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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): August 5, 2026
_________________________________________________________
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


Item 2.02. Results of Operations and Financial Condition.
On August 5, 2026, Host Hotels & Resorts, Inc. issued a press release announcing its financial results for the second quarter ended June 30, 2026. 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.
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
99.2
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: August 5, 2026
 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
hostlogo4color-png_9744a.jpg
 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 the Second Quarter of 2026
Delivered Comparable Hotel RevPAR Growth of 7.0% and Comparable Hotel Total RevPAR Growth of 5.9%
Raises Full Year 2026 Comparable Hotel Total RevPAR and RevPAR Growth Guidance Ranges to 4.75% to 5.25%
BETHESDA, Md; August 5, 2026 – Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for the second quarter of 2026.
OPERATING RESULTS
(unaudited, in millions, except per share and hotel statistics)
Quarter ended
June 30,		 Year-to-date ended June 30,
2026 2025 Percent Change 2026 2025 Percent Change
Revenues $ 1,640  $ 1,586  3.4 % $ 3,285  $ 3,180  3.3 %
Comparable hotel revenues⁽¹⁾
 1,558  1,471  5.9 % 3,102  2,945  5.3 %
Comparable hotel Total RevPAR⁽¹⁾
 417.58  394.27  5.9 % 417.89  396.95  5.3 %
Comparable hotel RevPAR⁽¹⁾
 251.53  235.05  7.0 % 247.84  234.41  5.7 %
Net income $ 241  $ 225  7.1 % $ 742  $ 476  55.9 %
EBITDAre⁽¹⁾
519  491  5.7 % 1,056  999  5.7 %
Adjusted EBITDAre⁽¹⁾
525  496  5.8 % 1,068  1,010  5.7 %
Diluted earnings per common share $ 0.35  $ 0.32  9.4 % $ 1.06  $ 0.67  58.2 %
NAREIT FFO per diluted share⁽¹⁾
 0.62  0.57  8.8 % 1.28  1.20  6.7 %
Adjusted FFO per diluted share⁽¹⁾
 0.63  0.58  8.6 % 1.30  1.21  7.4 %
*Additional detail on the Company’s results, including data for 24 domestic markets, is available in the Second Quarter 2026 Supplemental Financial Information on the Company’s website at www.hosthotels.com.
James F. Risoleo, President and Chief Executive Officer, said, “We are pleased to have delivered a strong second quarter underscoring the success of our capital allocation strategy, the quality of our portfolio, and the continued benefits of reinvesting in our assets. We achieved comparable hotel RevPAR growth of 7.0% for the quarter, driven by solid rate growth across the portfolio, bolstered by the World Cup and broad-based strength in leisure transient demand and group business. Comparable hotel Total RevPAR grew 5.9% year-over-year, driven by leisure transient business as well as increases in food and beverage revenues.
Risoleo continued, "We are encouraged by the durability of demand across our portfolio, as affluent consumers continue to prioritize travel and group demand remains healthy across many of our markets. As a result, we are increasing our 2026 comparable hotel Total RevPAR and RevPAR growth guidance ranges to 4.75% to 5.25% over 2025. We believe our investment-grade balance sheet, strong liquidity, and a diversified portfolio position Host to deliver long-term value, capitalize on favorable industry fundamentals, and selectively pursue growth opportunities.”


_______________________________
(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
August 5, 2026
HIGHLIGHTS:
•Comparable hotel Total RevPAR was $417.58 for the second quarter of 2026, an increase of 5.9% compared to the same period in 2025, driven by increases in room rates and continued growth in food and beverage spend. Growth was broad-based and improved throughout the quarter with markets both hosting and not hosting FIFA World Cup matches demonstrating solid revenue performance. Comparable hotel Total RevPAR year-to-date in 2026 was $417.89, an increase of 5.3%.
•Comparable hotel RevPAR was $251.53, an increase of 7.0%, compared to the same period in 2025, primarily due to increases in room rates, driven by strong transient leisure business, particularly at resorts and in connection with the FIFA World Cup matches, and robust group business. Comparable hotel RevPAR year-to-date in 2026 was $247.84, an increase of 5.7%.
•GAAP net income was $241 million, a 7.1% increase compared to the second quarter of 2025, reflecting GAAP operating profit margin of 17.9%, an improvement of 40 basis points compared to the second quarter of 2025, as higher room rates offset wage expense increases and a $9 million decrease in net gains on insurance settlements. Year-to-date, GAAP net income was $742 million, a 55.9% increase compared to 2025, benefitting from gains on asset sales and GAAP operating profit margin of 18.6%, an improvement of 90 basis points compared to 2025.
