ホストホテルズ&リゾーツの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________________________________________

FORM 8-K

_________________________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 19, 2025

_________________________________________________________

HOST HOTELS & RESORTS, INC.

(Exact Name of Registrant as Specified in Charter)

_________________________________________________________


Maryland (Host Hotels & Resorts, Inc.)	001-14625	53-0085950
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


4747 Bethesda Avenue, Suite 1300 Bethesda, Maryland			20814
(Address of Principal Executive Offices)			(Zip Code)

Registrant’s telephone number, including area code: (240) 744-1000

_________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on
Which Registered

Common Stock, $.01 par value

HST

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On February 19, 2025, Host Hotels & Resorts, Inc. issued a press release announcing its financial results for the fourth quarter ended December 31, 2024. The press release referred to supplemental financial information for the quarter that is available on the Company’s website at www.hosthotels.com. A copy of the press release and the supplemental financial information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report.

Item 2.02. Results of Operations and Financial Condition.

The information in this Report, including the exhibits, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information in this Report, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933 regardless of any general incorporation language in such filings.

Item 9.01. Financial Statements and Exhibits

(d)Exhibits


Exhibit No.			Description

99.1			Host Hotels & Resorts, Inc.'s earning release for the fourth quarter 2024.

99.2			Host Hotels & Resorts, Inc. Fourth Quarter 2024 Supplemental Financial Information.

104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


	HOST HOTELS & RESORTS, INC.

Date: February 19, 2025	By:	/S/ JOSEPH C. OTTINGER
	Name:	Joseph C. Ottinger
	Title:	Senior Vice President and Corporate Controller

EX-99.1 2 hst-ex991.htm EX-99.1 Document


						Exhibit 99.1

			SOURAV GHOSH Chief Financial Officer (240) 744-5267			JAIME MARCUS Investor Relations (240) 744-5117 ir@hosthotels.com

Host Hotels & Resorts, Inc. Reports Results for 2024

$1.5 Billion of Acquisitions Completed in 2024

Full Year Comparable Hotel Total RevPAR Growth of 2.1%

Balanced Maturity Schedule with Net Issuance of $900 Million of Senior Notes in 2024

BETHESDA, Md; February 19, 2025 – Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for fourth quarter and full year 2024.

OPERATING RESULTS

(unaudited, in millions, except per share and hotel statistics)


	Quarter ended December 31,						Year ended December 31,
	2024		2023		Percent Change		2024		2023		Percent Change
Revenues	$	1,428	$	1,323	7.9	%	$	5,684	$	5,311	7.0	%
Comparable hotel revenues⁽¹⁾	1,375		1,330		3.4	%	5,546		5,418		2.4	%
Comparable hotel Total RevPAR⁽¹⁾	351.01		339.65		3.3	%	355.88		348.70		2.1	%
Comparable hotel RevPAR⁽¹⁾	212.86		206.67		3.0	%	216.06		214.15		0.9	%

Net income	$	109	$	134	(18.7	%)	$	707	$	752	(6.0	%)
EBITDAre⁽¹⁾	367		381		(3.7	%)	1,726		1,632		5.8	%
Adjusted EBITDAre⁽¹⁾	373		378		(1.3	%)	1,656		1,629		1.7	%

Diluted earnings per common share	$	0.15	$	0.19	(21.1	%)	$	0.99	$	1.04	(4.8	%)
NAREIT FFO per diluted share⁽¹⁾	0.44		0.44		—	%	1.97		1.92		2.6	%
Adjusted FFO per diluted share⁽¹⁾	0.44		0.44		—	%	1.97		1.92		2.6	%

*Additional detail on the Company’s results, including data for 24 domestic markets and Top 40 hotels by Total RevPAR, is available in the Fourth Quarter 2024 Supplemental Financial Information on the Company’s website at www.hosthotels.com.

James F. Risoleo, President and Chief Executive Officer, said, “Host delivered comparable hotel Total RevPAR growth of 3.3% over the fourth quarter of 2023, and full year growth of 2.1% driven by improvements in food and beverage revenues from group business. Comparable hotel RevPAR increased 3.0% for the quarter and 0.9% for the full year as a result of higher rates, improving leisure transient trends in Maui and strong group demand."

Risoleo continued, “Over the course of 2024, we continued to successfully allocate capital through acquisitions, reinvestment in our portfolio, share repurchases and dividends. During the year, we acquired $1.5 billion of iconic and irreplaceable real estate across four properties, three of which are in new markets for Host. We also reinvested $548 million in our portfolio through capital expenditures and resiliency investments and made progress on the Hyatt Transformational Capital Program and the condo development at the Four Seasons Resort Orlando at Walt Disney World® Resort. Additionally, we returned $844 million of capital to stockholders through dividends and share repurchases. Looking into 2025, we are encouraged by the state of travel. Our 2025 comparable hotel Total RevPAR guidance range estimates growth of 1.0% to 3.0% over 2024, and we continue to believe our investment grade balance sheet puts Host in a position to take advantage of potential opportunities in the future.”

_______________________________

(1)NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (“SEC”). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.


HOST HOTELS & RESORTS, INC. NEWS RELEASE			February 19, 2025

2024 HIGHLIGHTS:

•Comparable hotel Total RevPAR was $355.88 for full year 2024, representing an increase of 2.1% compared to 2023, primarily due to improvements in food & beverage revenues driven by strengthening group business throughout the year, as well as an increase in other revenues from ancillary spend.

•Comparable hotel RevPAR was $216.06 for full year 2024, representing an increase of 0.9% compared to 2023, reflecting strong group demand tempered by moderating domestic leisure demand and a delayed recovery in Maui following the August 2023 wildfires.

•GAAP net income was $707 million for full year 2024, a 6.0% decrease compared to 2023, reflecting a decline in gains on asset sales and an increase in interest expense. Operating profit margin was 15.4%, a decline of 20 basis points compared to 2023 driven by Maui performance combined with increased wages and other inflationary expense pressures in comparison to 2023, partially offset by an increase in net gains on insurance settlements.

•Comparable hotel EBITDA was $1,622 million, an increase of 0.3% compared to 2023, benefiting from an increase in business interruption proceeds at the Company's comparable hotels. However, comparable hotel EBITDA margin declined 60 basis points to 29.2%. The decline, as expected, was driven by Maui performance and the increased wages and other inflationary expense pressures.

•Adjusted EBITDAre was $1,656 million, exceeding 2023 by 1.7%, despite a $43 million decrease in business interruption proceeds. The improvements were driven by operations from properties acquired in 2024 and The Ritz-Carlton, Naples, which was closed in the first half of 2023 due to Hurricane Ian.

•Invested over $1.5 billion in the acquisition of four hotels, including the 450-room The Ritz-Carlton O'ahu, Turtle Bay, 234-room 1 Hotel Central Park, 215-room 1 Hotel Nashville and 506-room Embassy Suites by Hilton Nashville Downtown.

•Completed vertical construction of the mid-rise building and started framing construction of the boutique villas, marking a significant milestone in the development of 40 Four Seasons-branded and managed residences at the Four Seasons Resort Orlando at Walt Disney World® Resort. Sales efforts began in November 2024 resulting in commitments for nearly one-third of the units.

•Issued $1.3 billion of senior notes through two separate underwritten public offerings and repaid $400 million of senior notes at maturity.

•Repurchased 6.3 million shares during 2024 at an average price of $16.99 per share through the Company's common share repurchase program for a total of $107 million. As of December 31, 2024, the Company has approximately $685 million of remaining capacity under the repurchase program, pursuant to which its common stock may be purchased from time to time, depending upon market conditions.

•The Company achieved a new milestone in its sustainability efforts for renewable energy use and green building recertifications, resulting in the maximum pricing benefit under its credit facility, for a total reduction of 5 basis points on the interest rate for the outstanding term loans. The Company had four properties achieve LEED® certification during the year, and now owns a total of 20 in its portfolio.

Results for Fourth Quarter 2024

•Comparable hotel Total RevPAR was $351.01 for the fourth quarter of 2024, representing an increase of 3.3% compared to the same period in 2023, primarily due to improvements in food & beverage revenues driven by group business, as well as an increase in other revenues from ancillary spend.

•Comparable hotel RevPAR was $212.86 for the fourth quarter, representing an increase of 3.0% compared to the same period in 2023. The increase reflected higher rates driven by transient leisure demand. However, results were tempered by a continued imbalance in international outbound travel from the U.S. compared to international inbound travel.

•GAAP net income was $109 million for the fourth quarter of 2024, reflecting a 18.7% decrease compared to the fourth quarter of 2023, and GAAP operating profit margin was 11.0%, a decline of 210 basis points compared to the fourth quarter of 2023, both affected by a $35 million decrease in net gains on insurance settlements.


© Host Hotels & Resorts, Inc.			PAGE 2 OF 25


HOST HOTELS & RESORTS, INC. NEWS RELEASE			February 19, 2025

•Comparable hotel EBITDA was $387 million for the fourth quarter of 2024, a 4.6% increase compared to the fourth quarter of 2023, leading to a comparable hotel EBITDA margin improvement of 30 basis points to 28.1%. The improvement for the quarter was driven by improvements in rate and an increase in ancillary spend.

•Adjusted EBITDAre was $373 million for the fourth quarter of 2024, a decrease of 1.3% compared to 2023. Fourth quarter 2024 was affected by impacts from the hurricanes, as discussed below, while fourth quarter 2023 results benefited from business interruption proceeds of $26 million, with none recognized in the fourth quarter of 2024.

Hurricanes and Maui Update

•Many of the Company's hotels in Florida were affected by Hurricanes Helene and Milton, which made landfall in September and October of 2024, respectively. Due to evacuation mandates and/or loss of commercial power, four of the Company's properties in Florida were temporarily closed, three of which reopened shortly after power was restored. The enhanced resilience projects implemented during the reconstruction of The Ritz-Carlton, Naples were successful in minimizing damage to the resort during the two hurricanes. The Don Cesar, where the most significant damage was sustained, is currently the only hotel that remains closed to guests.

The Company currently expects a phased reopening of The Don CeSar beginning late in the first quarter of 2025. The Company is still evaluating the complete remediation plans and disruption impacts of the storms, but currently estimates the total property damage and remediation costs related to The Don CeSar to be approximately $100 million - $110 million. The Company believes its insurance coverage will be sufficient to cover the property remediation and reconstruction costs and the near-term loss of business in excess of its deductibles of approximately $20 million, although the timing for the receipt of insurance proceeds remains uncertain. In the fourth quarter of 2024, the Company recorded a loss of $6 million related to property damage and remediation costs at certain other properties for which an insurance claim will not be filed. The Company estimates that Hurricanes Helene and Milton negatively impacted its full year net income by $21 million and Adjusted EBITDAre by $15 million.

•In 2024, the Company completed the final steps of the restoration efforts at The Ritz-Carlton, Naples following Hurricane Ian. These steps included bringing the permanent central energy plant online and reaching a final settlement with the Company's insurance carriers on covered costs related to damage and disruption caused by Hurricane Ian, which totaled $308 million. In total, $99 million of the insurance receipts were recognized as a gain on business interruption, of which $19 million was received in 2024.

•Effects from the wildfires in Maui that occurred in August of 2023 continued throughout 2024. For the full year, the estimated impact from the Company's Maui hotels and golf courses on RevPAR is 160 basis points, and the net impact to operating profit margin and comparable hotel EBITDA margins, including the effects of the business interruption proceeds received, was 20 basis points.

The Company previously settled its claim on the Maui wildfires and recognized $21 million of insurance proceeds as a gain on business interruption in the second quarter of 2024.

BALANCE SHEET

The Company maintains a robust balance sheet, with the following balances at December 31, 2024:

•Total assets of $13.0 billion.

•Debt balance of $5.1 billion, with a weighted average maturity of 5.2 years, a weighted average interest rate of 4.7%, and a balanced maturity schedule.

•Total available liquidity of approximately $2.3 billion, including furniture, fixtures and equipment escrow reserves of $242 million and $1.5 billion available under the revolver portion of the credit facility.

DIVIDENDS

The Company paid a fourth quarter common stock cash dividend of $0.30 per share on January 15, 2025 to stockholders of record on December 31, 2024, which included a $0.10 per share special dividend, bringing the total


© Host Hotels & Resorts, Inc.			PAGE 3 OF 25


HOST HOTELS & RESORTS, INC. NEWS RELEASE			February 19, 2025

dividends declared in 2024 to $0.90 per share. On February 19, 2025, the Company announced a regular quarterly cash dividend of $0.20 per share on its common stock. The dividend will be paid on April 15, 2025 to stockholders of record on March 31, 2025. All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors. There were no common share repurchases in the fourth quarter.

HOTEL BUSINESS MIX UPDATE

The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 60%, 36%, and 4%, respectively, of its full year 2024 room sales.

The following are the results for transient, group and contract business in comparison to 2023 performance, for the Company's current portfolio. Results reflect lower group in the fourth quarter of 2024 as compared to 2023 as the Company's properties in Maui benefited from recovery and relief group business in fourth quarter of 2023:


	Quarter ended December 31, 2024									Year ended December 31, 2024
	Transient			Group			Contract			Transient			Group			Contract
Room nights (in thousands)	1,479			958			192			5,966			4,256			752
Percent change in room nights vs. same period in 2023	2.8		%	(4.8		%)	0.3		%	(0.3		%)	0.8		%	2.7		%
Rooms revenues (in millions)	$	524		$	270		$	40		$	2,016		$	1,196		$	155
Percent change in revenues vs. same period in 2023	7.7		%	(5.3		%)	6.2		%	(0.3		%)	2.7		%	11.5		%

CAPITAL EXPENDITURES

The following presents the Company’s capital expenditures spend for 2024 and the forecast for full year 2025 (in millions):


	Year ended December 31, 2024		2025 Full Year Forecast

	Actual		Low-end of range		High-end of range
ROI - Hyatt Transformational Capital Programs	$	155	$	170	$	180
All other return on investment ("ROI") projects	105		100		135
Total ROI Projects	260		270		315
Renewals and Replacements ("R&R")	252		240		275
R&R and ROI Capital expenditures	512		510		590
R&R - Property Damage Reconstruction	36		70		80
Total Capital Expenditures	$	548	$	580	$	670

Inventory spend for condo development(1)	64		75		85
Total capital allocation	$	612	$	655	$	755

__________

(1)Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities.

The estimated property damage reconstruction in 2025 includes the expected spend to complete the restoration at The Don CeSar following Hurricanes Helene and Milton. Under the Hyatt Transformational Capital Program, the Company received $2 million of operating guarantees in the fourth quarter of 2024 to offset business disruptions,


© Host Hotels & Resorts, Inc.			PAGE 4 OF 25


HOST HOTELS & RESORTS, INC. NEWS RELEASE			February 19, 2025

bringing the total to $9 million in 2024. The Company expects to receive approximately $27 million of operating guarantees in 2025.

2025 OUTLOOK

The 2025 guidance range contemplates a stable operating environment with continued improvement in group business, a continued gradual recovery in business transient, steady leisure demand, and improving demand on Maui as the island recovers from the August 2023 wildfires. The Company anticipates mid-single digit RevPAR growth in the first quarter, with January comparable hotel RevPAR growth up 9.5% over 2024. For the remaining three quarters, the Company anticipates RevPAR growth in the low single digits.

Operating profit margin and comparable hotel EBITDA margin in 2025 are expected to decline compared to 2024, due to growth in wages, real estate taxes and insurance, as well as the continued impacts from the Maui wildfires and a decrease in business interruption proceeds. The guidance range for net income and Adjusted EBITDAre reflects an expected decline in interest income and includes $9 million of gains from business interruption proceeds related to Hurricanes Helene and Milton, which are expected to be received in the first half of 2025. Additional insurance receipts related to the hurricanes are under discussion with insurance carriers and the timing for the receipt of these proceeds remains uncertain. The guidance range for net income and Adjusted EBITDAre also includes an estimated $25 million contribution from sales at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney® Resort.

The Company anticipates its 2025 operating results as compared to 2024 will be in the following range:


	Full Year 2025 Guidance
	Low-end of range	High-end of range	Change vs 2024
Comparable hotel Total RevPAR	$368	$375	1.0% to 3.0%
Comparable hotel RevPAR	$221	$225	0.5% to 2.5%
Total revenues under GAAP (in millions)	$5,996	$6,102	5.5% to 7.4%
Operating profit margin under GAAP	11.8%	12.6%	(360) bps to (280) bps
Comparable hotel EBITDA margin	27.2%	27.8%	(210) bps to (150) bps

Based upon the above parameters, the Company estimates its 2025 guidance as follows:


	Full Year 2025 Guidance
	Low-end of range	High-end of range
Net income (in millions)	$486	$546
Adjusted EBITDAre (in millions)	$1,590	$1,650
Diluted earnings per common share	$0.68	$0.77
NAREIT FFO per diluted share	$1.79	$1.87
Adjusted FFO per diluted share	$1.82	$1.91

See the 2025 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Fourth Quarter 2024 Supplemental Financial Information for additional detail on the mid-point of full year 2025 guidance. Effective January 1, 2025, the Company will begin excluding from the calculation of Adjusted EBITDAre and Adjusted FFO per diluted share the expense recorded for non-cash stock-based compensation. In 2024, this amount totaled $24 million. In this release, 2024 results have not been adjusted to reflect this change and, accordingly, a portion of the increase in guidance relative to 2024 is a result of this change.

ABOUT HOST HOTELS & RESORTS

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 76 properties in the United States and five properties internationally totaling approximately 43,400 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®,


© Host Hotels & Resorts, Inc.			PAGE 5 OF 25


HOST HOTELS & RESORTS, INC. NEWS RELEASE			February 19, 2025

Hyatt®, Fairmont®, 1 Hotels®, Hilton®, Four Seasons®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company’s website at www.hosthotels.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include, but may not be limited to, our expectations regarding the recovery of travel and the lodging industry, the impact of the Maui wildfires and 2025 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company’s annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of February 19, 2025, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

*This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks have any responsibility or liability for any information contained in this press release.

*** Tables to Follow ***


© Host Hotels & Resorts, Inc.			PAGE 6 OF 25


HOST HOTELS & RESORTS, INC. NEWS RELEASE			February 19, 2025

Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of December 31, 2024, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our condensed consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.


2024 OPERATING RESULTS			PAGE NO.

Condensed Consolidated Balance Sheets (unaudited) December 31, 2024 and 2023			8

Condensed Consolidated Statements of Operations (unaudited) Quarter and Year ended December 31, 2024 and 2023			9

Earnings per Common Share (unaudited) Quarter and Year ended December 31, 2024 and 2023			10

Hotel Operating Data
Hotel Operating Data for Consolidated Hotels (by Location)			11

Schedule of Comparable Hotel Results			15

Reconciliation of Net Income to EBITDA, EBITDA re and Adjusted EBITDA re			17

Reconciliation of Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share			18

2025 FORECAST INFORMATION

Reconciliation of Net Income to EBITDA, EBITDA re and Adjusted EBITDA re and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2025 Forecasts			19

Schedule of Comparable Hotel Results for Full Year 2025 Forecasts			20

Notes to Financial Information			21


© Host Hotels & Resorts, Inc.			PAGE 7 OF 25

HOST HOTELS & RESORTS, INC.

