to the acquisition of 1 Hotel Central Park and The Ritz-Carlton O'ahu, Turtle Bay.
Operating profit for the quarter was $135 million, compared to $157 million in the previous year, with the decline attributed to a decrease in gains on insurance settlements.
Net income for the quarter was $84 million, down from $113 million in the previous year. Diluted earnings per common share decreased to $0.12 from $0.16.
Cash provided by operating activities was $1,167 million year-to-date, while cash used in investing activities was $1,851 million, primarily due to acquisitions.
Host Hotels & Resorts reported a working capital of $564 million as of September 30, 2024. The company issued $700 million of 5.500% Series L senior notes during the quarter.
The filing also details the company's acquisition of The Ritz-Carlton O'ahu, Turtle Bay and 1 Hotel Central Park, and ongoing capital projects.
Host Hotels & Resorts does not anticipate significant changes in its dividend policy and continues to focus on acquisitions and capital improvements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Host Hotels & Resorts Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.