•Comparable hotel EBITDA was $497 million, an increase of 7.8% compared to the second quarter of 2025, reflecting a comparable hotel EBITDA margin increase of 60 basis points to 31.9% due to improvements in operations, largely driven by average room rate increases, which offset increases in wage expense, higher incentive management fees, and reductions in operating profit guarantee payments and attrition and cancellation fees over the same period in 2025. Year-to-date, comparable hotel EBITDA was $1,002 million, an increase of 7.4% compared to 2025, while comparable hotel EBITDA margin increased 60 basis points to 32.3%.
•Adjusted EBITDAre was $525 million, an increase of 5.8% compared to the second quarter of 2025. Results benefited from improved operations and comparable hotel EBITDA margins, which more than offset declines due to the sale of six hotels in 2025 and 2026. In addition, the sale of seven villas at the recently completed development adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort contributed $8 million to net income and Adjusted EBITDAre. Year-to-date Adjusted EBITDAre was $1,068 million, exceeding 2025 by 5.7%.
BALANCE SHEET
The Company maintains a robust balance sheet, with the following balances at June 30, 2026:
•Total assets of $13.3 billion.
•Debt balance of $5.1 billion, with a weighted average maturity of 4.7 years, a weighted average interest rate of 4.8%, and no maturities in 2026.
•Total available liquidity of approximately $3.6 billion, including furniture, fixtures and equipment escrow reserves of $156 million and $1.5 billion available under the revolver portion of the credit facility. The payment of the second quarter regular and special dividend on July 15 reduced the cash balance by $630 million.
DIVIDENDS
The Company paid a second quarter common stock cash dividend of $0.92 per share on July 15, 2026 to stockholders of record on June 30, 2026. The dividend included a $0.72 per share special dividend representing the distribution of the approximately $500 million taxable gain resulting from the Four Seasons sales completed in the first quarter of 2026. All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors.
HOTEL BUSINESS MIX UPDATE
The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 34%, and 5%, respectively, of its full year 2025 room sales.
© Host Hotels & Resorts, Inc.
PAGE 2 OF 25
HOST HOTELS & RESORTS, INC. NEWS RELEASE
August 5, 2026
The following are the results for transient, group and contract business in comparison to 2025 performance, for the Company's current portfolio:
Quarter ended June 30, 2026 Year-to-date ended June 30, 2026
Transient Group Contract Transient Group Contract
Room nights (in thousands) 1,487  1,093  215  2,773  2,199  419 
Percent change in room nights vs. same period in 2025 (0.7 %) 3.5 % 3.4 % (0.6 %) 2.1 % 5.6 %
Rooms revenues (in millions) $ 559  $ 332  $ 48  $ 1,057  $ 688  $ 95 
Percent change in revenues vs. same period in 2025 6.9 % 7.4 % 6.6 % 6.2 % 4.8 % 8.5 %
CAPITAL EXPENDITURES
The following presents the Company’s capital expenditures spend through the second quarter of 2026 and the forecast for the full year 2026 (in millions):
Year-to-date ended June 30, 2026
2026 Full Year Forecast
Actual Low-end of range High-end of range
ROI - Marriott and Hyatt Transformational Capital Programs $ 73  $ 175  $ 200 
All other return on investment ("ROI") projects 30  75  85 
Total ROI Projects 103  250  285 
Renewals and Replacements ("R&R") 138  275  315 
R&R and ROI Capital expenditures 241  525  600 
R&R - Property Damage Reconstruction 2  25  30 
Total Capital Expenditures $ 243  $ 550  $ 630 
Inventory spend for condo development(1)
16  17  17 
Total capital allocation $ 259  $ 567  $ 647 
__________
(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 forecast property damage reconstruction includes estimated spend for damage caused by the Kona Low rainstorm to the Company's properties in Hawaii in March 2026. Remediation efforts are substantially complete, and the hotels remained operational with isolated instances of water damage. The Company is still evaluating the complete property and business interruption impacts of the storm, but currently estimates the total property costs to be approximately $27 million to $32 million, which includes remediation costs of approximately $2 million. The Company expects its insurance coverage to substantially cover the property damage in excess of the insurance deductible.
Under the Hyatt and Marriott Transformational Capital Programs, the Company received $5 million of operating guarantees in the second quarter of 2026 to offset expected business disruption. The Company expects to receive a total of $19 million of operating guarantees in 2026 under the two programs. The transformational renovation at the Grand Hyatt Washington was completed in the second quarter of 2026.