Condensed Consolidated Balance Sheets

(unaudited, in millions, except shares and per share amounts)


	December 31, 2024		December 31, 2023

ASSETS
Property and equipment, net	$	10,906	$	9,624
Right-of-use assets	559		550

Due from managers	36		128
Advances to and investments in affiliates	166		126
Furniture, fixtures and equipment replacement fund	242		217
Notes receivable	79		72
Other	506		382
Cash and cash equivalents	554		1,144
Total assets	$	13,048	$	12,243

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes	$	3,993	$	3,120
Credit facility, including the term loans of $998 and $997, respectively	992		989
Mortgage and other debt	98		100
Total debt	5,083		4,209
Lease liabilities	560		563
Accounts payable and accrued expenses	351		408
Due to managers	54		64

Other	223		173
Total liabilities	6,271		5,417

Redeemable non-controlling interests - Host Hotels & Resorts, L.P.	165		189

Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized, 699.1 million shares and 703.6 million shares issued and outstanding, respectively	7		7
Additional paid-in capital	7,462		7,535
Accumulated other comprehensive loss	(83)		(70)
Deficit	(777)		(839)
Total equity of Host Hotels & Resorts, Inc. stockholders	6,609		6,633
Non-redeemable non-controlling interests—other consolidated partnerships	3		4
Total equity	6,612		6,637
Total liabilities, non-controlling interests and equity	$	13,048	$	12,243

__________

(1)Please see our Fourth Quarter 2024 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.

PAGE 8 OF 25

HOST HOTELS & RESORTS, INC.

Condensed Consolidated Statements of Operations

(unaudited, in millions, except per share amounts)


	Quarter ended December 31,				Year ended December 31,
	2024		2023		2024		2023
Revenues
Rooms	$	863	$	797	$	3,426	$	3,244
Food and beverage	431		408		1,716		1,582
Other	134		118		542		485
Total revenues	1,428		1,323		5,684		5,311
Expenses
Rooms	217		197		849		787
Food and beverage	289		269		1,137		1,042
Other departmental and support expenses	361		328		1,383		1,280
Management fees	61		64		254		249
Other property-level expenses	98		93		411		383
Depreciation and amortization	197		186		762		697
Corporate and other expenses⁽¹⁾	42		42		123		132
Net (gain) loss on insurance settlements	6		(29)		(110)		(86)
Total operating costs and expenses	1,271		1,150		4,809		4,484
Operating profit	157		173		875		827
Interest income	11		19		54		75
Interest expense	(59)		(49)		(215)		(191)
Other gains (losses)	(1)		1		—		71
Equity in earnings (losses) of affiliates	(5)		(1)		7		6
Income before income taxes	103		143		721		788
Benefit (provision) for income taxes	6		(9)		(14)		(36)
Net income	109		134		707		752
Less: Net income attributable to non-controlling interests	(1)		(2)		(10)		(12)
Net income attributable to Host Inc.	$	108	$	132	$	697	$	740


Basic and diluted earnings per common share	$	0.15	$	0.19	$	0.99	$	1.04

___________

(1)Corporate and other expenses include the following items:


	Quarter ended December 31,				Year ended December 31,
	2024		2023		2024		2023
General and administrative costs	$	29	$	24	$	93	$	85
Non-cash stock-based compensation expense	7		11		24		30
Litigation accruals	6		7		6		17
Total	$	42	$	42	$	123	$	132

PAGE 9 OF 25

HOST HOTELS & RESORTS, INC.

Earnings per Common Share

(unaudited, in millions, except per share amounts)


	Quarter ended December 31,				Year ended December 31,
	2024		2023		2024		2023
Net income	$	109	$	134	$	707	$	752
Less: Net income attributable to non-controlling interests	(1)		(2)		(10)		(12)
Net income attributable to Host Inc.	$	108	$	132	$	697	$	740

Basic weighted average shares outstanding	699.0		704.5		702.1		709.7
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market	1.9		3.1		1.9		3.1
Diluted weighted average shares outstanding⁽¹⁾	700.9		707.6		704.0		712.8


Basic and diluted earnings per common share	$	0.15	$	0.19	$	0.99	$	1.04

___________

(1)Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.

PAGE 10 OF 25

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels

Comparable Hotel Results by Location(1)


	As of December 31, 2024		Quarter ended December 31, 2024								Quarter ended December 31, 2023
Location	No. of Properties	No. of Rooms	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui	3	1,580	$	675.53	62.6	%	$	422.84	$	646.58	$	677.86	61.1	%	$	414.09	$	607.76	2.1	%	6.4	%
Oahu (2)	2	876	468.41		77.4	%	362.69		536.20		445.88		74.8	%	333.73		530.64		8.7	%	1.0	%
Miami	2	1,038	543.45		70.3	%	381.89		656.15		519.42		70.1	%	364.20		634.85		4.9	%	3.4	%
Jacksonville	1	446	479.66		62.4	%	299.52		733.55		462.07		61.0	%	282.04		667.98		6.2	%	9.8	%
New York	3	2,720	482.16		89.9	%	433.68		586.91		456.31		86.2	%	393.44		554.91		10.2	%	5.8	%
Phoenix	3	1,545	401.26		70.4	%	282.47		688.85		394.12		70.6	%	278.15		656.24		1.6	%	5.0	%
Nashville	2	721	354.34		76.4	%	270.87		456.11		349.42		70.0	%	244.46		401.31		10.8	%	13.7	%
Orlando	2	2,448	457.96		55.4	%	253.73		528.74		440.40		57.7	%	253.96		484.34		(0.1	%)	9.2	%
Los Angeles/Orange County	3	1,067	296.49		75.3	%	223.12		350.33		291.79		78.7	%	229.71		362.26		(2.9	%)	(3.3	%)
San Diego	3	3,294	275.76		70.9	%	195.51		377.07		266.67		70.1	%	187.00		361.53		4.5	%	4.3	%
Florida Gulf Coast	3	1,055	306.31		68.5	%	209.76		445.67		300.21		69.0	%	207.02		451.39		1.3	%	(1.3	%)
Boston	2	1,496	279.69		73.0	%	204.26		272.85		270.00		76.8	%	207.42		286.74		(1.5	%)	(4.8	%)
Washington, D.C. (CBD)	5	3,245	287.20		63.4	%	182.12		264.27		276.09		66.5	%	183.60		265.57		(0.8	%)	(0.5	%)
Philadelphia	2	810	246.18		80.1	%	197.07		300.45		237.30		78.4	%	186.01		297.12		5.9	%	1.1	%
Northern Virginia	2	916	265.46		71.0	%	188.58		324.74		250.71		70.1	%	175.77		306.43		7.3	%	6.0	%
Chicago	3	1,562	257.17		70.3	%	180.84		249.48		241.08		67.9	%	163.77		234.57		10.4	%	6.4	%
Seattle	2	1,315	230.58		61.8	%	142.52		205.28		229.80		59.8	%	137.51		194.01		3.6	%	5.8	%
Austin	2	767	281.60		66.8	%	188.13		323.46		301.13		63.1	%	189.87		317.18		(0.9	%)	2.0	%
San Francisco/San Jose	6	4,162	226.27		56.4	%	127.70		191.78		245.15		65.2	%	159.91		238.77		(20.1	%)	(19.7	%)
Houston	5	1,942	211.76		65.8	%	139.25		202.92		199.88		65.5	%	131.02		192.13		6.3	%	5.6	%
New Orleans	1	1,333	202.74		68.9	%	139.61		215.85		198.05		67.8	%	134.37		202.90		3.9	%	6.4	%
San Antonio	2	1,512	217.39		63.7	%	138.50		231.76		209.83		58.4	%	122.59		196.80		13.0	%	17.8	%
Denver	3	1,342	191.18		55.9	%	106.88		176.34		188.69		58.3	%	109.97		184.52		(2.8	%)	(4.4	%)
Atlanta	2	810	198.53		62.9	%	124.90		200.77		189.95		71.1	%	135.11		217.58		(7.6	%)	(7.7	%)
Other	9	3,007	257.06		64.6	%	166.01		265.17		249.08		59.9	%	149.16		234.70		11.3	%	13.0	%
Domestic	73	41,009	320.79		67.2	%	215.59		356.48		311.25		67.5	%	210.24		345.84		2.5	%	3.1	%

International	5	1,499	215.21		64.1	%	138.01		199.77		179.17		60.8	%	108.98		168.78		26.6	%	18.4	%
All Locations	78	42,508	$	317.23	67.1	%	$	212.86	$	351.01	$	307.05	67.3	%	$	206.67	$	339.65	3.0	%	3.3	%

___________

(1)See the Notes to Financial Information for a discussion of comparable hotel operating statistics. Beginning in third quarter of 2024, we have separated the Oahu and Maui markets. CBD of a location refers to the central business district. Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.

(2)Prior to our ownership of The Ritz Carlton O'ahu, Turtle Bay, golf revenues were recorded by the property based on gross sales. After our acquisition of the property in July 2024, the golf course operates under a lease agreement, under which we record rental income, resulting in lower total revenues when compared to the periods prior to our ownership.

PAGE 11 OF 25

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

Comparable Hotel Results by Location(1)


	As of December 31, 2024		Year ended December 31, 2024								Year ended December 31, 2023
Location	No. of Properties	No. of Rooms	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui	3	1,580	$	663.09	60.1	%	$	398.83	$	641.01	$	707.50	67.4	%	$	476.56	$	720.14	(16.3	%)	(11.0	%)
Oahu (2)	2	876	457.70		81.2	%	371.85		576.36		442.57		76.4	%	338.25		544.70		9.9	%	5.8	%
Miami	2	1,038	526.83		70.2	%	369.84		641.42		533.31		66.9	%	356.86		624.20		3.6	%	2.8	%
Jacksonville	1	446	517.28		71.2	%	368.44		840.68		503.57		69.9	%	351.80		784.10		4.7	%	7.2	%
New York	3	2,720	392.96		84.6	%	332.63		463.36		373.48		82.6	%	308.54		436.70		7.8	%	6.1	%
Phoenix	3	1,545	395.73		70.0	%	276.93		646.95		399.79		71.5	%	285.85		637.23		(3.1	%)	1.5	%
Nashville	2	721	344.36		79.7	%	274.37		447.79		344.85		74.5	%	256.76		396.48		6.9	%	12.9	%
Orlando	2	2,448	383.93		65.1	%	249.76		528.04		384.63		67.9	%	261.32		521.26		(4.4	%)	1.3	%
Los Angeles/Orange County	3	1,067	297.23		78.1	%	232.13		350.62		300.29		81.7	%	245.49		360.91		(5.4	%)	(2.9	%)
San Diego	3	3,294	293.18		78.9	%	231.22		433.50		282.20		78.4	%	221.29		414.34		4.5	%	4.6	%
Florida Gulf Coast	3	1,055	321.75		69.9	%	224.78		492.13		321.00		70.7	%	226.95		497.52		(1.0	%)	(1.1	%)
Boston	2	1,496	280.30		78.1	%	218.97		287.46		264.18		78.2	%	206.66		275.90		6.0	%	4.2	%
Washington, D.C. (CBD)	5	3,245	288.63		69.1	%	199.43		289.57		276.74		70.1	%	193.92		280.31		2.8	%	3.3	%
Philadelphia	2	810	237.00		80.4	%	190.56		289.97		231.94		79.7	%	184.83		288.44		3.1	%	0.5	%
Northern Virginia	2	916	258.13		72.5	%	187.25		296.74		243.70		70.4	%	171.48		268.97		9.2	%	10.3	%
Chicago	3	1,562	255.54		70.4	%	180.01		249.73		243.59		68.9	%	167.80		238.73		7.3	%	4.6	%
Seattle	2	1,315	248.84		68.3	%	169.99		230.55		239.33		66.8	%	159.81		218.64		6.4	%	5.5	%
Austin	2	767	256.02		66.3	%	169.83		300.41		269.26		65.7	%	176.88		311.25		(4.0	%)	(3.5	%)
San Francisco/San Jose	6	4,162	241.04		65.3	%	157.34		231.55		251.98		66.4	%	167.25		244.44		(5.9	%)	(5.3	%)
Houston	5	1,942	214.37		69.6	%	149.28		208.63		201.17		69.4	%	139.51		195.30		7.0	%	6.8	%
New Orleans	1	1,333	193.96		71.4	%	138.52		218.31		196.29		68.6	%	134.72		203.93		2.8	%	7.1	%
San Antonio	2	1,512	216.95		62.0	%	134.48		218.75		215.77		61.4	%	132.55		212.13		1.5	%	3.1	%
Denver	3	1,342	199.13		66.8	%	133.12		205.67		192.48		63.3	%	121.90		181.72		9.2	%	13.2	%
Atlanta	2	810	202.78		61.8	%	125.29		206.10		190.67		74.0	%	141.12		227.52		(11.2	%)	(9.4	%)
Other	9	3,007	278.09		65.4	%	181.93		283.43		278.61		63.8	%	177.72		272.86		2.4	%	3.9	%
Domestic	73	41,009	310.28		70.7	%	219.29		362.10		307.86		70.7	%	217.73		355.24		0.7	%	1.9	%

International	5	1,499	200.88		63.4	%	127.43		184.07		186.14		62.4	%	116.16		168.42		9.7	%	9.3	%
All Locations	78	42,508	$	306.81	70.4	%	$	216.06	$	355.88	$	304.06	70.4	%	$	214.15	$	348.70	0.9	%	2.1	%

___________

PAGE 12 OF 25

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

Results by Location - actual, based on ownership period(1)


	As of December 31,
	2024	2023	Quarter ended December 31, 2024								Quarter ended December 31, 2023
Location	No. of Properties	No. of Properties	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui	3	3	$	675.53	62.6	%	$	422.84	$	646.58	$	677.86	61.1	%	$	414.09	$	607.76	2.1	%	6.4	%
Oahu	2	1	468.41		77.4	%	362.69		536.20		205.16		94.5	%	193.96		225.46		87.0	%	137.8	%
Miami	2	2	543.45		70.3	%	381.89		656.15		519.42		70.1	%	364.20		634.85		4.9	%	3.4	%
Jacksonville	1	1	479.66		62.4	%	299.52		733.55		462.07		61.0	%	282.04		667.98		6.2	%	9.8	%
New York	3	2	482.16		89.9	%	433.68		586.91		425.56		86.1	%	366.52		521.48		18.3	%	12.5	%
Phoenix	3	3	401.26		70.4	%	282.47		688.85		394.12		70.6	%	278.15		656.24		1.6	%	5.0	%
Nashville	2	—	354.34		76.4	%	270.87		456.11		—		—	%	—		—		—	%	—	%
Orlando	2	2	457.96		55.4	%	253.73		528.74		440.40		57.7	%	253.96		484.34		(0.1	%)	9.2	%
Los Angeles/Orange County	3	3	296.49		75.3	%	223.12		350.33		291.79		78.7	%	229.71		362.26		(2.9	%)	(3.3	%)
San Diego	3	3	275.76		70.9	%	195.51		377.07		266.67		70.1	%	187.00		361.53		4.5	%	4.3	%
Florida Gulf Coast	5	5	442.20		53.2	%	235.15		487.58		434.92		66.5	%	289.30		611.32		(18.7	%)	(20.2	%)
Boston	2	2	279.69		73.0	%	204.26		272.85		270.00		76.8	%	207.42		286.74		(1.5	%)	(4.8	%)
Washington, D.C. (CBD)	5	5	287.20		63.4	%	182.12		264.27		276.09		66.5	%	183.60		265.57		(0.8	%)	(0.5	%)
Philadelphia	2	2	246.18		80.1	%	197.07		300.45		237.30		78.4	%	186.01		297.12		5.9	%	1.1	%
Northern Virginia	2	2	265.46		71.0	%	188.58		324.74		250.71		70.1	%	175.77		306.43		7.3	%	6.0	%
Chicago	3	3	257.17		70.3	%	180.84		249.48		241.08		67.9	%	163.77		234.57		10.4	%	6.4	%
Seattle	2	2	230.58		61.8	%	142.52		205.28		229.80		59.8	%	137.51		194.01		3.6	%	5.8	%
Austin	2	2	281.60		66.8	%	188.13		323.46		301.13		63.1	%	189.87		317.18		(0.9	%)	2.0	%
San Francisco/San Jose	6	6	226.27		56.4	%	127.70		191.78		245.15		65.2	%	159.91		238.77		(20.1	%)	(19.7	%)
Houston	5	5	211.76		65.8	%	139.25		202.92		199.88		65.5	%	131.02		192.13		6.3	%	5.6	%
New Orleans	1	1	202.74		68.9	%	139.61		215.85		198.05		67.8	%	134.37		202.90		3.9	%	6.4	%
San Antonio	2	2	217.39		63.7	%	138.50		231.76		209.83		58.4	%	122.59		196.80		13.0	%	17.8	%
Denver	3	3	191.18		55.9	%	106.88		176.34		188.69		58.3	%	109.97		184.52		(2.8	%)	(4.4	%)
Atlanta	2	2	198.53		62.9	%	124.90		200.77		189.95		71.1	%	135.11		217.58		(7.6	%)	(7.7	%)
Other	10	10	296.50		65.0	%	192.83		303.09		287.52		60.4	%	173.53		270.49		11.1	%	12.1	%
Domestic	76	72	328.23		66.6	%	218.52		362.78		310.69		67.5	%	209.58		348.42		4.3	%	4.1	%

International	5	5	215.21		64.1	%	138.01		199.77		179.17		60.8	%	108.98		168.78		26.6	%	18.4	%
All Locations	81	77	$	324.47	66.5	%	$	215.75	$	357.20	$	306.45	67.2	%	$	205.99	$	342.06	4.7	%	4.4	%

___________

(1)Represents the results of the portfolio for the time period of our ownership, including the results of non-comparable properties, dispositions through their date of disposal and acquisitions beginning as of the date of acquisition.

