Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 138

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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 710 693 Expenses:Operating and other163 163 506 487 Reimbursable expenses31 31 97 96 Depreciation and amortization27 24 75 69 Equity income from joint ventures(25) (60)(59)Interest18 17 52 37 Total214 235 670 630 Income (loss) before income tax(3)(9)40 63 Income tax (expense) benefit 1 (15)(20)Net income (loss) attributable to Loews Corporation$(3)$(8)$25 $43 

Net income (loss) attributable to Loews Corporation improved $5 million and decreased $18 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods primarily due to the reasons discussed below.

58

Operating revenues declined by $15 million and increased by $16 million and operating and other expenses were consistent with and increased by $19 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. The decrease in operating revenues for the three-month period was primarily due to renovations at the Loews Miami Beach Hotel, which reduced the number of available and occupied room nights at the property, partially offset by higher revenues at the Loews Arlington Hotel and Convention Center. The increase in operating revenues during the nine-month period was primarily due to higher average daily rates and higher food and beverage revenues, largely driven by the Loews Arlington Hotel and Convention Center being open for the entirety of 2025. These increases were partially offset by the decline in revenues associated with the Loews Miami Beach Hotel renovations. The increase in operating and other expenses for the nine-month period was primarily due to higher costs associated with the Loews Arlington Hotel and Convention Center and the termination of a contract with a minority owner in the first quarter of 2025.

Equity income from joint ventures increased $25 million and $1 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. Equity income from joint ventures was negatively impacted by impairment charges recorded at certain joint venture hotels, which reduced equity income by $9 million in the first quarter of 2025 and by $19 million in the third quarter of 2024. Excluding the impact of these charges, equity income from joint ventures increased $6 million and decreased $9 million for the three