2026 OUTLOOK
In the first half of 2026, the Company saw strong leisure and group demand, which drove an increase in rates. Comparable hotel RevPAR for July also grew approximately 10% over 2025, with a continued boost from the FIFA World Cup games. The 2026 guidance range includes the benefits from the FIFA World Cup as well as improved
© Host Hotels & Resorts, Inc.
PAGE 3 OF 25
HOST HOTELS & RESORTS, INC. NEWS RELEASE
August 5, 2026
expectations in the second half of the year driven by leisure demand and modest improvements to short-term group booking trends. Full year operating profit margins and comparable hotel EBITDA margins are expected to increase slightly compared to 2025, as first half rate improvements offset increases in wage expense, while year-over-year comparisons are expected to moderate, primarily due to lower room rate growth expectations in the second half of the year.
In comparison to 2025, the guidance reflects a reduction in earnings due to the 2026 and 2025 dispositions. The guidance for net income and Adjusted EBITDAre also includes an estimated $16 million to $20 million net contribution from total sales expected to close at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort this year, and remaining sales expected to shift into 2027. Additionally, the final determination on insurance claims related to Hurricanes Helene and Milton is expected in 2026, but no additional amounts from what was received in first quarter are included in guidance.
The Company anticipates its 2026 operating results as compared to 2025 will be in the following range:
Current Full Year 2026 Guidance
Current Full Year 2026 Guidance Change vs. 2025
Previous Full Year 2026 Guidance Change vs. 2025
Change in Full Year 2026 Guidance to the Mid-Point
Comparable hotel Total RevPAR $391 to $392 4.75% to 5.25% 3.5% to 5.0% 75 bps
Comparable hotel RevPAR $234 to $235 4.75% to 5.25% 3.0% to 4.5% 125 bps
Total revenues under GAAP (in millions)
 $6,124 to $6,153 0.2% to 0.6% (0.3%) to 1.1% 0 bps
Operating profit margin under GAAP 14.9% to 15.1% 90 bps to 110 bps 40 bps to 110 bps 20 bps
Comparable hotel EBITDA margin 29.6% to 29.7% 40 bps to 50 bps 20 bps to 50 bps 20 bps
Based upon the above parameters, the Company estimates its 2026 guidance as follows:
Current Full Year 2026 Guidance
Previous Full Year 2026 Guidance
Change in Full Year 2026 Guidance to the Mid-Point
Net income (in millions) $944 to $962 $908 to $955 $21
Adjusted EBITDAre (in millions)
$1,820 to $1,840 $1,785 to $1,835 $20
Diluted earnings per common share $1.35 to $1.38 $1.30 to $1.37 $0.04
NAREIT FFO per diluted share $2.11 to $2.14 $2.06 to $2.12 $0.02
Adjusted FFO per diluted share $2.15 to $2.18 $2.10 to $2.16 $0.03
See the 2026 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Second Quarter 2026 Supplemental Financial Information for additional detail on the mid-point of full year 2026 guidance.
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 70 properties in the United States and five properties internationally totaling approximately 41,300 rooms. The Company also holds non-controlling interests in seven domestic 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®, W®, The Luxury Collection®, Hyatt®, Fairmont®, 1 Hotels®, Hilton®, 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 strength of lodging demand, the continued recovery in Maui from the 2023 wildfires, and 2026 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 August 5, 2026, 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.
© Host Hotels & Resorts, Inc.
PAGE 4 OF 25
HOST HOTELS & RESORTS, INC. NEWS RELEASE
August 5, 2026
*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 5 OF 25
HOST HOTELS & RESORTS, INC. NEWS RELEASE
August 5, 2026
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 June 30, 2026, 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.
2026 OPERATING RESULTS
PAGE NO.
June 30, 2026 and December 31, 2025
Quarter and Year-to-date ended June 30, 2026 and 2025
Quarter and Year-to-date ended June 30, 2026 and 2025
Hotel Operating Data
2026 FORECAST INFORMATION
© Host Hotels & Resorts, Inc.