PAGE 13 OF 25

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

Results by Location - actual, based on ownership period(1)


	As of December 31,
	2024	2023	Year ended December 31, 2024								Year ended December 31, 2023
Location	No. of Properties	No. of Properties	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui	3	3	$	663.09	60.1	%	$	398.83	$	641.01	$	707.50	67.4	%	$	476.56	$	720.14	(16.3	%)	(11.0	%)
Oahu	2	1	345.57		85.7	%	296.02		412.98		209.18		88.9	%	185.90		215.50		59.2	%	91.6	%
Miami	2	2	526.83		70.2	%	369.84		641.42		533.31		66.9	%	356.86		624.20		3.6	%	2.8	%
Jacksonville	1	1	517.28		71.2	%	368.44		840.68		503.57		69.9	%	351.80		784.10		4.7	%	7.2	%
New York	3	2	385.01		84.9	%	326.69		453.98		349.99		82.7	%	289.53		412.23		12.8	%	10.1	%
Phoenix	3	3	395.73		70.0	%	276.93		646.95		397.16		71.7	%	284.75		628.10		(2.7	%)	3.0	%
Nashville	2	—	355.16		81.3	%	288.88		467.80		—		—	%	—		—		—	%	—	%
Orlando	2	2	383.93		65.1	%	249.76		528.04		384.63		67.9	%	261.32		521.26		(4.4	%)	1.3	%
Los Angeles/Orange County	3	3	297.23		78.1	%	232.13		350.62		300.29		81.7	%	245.49		360.91		(5.4	%)	(2.9	%)
San Diego	3	3	293.18		78.9	%	231.22		433.50		282.20		78.4	%	221.29		414.34		4.5	%	4.6	%
Florida Gulf Coast	5	5	467.55		65.7	%	307.37		642.56		388.97		60.6	%	235.74		497.91		30.4	%	29.1	%
Boston	2	2	280.30		78.1	%	218.97		287.46		264.18		78.2	%	206.66		275.90		6.0	%	4.2	%
Washington, D.C. (CBD)	5	5	288.63		69.1	%	199.43		289.57		276.74		70.1	%	193.92		280.31		2.8	%	3.3	%
Philadelphia	2	2	237.00		80.4	%	190.56		289.97		231.94		79.7	%	184.83		288.44		3.1	%	0.5	%
Northern Virginia	2	2	258.13		72.5	%	187.25		296.74		243.70		70.4	%	171.48		268.97		9.2	%	10.3	%
Chicago	3	3	255.54		70.4	%	180.01		249.73		243.59		68.9	%	167.80		238.73		7.3	%	4.6	%
Seattle	2	2	248.84		68.3	%	169.99		230.55		239.33		66.8	%	159.81		218.64		6.4	%	5.5	%
Austin	2	2	256.02		66.3	%	169.83		300.41		269.26		65.7	%	176.88		311.25		(4.0	%)	(3.5	%)
San Francisco/San Jose	6	6	241.04		65.3	%	157.34		231.55		251.98		66.4	%	167.25		244.44		(5.9	%)	(5.3	%)
Houston	5	5	214.37		69.6	%	149.28		208.63		201.17		69.4	%	139.51		195.30		7.0	%	6.8	%
New Orleans	1	1	193.96		71.4	%	138.52		218.31		196.29		68.6	%	134.72		203.93		2.8	%	7.1	%
San Antonio	2	2	216.95		62.0	%	134.48		218.75		215.77		61.4	%	132.55		212.13		1.5	%	3.1	%
Denver	3	3	199.13		66.8	%	133.12		205.67		192.48		63.3	%	121.90		181.72		9.2	%	13.2	%
Atlanta	2	2	202.78		61.8	%	125.29		206.10		190.67		74.0	%	141.12		227.52		(11.2	%)	(9.4	%)
Other	10	10	308.67		65.6	%	202.53		314.00		313.84		64.2	%	201.47		308.08		0.5	%	1.9	%
Domestic	76	72	314.82		70.4	%	221.71		368.78		305.83		70.2	%	214.78		352.38		3.2	%	4.7	%

International	5	5	200.88		63.4	%	127.43		184.07		186.14		62.4	%	116.16		168.42		9.7	%	9.3	%
All Locations	81	77	$	311.21	70.2	%	$	218.41	$	362.37	$	302.03	69.9	%	$	211.27	$	345.86	3.4	%	4.8	%

___________

PAGE 14 OF 25

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results (1)

(unaudited, in millions, except hotel statistics)


	Quarter ended December 31,						Year ended December 31,
	2024			2023			2024			2023
Number of hotels	78			78			78			78
Number of rooms	42,508			42,508			42,508			42,508
Change in comparable hotel Total RevPAR	3.3		%	—			2.1		%	—
Change in comparable hotel RevPAR	3.0		%	—			0.9		%	—
Operating profit margin⁽²⁾	11.0		%	13.1		%	15.4		%	15.6		%
Comparable hotel EBITDA margin⁽²⁾	28.1		%	27.8		%	29.2		%	29.8		%
Food and beverage profit margin⁽²⁾	32.9		%	34.1		%	33.7		%	34.1		%
Comparable hotel food and beverage profit margin⁽²⁾	33.5		%	33.6		%	33.7		%	33.9		%

Net income	$	109		$	134		$	707		$	752
Depreciation and amortization	197			186			762			697
Interest expense	59			49			215			191
Provision (benefit) for income taxes	(6)			9			14			36
Gain on sale of property and corporate level income/expense	43			20			(8)			(23)
Property transaction adjustments⁽³⁾	—			21			42			87
Non-comparable hotel results, net⁽⁴⁾	(15)			(49)			(110)			(123)
Comparable hotel EBITDA⁽¹⁾	$	387		$	370		$	1,622		$	1,617

___________

(1)See the Notes to Financial Information for a discussion of comparable hotel results, which are non-GAAP measures, and the limitations on their use. For additional information on comparable hotel EBITDA by location, see the Fourth Quarter 2024 Supplemental Financial Information posted on our website.

(2)Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:


	Quarter ended December 31, 2024										Quarter ended December 31, 2023
			Adjustments										Adjustments
	GAAP Results		Property transaction adjustments ⁽³⁾		Non-comparable hotel results, net ⁽⁴⁾		Depreciation and corporate level items		Comparable hotel Results		GAAP Results		Property transaction adjustments (3)		Non-comparable hotel results, net ⁽⁴⁾		Depreciation and corporate level items		Comparable hotel Results
Revenues
Room	$	863	$	—	$	(29)	$	—	$	834	$	797	$	50	$	(38)	$	—	$	809
Food and beverage	431		—		(19)		—		412		408		20		(27)		—		401
Other	134		—		(5)		—		129		118		10		(8)		—		120
Total revenues	1,428		—		(53)		—		1,375		1,323		80		(73)		—		1,330
Expenses
Room	217		—		(6)		—		211		197		11		(7)		—		201
Food and beverage	289		—		(15)		—		274		269		16		(19)		—		266
Other	520		—		(17)		—		503		485		32		(24)		—		493
Depreciation and amortization	197		—		—		(197)		—		186		—		—		(186)		—
Corporate and other expenses	42		—		—		(42)		—		42		—		—		(42)		—
Net (gain) loss on insurance settlements	6		—		—		(6)		—		(29)		—		26		3		—
Total expenses	1,271		—		(38)		(245)		988		1,150		59		(24)		(225)		960
Operating Profit - Comparable hotel EBITDA	$	157	$	—	$	(15)	$	245	$	387	$	173	$	21	$	(49)	$	225	$	370

PAGE 15 OF 25

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results (1) (cont.)

(unaudited, in millions, except hotel statistics)


	Year ended December 31, 2024										Year ended December 31, 2023
			Adjustments										Adjustments
	GAAP Results		Property transaction adjustments ⁽³⁾		Non-comparable hotel results, net ⁽⁴⁾		Depreciation and corporate level items		Comparable hotel Results		GAAP Results		Property transaction adjustments (3)		Non-comparable hotel results, net ⁽⁴⁾		Depreciation and corporate level items		Comparable hotel Results
Revenues
Room	$	3,426	$	93	$	(152)	$	—	$	3,367	$	3,244	$	186	$	(103)	$	—	$	3,327
Food and beverage	1,716		39		(108)		—		1,647		1,582		73		(65)		—		1,590
Other	542		22		(32)		—		532		485		40		(24)		—		501
Total revenues	5,684		154		(292)		—		5,546		5,311		299		(192)		—		5,418
Expenses
Room	849		23		(29)		—		843		787		44		(21)		—		810
Food and beverage	1,137		32		(76)		—		1,093		1,042		59		(49)		—		1,052
Other	2,048		57		(96)		—		2,009		1,912		109		(74)		—		1,947
Depreciation and amortization	762		—		—		(762)		—		697		—		—		(697)		—
Corporate and other expenses	123		—		—		(123)		—		132		—		—		(132)		—
Net (gain) loss on insurance settlements	(110)		—		19		70		(21)		(86)		—		75		3		(8)
Total expenses	4,809		112		(182)		(815)		3,924		4,484		212		(69)		(826)		3,801
Operating Profit - Comparable hotel EBITDA	$	875	$	42	$	(110)	$	815	$	1,622	$	827	$	87	$	(123)	$	826	$	1,617

(3)Property transaction adjustments represent the following items: (i) the elimination of results of operations of hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.

(4)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable. 

PAGE 16 OF 25

HOST HOTELS & RESORTS, INC.

Reconciliation of Net Income to

EBITDA, EBITDAre and Adjusted EBITDAre (1)

(unaudited, in millions)


	Quarter ended December 31,				Year ended December 31,
	2024		2023		2024		2023
Net income⁽²⁾	$	109	$	134	$	707	$	752
Interest expense	59		49		215		191
Depreciation and amortization	197		186		762		697
Income taxes	(6)		9		14		36
EBITDA⁽²⁾	359		378		1,698		1,676
Gain on dispositions⁽³⁾	—		(1)		—		(70)

Equity investment adjustments:
Equity in (earnings) losses of affiliates	5		1		(7)		(6)
Pro rata EBITDAre of equity investments⁽⁴⁾	3		3		35		32
EBITDAre⁽²⁾	367		381		1,726		1,632
Adjustments to EBITDAre:

Net (gain) loss on property insurance settlements	6		(3)		(70)		(3)

Adjusted EBITDAre⁽²⁾	$	373	$	378	$	1,656	$	1,629

___________

(1)See the Notes to Financial Information for discussion of non-GAAP measures.

(2)Net income, EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO for the quarter and year ended December 31, 2024 include a loss of $6 million related to inventory impairment expense recorded by our Maui timeshare joint venture, reflected through equity in (earnings) losses of affiliates.

(3)Reflects the sale of one hotel in 2023.

(4)Unrealized gains of our unconsolidated investments are not recognized in our EBITDAre, Adjusted EBITDAre, NAREIT FFO or Adjusted FFO until they have been realized by the unconsolidated partnership.

PAGE 17 OF 25

HOST HOTELS & RESORTS, INC.

Reconciliation of Diluted Earnings per Common Share to

NAREIT and Adjusted Funds From Operations per Diluted Share (1)

(unaudited, in millions, except per share amounts)


	Quarter ended December 31,				Year ended December 31,
	2024		2023		2024		2023
Net income⁽²⁾	$	109	$	134	$	707	$	752
Less: Net income attributable to non-controlling interests	(1)		(2)		(10)		(12)
Net income attributable to Host Inc.	108		132		697		740
Adjustments:
Gain on dispositions⁽³⁾	—		(1)		—		(70)
Net (gain) loss on property insurance settlements	6		(3)		(70)		(3)
Depreciation and amortization	196		185		760		695
Equity investment adjustments:
Equity in (earnings) losses of affiliates	5		1		(7)		(6)
Pro rata FFO of equity investments⁽⁴⁾	(1)		—		17		20
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships	—		—		(1)		(1)
FFO adjustments for non-controlling interests of Host L.P.	(2)		(3)		(9)		(9)
NAREIT FFO⁽²⁾	312		311		1,387		1,366
Adjustments to NAREIT FFO:
Loss on debt extinguishment	—		—		—		4
Adjusted FFO⁽²⁾	$	312	$	311	$	1,387	$	1,370

For calculation on a per share basis:⁽5⁾

Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO	700.9		707.6		704.0		712.8
Diluted earnings per common share	$	0.15	$	0.19	$	0.99	$	1.04
NAREIT FFO per diluted share	$	0.44	$	0.44	$	1.97	$	1.92
Adjusted FFO per diluted share	$	0.44	$	0.44	$	1.97	$	1.92

___________

(1-4)Refer to the corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre.

(5)Diluted earnings per common share, NAREIT FFO per diluted share and Adjusted FFO per diluted share are adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP units held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partner interests to common OP units. No effect is shown for securities if they are anti-dilutive.

PAGE 18 OF 25

HOST HOTELS & RESORTS, INC.

Reconciliation of Net Income to

EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to

NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2025 Forecasts (1)(2)

(unaudited, in millions)


	Full Year 2025
	Low-end of range		High-end of range
Net income	$	486	$	546
Interest expense	240		240
Depreciation and amortization	780		780
Income taxes	26		27
EBITDA	1,532		1,593


Equity investment adjustments:
Equity in earnings of affiliates	(12)		(13)
Pro rata EBITDAre of equity investments	46		46
EBITDAre	1,566		1,626
Adjustments to EBITDAre:
Non-cash stock-based compensation expense ⁽²⁾	24		24

Adjusted EBITDAre	$	1,590	$	1,650


	Full Year 2025
	Low-end of range		High-end of range
Net income	$	486	$	546
Less: Net income attributable to non-controlling interests	(7)		(8)
Net income attributable to Host Inc.	479		538
Adjustments:



Depreciation and amortization	777		777

Equity investment adjustments:
Equity in earnings of affiliates	(12)		(13)
Pro rata FFO of equity investments	23		24
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships	(1)		(1)
FFO adjustment for non-controlling interests of Host LP	(11)		(11)
NAREIT FFO	1,255		1,314
Adjustments to NAREIT FFO:
Non-cash stock-based compensation expense ⁽²⁾	24		24


Adjusted FFO	$	1,279	$	1,338

Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO	701.7		701.7
Diluted earnings per common share	$	0.68	$	0.77
NAREIT FFO per diluted share	$	1.79	$	1.87
Adjusted FFO per diluted share	$	1.82	$	1.91

_______________

(1)The Forecasts are based on the below assumptions:

•Comparable hotel RevPAR will increase 0.5% to 2.5% compared to 2024 for the low and high end of the forecast range. This forecast assumes a moderate recovery at our Maui properties, however the timing of Maui's full recovery remains uncertain.

•Comparable hotel EBITDA margins will decline 210 basis points to 150 basis points compared to 2024 for the low and high ends of the forecasted comparable hotel RevPAR range, respectively.

•We expect to spend approximately $580 million to $670 million on capital expenditures.

•Assumes no acquisitions or dispositions during the year.

•The Don CeSar will remain closed due to Hurricanes Helene and Milton through late first quarter 2025. Additionally, 2025 forecasts include approximately $9 million of gain from business interruption proceeds related to the hurricanes.

For a discussion of items that may affect forecast results, see the Notes to Financial Information.

(2) Effective January 1, 2025, we will exclude the expense recorded for non-cash stock-based compensation from our presentation of Adjusted EBITDAre and Adjusted FFO per diluted share. In 2024, this amount totaled $24 million.

PAGE 19 OF 25

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results for Full Year 2025 Forecasts (1)(2)

(unaudited, in millions)


	Full Year 2025
	Low-end of range			High-end of range
Operating profit margin(3)	11.8		%	12.6		%
Comparable hotel EBITDA margin(3)	27.2		%	27.8		%

Net income	$	486		$	546
Depreciation and amortization	780			780
Interest expense	240			240
Provision for income taxes	26			27
Gain on sale of property and corporate level income/expense	77			79



Non-comparable hotel results, net(4)	(17)			(18)
Condominium sales (5)	(21)			(21)
Comparable hotel EBITDA(1)	$	1,571		$	1,633

___________

(1)See "Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2025 Forecasts" for other forecast assumptions.

(2)Forecast comparable hotel results include 79 hotels (of our 81 hotels owned at December 31, 2024) that we have assumed will be classified as comparable as of December 31, 2025. See footnote (4) for details on our non-comparable hotel results.

(3)Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:


	Low-end of range						High-end of range
			Adjustments										Adjustments
	GAAP Results		Non-comparable hotel results, net		Condominium sales		Depreciation and corporate level items		Comparable hotel Results		GAAP Results		Non-comparable hotel results, net		Condominium sales		Depreciation and corporate level items		Comparable hotel Results
Revenues
Rooms	$	3,510	$	(43)	$	—	$	—	$	3,467	$	3,580	$	(44)	$	—	$	—	$	3,536
Food and beverage	1,769		(15)		—		—		1,754		1,796		(15)		—		—		1,781
Other	717		(9)		(153)		—		555		726		(9)		(153)		—		564
Total revenues	5,996		(67)		(153)		—		5,776		6,102		(68)		(153)		—		5,881
Expenses
Hotel expenses	4,396		(59)		(132)		—		4,205		4,439		(59)		(132)		—		4,248
Depreciation and amortization	780		—		—		(780)		—		780		—		—		(780)		—
Corporate and other expenses	120		—		—		(120)		—		123		—		—		(123)		—
Net gain on insurance settlements	(9)		9		—		—		—		(9)		9		—		—		—
Total expenses	5,287		(50)		(132)		(900)		4,205		5,333		(50)		(132)		(903)		4,248
Operating Profit - Comparable hotel EBITDA	$	709	$	(17)	$	(21)	$	900	$	1,571	$	769	$	(18)	$	(21)	$	903	$	1,633

•Alila Ventana Big Sur (business disruption due to the collapse of a portion of Highway 1, causing closure of the hotel beginning in March 2024, reopened in May 2024); and

•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024).

(5) Includes revenues and costs, including marketing expenses of approximately $4 million, related to the development and sale of condominium units at the Four Seasons Resort Orlando at Walt Disney World® Resort.

PAGE 20 OF 25

HOST HOTELS & RESORTS, INC.

Notes to Financial Information

FORECASTS

Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and comparable hotel results are forward-looking statements and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will not be materially different. Risks that may affect these assumptions and forecasts include the following: potential changes in overall economic outlook make it inherently difficult to forecast the level of RevPAR; the amount and timing of debt payments may change significantly based on market conditions, which will directly affect the level of interest expense and net income; the amount and timing of transactions involving shares of our common stock may change based on market conditions; and other risks and uncertainties associated with our business described herein and in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC.

COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS

To facilitate a year-to-year comparison of our operations, we present certain operating statistics (i.e., Total RevPAR, RevPAR, average daily rate and average occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in our reports on a comparable hotel basis in order to enable our investors to better evaluate our operating performance. We define our comparable hotels as those that: (i) are owned or leased by us as of the reporting date and are not classified as held-for-sale; and (ii) have not sustained substantial property damage or business interruption, or undergone large-scale capital projects, in each case requiring closures lasting one month or longer (as further defined below), during the reporting periods being compared.

We make adjustments to include recent acquisitions to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. Additionally, operating results of hotels that we sell are excluded from the comparable hotel set once the transaction has closed or the hotel is classified as held-for-sale.

The hotel business is capital-intensive and renovations are a regular part of the business. Generally, hotels under renovation remain comparable hotels. A large-scale capital project would cause a hotel to be excluded from our comparable hotel set if it requires the entire property to be closed to hotel guests for one month or longer.

Similarly, hotels are excluded from our comparable hotel set from the date that they sustain substantial property damage or business interruption if it requires the property to be closed to hotel guests for one month or longer. In each case, these hotels are returned to the comparable hotel set when the operations of the hotel have been included in our consolidated results for one full calendar year after the hotel has reopened. Often, related to events that cause property damage and the closure of a hotel, we will collect business interruption insurance proceeds for the near-term loss of business. These proceeds are included in net gain on insurance settlements on our condensed consolidated statements of operations. Business interruption insurance gains covering lost revenues while the property was considered non-comparable also will be excluded from the comparable hotel results.

Of the 81 hotels that we owned as of December 31, 2024, 78 have been classified as comparable hotels. The operating results of the following properties that we owned as of December 31, 2024 are excluded from comparable hotel results for these periods:

•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024);

•Alila Ventana Big Sur (business disruption due to the collapse of a portion of Highway 1, causing closure of the hotel beginning in March 2024, reopened in May 2024);

•The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023); and

•Sales and marketing expenses related to the development and sale of condominium units on a development parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort.

FOREIGN CURRENCY TRANSLATION

Operating results denominated in foreign currencies are translated using the prevailing exchange rates on the date of the transaction, or monthly based on the weighted average exchange rate for the period. Therefore, hotel statistics and results for non-U.S. properties include the effect of currency fluctuations, consistent with our financial statement presentation.

NON-GAAP FINANCIAL MEASURES

Included in this press release are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre, and (iv)

PAGE 21 OF 25

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

Comparable Hotel Operating Statistics and Results. The following discussion defines these measures and presents why we believe they are useful supplemental measures of our performance.

NAREIT FFO AND NAREIT FFO PER DILUTED SHARE

We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. As noted in NAREIT’s Funds From Operations White Paper – 2018 Restatement, NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding depreciation and amortization related to certain real estate assets, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment expense of certain real estate assets and investments and adjustments for consolidated partially owned entities and unconsolidated affiliates. Adjustments for consolidated partially owned entities and unconsolidated affiliates are calculated to reflect our pro rata share of the FFO of those entities on the same basis.

We believe that NAREIT FFO per diluted share is a useful supplemental measure of our operating performance and that the presentation of NAREIT FFO per diluted share, when combined with the primary GAAP presentation of diluted earnings per share, provides beneficial information to investors. By excluding the effect of real estate depreciation, amortization, impairment expense and gains and losses from sales of depreciable real estate, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. As noted by NAREIT in its Funds From Operations White Paper – 2018 Restatement, the primary purpose for including FFO as a supplemental measure of operating performance of a REIT is to address the artificial nature of historical cost depreciation and amortization of real estate and real estate-related assets mandated by GAAP. For these reasons, NAREIT adopted the FFO metric in order to promote a uniform industry-wide measure of REIT operating performance.

