Host Hotels & Resorts, Inc. (NASDAQ:HST) Q1 2024 Results Conference Call May 2, 2024 11:00 AM ET
Company Participants
Jaime Marcus - Senior Vice President of Investor Relations
Jim Risoleo - President and Chief Executive Officer
Sourav Ghosh - Executive Vice President and Chief Financial Officer
Conference Call Participants
Michael Bellisario - Baird
Shaun Kelley - Bank of America
Aryeh Klein - BMO
Smedes Rose - Citi
Stephen Grambling - Morgan Stanley
Bill Crow - Raymond James
Duane Pfennigwerth - Evercore ISI
Robin Farley - UBS
David Katz - Jefferies
Chris Woronka - Deutsche Bank
Operator
Good morning, and welcome to the Host Hotels & Resorts First Quarter 2024 Earnings Conference Call. Today's conference is being recorded.
At this time, I would like to turn the call over to Jaime Marcus, Senior Vice President of Investor of Investor Relations. You may begin.
Jaime Marcus
Thank you, and good morning, everyone. Before we begin, please note that many of the comments made today are considered to be forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and we are not obligated to publicly update or revise these forward-looking statements.
In addition, on today's call, we will discuss certain non-GAAP financial information, such as FFO, adjusted EBITDAre and comparable hotel level results. You can find this information together with reconciliations to the most directly comparable GAAP information in yesterday's earnings press release and our 8-K filed with the SEC and in the supplemental financial information on our website at hosthotels.com.
With me on today's call are Jim Risoleo, President and Chief Executive Officer; and Sourav Ghosh, Executive Vice President and Chief Financial Officer.
With that, I would like to turn the call over to Jim.
Jim Risoleo
Thank you, Jaime, and thanks to everyone for joining us this morning. In the first quarter, we delivered adjusted EBITDAre of $483 million and adjusted FFO per share of $0.60, which includes $10 million of business interruption proceeds from Hurricane Ian. Excluding the business interruption proceeds, our adjusted EBITDAre was 7% above the first quarter of 2023, and our adjusted FFO per share was 8% above last year.
We delivered a year-over-year comparable hotel total RevPAR improvement of 50 basis points, underscoring the continued strength of out-of-room revenue while comparable hotel RevPAR declined 1.2%. First quarter RevPAR faced headwinds from tough year-over-year comparisons, particularly in Maui.