PAGE 6 OF 25
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)


June 30,
2026
 December 31, 2025
ASSETS
Property and equipment, net $ 9,639  $ 10,636 
Right-of-use assets 560  560 
Assets held for sale —  34 
Due from managers 110  39 
Advances to and investments in affiliates 299  259 
Furniture, fixtures and equipment replacement fund 156  167 
Notes receivable 114  114 
Other 422  472 
Cash and cash equivalents 1,953  768 
Total assets $ 13,253  $ 13,049 
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes $ 3,990  $ 3,986 
Credit facility, including the term loans of $999
 998  996 
Mortgage and other debt 94  95 
Total debt 5,082  5,077 
Lease liabilities 563  563 
Accounts payable and accrued expenses 736  355 
Due to managers 9  76 
Other 245  246 
Total liabilities 6,635  6,317 
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. 226  171 
Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized, 685.0 million shares and 687.8 million shares issued and outstanding, respectively
 7  7 
Additional paid-in capital 7,159  7,289 
Accumulated other comprehensive loss (66) (68)
Deficit (712) (670)
Total equity of Host Hotels & Resorts, Inc. stockholders 6,388  6,558 
Non-redeemable non-controlling interests—other consolidated partnerships 4  3 
Total equity 6,392  6,561 
Total liabilities, non-controlling interests and equity $ 13,253  $ 13,049 
__________
(1)Please see our Second Quarter 2026 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.
PAGE 7 OF 25
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)

Quarter ended
June 30,		 Year-to-date ended June 30,
2026 2025 2026 2025
Revenues
Rooms $ 954  $ 949  $ 1,897  $ 1,887 
Food and beverage 484  478  1,001  981 
Other 149  159  308  312 
Condominium sales 53  —  79  — 
Total revenues 1,640  1,586  3,285  3,180 
Expenses
Rooms 231  233  455  458 
Food and beverage 311  313  638  636 
Other departmental and support expenses 371  375  744  739 
Management fees 74  70  141  139 
Other property-level expenses 94  107  197  218 
Depreciation and amortization 193  195  383  391 
Cost of goods sold 44  —  65  — 
Corporate and other expenses⁽¹⁾
 29  25  57  56 
Net gain on insurance settlements —  (9) (7) (19)
Total operating costs and expenses 1,347  1,309  2,673  2,618 
Operating profit 293  277  612  562 
Interest income 18  7  30  15 
Interest expense (58) (58) (117) (115)
Other gains (losses) (1) 22  241  26 
Equity in earnings of affiliates 7  4  11  14 
Income before income taxes 259  252  777  502 
Provision for income taxes (18) (27) (35) (26)
Net income 241  225  742  476 
Less: Net income attributable to non-controlling interests (4) (4) (11) (7)
Net income attributable to Host Inc. $ 237  $ 221  $ 731  $ 469 
Basic earnings per common share $ 0.35  $ 0.32  $ 1.07  $ 0.68 
Diluted earnings per common share $ 0.35  $ 0.32  $ 1.06  $ 0.67 
___________
(1)Corporate and other expenses include the following items:
Quarter ended
June 30,		 Year-to-date ended June 30,
2026 2025 2026 2025
General and administrative costs $ 23  $ 20  $ 45  $ 45 
Non-cash stock-based compensation expense 6  5  12  11 
       Total $ 29  $ 25  $ 57  $ 56 
PAGE 8 OF 25
HOST HOTELS & RESORTS, INC.
Earnings per Common Share
(unaudited, in millions, except per share amounts)

Quarter ended June 30, Year-to-date ended June 30,
2026 2025 2026 2025
Net income $ 241  $ 225  $ 742  $ 476 
Less: Net income attributable to non-controlling interests (4) (4) (11) (7)
Net income attributable to Host Inc. $ 237  $ 221  $ 731  $ 469 