Adjusted FFO per Diluted Share

We also present Adjusted FFO per diluted share when evaluating our performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the adjustments detailed below in evaluating our performance, in our annual budget process and for our compensation programs. We believe that the presentation of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of diluted earnings per share and FFO per diluted share as defined by NAREIT, provides useful supplemental information that is beneficial to an investor’s understanding of our operating performance. We adjust NAREIT FFO per diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share:

•Gains and Losses on the Extinguishment of Debt – We exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of the write-off of deferred financing costs from the original issuance of the debt being redeemed or retired and incremental interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs.

•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.

•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.

•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.

•Effective January 1, 2025, we will exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash transaction and the add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior notes indentures and consistent with the presentation of Adjusted FFO per diluted share for the majority of other lodging REIT filers. In 2024, this amount totaled $24 million.

PAGE 22 OF 25

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

In unusual circumstances, we also may adjust NAREIT FFO for gains or losses that management believes are not representative of the Company’s current operating performance. For example, in 2017, as a result of the reduction of the U.S. federal corporate income tax rate from 35% to 21% by the Tax Cuts and Jobs Act, we remeasured our domestic deferred tax assets as of December 31, 2017 and recorded a one-time adjustment to reduce our deferred tax assets and to increase the provision for income taxes by approximately $11 million. We do not consider this adjustment to be reflective of our ongoing operating performance and, therefore, we excluded this item from Adjusted FFO.

EBITDA

Earnings before Interest Expense, Income Taxes, Depreciation and Amortization (“EBITDA”) is a commonly used measure of performance in many industries. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel owners that are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO and Adjusted FFO per diluted share, it is widely used by management in the annual budget process and for our compensation programs.

EBITDAre and Adjusted EBITDAre

We present EBITDAre in accordance with NAREIT guidelines, as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate,” to provide an additional performance measure to facilitate the evaluation and comparison of the Company’s results with other REITs. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment expense for depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates.

We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s understanding of our operating performance. Adjusted EBITDAre also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDAre for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre:

•Property Insurance Gains and Property Damage Losses – We exclude the effect of property insurance gains reflected in our condensed consolidated statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection with the calculation of the property insurance gain often does not reflect the market value of real estate assets. Similarly, losses from property damage or remediation costs that are not covered through insurance are excluded.

•Effective January 1, 2025, we will exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash transaction and the add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior notes indentures and consistent with the presentation of Adjusted EBITDAre for the majority of other lodging REIT filers. In 2024, this amount totaled $24 million.

In unusual circumstances, we also may adjust EBITDAre for gains or losses that management believes are not representative of the Company’s current operating performance. The last adjustment of this nature was a 2013 exclusion of a gain from an eminent domain claim.

PAGE 23 OF 25

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

Limitations on the Use of NAREIT FFO per Diluted Share, Adjusted FFO per Diluted Share, EBITDA, EBITDAre and Adjusted EBITDAre

We calculate EBITDAre and NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures calculated by other companies that do not use the NAREIT definition of EBITDAre and FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. In addition, although EBITDAre and FFO per diluted share are useful measures when comparing our results to other REITs, they may not be helpful to investors when comparing us to non-REITs. We also calculate Adjusted FFO per diluted share and Adjusted EBITDAre, which measures are not in accordance with NAREIT guidance and may not be comparable to measures calculated by other REITs or by other companies. This information should not be considered as an alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP. Cash expenditures for various long-term assets (such as renewal and replacement capital expenditures), interest expense (for EBITDA, EBITDAre and Adjusted EBITDAre purposes only), severance expense related to significant property-level reconfiguration and other items have been, and will be, made and are not reflected in the EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share presentations. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our consolidated statements of operations and consolidated statements of cash flows in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures. Additionally, NAREIT FFO per diluted share, Adjusted FFO per diluted share, EBITDA, EBITDAre and Adjusted EBITDAre should not be considered as measures of our liquidity or indicative of funds available to fund our cash needs, including our ability to make cash distributions. In addition, NAREIT FFO per diluted share and Adjusted FFO per diluted share do not measure, and should not be used as measures of, amounts that accrue directly to stockholders’ benefit.

Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments, and NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of non-controlling partners in consolidated partnerships. Our equity investments consist of interests ranging from 11% to 67% in eight domestic and international partnerships that own a total of 40 properties and a vacation ownership development. Due to the voting rights of the outside owners, we do not control and, therefore, do not consolidate these entities. The non-controlling partners in consolidated partnerships primarily consist of the approximate 1% interest in Host LP held by unaffiliated limited partners and a 15% interest held by an unaffiliated limited partner in a partnership owning one hotel for which we do control the entity and, therefore, consolidate its operations. These pro rata results for NAREIT FFO and Adjusted FFO per diluted share, EBITDAre and Adjusted EBITDAre were calculated as set forth in the definitions above. Readers should be cautioned that the pro rata results presented in these measures for consolidated partnerships (for NAREIT FFO and Adjusted FFO per diluted share) and equity investments may not accurately depict the legal and economic implications of our investments in these entities.

Comparable Hotel Property Level Operating Results

We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a comparable hotel, or "same store," basis as supplemental information for our investors. Our comparable hotel results present operating results for our hotels without giving effect to dispositions or properties that experienced closures due to renovations or property damage, as discussed in “Comparable Hotel Operating Statistics and Results” above. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our comparable hotels after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization expense). Corporate-level costs and expenses also are removed to arrive at property-level results. We believe these property-level results provide investors with supplemental information about the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by location and for the Company’s properties in the aggregate. We eliminate from our comparable hotel level operating results severance costs related to broad-based and significant property-level reconfiguration that is not considered to be within the normal course of business, as we believe this elimination provides useful supplemental information that is beneficial to an investor’s understanding of our ongoing operating performance. We also eliminate depreciation and amortization expense because, even though depreciation and amortization expense are property-level expenses, these non-cash expenses, which are based on historical cost accounting for real estate assets, implicitly assume that the value of real estate assets diminishes predictably over time. As noted earlier, because real estate values historically have risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost accounting for operating results to be insufficient.

Because of the elimination of corporate-level costs and expenses, gains or losses on disposition, certain severance expenses and depreciation and amortization expense, the comparable hotel operating results we present do not represent our total revenues, expenses, operating profit or net income and should not be used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our condensed consolidated statements of operations include such amounts, all of which should be considered by investors when evaluating our performance.

We present these hotel operating results on a comparable hotel basis because we believe that doing so provides investors and management with useful information for evaluating the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at comparable hotels (which represent the vast majority of our portfolio) or from other factors.

PAGE 24 OF 25

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

While management believes that presentation of comparable hotel results is a supplemental measure that provides useful information in evaluating our ongoing performance, this measure is not used to allocate resources or to assess the operating performance of each of our hotels, as these decisions are based on data for individual hotels and are not based on comparable hotel results in the aggregate. For these reasons, we believe comparable hotel operating results, when combined with the presentation of GAAP operating profit, revenues and expenses, provide useful information to investors and management.

PAGE 25 OF 25

EX-99.2 3 hst-supplementalfinanciali.htm EX-99.2 HST-Supplemental Financial Information

Supplemental Financial Information

DECEMBER 31, 2024

FOUR SEASONS RESORT AND RESIDENCES JACKSON HOLE

Exhibit 99.2

TABLE OF CONTENTS



3	OVERVIEW
	About Host Hotels & Resorts	4
	Analyst Coverage	5
	Forward-Looking Statements	6
	Non-GAAP Financial Measures	6
7	PROPERTY LEVEL DATA AND CORPORATE MEASURES
	Comparable Hotel Results by Location	8
	Top 40 Hotels by Total RevPAR	16
	Historical Comparable Hotel Results	18
	Comparable Hotel Results 2025 Forecast and Full Year 2024	20
	Reconciliation of Net Income to EBITDA, EBITDA re and Adjusted EBITDA re and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2025 Forecasts	22
	Ground Lease Summary as of December 31, 2024	23
24	CAPITALIZATION
	Comparative Capitalization	25
	Consolidated Debt Summary	26
	Consolidated Debt Maturity	27
28	FINANCIAL COVENANTS
	Credit Facility and Senior Notes Financial Performance Tests	29
	Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio	30
	Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio	31
	Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio	32
	Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test	33
	Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test	34
	Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio	35
	Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test	36
37	NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
	Forecasts	38
	Comparable Hotel Operating Statistics and Results	38
	Non-GAAP Financial Measures	39

HOST HOTELS & RESORTS CORPORATE HEADQUARTERS

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

BAKER'S CAY RESORT KEY LARGO, CURIO COLLECTION BY HILTON

About Host Hotels & Resorts

(1) Based on market cap as of December 31, 2024. See Comparative Capitalization for calculation.

(2) At December 31, 2024.

PREMIER U.S. LODGING REIT

LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2)

S&P

500

COMPANY

$12.4

BILLION

MARKET CAP(1)

$17.2

BILLION

ENTERPRISE VALUE(1)

HOTELS

43,400

ROOMS

TOP U.S. MARKETS

Analyst Coverage


BAIRD Mike Bellisario 414-298-6130 mbellisario@rwbaird.com	GREEN STREET ADVISORS Chris Darling 949-640-8780 cdarling@greenst.com	STIFEL, NICOLAUS & CO. Simon Yarmak 443-224-1345 yarmaks@stifel.com
BOFA SECURITIES, INC. Shaun Kelley 646-855-1005 shaun.kelley@baml.com	HSBC SECURITIES (USA) INC. Meredith Jensen 415-250-8225 meredith.jensen@us.hsbc.com	TRUIST C. Patrick Scholes 212-319-3915 patrick.scholes@suntrust.com
BMO CAPITAL MARKETS Ari Klein 212-885-4103 ari.klein@bmo.com	JEFFERIES David Katz 212-323-3355 dkatz@jefferies.com	UBS SECURITIES LLC Robin Farley 212-713-2060 robin.farley@ubs.com
CITI INVESTMENT RESEARCH Smedes Rose 212-816-6243 smedes.rose@citi.com	J.P. MORGAN SECURITIES Joe Greff 212-622-0548 joseph.greff@jpmorgan.com	WEDBUSH SECURITIES Richard Anderson 212-938-9949 richard.anderson@wedbush.com
COMPASS POINT RESEARCH & TRADING, LLC Floris van Dijkum 646-757-2621 fvandijkum@compasspointllc.com	KOLYITCS David Abraham +44 7527 493597 david.abraham@kolytics.com	WELLS FARGO SECURITIES LLC Dori Kesten 617-603-4233 dori.kesten@wellsfargo.com
DEUTSCHE BANK SECURITIES Chris Woronka 212-250-9376 chris.woronka@db.com	MORGAN STANLEY & CO. Stephen Grambling 212-761-1010 stephen.grambling@morganstanley.com	WOLFE RESEARCH Keegan Carl 646-582-9251 kcarl@wolferesearch.com
EVERCORE ISI Duane Pfennigwerth 212-497-0817 duane.pfennigwerth@evercoreisi.com	RAYMOND JAMES & ASSOCIATES RJ Milligan 727-567-2585 rjmilligan@raymondjames.com

The Company is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of the Company or its

management. The Company does not by its reference above imply its endorsement of or concurrence with any of such analysts’ information, conclusions or recommendations.

Overview

ABOUT HOST HOTELS & RESORTS

Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that

owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of

which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership

interests in Host LP held by outside partners as of December 31, 2024, which are non-controlling interests in Host LP in our consolidated balance sheets and are

included in net (income) loss attributable to non-controlling interests in our condensed consolidated statements of operations. Readers are encouraged to find

further detail regarding our organizational structure in our annual report on Form 10-K.

FORWARD-LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements

include, but may not be limited to, our expectations regarding the recovery of travel and the lodging industry, the impact of the Maui wildfires and 2025 estimates

with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees

of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those

anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company's annual report on

Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon

reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this

supplemental presentation is as of February 19, 2025, and the Company undertakes no obligation to update any forward-looking statement to conform the

statement to actual results or changes in the Company’s expectations.

NON-GAAP FINANCIAL MEASURES

Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that

are not calculated and presented in accordance with GAAP (U.S. generally accepted accounting principles), within the meaning of applicable SEC rules. They are

as follows: : (i) Funds From Operations (“FFO”) and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA (for both the Company and hotel level), (iii)

EBITDAre and Adjusted EBITDAre, and (iv) Comparable Hotel Operating Statistics and Results. Also included are reconciliations to the most directly comparable

GAAP measures. See the Notes to Supplemental Financial Information for definitions of these measures, why we believe these measures are useful and

limitations on their use.

Also included in this supplemental information is our leverage ratio, unsecured interest coverage ratio and fixed charge coverage ratio, calculated in accordance

with our credit facility, along with our EBITDA to interest coverage ratio, indenture indebtedness test, indenture secured indebtedness test, and indenture

unencumbered assets to unsecured indebtedness test, calculated in accordance with our senior notes indenture covenants. Included with these ratios are

reconciliations calculated in accordance with GAAP. See the Notes to Supplemental Financial Information for information on how these supplemental measures

are calculated, why we believe they are useful and limitations on their use.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

1 HOTEL NASHVILLE

Comparable Hotel Results by Location (1)

(unaudited, in millions, except hotel statistics and per room basis)


	Quarter ended December 31, 2024
Location	No. of Properties	No. of Rooms	Average Room Rate	Average Occupancy Percentage	RevPAR	Total revenues	Total Revenues per Available Room	Hotel Net Income (Loss)	Hotel EBITDA
Maui	3	1,580	$675.53	62.6%	$422.84	$94.0	$646.58	$4.6	$22.4
Oahu	2	876	468.41	77.4%	362.69	43.9	536.20	2.0	8.1
Miami	2	1,038	543.45	70.3%	381.89	64.4	656.15	11.8	20.2
Jacksonville	1	446	479.66	62.4%	299.52	30.1	733.55	5.6	8.9
New York	3	2,720	482.16	89.9%	433.68	146.9	586.91	37.9	50.0
Phoenix	3	1,545	401.26	70.4%	282.47	97.9	688.85	28.3	39.1
Nashville	2	721	354.34	76.4%	270.87	30.3	456.11	4.6	10.6
Orlando	2	2,448	457.96	55.4%	253.73	119.1	528.74	20.1	34.2
Los Angeles/Orange County	3	1,067	296.49	75.3%	223.12	34.4	350.33	3.8	6.8
San Diego	3	3,294	275.76	70.9%	195.51	114.3	377.07	17.8	32.9
Florida Gulf Coast	3	1,055	306.31	68.5%	209.76	43.3	445.67	3.6	9.7
Boston	2	1,496	279.69	73.0%	204.26	37.6	272.85	7.3	11.9
Washington, D.C. (CBD)	5	3,245	287.20	63.4%	182.12	78.9	264.27	11.4	22.5
Philadelphia	2	810	246.18	80.1%	197.07	22.4	300.45	5.1	7.5
Northern Virginia	2	916	265.46	71.0%	188.58	27.4	324.74	5.9	8.3
Chicago	3	1,562	257.17	70.3%	180.84	35.9	249.48	4.8	9.1
Seattle	2	1,315	230.58	61.8%	142.52	24.8	205.28	(0.8)	2.3
Austin	2	767	281.60	66.8%	188.13	22.8	323.46	3.7	8.1
San Francisco/San Jose	6	4,162	226.27	56.4%	127.70	73.4	191.78	(13.4)	1.0
Houston	5	1,942	211.76	65.8%	139.25	36.3	202.92	4.6	10.4
New Orleans	1	1,333	202.74	68.9%	139.61	26.5	215.85	7.6	9.8
San Antonio	2	1,512	217.39	63.7%	138.50	32.2	231.76	6.2	10.2
Denver	3	1,342	191.18	55.9%	106.88	21.8	176.34	2.0	5.7
Atlanta	2	810	198.53	62.9%	124.90	15.0	200.77	0.9	4.0
Other	9	3,007	257.06	64.6%	166.01	74.1	265.17	6.8	16.5
Other property level (2)						0.2		7.9	7.9
Domestic	73	41,009	320.79	67.2%	215.59	1,347.9	356.48	200.1	378.1

International	5	1,499	215.21	64.1%	138.01	27.5	199.77	7.1	9.1
All Locations - comparable hotels	78	42,508	317.23	67.1%	212.86	1,375.4	351.01	207.2	387.2
Non-comparable hotels	3	881				53.0		(2.2)	15.2
Gain on sale of property and corporate level income/expense (3)						—		(95.7)	(43.4)
Total	81	43,389	$—	—	$—	$1,428.4	$—	$109.3	$359.0

(1)See the Notes to Supplemental Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. RevPAR is the product of the average daily room rate charged and the average daily occupancy

achieved. Total Revenues per Available Room ("Total RevPAR") is a summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period. It includes ancillary

revenues not included with RevPAR. Beginning in third quarter of 2024, we have separated the Oahu and Maui markets.

(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

(3)Certain Items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate

level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

Comparable Hotel Results by Location

(unaudited, in millions, except hotel statistics and per room basis)


	Quarter ended December 31, 2024
Location	No. of Properties	No. of Rooms	Hotel Net Income (Loss)	Plus: Depreciation	Plus: Interest Expense	Plus: Income Tax	Equals: Hotel EBITDA
Maui	3	1,580	$4.6	$17.8	$—	$—	$22.4
Oahu	2	876	2.0	6.1	—	—	8.1
Miami	2	1,038	11.8	8.4	—	—	20.2
Jacksonville	1	446	5.6	3.3	—	—	8.9
New York	3	2,720	37.9	12.1	—	—	50.0
Phoenix	3	1,545	28.3	10.8	—	—	39.1
Nashville	2	721	4.6	6.0	—	—	10.6
Orlando	2	2,448	20.1	14.1	—	—	34.2
Los Angeles/Orange County	3	1,067	3.8	3.0	—	—	6.8
San Diego	3	3,294	17.8	15.1	—	—	32.9
Florida Gulf Coast	3	1,055	3.6	6.1	—	—	9.7
Boston	2	1,496	7.3	4.6	—	—	11.9
Washington, D.C. (CBD)	5	3,245	11.4	11.1	—	—	22.5
Philadelphia	2	810	5.1	2.4	—	—	7.5
Northern Virginia	2	916	5.9	2.4	—	—	8.3
Chicago	3	1,562	4.8	4.3	—	—	9.1
Seattle	2	1,315	(0.8)	3.1	—	—	2.3
Austin	2	767	3.7	3.4	1.0	—	8.1
San Francisco/San Jose	6	4,162	(13.4)	14.4	—	—	1.0
Houston	5	1,942	4.6	5.8	—	—	10.4
New Orleans	1	1,333	7.6	2.2	—	—	9.8
San Antonio	2	1,512	6.2	4.0	—	—	10.2
Denver	3	1,342	2.0	3.7	—	—	5.7
Atlanta	2	810	0.9	3.1	—	—	4.0
Other	9	3,007	6.8	9.7	—	—	16.5
Other property level (1)			7.9	—	—	—	7.9
Domestic	73	41,009	200.1	177.0	1.0	—	378.1

International	5	1,499	7.1	2.0	—	—	9.1
All Locations - comparable hotels	78	42,508	$207.2	$179.0	$1.0	$—	$387.2
Non-comparable hotels	3	881	(2.2)	17.4	—	—	15.2
Gain on sale of property and corporate level income/expense (2)			(95.7)	0.5	58.2	(6.4)	(43.4)
Total	81	43,389	$109.3	$196.9	$59.2	$(6.4)	$359.0

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

(2)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate

level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

Comparable Hotel Results by Location

(unaudited, in millions, except hotel statistics and per room basis)