Basic weighted average shares outstanding 684.9 692.5 686.2 695.2
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 2.1 1.4 1.9 1.5
Diluted weighted average shares outstanding⁽¹⁾ 687.0  693.9  688.1  696.7 
Basic earnings per common share $ 0.35  $ 0.32  $ 1.07  $ 0.68 
Diluted earnings per common share $ 0.35  $ 0.32  $ 1.06  $ 0.67 
___________
(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 9 OF 25
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels

Comparable Hotel Results by Location(1)
As of June 30, 2026
 Quarter ended June 30, 2026 Quarter ended June 30, 2025
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
Miami 2  1,038  $ 616.76  74.9 % $ 461.81  $ 793.41  $ 539.89  75.7 % $ 408.45  $ 732.84  13.1 % 8.3 %
Maui
 3  1,580  638.22  78.7 % 502.56  799.78  626.40  70.6 % 442.40  723.40  13.6 % 10.6 %
Jacksonville
 1  446  630.70  81.3 % 512.97  1,115.48  591.43  83.3 % 492.44  1,100.34  4.2 % 1.4 %
Florida Gulf Coast 4  1,529  514.48  70.7 % 363.86  793.99  471.48  71.2 % 335.60  755.64  8.4 % 5.1 %
Oahu 2  876  495.33  81.3 % 402.80  679.39  483.12  83.1 % 401.38  608.74  0.4 % 11.6 %
Phoenix 3  1,565  403.93  68.8 % 277.92  660.16  374.07  71.6 % 267.76  659.33  3.8 % 0.1 %
New York 3  2,720  437.16  89.2 % 389.80  572.39  409.04  89.7 % 366.84  542.26  6.3 % 5.6 %
Nashville 2  721  381.10  84.3 % 321.34  540.78  359.88  84.2 % 303.14  507.51  6.0 % 6.6 %
Los Angeles/Orange County 3  1,067  327.75  76.8 % 251.76  381.15  300.14  78.6 % 235.89  361.04  6.7 % 5.6 %
San Diego 3  3,294  310.67  78.0 % 242.20  447.47  302.46  78.9 % 238.56  448.16  1.5 % (0.2 %)
Washington, D.C. (CBD) 4  2,788  336.12  77.3 % 259.86  377.17  332.88  67.0 % 223.12  313.23  16.5 % 20.4 %
San Francisco/San Jose 6  4,162  264.77  73.4 % 194.22  279.47  244.24  72.4 % 176.83  266.41  9.8 % 4.9 %
Boston 2  1,496  349.78  79.4 % 277.73  354.77  329.47  82.3 % 271.06  337.00  2.5 % 5.3 %
Northern Virginia 2  916  291.01  75.8 % 220.55  337.27  280.77  67.8 % 190.41  297.05  15.8 % 13.5 %
Philadelphia 2  810  283.74  83.3 % 236.29  355.28  256.55  85.5 % 219.35  325.22  7.7 % 9.2 %
Orlando 1  2,004  243.69  67.7 % 164.97  423.75  235.65  72.3 % 170.30  424.67  (3.1 %) (0.2 %)
Austin 2  769  246.75  69.8 % 172.16  329.71  228.65  48.7 % 111.26  214.94  54.7 % 53.4 %
Chicago 3  1,562  286.67  83.7 % 239.87  340.59  271.79  78.9 % 214.31  303.52  11.9 % 12.2 %
Houston 4  1,710  220.55  68.3 % 150.69  204.83  211.13  69.2 % 146.16  199.15  3.1 % 2.9 %
Atlanta 2  810  229.73  71.3 % 163.81  276.00  217.16  68.3 % 148.32  258.74  10.4 % 6.7 %
San Antonio 2  1,512  228.58  65.9 % 150.73  231.44  231.54  61.1 % 141.42  222.13  6.6 % 4.2 %
Seattle 2  1,315  259.80  72.6 % 188.68  258.45  249.43  77.6 % 193.66  268.21  (2.6 %) (3.6 %)
New Orleans 1  1,333  195.91  63.3 % 123.98  205.21  201.72  66.0 % 133.12  217.44  (6.9 %) (5.6 %)
Denver 3  1,342  211.99  68.6 % 145.45  219.33  209.77  71.2 % 149.35  231.44  (2.6 %) (5.2 %)
Other 7  2,110  295.45  74.3 % 219.48  332.71  275.92  75.7 % 208.76  317.32  5.1 % 4.9 %
Domestic 69  39,475  339.81  75.2 % 255.42  425.08  321.66  74.2 % 238.66  401.41  7.0 % 5.9 %
International 5  1,499  219.64  67.8 % 149.01  219.29  198.72  70.5 % 140.01  205.53  6.4 % 6.7 %
All Locations 74  40,974  $ 335.83  74.9 % $ 251.53  $ 417.58  $ 317.39  74.1 % $ 235.05  $ 394.27  7.0 % 5.9 %
___________
(1)See the Notes to Financial Information for a discussion of comparable hotel operating statistics. 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.