	Quarter ended December 31, 2023
Location	No. of Properties	No. of Rooms	Average Room Rate	Average Occupancy Percentage	RevPAR	Total revenues	Total Revenues per Available Room	Hotel Net Income (Loss)	Hotel EBITDA
Maui	3	1,580	$677.86	61.1%	$414.09	$88.3	$607.76	$11.9	$28.3
Oahu	2	876	445.88	74.8%	333.73	43.2	530.64	0.9	8.1
Miami	2	1,038	519.42	70.1%	364.20	62.3	634.85	9.8	17.9
Jacksonville	1	446	462.07	61.0%	282.04	27.4	667.98	4.6	7.6
New York	3	2,720	456.31	86.2%	393.44	139.1	554.91	24.2	43.7
Phoenix	3	1,545	394.12	70.6%	278.15	93.3	656.24	25.7	35.5
Nashville	2	721	349.42	70.0%	244.46	26.6	401.31	—	8.3
Orlando	2	2,448	440.40	57.7%	253.96	109.1	484.34	15.5	29.0
Los Angeles/Orange County	3	1,067	291.79	78.7%	229.71	35.6	362.26	4.8	7.8
San Diego	3	3,294	266.67	70.1%	187.00	109.6	361.53	15.6	31.0
Florida Gulf Coast	3	1,055	300.21	69.0%	207.02	43.7	451.39	2.6	10.2
Boston	2	1,496	270.00	76.8%	207.42	39.5	286.74	8.1	12.7
Washington, D.C. (CBD)	5	3,245	276.09	66.5%	183.60	79.2	265.57	12.0	20.6
Philadelphia	2	810	237.30	78.4%	186.01	22.1	297.12	5.3	7.8
Northern Virginia	2	916	250.71	70.1%	175.77	25.8	306.43	5.0	7.6
Chicago	3	1,562	241.08	67.9%	163.77	33.7	234.57	6.8	11.1
Seattle	2	1,315	229.80	59.8%	137.51	23.5	194.01	(1.5)	1.6
Austin	2	767	301.13	63.1%	189.87	22.4	317.18	4.2	8.5
San Francisco/San Jose	6	4,162	245.15	65.2%	159.91	91.4	238.77	(3.1)	13.4
Houston	5	1,942	199.88	65.5%	131.02	34.2	192.13	4.8	11.4
New Orleans	1	1,333	198.05	67.8%	134.37	24.9	202.90	4.9	7.0
San Antonio	2	1,512	209.83	58.4%	122.59	27.4	196.80	4.9	9.2
Denver	3	1,342	188.69	58.3%	109.97	22.6	184.52	2.6	6.4
Atlanta	2	810	189.95	71.1%	135.11	16.2	217.58	2.2	4.4
Other	9	3,007	249.08	59.9%	149.16	65.4	234.70	4.6	13.2
Other property level (1)						0.6		1.7	1.7
Domestic	73	41,009	311.25	67.5%	210.24	1,307.1	345.84	178.1	364.0

International	5	1,499	179.17	60.8%	108.98	23.3	168.78	4.2	6.3
All Locations - comparable hotels	78	42,508	307.05	67.3%	206.67	1,330.4	339.65	182.3	370.3
Non-comparable hotels	3	881				73.0		28.6	48.5
Property transaction adjustments (2)						(80.4)		—	(21.4)
Gain on sale of property and corporate level income/expense (3)						—		(76.9)	(19.5)
Total	81	43,389	$—	—	$—	$1,323.0	$—	$134.0	$377.9

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations

as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.

(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate

level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

Comparable Hotel Results by Location

(unaudited, in millions, except hotel statistics and per room basis)


	Quarter ended December 31, 2023
Location	No. of Properties	No. of Rooms	Hotel Net Income (Loss)	Plus: Depreciation	Plus: Interest Expense	Plus: Income Tax	Plus: Property Transaction Adjustments	Equals: Hotel EBITDA
Maui	3	1,580	$11.9	$16.4	$—	$—	$—	$28.3
Oahu	2	876	0.9	1.6	—	—	5.6	8.1
Miami	2	1,038	9.8	8.1	—	—	—	17.9
Jacksonville	1	446	4.6	3.0	—	—	—	7.6
New York	3	2,720	24.2	12.0	—	—	7.5	43.7
Phoenix	3	1,545	25.7	9.8	—	—	—	35.5
Nashville	2	721	—	—	—	—	8.3	8.3
Orlando	2	2,448	15.5	13.5	—	—	—	29.0
Los Angeles/Orange County	3	1,067	4.8	3.0	—	—	—	7.8
San Diego	3	3,294	15.6	15.4	—	—	—	31.0
Florida Gulf Coast	3	1,055	2.6	7.6	—	—	—	10.2
Boston	2	1,496	8.1	4.6	—	—	—	12.7
Washington, D.C. (CBD)	5	3,245	12.0	8.6	—	—	—	20.6
Philadelphia	2	810	5.3	2.5	—	—	—	7.8
Northern Virginia	2	916	5.0	2.6	—	—	—	7.6
Chicago	3	1,562	6.8	4.3	—	—	—	11.1
Seattle	2	1,315	(1.5)	3.1	—	—	—	1.6
Austin	2	767	4.2	3.2	1.1	—	—	8.5
San Francisco/San Jose	6	4,162	(3.1)	16.5	—	—	—	13.4
Houston	5	1,942	4.8	6.6	—	—	—	11.4
New Orleans	1	1,333	4.9	2.1	—	—	—	7.0
San Antonio	2	1,512	4.9	4.3	—	—	—	9.2
Denver	3	1,342	2.6	3.8	—	—	—	6.4
Atlanta	2	810	2.2	2.2	—	—	—	4.4
Other	9	3,007	4.6	8.6	—	—	—	13.2
Other property level (1)			1.7	—	—	—	—	1.7
Domestic	73	41,009	178.1	163.4	1.1	—	21.4	364.0

International	5	1,499	4.2	2.1	—	—	—	6.3
All Locations - comparable hotels	78	42,508	$182.3	$165.5	$1.1	$—	$21.4	$370.3
Non-comparable hotels	3	881	28.6	19.9	—	—	—	48.5
Property transaction adjustments (2)			—	—	—	—	(21.4)	(21.4)
Gain on sale of property and corporate level income/expense (3)			(76.9)	0.2	48.0	9.2	—	(19.5)
Total	81	43,389	$134.0	$185.6	$49.1	$9.2	$—	$377.9

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.

level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

Comparable Hotel Results by Location

(unaudited, in millions, except hotel statistics and per room basis)


	Year ended December 31, 2024
Location	No. of Properties	No. of Rooms	Average Room Rate	Average Occupancy Percentage	RevPAR	Total revenues	Total Revenues per Available Room	Hotel Net Income (Loss)	Hotel EBITDA
Maui	3	1,580	$663.09	60.1%	$398.83	$370.7	$641.01	$48.2	$115.8
Oahu	2	876	457.70	81.2	371.85	187.4	576.36	3.9	40.6
Miami	2	1,038	526.83	70.2	369.84	250.5	641.42	46.0	78.8
Jacksonville	1	446	517.28	71.2	368.44	137.2	840.68	37.0	49.5
New York	3	2,720	392.96	84.6	332.63	461.3	463.36	71.4	128.5
Phoenix	3	1,545	395.73	70.0	276.93	365.8	646.95	96.9	138.1
Nashville	2	721	344.36	79.7	274.37	118.2	447.79	14.7	42.7
Orlando	2	2,448	383.93	65.1	249.76	473.1	528.04	82.1	137.5
Los Angeles/Orange County	3	1,067	297.23	78.1	232.13	136.9	350.62	15.0	26.9
San Diego	3	3,294	293.18	78.9	231.22	522.6	433.50	112.8	173.3
Florida Gulf Coast	3	1,055	321.75	69.9	224.78	190.0	492.13	28.6	52.7
Boston	2	1,496	280.30	78.1	218.97	157.4	287.46	39.8	58.2
Washington, D.C. (CBD)	5	3,245	288.63	69.1	199.43	343.8	289.57	69.9	109.7
Philadelphia	2	810	237.00	80.4	190.56	86.0	289.97	17.4	27.0
Northern Virginia	2	916	258.13	72.5	187.25	99.5	296.74	18.7	28.6
Chicago	3	1,562	255.54	70.4	180.01	142.8	249.73	22.8	40.0
Seattle	2	1,315	248.84	68.3	169.99	111.0	230.55	5.4	17.7
Austin	2	767	256.02	66.3	169.83	84.3	300.41	10.0	27.2
San Francisco/San Jose	6	4,162	241.04	65.3	157.34	352.7	231.55	(17.0)	45.3
Houston	5	1,942	214.37	69.6	149.28	148.3	208.63	21.1	45.1
New Orleans	1	1,333	193.96	71.4	138.52	106.5	218.31	25.5	34.2
San Antonio	2	1,512	216.95	62.0	134.48	121.1	218.75	19.4	36.3
Denver	3	1,342	199.13	66.8	133.12	101.0	205.67	16.9	31.6
Atlanta	2	810	202.78	61.8	125.29	61.1	206.10	8.1	18.9
Other	9	3,007	278.09	65.4	181.93	315.0	283.43	40.9	77.6
Other property level (1)						0.7		7.9	7.9
Domestic	73	41,009	310.28	70.7	219.29	5,444.9	362.10	863.4	1,589.7

International	5	1,499	200.88	63.4	127.43	101.0	184.07	24.3	32.6
All Locations - comparable hotels	78	42,508	$306.81	70.4	$216.06	$5,545.9	$355.88	$887.7	$1,622.3
Non-comparable hotels	3	881				291.6		38.7	109.5
Property transaction adjustments (2)						(153.8)		—	(41.5)
Gain on sale of property and corporate level income/expense (3)						—		(219.0)	7.7
Total	81	43,389	—	—	—	$5,683.7	—	$707.4	$1,698.0

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.

level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

Comparable Hotel Results by Location

(unaudited, in millions, except hotel statistics and per room basis)


	Year ended December 31, 2024
Location	No. of Properties	No. of Rooms	Hotel Net Income (Loss)	Plus: Depreciation	Plus: Interest Expense	Plus: Income Tax	Plus: Property Transaction Adjustments	Equals: Hotel EBITDA
Maui	3	1,580	$48.2	$67.6	$—	$—	$—	$115.8
Oahu	2	876	3.9	13.8	—	—	22.9	40.6
Miami	2	1,038	46.0	32.8	—	—	—	78.8
Jacksonville	1	446	37.0	12.5	—	—	—	49.5
New York	3	2,720	71.4	48.5	—	—	8.6	128.5
Phoenix	3	1,545	96.9	41.2	—	—	—	138.1
Nashville	2	721	14.7	18.0	—	—	10.0	42.7
Orlando	2	2,448	82.1	55.4	—	—	—	137.5
Los Angeles/Orange County	3	1,067	15.0	11.9	—	—	—	26.9
San Diego	3	3,294	112.8	60.5	—	—	—	173.3
Florida Gulf Coast	3	1,055	28.6	24.1	—	—	—	52.7
Boston	2	1,496	39.8	18.4	—	—	—	58.2
Washington, D.C. (CBD)	5	3,245	69.9	39.8	—	—	—	109.7
Philadelphia	2	810	17.4	9.6	—	—	—	27.0
Northern Virginia	2	916	18.7	9.9	—	—	—	28.6
Chicago	3	1,562	22.8	17.2	—	—	—	40.0
Seattle	2	1,315	5.4	12.3	—	—	—	17.7
Austin	2	767	10.0	13.2	4.0	—	—	27.2
San Francisco/San Jose	6	4,162	(17.0)	62.3	—	—	—	45.3
Houston	5	1,942	21.1	24.0	—	—	—	45.1
New Orleans	1	1,333	25.5	8.7	—	—	—	34.2
San Antonio	2	1,512	19.4	16.9	—	—	—	36.3
Denver	3	1,342	16.9	14.7	—	—	—	31.6
Atlanta	2	810	8.1	10.8	—	—	—	18.9
Other	9	3,007	40.9	36.7	—	—	—	77.6
Other property level (1)			7.9	—	—	—	—	7.9
Domestic	73	41,009	863.4	680.8	4.0	—	41.5	1,589.7

International	5	1,499	24.3	8.3	—	—	—	32.6
All Locations - comparable hotels	78	42,508	$887.7	$689.1	$4.0	$—	$41.5	$1,622.3
Non-comparable hotels	3	881	38.7	70.8	—	—	—	109.5
Property transaction adjustments (2)			—	—	—	—	(41.5)	(41.5)
Gain on sale of property and corporate level income/expense (3)			(219.0)	1.8	211.4	13.5	—	7.7
Total	81	43,389	$707.4	$761.7	$215.4	$13.5	$—	$1,698.0

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.

level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

Comparable Hotel Results by Location

(unaudited, in millions, except hotel statistics and per room basis)


	Year ended December 31, 2023
Location	No. of Properties	No. of Rooms	Average Room Rate	Average Occupancy Percentage	RevPAR	Total revenues	Total Revenues per Available Room	Hotel Net Income (Loss)	Hotel EBITDA
Maui	3	1,580	$707.50	67.4%	$476.56	$415.3	$720.14	$81.9	$143.9
Oahu	2	876	442.57	76.4%	338.25	176.1	544.70	2.9	38.5
Miami	2	1,038	533.31	66.9%	356.86	242.9	624.20	44.2	74.2
Jacksonville	1	446	503.57	69.9%	351.80	127.6	784.10	34.1	46.2
New York	3	2,720	373.48	82.6%	308.54	433.1	436.70	43.2	115.5
Phoenix	3	1,545	399.79	71.5%	285.85	359.4	637.23	102.3	139.0
Nashville	2	721	344.85	74.5%	256.76	104.3	396.48	—	37.3
Orlando	2	2,448	384.63	67.9%	261.32	465.8	521.26	90.5	143.3
Los Angeles/Orange County	3	1,067	300.29	81.7%	245.49	140.6	360.91	19.5	31.9
San Diego	3	3,294	282.20	78.4%	221.29	498.1	414.34	105.5	167.5
Florida Gulf Coast	3	1,055	321.00	70.7%	226.95	191.6	497.52	33.7	56.4
Boston	2	1,496	264.18	78.2%	206.66	150.7	275.90	32.9	51.2
Washington, D.C. (CBD)	5	3,245	276.74	70.1%	193.92	331.4	280.31	66.8	100.9
Philadelphia	2	810	231.94	79.7%	184.83	85.2	288.44	17.4	27.1
Northern Virginia	2	916	243.70	70.4%	171.48	89.9	268.97	15.5	25.3
Chicago	3	1,562	243.59	68.9%	167.80	136.1	238.73	24.0	41.3
Seattle	2	1,315	239.33	66.8%	159.81	104.9	218.64	6.1	18.5
Austin	2	767	269.26	65.7%	176.88	87.1	311.25	10.0	26.9
San Francisco/San Jose	6	4,162	251.98	66.4%	167.25	371.3	244.44	2.5	67.6
Houston	5	1,942	201.17	69.4%	139.51	138.4	195.30	16.6	41.6
New Orleans	1	1,333	196.29	68.6%	134.72	99.2	203.93	25.4	34.0
San Antonio	2	1,512	215.77	61.4%	132.55	117.1	212.13	18.6	35.1
Denver	3	1,342	192.48	63.3%	121.90	88.9	181.72	13.9	27.5
Atlanta	2	810	190.67	74.0%	141.12	67.3	227.52	12.0	20.5
Other	9	3,007	278.61	63.8%	177.72	302.6	272.86	42.8	77.9
Other property level (1)						0.6		0.3	0.3
Domestic	73	41,009	307.86	70.7%	217.73	5,325.5	355.24	862.6	1,589.4

International	5	1,499	186.14	62.4%	116.16	92.1	168.42	19.3	27.9
All Locations - comparable hotels	78	42,508	$304.06	70.4%	$214.15	$5,417.6	$348.70	$881.9	$1,617.3
Non-comparable hotels	3	881				191.7		71.0	122.5
Property transaction adjustments (2)						(298.6)		—	(87.4)
Gain on sale of property and corporate level income/expense (3)						—		(201.2)	23.4
Total	81	43,389	$—	—	$—	$5,310.7	$—	$751.7	$1,675.8

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.

level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

Comparable Hotel Results by Location

(unaudited, in millions, except hotel statistics and per room basis)


	Year ended December 31, 2023
Location	No. of Properties	No. of Rooms	Hotel Net Income (Loss)	Plus: Depreciation	Plus: Interest Expense	Plus: Income Tax	Plus: Property Transaction Adjustments	Equals: Hotel EBITDA
Maui	3	1,580	$81.9	$62.0	$—	$—	$—	$143.9
Oahu	2	876	2.9	5.7	—	—	29.9	38.5
Miami	2	1,038	44.2	30.0	—	—	—	74.2
Jacksonville	1	446	34.1	12.1	—	—	—	46.2
New York	3	2,720	43.2	49.2	—	—	23.1	115.5
Phoenix	3	1,545	102.3	39.6	—	—	(2.9)	139.0
Nashville	2	721	—	—	—	—	37.3	37.3
Orlando	2	2,448	90.5	52.8	—	—	—	143.3
Los Angeles/Orange County	3	1,067	19.5	12.4	—	—	—	31.9
San Diego	3	3,294	105.5	62.0	—	—	—	167.5
Florida Gulf Coast	3	1,055	33.7	22.7	—	—	—	56.4
Boston	2	1,496	32.9	18.3	—	—	—	51.2
Washington, D.C. (CBD)	5	3,245	66.8	34.1	—	—	—	100.9
Philadelphia	2	810	17.4	9.7	—	—	—	27.1
Northern Virginia	2	916	15.5	9.8	—	—	—	25.3
Chicago	3	1,562	24.0	17.3	—	—	—	41.3
Seattle	2	1,315	6.1	12.4	—	—	—	18.5
Austin	2	767	10.0	12.8	4.1	—	—	26.9
San Francisco/San Jose	6	4,162	2.5	65.1	—	—	—	67.6
Houston	5	1,942	16.6	25.0	—	—	—	41.6
New Orleans	1	1,333	25.4	8.6	—	—	—	34.0
San Antonio	2	1,512	18.6	16.5	—	—	—	35.1
Denver	3	1,342	13.9	13.6	—	—	—	27.5
Atlanta	2	810	12.0	8.5	—	—	—	20.5
Other	9	3,007	42.8	35.1	—	—	—	77.9
Other property level (1)			0.3	—	—	—	—	0.3
Domestic	73	41,009	862.6	635.3	4.1	—	87.4	1,589.4

International	5	1,499	19.3	8.6	—	—	—	27.9
All Locations - comparable hotels	78	42,508	$881.9	$643.9	$4.1	$—	$87.4	$1,617.3
Non-comparable hotels	3	881	71.0	51.5	—	—	—	122.5
Property transaction adjustments (2)			—	—	—	—	(87.4)	(87.4)
Gain on sale of property and corporate level income/expense (3)			(201.2)	1.2	187.1	36.3	—	23.4
Total	81	43,389	$751.7	$696.6	$191.2	$36.3	$—	$1,675.8

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.

level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

Top 40 Hotels by Total RevPAR for Year Ended December 31, 2024

(unaudited, in millions, except hotel statistics and per room basis)


		Year ended December 31, 2024
	Hotel	Location	No. of Rooms	Average Room Rate	Average Occupancy Percentage	RevPAR	Total revenues	Total Revenues per Available Room	Hotel Net Income (Loss)	Hotel EBITDA (1)
1	Alila Ventana Big Sur	Other Domestic	59	$1,782.05	76.4%	$1,361.15	$40.2	$2,033.27	$5.6	$11.2
2	Four Seasons Resort and Residences Jackson Hole	Other Domestic	125	1,521.43	56.6%	861.07	85.6	1,509.44	8.1	20.0
3	1 Hotel South Beach	Miami	433	891.38	72.9%	649.69	197.7	1,169.05	38.2	61.5
4	Four Seasons Resort Orlando at Walt Disney World® Resort	Orlando	444	1,220.33	55.9%	682.70	184.9	1,137.51	20.7	44.4
5	The Ritz-Carlton, Naples ⁽³⁾	Florida Gulf Coast	474	859.06	61.4%	527.71	186.3	1,074.12	19.2	72.5
6	The Ritz-Carlton O'ahu, Turtle Bay ⁽⁴⁾	Oahu	450	772.53	67.8%	523.51	149.7	883.98	(0.6)	32.5
7	The Phoenician, A Luxury Collection Resort, Scottsdale	Phoenix	645	498.62	70.6%	352.22	199.9	846.92	45.0	71.3
8	The Ritz-Carlton, Amelia Island	Jacksonville	446	517.28	71.2%	368.44	137.2	840.68	37.0	49.5
9	Andaz Maui at Wailea Resort ⁽³⁾	Maui	320	832.78	64.6%	537.60	95.0	811.09	12.0	26.4
10	Fairmont Kea Lani, Maui ⁽³⁾	Maui	450	925.51	58.9%	545.39	129.8	788.19	13.7	41.9
11	1 Hotel Central Park ⁽⁴⁾	New York	234	657.99	83.0%	545.98	63.2	738.24	11.5	24.3
12	1 Hotel Nashville ⁽⁴⁾	Nashville	215	438.08	75.2%	329.59	49.5	629.63	4.0	14.9
13	Baker's Cay Resort Key Largo, Curio Collection by Hilton	Other Domestic	200	475.98	78.4%	373.05	43.3	591.88	9.3	14.5
14	The Ritz-Carlton Naples, Tiburón	Florida Gulf Coast	295	508.50	59.2%	300.88	63.2	585.51	10.2	17.5
15	The Westin Kierland Resort & Spa	Phoenix	735	339.88	68.1%	231.37	153.8	571.77	46.7	60.1
16	The Ritz-Carlton, Marina del Rey	Los Angeles/Orange County	304	411.60	75.3%	309.86	57.3	514.79	7.1	10.2
17	The Don CeSar	Florida Gulf Coast	348	435.82	59.1%	257.63	65.1	510.83	11.6	23.5
18	Marriott Marquis San Diego Marina	San Diego	1,366	306.17	82.2%	251.78	239.7	479.48	53.8	84.2
19	New York Marriott Marquis	New York	1,971	377.49	87.0%	328.45	342.0	474.16	51.7	90.1
20	Hyatt Regency Maui Resort and Spa ⁽³⁾	Maui	810	444.43	59.1%	262.58	135.5	457.20	20.9	45.5
21	Hyatt Regency Coconut Point Resort and Spa ⁽³⁾	Florida Gulf Coast	462	280.26	70.5%	197.62	73.7	436.05	10.8	24.8
22	Coronado Island Marriott Resort & Spa	San Diego	300	326.67	76.7%	250.48	47.3	431.19	8.7	13.7
23	The Ritz-Carlton, Tysons Corner	Northern Virginia	398	310.43	76.0%	235.99	59.3	406.81	7.2	13.4
24	Manchester Grand Hyatt San Diego	San Diego	1,628	275.26	76.4%	210.42	235.6	395.36	50.4	75.5
25	Orlando World Center Marriott	Orlando	2,004	229.37	67.1%	153.84	288.3	393.00	61.4	93.1
26	JW Marriott Washington, DC	Washington, D.C. (CBD)	777	321.03	81.8%	262.65	109.3	384.41	30.2	36.2
27	Embassy Suites by Hilton Nashville Downtown ⁽⁴⁾	Nashville	506	307.62	81.6%	250.91	68.8	370.53	10.7	27.8
28	The Alida, Savannah, a Tribute Portfolio Hotel	Other Domestic	173	264.99	76.7%	203.12	22.5	355.93	2.2	6.0
29	The Logan Philadelphia, Curio Collection by Hilton	Philadelphia	391	245.40	76.4%	187.58	48.7	340.42	8.6	15.8
30	Marina del Rey Marriott	Los Angeles/Orange County	370	283.05	82.7%	234.20	42.8	315.72	6.7	11.5
31	Boston Marriott Copley Place	Boston	1,145	294.72	81.5%	240.21	129.6	309.25	31.1	47.0
32	Hotel Van Zandt	Austin	319	281.13	60.0%	168.64	35.5	304.34	(2.3)	9.2
33	The Westin Chicago River North	Chicago	445	300.12	72.1%	216.48	49.4	303.22	8.0	14.4
34	Hyatt Regency Austin	Austin	448	240.88	70.9%	170.67	48.8	297.61	12.3	18.0
35	New York Marriott Downtown	New York	515	329.57	76.4%	251.69	56.0	297.13	8.2	14.1
36	San Francisco Marriott Marquis	San Francisco/San Jose	1,500	276.16	66.1%	182.66	160.3	291.94	0.7	27.9
37	The Westin Georgetown, Washington D.C.	Washington, D.C. (CBD)	269	297.56	77.0%	229.23	27.6	280.21	3.5	8.3
38	Washington Marriott at Metro Center	Washington, D.C. (CBD)	459	286.10	77.3%	221.19	46.6	277.57	9.4	13.6
39	Grand Hyatt Washington	Washington, D.C. (CBD)	902	268.18	61.9%	166.08	87.4	264.98	13.2	30.7
40	Tampa Airport Marriott	Florida Gulf Coast	298	241.14	79.4%	191.56	28.7	263.58	6.6	7.9
	Total Top 40		23,633	391.15	72.8%	284.57	4,285.1	494.04	713.3	1,324.9
	Remaining 41 Hotels		19,756	216.01	67.2%	145.22	1,551.7	214.60	205.2	401.7
	Other Property Level (2)						0.7		7.9	7.9
	Adjustments for assets acquired in 2024 ⁽⁴⁾						(153.8)		—	(44.2)
	Gain on sale of property, sold property operations and corporate level income/expense						—		(219.0)	35.9
	Total		43,389	—	—	—	$5,683.7	—	$707.4	$1,726.2

(1)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected below in “gain on sale of property, sold

property operations and corporate level income/expense”. Refer to the table below for a reconciliation of net income (loss) to Hotel EBITDA. The total represents the Company's EBITDAre, as defined in the Notes to Supplemental Financial Information.

(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

(3)2024 Hotel EBITDA for the Hyatt Regency Coconut Point Resort and Spa and The Ritz-Carlton, Naples includes $19 million of business interruption proceeds collected in relation to Hurricane Ian, and our properties in Maui, including Hyatt Regency Maui Resort and

Spa, Fairmont Kea Lani, Maui, and Andaz Maui at Wailea Resort, collected $21 million of business interruption proceeds related to the Maui wildfires.

(4)The Hotel EBITDA results for the assets acquired in 2024 include operating results assuming the hotel was owned as of January 1, 2024 and are based on actual results obtained from the manager for periods prior to our ownership. For these hotels, since the

operations include periods prior to our ownership, the results may not necessarily correspond to our actual results. Additionally, as part of the brand and manager transition upon the acquisition of The Ritz-Carlton O’ahu, Turtle Bay, we incurred costs totaling

approximately $2.7 million. These costs have been excluded from the calculation of Hotel EBITDA, as defined in the Notes to Supplemental Financial Information .

Top 40 Hotels by Total RevPAR Reconciliation from Hotel Net Income (Loss) to

Hotel EBITDA and EBITDAre

(unaudited, in millions, except hotel statistics and per room basis)


		Year ended December 31, 2024
	Location	Location	No. of Rooms	Hotel Net Income (Loss)	Plus: Depreciation	Plus: Interest Expense	Plus: Income Tax	Plus: Equity Investment	Plus: Acquisition Adjustment	Plus: Transition Costs (4)	Equals: Hotel EBITDA (1)
1	Alila Ventana Big Sur	Other Domestic	59	$5.6	$5.6	$—	$—	$—	$—	$—	$11.2
2	Four Seasons Resort and Residences Jackson Hole	Other Domestic	125	8.1	11.9	—	—	—	—	—	20.0
3	1 Hotel South Beach	Miami	433	38.2	23.3	—	—	—	—	—	61.5
4	Four Seasons Resort Orlando at Walt Disney World® Resort	Orlando	444	20.7	23.7	—	—	—	—	—	44.4
5	The Ritz-Carlton, Naples ⁽³⁾	Florida Gulf Coast	474	19.2	53.3	—	—	—	—	—	72.5
6	The Ritz-Carlton O'ahu, Turtle Bay ⁽⁴⁾	Oahu	450	(0.6)	7.5	—	—	—	22.9	2.7	32.5
7	The Phoenician, A Luxury Collection Resort, Scottsdale	Phoenix	645	45.0	26.3	—	—	—	—	—	71.3
8	The Ritz-Carlton, Amelia Island	Jacksonville	446	37.0	12.5	—	—	—	—	—	49.5
9	Andaz Maui at Wailea Resort ⁽³⁾	Maui	320	12.0	14.4	—	—	—	—	—	26.4
10	Fairmont Kea Lani, Maui ⁽³⁾	Maui	450	13.7	28.2	—	—	—	—	—	41.9
11	1 Hotel Central Park ⁽⁴⁾	New York	234	11.5	4.2	—	—	—	8.6	—	24.3
12	1 Hotel Nashville ⁽⁴⁾	Nashville	215	4.0	5.9	—	—	—	5.0	—	14.9
13	Baker's Cay Resort Key Largo, Curio Collection by Hilton	Other Domestic	200	9.3	5.2	—	—	—	—	—	14.5
14	The Ritz-Carlton Naples, Tiburón	Florida Gulf Coast	295	10.2	7.3	—	—	—	—	—	17.5
15	The Westin Kierland Resort & Spa	Phoenix	735	46.7	13.4	—	—	—	—	—	60.1
16	The Ritz-Carlton, Marina del Rey	Los Angeles/Orange County	304	7.1	3.1	—	—	—	—	—	10.2
17	The Don CeSar	Florida Gulf Coast	348	11.6	11.9	—	—	—	—	—	23.5
18	Marriott Marquis San Diego Marina	San Diego	1,366	53.8	30.4	—	—	—	—	—	84.2
19	New York Marriott Marquis	New York	1,971	51.7	38.4	—	—	—	—	—	90.1
20	Hyatt Regency Maui Resort and Spa ⁽³⁾	Maui	810	20.9	24.6	—	—	—	—	—	45.5
21	Hyatt Regency Coconut Point Resort and Spa ⁽³⁾	Florida Gulf Coast	462	10.8	14.0	—	—	—	—	—	24.8
22	Coronado Island Marriott Resort & Spa	San Diego	300	8.7	5.0	—	—	—	—	—	13.7
23	The Ritz-Carlton, Tysons Corner	Northern Virginia	398	7.2	6.2	—	—	—	—	—	13.4
24	Manchester Grand Hyatt San Diego	San Diego	1,628	50.4	25.1	—	—	—	—	—	75.5
25	Orlando World Center Marriott	Orlando	2,004	61.4	31.7	—	—	—	—	—	93.1
26	JW Marriott Washington, DC	Washington, D.C. (CBD)	777	30.2	6.0	—	—	—	—	—	36.2
27	Embassy Suites by Hilton Nashville Downtown ⁽⁴⁾	Nashville	506	10.7	12.1	—	—	—	5.0	—	27.8
28	The Alida, Savannah, a Tribute Portfolio Hotel	Other Domestic	173	2.2	3.8	—	—	—	—	—	6.0
29	The Logan Philadelphia, Curio Collection by Hilton	Philadelphia	391	8.6	7.2	—	—	—	—	—	15.8
30	Marina del Rey Marriott	Los Angeles/Orange County	370	6.7	4.8	—	—	—	—	—	11.5
31	Boston Marriott Copley Place	Boston	1,145	31.1	15.9	—	—	—	—	—	47.0
32	Hotel Van Zandt	Austin	319	(2.3)	7.5	4.0	—	—	—	—	9.2
33	The Westin Chicago River North	Chicago	445	8.0	6.4	—	—	—	—	—	14.4
34	Hyatt Regency Austin	Austin	448	12.3	5.7	—	—	—	—	—	18.0
35	New York Marriott Downtown	New York	515	8.2	5.9	—	—	—	—	—	14.1
36	San Francisco Marriott Marquis	San Francisco/San Jose	1,500	0.7	27.2	—	—	—	—	—	27.9
37	The Westin Georgetown, Washington D.C.	Washington, D.C. (CBD)	269	3.5	4.8	—	—	—	—	—	8.3
38	Washington Marriott at Metro Center	Washington, D.C. (CBD)	459	9.4	4.2	—	—	—	—	—	13.6
39	Grand Hyatt Washington	Washington, D.C. (CBD)	902	13.2	17.5	—	—	—	—	—	30.7
40	Tampa Airport Marriott	Florida Gulf Coast	298	6.6	1.3	—	—	—	—	—	7.9
	Total Top 40		23,633	713.3	563.4	4.0	—	—	41.5	2.7	1,324.9
	Remaining 41 Hotels		19,756	205.2	196.5	—	—	—	—	—	401.7
	Other Property Level (2)			7.9	—	—	—	—	—	—	7.9
	Adjustments for assets acquired in 2024 ⁽⁴⁾			—	—	—	—	—	(41.5)	(2.7)	(44.2)
	Gain on sale of property, sold property operations and corporate level income/expense			(219.0)	1.8	211.4	13.5	28.2	—	—	35.9
	Total		43,389	$707.4	$761.7	$215.4	$13.5	$28.2	$—	$—	$1,726.2

(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

Spa, Fairmont Kea Lani, Maui, and Andaz Maui at Wailea Resort, collected $21 million of business interruption proceeds related to the Maui wildfires.

approximately $2.7 million. These costs have been excluded from the calculation of Hotel EBITDA, as defined in the Notes to Supplemental Financial Information .

Historical Comparable Hotel Results with 2025 Comparable Hotel Set

(unaudited, in millions, except hotel statistics)

Historical Comparable Hotel Metrics (1)


	2025 Comparable Hotel Set (3)
	Three Months Ended March 31, 2024	Three Months Ended June 30, 2024	Three Months Ended September 30, 2024	Three Months Ended December 31, 2024	Year Ended December 31, 2024
Number of hotels	79	79	79	79	79
Number of rooms	42,982	42,982	42,982	42,982	42,982
Comparable hotel RevPAR	$224.52	$231.71	$206.51	$215.42	$219.49
Comparable hotel occupancy	68.6%	74.3%	71.5%	66.9%	70.3%
Comparable hotel ADR	$327.11	$311.89	$288.91	$321.96	$312.12

Historical Comparable Hotel Revenues (1)(2)


	2025 Comparable Hotel Set (3)
	Three Months Ended March 31, 2024	Three Months Ended June 30, 2024	Three Months Ended September 30, 2024	Three Months Ended December 31, 2024	Year Ended December 31, 2024
Total revenues	$1,471	$1,466	$1,319	$1,428	$5,684
Add: Revenues from asset acquisitions	73	63	18	—	154
Less: Revenues from non- comparable hotels	(32)	(30)	(31)	(13)	(106)
Comparable hotel revenues	$1,512	$1,499	$1,306	$1,415	$5,732

Historical Comparable Hotel Results with 2025 Comparable Hotel Set (cont.)

(unaudited, in millions, except hotel statistics)

Historical Comparable Hotel EBITDA (1)(2)


	2025 Comparable Hotel Set (3)
	Three Months Ended March 31, 2024	Three Months Ended June 30, 2024	Three Months Ended September 30, 2024	Three Months Ended December 31, 2024	Year Ended December 31, 2024
Net income	$272	$242	$84	$109	$707
Depreciation and amortization	180	188	197	197	762
Interest expense	47	50	59	59	215
Provision (benefit) for income taxes	(2)	16	6	(6)	14
Gain (loss) on sale of property and corporate level income/ expense	(20)	(13)	(18)	43	(8)
Property transaction adjustments	19	19	4	—	42
Non-comparable hotel results, net	(22)	(19)	(10)	(1)	(52)
Comparable hotel EBITDA	$474	$483	$322	$401	$1,680

(1)Comparable hotel results represent adjustments for the following items: (i) to remove the results of operations of our hotels sold or held-for-sale as of December 31, 2024, which operations are

included in our condensed consolidated statements of operations as continuing operations, (ii) to include the results for periods prior to our ownership for hotels acquired as of December 31,

2024 and (iii) to remove the results of our non-comparable hotels.

(2)Comparable hotel revenues and comparable hotel EBITDA are non-GAAP financial measures within the meaning of the rules of the Securities and Exchange commission. See the Notes to

Supplemental Financial Information for discussion of these non-GAAP measures.

(3)Comparable hotel results include 79 hotels (of our 81 hotels owned at December 31, 2024) based on our forecast comparable hotel set as of December 31, 2025. No assurances can be made as to

the hotels that will be in the comparable hotel set for 2025. The following are expected to be non-comparable for full year 2025:

•Alila Ventana Big Sur (business disruption due to the collapse of a portion of Highway 1, causing closure of the hotel beginning in March 2024, reopened in May 2024);

•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024);

Additionally, revenues and costs related to the development and sale of condominium units on a development parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort are

excluded from our comparable hotel results.

Comparable Hotel Results 2025 Forecast and Full Year 2024

(unaudited, in millions, except hotel statistics)


	2025 Comparable Hotel Set
	2025 Forecast(1)	2024
Number of hotels	79	79
Number of rooms	42,982	42,982
Comparable hotel Total RevPAR	$370.73	$363.79
Comparable hotel RevPAR	$222.74	$219.49
Operating profit margin(5)	12.2%	15.4%
Comparable hotel EBITDA margin(5)	27.5%	29.3%
Food and beverage profit margin(5)	31.6%	33.7%
Comparable hotel food and beverage profit margin(5)	31.8%	33.4%

Net income	$516	$707
Depreciation and amortization	780	762
Interest expense	240	215
Provision for income taxes	26	14
Gain (loss) on sale of property and corporate level income/expense	78	(8)
Property transaction adjustments⁽²⁾	—	42
Non-comparable hotel results, net⁽³⁾	(18)	(52)
Condominium sales ⁽⁴⁾	(21)	—
Comparable hotel EBITDA	$1,601	$1,680

(1)See "Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for

Full Year 2025 Forecasts" for other forecast assumptions. Forecast presented assumes the midpoint of our comparable hotel RevPAR guidance of 1.5% growth over 2024. Forecast comparable

hotel results include 79 hotels (of our 81 hotels owned at December 31, 2024) that we have assumed will be classified as comparable as of December 31, 2025. See “Comparable Hotel Operating

Statistics and Results” in the Notes to Supplemental Financial Information. No assurances can be made as to the hotels that will be in the comparable hotel set for 2025.

(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of December 31, 2024, which operations are

included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of

December 31, 2024.

(3)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our consolidated statements of

operations as continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable.  The following are expected to

be non-comparable for full year 2025:

•Alila Ventana Big Sur (business disruption due to the collapse of a portion of Highway 1, causing closure of the hotel beginning in March 2024, reopened in May 2024); and

•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024).

(4)Includes revenues and costs, including marketing expenses of approximately $4 million, related to the development and sale of condominium units at the Four Seasons Resort Orlando at Walt

Disney World® Resort.

(5)Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited

condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable

GAAP results:

Comparable Hotel Results 2025 Forecast and Full Year 2024 (cont.)