PAGE 10 OF 25
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Comparable Hotel Results by Location(1)
As of June 30, 2026
 Year-to-date ended June 30, 2026 Year-to-date ended June 30, 2025
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
Miami 2  1,038  $ 673.81  81.0 % $ 545.85  $ 930.88  $ 599.00  79.8 % $ 478.27  $ 826.47  14.1 % 12.6 %
Maui
3  1,580  653.02  78.4 % 511.68  800.33  655.80  72.8 % 477.53  755.82  7.2 % 5.9 %
Jacksonville
 1  446  600.19  77.3 % 464.05  1,053.06  561.58  75.7 % 425.07  965.27  9.2 % 9.1 %
Florida Gulf Coast 4  1,529  608.76  74.9 % 456.15  975.21  559.53  76.3 % 427.18  928.82  6.8 % 5.0 %
Oahu 2  876  495.30  79.0 % 391.44  625.92  483.39  83.4 % 403.28  617.09  (2.9 %) 1.4 %
Phoenix 3  1,565  472.02  75.9 % 358.47  790.62  441.07  76.4 % 337.14  774.12  6.3 % 2.1 %
New York 3  2,720  393.13  84.8 % 333.54  495.64  371.30  84.4 % 313.21  462.74  6.5 % 7.1 %
Nashville 2  721  361.24  80.5 % 290.86  493.61  342.91  82.3 % 282.25  479.52  3.0 % 2.9 %
Los Angeles/Orange County 3  1,067  321.24  77.7 % 249.55  373.11  305.62  78.9 % 241.11  364.68  3.5 % 2.3 %
San Diego 3  3,294  311.73  76.5 % 238.61  455.25  302.22  75.8 % 229.13  440.88  4.1 % 3.3 %
Washington, D.C. (CBD) 4  2,788  321.87  70.1 % 225.77  334.66  333.15  67.1 % 223.51  320.88  1.0 % 4.3 %
San Francisco/San Jose 6  4,162  303.55  71.5 % 216.93  312.99  270.28  68.0 % 183.90  276.02  18.0 % 13.4 %
Boston 2  1,496  303.85  69.5 % 211.11  290.06  288.08  73.6 % 212.12  280.32  (0.5 %) 3.5 %
Northern Virginia 2  916  280.37  72.5 % 203.24  312.46  276.19  66.6 % 184.04  293.21  10.4 % 6.6 %
Philadelphia 2  810  255.68  79.3 % 202.83  306.03  238.28  81.1 % 193.36  293.01  4.9 % 4.4 %
Orlando 1  2,004  256.74  71.9 % 184.70  465.92  248.19  73.6 % 182.65  456.29  1.1 % 2.1 %
Austin 2  769  258.69  68.7 % 177.67  330.14  250.94  58.0 % 145.46  269.61  22.1 % 22.4 %
Chicago 3  1,562  246.91  67.8 % 167.52  243.35  237.69  66.0 % 156.86  226.03  6.8 % 7.7 %
Houston 4  1,710  225.00  71.5 % 160.92  220.30  215.87  71.8 % 154.89  216.34  3.9 % 1.8 %
Atlanta 2  810  226.33  69.8 % 158.01  274.07  219.91  67.8 % 149.07  257.84  6.0 % 6.3 %
San Antonio 2  1,512  235.02  65.5 % 153.94  248.65  230.63  63.7 % 146.88  237.17  4.8 % 4.8 %
Seattle 2  1,315  238.46  64.0 % 152.70  212.26  234.08  66.2 % 155.07  214.18  (1.5 %) (0.9 %)
New Orleans 1  1,333  200.17  63.7 % 127.41  212.03  229.88  68.7 % 157.87  247.55  (19.3 %) (14.3 %)
Denver 3  1,342  201.44  62.0 % 124.95  193.16  198.40  63.4 % 125.86  195.77  (0.7 %) (1.3 %)
Other 7  2,110  301.03  70.5 % 212.29  316.30  288.63  70.1 % 202.27  304.37  5.0 % 3.9 %
Domestic 69  39,475  345.75  72.9 % 252.14  426.41  330.33  72.2 % 238.66  405.47  5.6 % 5.2 %
International 5  1,499  209.22  64.3 % 134.59  192.47  186.40  65.7 % 122.54  171.41  9.8 % 12.3 %
All Locations 74  40,974  $ 341.33  72.6 % $ 247.84  $ 417.89  $ 325.53  72.0 % $ 234.41  $ 396.95  5.7 % 5.3 %
___________
(1)See the Notes to Financial Information for a discussion of comparable hotel operating statistics. 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.