(unaudited, in millions)


	Forecast Year ended December 31, 2025						Year ended December 31, 2024
		Adjustments						Adjustments
	GAAP Results		Non- comparable hotel results, net	Condominium sales	Depreciation and corporate level items	Comparable hotel Results	GAAP Results	Property transaction adjustments	Non- comparable hotel results, net	Depreciation and corporate level items	Comparable hotel Results
Revenues
Room	$3,543		$(43)	$—	$—	$3,500	$3,426	$93	$(61)	$—	$3,458
Food and beverage	1,780		(15)	—	—	1,765	1,716	39	(32)	—	1,723
Other	723		(9)	(153)	—	561	542	22	(13)	—	551
Total revenues	6,046		(67)	(153)	—	5,826	5,684	154	(106)	—	5,732
Expenses
Room	903		(10)	—	—	893	849	23	(12)	—	860
Food and beverage	1,218		(13)	—	—	1,205	1,137	32	(22)	—	1,147
Other	2,294		(35)	(132)	—	2,127	2,048	57	(39)	—	2,066
Depreciation and amortization	780		—	—	(780)	—	762	—	—	(762)	—
Corporate and other expenses	121		—	—	(121)	—	123	—	—	(123)	—
Net gain on insurance settlements	(9)		9	—	—	—	(110)	—	19	70	(21)
Total expenses	5,307		(49)	(132)	(901)	4,225	4,809	112	(54)	(815)	4,052
Operating Profit - Comparable hotel EBITDA	$739		$(18)	$(21)	$901	$1,601	$875	$42	$(52)	$815	$1,680

Forecast non-comparable hotel results, net includes the results of Alila Ventana Big Sur and The Don CeSar. The following table reconciles net income to Hotel EBITDA based on the

expected 2025 results of the properties excluding business interruption proceeds (in millions); any changes to net income would be equal to the change in Hotel EBITDA:


Hotel	Net Income (loss)	Plus: Depreciation	Plus: Interest Expense	Plus: Income Tax	Equals: Hotel EBITDA
Alila Ventana Big Sur	$6	$6	$—	$—	$12
The Don CeSar	$(15)	$12	$—	$—	$(3)

Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and

Diluted Earnings per Common Share to NAREIT and Adjusted Funds From

Operations per Diluted Share for Full Year 2025 Forecasts

(unaudited, in millions, except per share amounts)


		Full Year 2025
		Mid-point
Net income		$516
Interest expense		240
Depreciation and amortization		780
Income taxes		26
EBITDA		1,562
Equity investment adjustments:
Equity in earnings of affiliates		(12)
Pro rata EBITDAre of equity investments		46
EBITDAre		1,596
Adjustments to EBITDAre:
Non-cash stock-based compensation expense ⁽²⁾		24
Adjusted EBITDAre		$1,620


		Full Year 2025
		Mid-point
Net income		$516
Less: Net income attributable to non-controlling interests		(8)
Net income attributable to Host Inc.		508
Adjustments:
Depreciation and amortization		777
Equity investment adjustments:
Equity in earnings of affiliates		(12)
Pro rata FFO of equity investments		23
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships		(1)
FFO adjustment for non-controlling interests of Host LP		(11)
NAREIT FFO		1,284
Adjustments to NAREIT FFO:
Non-cash stock-based compensation expense ⁽²⁾		$24
Adjusted FFO		$1,308

Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO		701.7
Diluted earnings per common share		$0.72
NAREIT FFO per diluted share		$1.83
Adjusted FFO per diluted share		$1.86

(1)The Forecasts are based on the below assumptions:

•Comparable hotel RevPAR will increase at the midpoint of our guidance of 1.5% compared to 2024. This forecast assumes a moderate recovery at our Maui properties, however the timing of Maui's full recovery remains uncertain.

•Comparable hotel EBITDA margins will decline 180 basis points compared to 2024.

•We expect to spend approximately $580 million to $670 million on capital expenditures.

•Assumes no acquisitions or dispositions during the year.

hurricanes.

For a discussion of items that may affect forecast results, see the Notes to Supplemental Financial Information.

Ground Lease Summary as of December 31, 2024


		As of December 31, 2024
		No. of rooms	Lessor Institution Type	Minimum rent	Current expiration	Expiration after all potential options (1)
1	Boston Marriott Copley Place	1,145	Public	N/A (2)	12/31/2123	12/31/2123
2	Coronado Island Marriott Resort & Spa	300	Public	1,565,770	10/31/2062	10/31/2078
3	Denver Marriott West	305	Private	160,000	12/28/2028	12/28/2058
4	Houston Airport Marriott at George Bush Intercontinental	573	Public	1,560,000	10/31/2053	10/31/2053
5	Houston Marriott Medical Center/Museum District	398	Non-Profit	160,000	12/28/2029	12/28/2059
6	Manchester Grand Hyatt San Diego	1,628	Public	6,600,000	5/31/2067	5/31/2083
7	Marina del Rey Marriott	370	Public	1,991,076	3/31/2043	3/31/2043
8	Marriott Downtown at CF Toronto Eaton Centre	461	Non-Profit	347,600	9/20/2082	9/20/2082
9	Marriott Marquis San Diego Marina	1,366	Public	7,650,541	11/30/2061	11/30/2083
10	Newark Liberty International Airport Marriott	591	Public	2,676,119	12/31/2055	12/31/2055
11	Philadelphia Airport Marriott	419	Public	1,504,633	6/29/2045	6/29/2045
12	San Antonio Marriott Rivercenter	1,000	Private	700,000	12/31/2033	12/31/2063
13	San Francisco Marriott Marquis	1,500	Public	1,500,000	8/25/2046	8/25/2076
14	Santa Clara Marriott	766	Private	100,025	11/30/2028	11/30/2058
15	Tampa Airport Marriott	298	Public	1,545,291	12/31/2043	12/31/2043
16	The Ritz-Carlton, Marina del Rey	304	Public	2,078,916	7/29/2067	7/29/2067
17	The Ritz-Carlton, Tysons Corner	398	Private	1,043,459	6/30/2112	6/30/2112
18	The Westin Cincinnati	456	Public	— (3)	12/31/2094	12/31/2124
19	The Westin South Coast Plaza, Costa Mesa (4)	393	Private	178,160	9/30/2025	9/30/2025
	Weighted average remaining lease term (assuming all extension options)		49 years
	Percentage of leases (based on room count) with Public/Private/Non-Profit lessors		71% / 22% / 7%

(1)Exercise of Host’s option to extend is subject to certain conditions, including the existence of no defaults and subject to any applicable rent escalation or rent re-negotiation provisions.

(2)The lease was amended in 2024 resulting in extension of the term and an upfront payment for the extension. No further rental payments are required for the remainder of the lease term.

(3)Effective April 1, 2024, the ground lease for The Westin Cincinnati was amended and restated. As a result, the revised minimum rent is $0 from the effective date through December 31, 2025,

subsequently increasing to $100,000 by 2030.

(4)We have reached a preliminary agreement with the Lessor for an extension on the lease term, however there can be no assurance that the agreement will be executed and under the terms

negotiated.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

SAN FRANCISCO MARRIOTT MARQUIS

Comparative Capitalization

(in millions, except security pricing and per share amounts)


	As of	As of	As of	As of	As of
	December 31,	September 30,	June 30,	March 31,	December 31,
Shares/Units	2024	2024	2024	2024	2023
Common shares outstanding	699.1	699.0	702.3	705.0	703.6
Common shares outstanding assuming conversion of OP Units (1)	708.5	708.4	711.9	714.7	713.3
Preferred OP Units outstanding	0.01	0.01	0.01	0.01	0.01

Security pricing
Common stock at end of quarter (2)	$17.52	$17.60	$17.98	$20.68	$19.47
High during quarter	19.07	18.86	20.72	21.15	20.17
Low during quarter	17.24	15.92	17.79	19.17	15.05


Capitalization
Market value of common equity (3)	$12,413	$12,468	$12,800	$14,780	$13,888
Consolidated debt	5,083	5,081	4,396	4,510	4,209
Less: Cash	(554)	(564)	(805)	(1,349)	(1,144)
Consolidated total capitalization	16,942	16,985	16,391	17,941	16,953
Plus: Share of debt in unconsolidated investments	240	233	233	238	208
Pro rata total capitalization	$17,182	$17,218	16,624	18,179	17,161

	Quarter ended	Quarter ended	Quarter ended	Quarter ended	Quarter ended
	December 31,	September 30,	June 30,	March 31,	December 31,
	2024	2024	2024	2024	2023
Dividends declared per common share	$0.30	$0.20	$0.20	$0.20	$0.45

(1)Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023,

there were 9.2 million, 9.3 million, 9.4 million, 9.5 million, and 9.5 million in common OP Units, respectively, held by non-controlling interests.

(2)Share prices are the closing price as reported by the NASDAQ.

(3)Market value of common equity is calculated as the number of common shares outstanding including assumption of conversion of OP units multiplied the closing share price on that day.

Consolidated Debt Summary

(in millions)


Debt
Senior debt	Rate	Maturity date	December 31, 2024	December 31, 2023
Series E	4%	6/2025	$500	$499
Series F	4 ½%	2/2026	399	399
Series G	3 ⅞%	4/2024	—	400
Series H	3 ⅜%	12/2029	644	643
Series I	3 ½%	9/2030	740	738
Series J	2.9%	12/2031	442	441
Series K	5.7%	7/2034	585	—
Series L	5.5%	4/2035	683	—
2027 Credit facility term loan	5.3%	1/2027	499	499
2028 Credit facility term loan	5.3%	1/2028	499	498
Credit facility revolver (1)	—%	1/2027	(6)	(8)
			4,985	4,109
Mortgage and other debt
Mortgage and other debt	4.67%	11/2027	98	100
Total debt(2)(3)			$5,083	$4,209
Percentage of fixed rate debt			80%	76%
Weighted average interest rate			4.7%	4.5%
Weighted average debt maturity			5.2years	4.2 years

Credit Facility
Total capacity			$1,500
Available capacity			1,495

Consolidated assets encumbered by mortgage debt			1

(1)There are no outstanding credit facility borrowings at December 31, 2024 and 2023. Amount shown represents deferred financing costs related to the credit facility revolver.

(2)In accordance with GAAP, total debt includes the debt of entities that we consolidate, but of which we do not own 100%, and excludes the debt of entities that we do not consolidate, but of

which we have a non-controlling ownership interest and record our investment therein under the equity method of accounting. As of December 31, 2024, our share of debt in unconsolidated

investments is $240 million and none of our debt is attributable to non-controlling interests.

(3)Total debt as of December 31, 2024 and December 31, 2023, includes net discounts and deferred financing costs of $63 million and $39 million, respectively.

Consolidated Debt Maturity as of December 31, 2024

(in millions)

(1)The first term loan that is due in 2027 has an extension option that would extend maturity of the instrument to 2028, subject to meeting certain conditions, including payment of a fee. The

second term loan tranche that is due in 2028 does not have an extension option.

(2)Mortgage and other debt excludes principal amortization of $2 million each year from 2024-2027 for the mortgage loan that matures in 2027.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

1 HOTEL SOUTH BEACH

Financial Covenants: Credit Facility and Senior Notes Financial Performance Tests

(unaudited, in millions, except ratios)

On January 4, 2023, we amended our Credit Facility agreement. The covenant requirements are consistent with previous amendment covenant levels:


Leverage Ratio	Maximum 7.25x
Fixed Charge Coverage Ratio	Minimum 1.25x
Unsecured Interest Coverage Ratio	Minimum 1.75x (1)

Covenant ratios are calculated using Host’s credit facility and senior notes definitions. See the subsequent pages for a reconciliation of the equivalent GAAP

measure. The GAAP ratio is not relevant for the purpose of the financial covenants.

The following tables present the financial performance tests for our credit facility and senior notes as of:


		December 31, 2024
Credit Facility Financial Performance Tests	Permitted	GAAP Ratio	Covenant Ratio
Leverage Ratio	Maximum 7.25x	7.2x	2.7x
Unsecured Interest Coverage Ratio	Minimum 1.75x(1)	3.3x	7.0x
Consolidated Fixed Charge Coverage Ratio	Minimum 1.25x	3.3x	5.5x


		December 31, 2024
Bond Compliance Financial Performance Tests	Permitted	GAAP Ratio	Covenant Ratio
Indebtedness Test	Maximum 65%	39%	23%
Secured Indebtedness Test	Maximum 40%	<1%	<1%
EBITDA-to-interest Coverage ratio (2)	Minimum 1.5x	3.3x	7.0x
Ratio of Unencumbered Assets to Unsecured Indebtedness	Minimum 150%	257%	438%

(1)If the leverage ratio is greater than 7.0x, then the unsecured interest coverage ratio minimum will decrease to 1.50x.

(2)The GAAP ratio is based on net income, while the covenant ratio is based on EBITDA. See subsequent pages for a reconciliation of net income to EBITDA.

Financial Covenants: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio

(unaudited, in millions, except ratios)


		Year ended
		December 31, 2024
Net income		$707
Interest expense		215
Depreciation and amortization		762
Income taxes		14
EBITDA		1,698
Equity in earnings of affiliates		(7)
Pro rata EBITDAre of equity investments		35
EBITDAre		1,726
Gain on property insurance settlement		(70)
Adjusted EBITDAre		1,656
Pro Forma EBITDA - Acquisitions		42
Restricted stock expense and other non-cash items		24
Non-cash partnership adjustments		(16)
Adjusted Credit Facility EBITDA		$1,706

The following tables present the calculation of our leverage ratio using GAAP measures and as used in the financial covenants of the credit facility.


		GAAP Leverage Ratio
		Year ended
		December 31, 2024
Debt		$5,083
Net income		707
GAAP Leverage Ratio		7.2x


		Leverage Ratio per Credit Facility
		Year ended
		December 31, 2024
Net debt (1)		$4,630
Adjusted Credit Facility EBITDA (2)		1,706
Leverage Ratio		2.7x

(1)The following presents the reconciliation of debt to net debt per our credit facility definition:


		December 31, 2024
Debt		$5,083
Less: Unrestricted cash over $100 million		(453)
Net debt per credit facility definition		$4,630

(2)The following presents the reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted EBITDA per our credit facility definition in

determining leverage ratio:

Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit

Facility Unsecured Interest Coverage Ratio

(unaudited, in millions, except ratios)

The following tables present the calculation of our unsecured interest coverage ratio using GAAP measures and as used in the financial covenants of the credit facility:


	Unsecured Interest Coverage per Credit Facility Ratio
	Year ended
	December 31, 2024
Unencumbered consolidated EBITDA per credit facility definition (1)	$1,698
Adjusted Credit Facility unsecured interest expense (2)	241
Unsecured Interest Coverage Ratio	7.0x


	GAAP Interest Coverage Ratio
	Year ended
	December 31, 2024
Net income	$707
Interest expense	215
GAAP Interest Coverage Ratio	3.3x

(1)The following reconciles Adjusted Credit Facility EBITDA to Unencumbered Consolidated EBITDA per our credit facility definition. See Reconciliation of GAAP

Leverage Ratio to Credit Facility Leverage Ratio for calculation and reconciliation of net income to Adjusted Credit Facility EBITDA:


		Year ended
		December 31, 2024
Adjusted Credit Facility EBITDA		$1,706
Less: Encumbered EBITDA		(9)
Corporate overhead allocated to encumbered assets		1
Unencumbered Consolidated EBITDA per credit facility definition		$1,698

(2)The following reconciles GAAP interest expense to unsecured interest expense per our credit facility definition:


		Year ended
		December 31, 2024
GAAP Interest expense		$215
Interest on secured debt		(4)
Deferred financing cost amortization		(7)
Capitalized interest		10
Pro forma interest adjustments		27
Adjusted Credit Facility Unsecured Interest Expense		$241


		Year ended
		December 31, 2024
GAAP Interest expense		$215
Interest on secured debt		(4)
Deferred financing cost amortization		(7)
Capitalized interest		10
Pro forma interest adjustments		27
Adjusted Credit Facility Unsecured Interest Expense		$241

Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit

Facility Fixed Charge Coverage Ratio

(unaudited, in millions, except ratios)

The following tables present the calculation of our GAAP Interest coverage ratio and our fixed charge coverage ratio as used in the financial covenants of the

credit facility:


	GAAP Fixed Charge Coverage Ratio
	Year ended
	December 31, 2024
Net income	$707
Interest expense	215
GAAP Fixed Charge Coverage Ratio	3.3x


	Credit Facility Fixed Charge Coverage Ratio
	Year ended
	December 31, 2024
Credit Facility Fixed Charge Coverage Ratio EBITDA (1)	$1,413
Fixed charges (2)	258
Credit Facility Fixed Charge Coverage Ratio	5.5x

(1)The following reconciles Adjusted Credit Facility EBITDA to Credit Facility Fixed Charge Coverage Ratio EBITDA. See Reconciliation of GAAP Leverage Ratio to


		Year ended
		December 31, 2024
Adjusted Credit Facility EBITDA		$1,706
Less: 5% of hotel property gross revenue		(292)
Less: 3% of revenues from other real estate		(1)
Credit Facility Fixed Charge Coverage Ratio EBITDA		$1,413


		Year ended
		December 31, 2024
Adjusted Credit Facility EBITDA		$1,706
Less: 5% of hotel property gross revenue		(292)
Less: 3% of revenues from other real estate		(1)
Credit Facility Fixed Charge Coverage Ratio EBITDA		$1,413

Credit Facility Leverage Ratio for calculation and reconciliation of Adjusted Credit Facility EBITDA:

(2)The following table calculates the fixed charges per our credit facility definition. See Reconciliation of GAAP Interest Coverage Ratio to Credit Facility


		Year ended
		December 31, 2024
Adjusted Credit Facility Unsecured Interest Expense		$241
Interest on secured debt		4
Adjusted Credit Facility Interest Expense		245
Scheduled principal payments		2
Cash taxes on ordinary income		11
Fixed Charges		$258


		Year ended
		December 31, 2024
Adjusted Credit Facility Unsecured Interest Expense		$241
Interest on secured debt		4
Adjusted Credit Facility Interest Expense		245
Scheduled principal payments		2
Cash taxes on ordinary income		11
Fixed Charges		$258

Unsecured Interest Coverage Ratio for reconciliation of GAAP interest expense to adjusted unsecured interest expense per our credit facility definition:

Financial Covenants: Reconciliation of GAAP Indebtedness Test to Senior Notes

Indenture Indebtedness Test

(unaudited, in millions, except ratios)

The following tables present the calculation of our total indebtedness to total assets using GAAP measures and as used in the financial covenants of our senior


		GAAP Total Indebtedness to Total Assets
		December 31, 2024
Debt		$5,083
Total assets		13,048
GAAP Total Indebtedness to Total Assets		39%


		Total Indebtedness to Total Assets per Senior Notes Indenture
		December 31, 2024
Adjusted indebtedness (1)		$5,112
Adjusted total assets (2)		22,406
Total Indebtedness to Total Assets		23%


		December 31, 2024
Debt		$5,083
Add: Deferred financing costs		31
Less: Mark-to-market on assumed mortgage		(2)
Adjusted Indebtedness per Senior Notes Indenture		$5,112


		December 31, 2024
Total assets		$13,048
Add: Accumulated depreciation		9,900
Add: Prior impairment of assets held		11
Add: Inventory impairment at unconsolidated investment		12
Less: Intangibles		(6)
Less: Right-of-use assets		(559)
Adjusted Total Assets per Senior Notes Indenture		$22,406

notes indenture:

(1)The following reconciles our GAAP total indebtedness to our total indebtedness per our senior notes indenture:

(2)The following presents the reconciliation of total assets to adjusted total assets per the financial covenants of our senior notes indenture definition:

Financial Covenants: Reconciliation of GAAP Secured Indebtedness Test to

Senior Notes Indenture Secured Indebtedness Test

(unaudited, in millions, except ratios)

The following table presents the calculation of our secured indebtedness using GAAP measures and as used in the financial covenants of our senior notes

indenture:


		GAAP Secured Indebtedness
		December 31, 2024
Mortgage and other secured debt		$98
Total assets		13,048
GAAP Secured Indebtedness to Total Assets		<1%


		Secured Indebtedness per Senior Notes Indenture
		December 31, 2024
Secured indebtedness (1)		$96
Adjusted total assets (2)		22,406
Secured Indebtedness to Total Assets		<1%

(1)The following presents the reconciliation of mortgage debt to secured indebtedness per the financial covenants of our senior notes indenture definition:


		December 31, 2024
Mortgage and other secured debt		$98
Less: Mark-to-market on assumed mortgage		(2)
Secured Indebtedness		$96

(2)See Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Assets to Adjusted Total Assets per

our senior notes indenture.

Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Senior

Notes Indenture EBITDA-to-Interest Coverage Ratio

(unaudited, in millions, except ratios)

The following tables present the calculation of our interest coverage ratio using our GAAP measures and as used in the financial covenants of the senior notes


		GAAP Interest Coverage Ratio
		Year ended
		December 31, 2024
Net income		$707
Interest expense		215
GAAP Interest Coverage Ratio		3.3x


		EBITDA to Interest Coverage Ratio
		Year ended
		December 31, 2024
Adjusted Credit Facility EBITDA (1)		$1,706
Non-controlling interest adjustment		2
Adjusted Senior Notes EBITDA		1,708
Adjusted Credit Facility Interest Expense (2)		245
Adjusted Senior Notes Interest Expense		$245
EBITDA to Interest Coverage Ratio		7.0x

indenture:

(1)See Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio for the calculation of Adjusted Credit Facility EBITDA and reconciliation to net

income.

(2)See Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio for the calculation of Adjusted Credit Facility interest

expense and reconciliation to GAAP interest expense.

Financial Covenants: Reconciliation of GAAP Assets to Indebtedness Test to

Senior Notes Unencumbered Assets to Unsecured Indebtedness Test

(unaudited, in millions, except ratios)

The following tables present the calculation of our total assets to total debt using GAAP measures and unencumbered assets to unsecured debt as used in the


		GAAP Assets / Debt
		December 31, 2024
Total assets		$13,048
Total debt		5,083
GAAP Total Assets / Total Debt		257%


		Unencumbered Assets / Unsecured Debt per Senior Notes Indenture
		December 31, 2024
Unencumbered Assets (1)		$21,972
Unsecured Debt (2)		5,016
Unencumbered Assets / Unsecured Debt		438%


		December 31, 2024
Adjusted total assets (a)		$22,406
Less: Partnership adjustments		(166)
Less: Inventory impairment at unconsolidated investment		(12)
Less: Encumbered Assets		(256)
Unencumbered Assets		$21,972

financial covenants of our senior notes indenture:

(1)The following presents the reconciliation of adjusted total assets to unencumbered assets per the financial covenants of our senior notes indenture definition:

(a)See reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Assets to Adjusted Total Assets per

our senior notes indenture.

(2)The following presents the reconciliation of total debt to unsecured debt per the financial covenants of our senior notes indenture definition:


		December 31, 2024
Adjusted indebtedness (b)		$5,112
Less: Secured indebtedness (c)		(96)
Unsecured Debt		$5,016


		December 31, 2024
Adjusted indebtedness (b)		$5,112
Less: Secured indebtedness (c)		(96)
Unsecured Debt		$5,016

(b)See reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Debt to Adjusted Indebtedness per

our senior notes indenture.

(c)See reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test for the reconciliation of mortgage and other

secured debt to senior notes secured indebtedness.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

GRAND HYATT WASHINGTON

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

FORECASTS

Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and comparable hotel

results are forward-looking statements and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors

which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations

reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will not be

materially different. Risks that may affect these assumptions and forecasts include the following: potential changes in overall economic outlook make it

inherently difficult to forecast the level of RevPAR; the amount and timing of debt payments may change significantly based on market conditions, which will

directly affect the level of interest expense and net income; the amount and timing of transactions involving shares of our common stock may change based on

market conditions; and other risks and uncertainties associated with our business described herein and in our annual report on Form 10-K, quarterly reports on

Form 10-Q and current reports on Form 8-K filed with the SEC.

COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS

To facilitate a year-to-year comparison of our operations, we present certain operating statistics (i.e., Total RevPAR, RevPAR, average daily rate and average

occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in our reports on a comparable hotel basis

in order to enable our investors to better evaluate our operating performance. We define our comparable hotels as those that: (i) are owned or leased by us as of

the reporting date and are not classified as held-for-sale; and (ii) have not sustained substantial property damage or business interruption, or undergone large-

scale capital projects, in each case requiring closures lasting one month or longer (as further defined below), during the reporting periods being compared.

We make adjustments to include recent acquisitions to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison

includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. Additionally, operating results of hotels that

we sell are excluded from the comparable hotel set once the transaction has closed or the hotel is classified as held-for-sale.

The hotel business is capital-intensive and renovations are a regular part of the business. Generally, hotels under renovation remain comparable hotels. A large-

scale capital project would cause a hotel to be excluded from our comparable hotel set if it requires the entire property to be closed to hotel guests for one

month or longer.

Similarly, hotels are excluded from our comparable hotel set from the date that they sustain substantial property damage or business interruption if it requires

the property to be closed to hotel guests for one month or longer. In each case, these hotels are returned to the comparable hotel set when the operations of the

hotel have been included in our consolidated results for one full calendar year after the hotel has reopened. Often, related to events that cause property damage

and the closure of a hotel, we will collect business interruption insurance proceeds for the near-term loss of business. These proceeds are included in net gain on

insurance settlements on our condensed consolidated statements of operations. Business interruption insurance gains covering lost revenues while the property

was considered non-comparable also will be excluded from the comparable hotel results.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS (continued)

Of the 81 hotels that we owned as of December 31, 2024, 78 have been classified as comparable hotels. The operating results of the following properties that we

owned as of December 31, 2024 are excluded from comparable hotel results for these periods:

•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024);

•Alila Ventana Big Sur (business disruption due to the collapse of a portion of Highway 1, causing closure of the hotel beginning in March 2024, reopened

in May 2024);

•The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023); and

•Sales and marketing expenses related to the development and sale of condominium units on a development parcel adjacent to Four Seasons Resort

Orlando at Walt Disney World® Resort.

NON-GAAP FINANCIAL MEASURES

Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that

are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share

(both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre, (iv) Comparable Hotel Operating Statistics and Results, (v) Credit Facility Financial

Performance Tests, and (vi) Senior Notes Financial Performance Tests. The following discussion defines these measures and presents why we believe they are

useful supplemental measures of our performance.

NAREIT FFO AND NAREIT FFO PER DILUTED SHARE

We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in

accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for

the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. As noted in

NAREIT’s Funds From Operations White Paper – 2018 Restatement, NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding

depreciation and amortization related to certain real estate assets, gains and losses from the sale of certain real estate assets, gains and losses from change in

control, impairment expense of certain real estate assets and investments and adjustments for consolidated partially owned entities and unconsolidated

affiliates. Adjustments for consolidated partially owned entities and unconsolidated affiliates are calculated to reflect our pro rata share of the FFO of those

entities on the same basis.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

We believe that NAREIT FFO per diluted share is a useful supplemental measure of our operating performance and that the presentation of NAREIT FFO per

diluted share, when combined with the primary GAAP presentation of diluted earnings per share, provides beneficial information to investors. By excluding the

effect of real estate depreciation, amortization, impairment expense and gains and losses from sales of depreciable real estate, all of which are based on

historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons

of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly

to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably

over time. As noted by NAREIT in its Funds From Operations White Paper – 2018 Restatement, the primary purpose for including FFO as a supplemental measure

of operating performance of a REIT is to address the artificial nature of historical cost depreciation and amortization of real estate and real estate-related assets

mandated by GAAP. For these reasons, NAREIT adopted the FFO metric in order to promote a uniform industry-wide measure of REIT operating performance.

ADJUSTED FFO PER DILUTED SHARE

We also present Adjusted FFO per diluted share when evaluating our performance because management believes that the exclusion of certain additional items

described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the

adjustments detailed below in evaluating our performance, in our annual budget process and for our compensation programs. We believe that the presentation

of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of diluted earnings per share and FFO per diluted share as defined

by NAREIT, provides useful supplemental information that is beneficial to an investor’s understanding of our operating performance. We adjust NAREIT FFO per

diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share:

•Gains and Losses on the Extinguishment of Debt – We exclude the effect of finance charges and premiums associated with the extinguishment of debt,

including the acceleration of the write-off of deferred financing costs from the original issuance of the debt being redeemed or retired and incremental

interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with

the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs.

•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the

year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.

•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the

ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.

•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are

reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs

incurred as part of a broad- based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred

at a specific hotel due to a broad- based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance

costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

•Effective January 1, 2025, we will exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash transaction and the

add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior notes indentures and

consistent with the presentation of Adjusted FFO per diluted share for the majority of other lodging REIT filers. In 2024, this amount totaled $24 million.

In unusual circumstances, we also may adjust NAREIT FFO for gains or losses that management believes are not representative of the Company’s current

operating performance. For example, in 2017, as a result of the reduction of the U.S. federal corporate income tax rate from 35% to 21% by the Tax Cuts and Jobs

Act, we remeasured our domestic deferred tax assets as of December 31, 2017 and recorded a one-time adjustment to reduce our deferred tax assets and to

increase the provision for income taxes by approximately $11 million. We do not consider this adjustment to be reflective of our ongoing operating performance

and, therefore, we excluded this item from Adjusted FFO.

EBITDA

Earnings before Interest Expense, Income Taxes, Depreciation and Amortization (“EBITDA”) is a commonly used measure of performance in many industries.

Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the

ongoing operating performance of our properties after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base

(primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel

owners that are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in

determining the value of acquisitions and dispositions and, like FFO and Adjusted FFO per diluted share, it is widely used by management in the annual budget

process and for our compensation programs.

Hotel EBITDA. When presenting EBITDA at the hotel-level in the presentation of our Top 40 Hotels by Total RevPAR , we may also add back certain costs that are

not reflective of the ongoing operations of our properties, such as one-time transition costs when changing managers or converting the brand of a hotel, or other

costs incurred due to changes in the structure of the operations or related amenities of the hotel. While these costs may be considered normal operations for the

Company as a whole, and therefore included in the Company’s EBITDA, they do not reflect the individual performance of the hotel.

EBITDAre AND ADJUSTED EBITDAre

We present EBITDAre in accordance with NAREIT guidelines, as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and

Amortization for Real Estate,” to provide an additional performance measure to facilitate the evaluation and comparison of the Company’s results with other

REITs. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization,

gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment expense for depreciated property and of

investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata

share of EBITDAre of unconsolidated affiliates.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described

below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted

EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s understanding of our operating performance.

Adjusted EBITDAre also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDAre for the

following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre:

•Property Insurance Gains and Property Damage Losses – We exclude the effect of property insurance gains reflected in our condensed consolidated

statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our

assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection

with the calculation of the property insurance gain often does not reflect the market value of real estate assets. Similarly, losses from property damage

or remediation costs that are not covered through insurance are excluded.

•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the

year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.

•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the

ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.

•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are

reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs

incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred

at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance

costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.

•Effective January 1, 2025, we will exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash transaction and the

add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior notes indentures and

consistent with the presentation of Adjusted EBITDAre for the majority of other lodging REIT filers. In 2024, this amount totaled $24 million.

In unusual circumstances, we also may adjust EBITDAre for gains or losses that management believes are not representative of the Company’s current operating

performance. The last adjustment of this nature was a 2013 exclusion of a gain from an eminent domain claim.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

LIMITATIONS ON THE USE OF NAREIT FFO PER DILUTED SHARE, ADJUSTED FFO PER DILUTED SHARE, EBITDA, EBITDAre AND ADJUSTED

EBITDAre

We calculate EBITDAre and NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures

calculated by other companies that do not use the NAREIT definition of EBITDAre and FFO or do not calculate FFO per diluted share in accordance with NAREIT

guidance. In addition, although EBITDAre and FFO per diluted share are useful measures when comparing our results to other REITs, they may not be helpful to

investors when comparing us to non-REITs. We also calculate Adjusted FFO per diluted share and Adjusted EBITDAre, which measures are not in accordance with

NAREIT guidance and may not be comparable to measures calculated by other REITs or by other companies. This information should not be considered as an

alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP. Cash

expenditures for various long-term assets (such as renewal and replacement capital expenditures), interest expense (for EBITDA, EBITDAre and Adjusted

EBITDAre purposes only), severance expense related to significant property-level reconfiguration and other items have been, and will be, made and are not

reflected in the EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share presentations. Management

compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or

assessments of our operating performance.

Our consolidated statements of operations and consolidated statements of cash flows in the Company’s annual report on Form 10-K and quarterly reports on

Form 10-Q include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well

as the usefulness of our non-GAAP financial measures. Additionally, NAREIT FFO per diluted share, Adjusted FFO per diluted share, EBITDA, EBITDAre and

Adjusted EBITDAre should not be considered as measures of our liquidity or indicative of funds available to fund our cash needs, including our ability to make

cash distributions. In addition, NAREIT FFO per diluted share and Adjusted FFO per diluted share do not measure, and should not be used as measures of,

amounts that accrue directly to stockholders’ benefit.

Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments,

and NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of non-controlling partners in consolidated partnerships. Our

equity investments consist of interests ranging from 11% to 67% in eight domestic and international partnerships that own a total of 40 properties and a vacation

ownership development. Due to the voting rights of the outside owners, we do not control and, therefore, do not consolidate these entities. The non-controlling

partners in consolidated partnerships primarily consist of the approximate 1% interest in Host LP held by unaffiliated limited partners and a 15% interest held by

an unaffiliated limited partner in a partnership owning one hotel for which we do control the entity and, therefore, consolidate its operations. These pro rata

results for NAREIT FFO and Adjusted FFO per diluted share, EBITDAre and Adjusted EBITDAre were calculated as set forth in the definitions above. Readers should

be cautioned that the pro rata results presented in these measures for consolidated partnerships (for NAREIT FFO and Adjusted FFO per diluted share) and equity

investments may not accurately depict the legal and economic implications of our investments in these entities.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

COMPARABLE HOTEL PROPERTY LEVEL OPERATING RESULTS

We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a

comparable hotel, or "same store," basis as supplemental information for our investors. Our comparable hotel results present operating results for our hotels

without giving effect to dispositions or properties that experienced closures due to renovations or property damage, as discussed in “Comparable Hotel

Operating Statistics and Results” above. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our

comparable hotels after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and

amortization expense). Corporate-level costs and expenses also are removed to arrive at property-level results. We believe these property-level results provide

investors with supplemental information about the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by

location and for the Company’s properties in the aggregate. We eliminate from our comparable hotel level operating results severance costs related to broad-

based and significant property-level reconfiguration that is not considered to be within the normal course of business, as we believe this elimination provides

useful supplemental information that is beneficial to an investor’s understanding of our ongoing operating performance. We also eliminate depreciation and

amortization expense because, even though depreciation and amortization expense are property-level expenses, these non-cash expenses, which are based on

historical cost accounting for real estate assets, implicitly assume that the value of real estate assets diminishes predictably over time. As noted earlier, because

real estate values historically have risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost

accounting for operating results to be insufficient.

Because of the elimination of corporate-level costs and expenses, gains or losses on disposition, certain severance expenses and depreciation and amortization

expense, the comparable hotel operating results we present do not represent our total revenues, expenses, operating profit or net income and should not be

used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to

the extent they are material to operating decisions or assessments of our operating performance. Our condensed consolidated statements of operations include

such amounts, all of which should be considered by investors when evaluating our performance.

We present these hotel operating results on a comparable hotel basis because we believe that doing so provides investors and management with useful

information for evaluating the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular,

these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of

operations at comparable hotels (which represent the vast majority of our portfolio) or from other factors. While management believes that presentation of

comparable hotel results is a supplemental measure that provides useful information in evaluating our ongoing performance, this measure is not used to

allocate resources or to assess the operating performance of each of our hotels, as these decisions are based on data for individual hotels and are not based on

comparable hotel results in the aggregate. For these reasons, we believe comparable hotel operating results, when combined with the presentation of GAAP

operating profit, revenues and expenses, provide useful information to investors and management.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

CREDIT FACILITY – LEVERAGE, UNSECURED INTEREST COVERAGE AND CONSOLIDATED FIXED CHARGE COVERAGE RATIOS

Host’s credit facility contains certain financial covenants, including allowable leverage, unsecured interest coverage and fixed charge ratios, which are

determined using EBITDA as calculated under the terms of our credit facility (“Adjusted Credit Facility EBITDA”). The leverage ratio is defined as net debt plus

preferred equity to Adjusted Credit Facility EBITDA. The unsecured interest coverage ratio is defined as unencumbered Adjusted Credit Facility EBITDA to

unsecured consolidated interest expense. The fixed charge coverage ratio is defined as Adjusted Credit Facility EBITDA divided by fixed charges, which include

interest expense, required debt amortization payments, cash taxes and preferred stock payments. These calculations are based on pro forma results for the prior

four fiscal quarters giving effect to transactions such as acquisitions, dispositions and financings as if they occurred at the beginning of the period. The credit

facility also incorporates by reference the ratio of unencumbered assets to unsecured indebtedness test from our senior notes indentures, calculated in the same

manner, and the covenant is discussed below with the senior notes covenants.

Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100

million are deducted from our total debt balance. Management believes these financial ratios provide useful information to investors regarding our compliance

with the covenants in our credit facility and our ability to access the capital markets, in particular debt financing.

SENIOR NOTES INDENTURE – INDEBTEDNESS TEST, SECURED INDEBTEDNESS TO TOTAL ASSETS TEST, EBITDA-TO-INTEREST COVERAGE

RATIO AND RATIO OF UNENCUMBERED ASSETS TO UNSECURED INDEBTEDNESS

Host’s senior notes indentures contains certain financial covenants, including allowable indebtedness, secured indebtedness to total assets, EBITDA-to-interest

coverage and unencumbered assets to unsecured indebtedness. The indebtedness test is defined as adjusted indebtedness, which includes total debt adjusted

for deferred financing costs, divided by adjusted total assets, which includes undepreciated real estate book values (“Adjusted Total Assets”). The secured

indebtedness to total assets is defined as secured indebtedness, which includes mortgage debt and finance leases, divided by Adjusted Total Assets. The

EBITDA-to-interest coverage ratio is defined as EBITDA as calculated under our senior notes indenture (“Adjusted Senior Notes EBITDA”) to interest expense as

defined by our senior notes indenture. The ratio of unencumbered assets to unsecured indebtedness is defined as unencumbered adjusted assets, which

includes Adjusted Total Assets less encumbered assets, divided by unsecured debt, which includes the aggregate principal amount of outstanding unsecured

indebtedness plus contingent obligations.

Under the terms of the senior notes indentures, interest expense excludes items such as the gains and losses on the extinguishment of debt, deferred financing

charges related to the senior notes or the credit facility, amortization of debt premiums or discounts that were recorded at issuance of a loan to establish its fair

value and non-cash interest expense, all of which are included in interest expense on our consolidated statement of operations. As with the credit facility

covenants, management believes these financial ratios provide useful information to investors regarding our compliance with the covenants in our senior notes

indentures and our ability to access the capital markets, in particular debt financing.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

LIMITATIONS ON CREDIT FACILITY AND SENIOR NOTES CREDIT RATIOS

These metrics are useful in evaluating the Company’s compliance with the covenants contained in its credit facility and senior notes indentures. However,

because of the various adjustments taken to the ratio components as a result of negotiations with the Company’s lenders and noteholders they should not be

considered as an alternative to the same ratios determined in accordance with GAAP. For instance, interest expense as calculated under the credit facility and

senior notes indenture excludes the items noted above such as deferred financing charges and amortization of debt premiums or discounts, all of which are

included in interest expense on our consolidated statement of operations. Management compensates for these limitations by separately considering the impact

of these excluded items to the extent they are material to operating decisions or assessments of performance. In addition, because the credit facility and

indenture ratio components are also based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions

and financings as if they occurred at the beginning of the period, they are not reflective of actual performance over the same period calculated in accordance

with GAAP.