PAGE 11 OF 25
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Results by Location - actual, based on ownership period(1)
As of June 30,
2026 2025 Quarter ended June 30, 2026 Quarter ended June 30, 2025
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
Miami 2  2  $ 616.76  74.9 % $ 461.81  $ 793.41  $ 539.89  75.7 % $ 408.45  $ 732.84  13.1 % 8.3 %
Maui 3  3  638.22  78.7 % 502.56  799.78  626.40  70.6 % 442.40  723.40  13.6 % 10.6 %
Jacksonville 1  1  630.70  81.3 % 512.97  1,115.48  591.43  83.3 % 492.44  1,100.34  4.2 % 1.4 %
Florida Gulf Coast 5  5  506.96  72.8 % 369.21  794.19  463.61  70.4 % 326.40  709.67  13.1 % 11.9 %
Oahu 2  2  495.33  81.3 % 402.80  679.39  483.12  83.1 % 401.38  608.74  0.4 % 11.6 %
Phoenix 3  3  403.93  68.8 % 277.92  660.16  374.07  71.6 % 267.76  659.33  3.8 % 0.1 %
New York 3  3  437.16  89.2 % 389.80  572.39  409.04  89.7 % 366.84  542.26  6.3 % 5.6 %
Nashville 2  2  381.10  84.3 % 321.34  540.78  359.88  84.2 % 303.14  507.51  6.0 % 6.6 %
Los Angeles/Orange County 3  3  327.75  76.8 % 251.76  381.15  300.14  78.6 % 235.89  361.04  6.7 % 5.6 %
San Diego 3  3  310.67  78.0 % 242.20  447.47  302.46  78.9 % 238.56  448.16  1.5 % (0.2 %)
Washington, D.C. (CBD) 4  5  336.12  77.3 % 259.86  377.17  331.57  69.4 % 230.04  319.10  13.0 % 18.2 %
San Francisco/San Jose 6  6  264.77  73.4 % 194.22  279.47  244.24  72.4 % 176.83  266.41  9.8 % 4.9 %
Boston 2  2  349.78  79.4 % 277.73  354.77  329.47  82.3 % 271.06  337.00  2.5 % 5.3 %
Northern Virginia 2  2  291.01  75.8 % 220.55  337.27  280.77  67.8 % 190.41  297.05  15.8 % 13.5 %
Philadelphia 2  2  283.74  83.3 % 236.29  355.28  256.55  85.5 % 219.35  325.22  7.7 % 9.2 %
Orlando 1  2  243.69  67.7 % 164.97  423.75  400.73  71.1 % 285.05  592.11  (42.1 %) (28.4 %)
Austin 2  2  246.75  69.8 % 172.16  329.71  228.65  48.7 % 111.26  214.94  54.7 % 53.4 %
Chicago 3  3  286.67  83.7 % 239.87  340.59  271.79  78.9 % 214.31  303.52  11.9 % 12.2 %
Houston 4  5  220.55  68.3 % 150.69  204.83  223.43  66.8 % 149.18  207.36  1.0 % (1.2 %)
Atlanta 2  2  229.73  71.3 % 163.81  276.00  217.16  68.3 % 148.32  258.74  10.4 % 6.7 %
San Antonio 2  2  228.58  65.9 % 150.73  231.44  231.54  61.1 % 141.42  222.13  6.6 % 4.2 %
Seattle 2  2  259.80  72.6 % 188.68  258.45  249.43  77.6 % 193.66  268.21  (2.6 %) (3.6 %)
New Orleans 1  1  195.91  63.3 % 123.98  205.21  201.72  66.0 % 133.12  217.44  (6.9 %) (5.6 %)
Denver 3  3  211.99  68.6 % 145.45  219.33  209.77  71.2 % 149.35  231.44  (2.6 %) (5.2 %)
Other 7  9  280.14  71.9 % 201.47  304.38  281.32  71.4 % 200.88  307.38  0.3 % (1.0 %)
Domestic 70  75  339.95  75.1 % 255.21  425.78  330.65  73.7 % 243.80  408.52  4.7 % 4.2 %
International 5  5  219.64  67.8 % 149.01  219.29  198.72  70.5 % 140.01  205.53  6.4 % 6.7 %
All Locations 75  80  $ 336.03  74.8 % $ 251.39  $ 418.38  $ 326.28  73.6 % $ 240.22  $ 401.52  4.7 % 4.2 %
___________
(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 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 June 30,
2026 2025 Year-to-date ended June 30, 2026 Year-to-date ended June 30, 2025
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
Miami 2  2  $ 673.81  81.0 % $ 545.85  $ 930.88  $ 599.00  79.8 % $ 478.27  $ 826.47  14.1 % 12.6 %
Maui 3  3  653.02  78.4 % 511.68  800.33  655.80  72.8 % 477.53  755.82  7.2 % 5.9 %
Jacksonville 1  1  600.19  77.3 % 464.05  1,053.06  561.58  75.7 % 425.07  965.27  9.2 % 9.1 %
Florida Gulf Coast 5  5  585.81  75.7 % 443.69  938.69  543.85  69.9 % 380.32  811.16  16.7 % 15.7 %
Oahu 2  2  495.30  79.0 % 391.44  625.92  483.39  83.4 % 403.28  617.09  (2.9 %) 1.4 %
Phoenix 3  3  472.02  75.9 % 358.47  790.62  441.07  76.4 % 337.14  774.12  6.3 % 2.1 %
New York 3  3  393.13  84.8 % 333.54  495.64  371.30  84.4 % 313.21  462.74  6.5 % 7.1 %
Nashville 2  2  361.24  80.5 % 290.86  493.61  342.91  82.3 % 282.25  479.52  3.0 % 2.9 %
Los Angeles/Orange County 3  3  321.24  77.7 % 249.55  373.11  305.62  78.9 % 241.11  364.68  3.5 % 2.3 %
San Diego 3  3  311.73  76.5 % 238.61  455.25  302.22  75.8 % 229.13  440.88  4.1 % 3.3 %
Washington, D.C. (CBD) 4  5  321.87  70.1 % 225.77  334.66  329.87  68.7 % 226.66  320.93  (0.4 %) 4.3 %
San Francisco/San Jose 6  6  303.55  71.5 % 216.93  312.99  270.28  68.0 % 183.90  276.02  18.0 % 13.4 %
Boston 2  2  303.85  69.5 % 211.11  290.06  288.08  73.6 % 212.12  280.32  (0.5 %) 3.5 %
Northern Virginia 2  2  280.37  72.5 % 203.24  312.46  276.19  66.6 % 184.04  293.21  10.4 % 6.6 %
Philadelphia 2  2  255.68  79.3 % 202.83  306.03  238.28  81.1 % 193.36  293.01  4.9 % 4.4 %
Orlando 1  2  304.74  71.3 % 217.21  514.18  418.44  72.2 % 302.25  625.94  (28.1 %) (17.9 %)
Austin 2  2  258.69  68.7 % 177.67  330.14  250.94  58.0 % 145.46  269.61  22.1 % 22.4 %
Chicago 3  3  246.91  67.8 % 167.52  243.35  237.69  66.0 % 156.86  226.03  6.8 % 7.7 %
Houston 4  5  225.11  71.3 % 160.51  219.86  227.88  69.2 % 157.76  222.95  1.7 % (1.4 %)
Atlanta 2  2  226.33  69.8 % 158.01  274.07  219.91  67.8 % 149.07  257.84  6.0 % 6.3 %
San Antonio 2  2  235.02  65.5 % 153.94  248.65  230.63  63.7 % 146.88  237.17  4.8 % 4.8 %
Seattle 2  2  238.46  64.0 % 152.70  212.26  234.08  66.2 % 155.07  214.18  (1.5 %) (0.9 %)
New Orleans 1  1  200.17  63.7 % 127.41  212.03  229.88  68.7 % 157.87  247.55  (19.3 %) (14.3 %)
Denver 3  3  201.44  62.0 % 124.95  193.16  198.40  63.4 % 125.86  195.77  (0.7 %) (1.3 %)
Other 7  9  316.92  67.6 % 214.14  325.12  322.83  66.0 % 213.23  329.30  0.4 % (1.3 %)
Domestic 70  75  349.97  72.7 % 254.52  431.50  341.42  71.5 % 244.24  412.86  4.2 % 4.5 %
International 5  5  209.22  64.3 % 134.59  192.47  186.40  65.7 % 122.54  171.41  9.8 % 12.3 %
All Locations 75  80  $ 345.49  72.4 % $ 250.23  $ 422.97  $ 336.49  71.3 % $ 240.04  $ 404.56  4.2 % 4.6 %
___________
(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.
Schedule of Comparable Hotel Results (1)
(unaudited, in millions, except hotel statistics)

Quarter ended
June 30,		 Year-to-date ended June 30,
2026 2025 2026 2025
Number of hotels 74  74  74  74 
Number of rooms 40,974  40,974  40,974  40,974 
Change in comparable hotel Total RevPAR 5.9 % —  5.3 % — 
Change in comparable hotel RevPAR 7.0 % —  5.7 % — 
Operating profit margin⁽²⁾
 17.9 % 17.5 % 18.6 % 17.7 %
Comparable hotel EBITDA margin⁽²⁾
 31.9 % 31.3 % 32.3 % 31.7 %
Food and beverage profit margin⁽²⁾ 35.7 % 34.5 % 36.3 % 35.2 %
Comparable hotel food and beverage profit margin⁽²⁾
 35.5 % 35.2 % 36.4 % 35.8 %
Net income $ 241  $ 225  $ 742  $ 476 
Depreciation and amortization 193  195  383  391 
Interest expense 58  58  117  115 
Provision for income taxes 18  27  35  26 
Gain on sale of property and corporate level income/expense 5  (8) (225) 1 
Property transaction adjustments⁽³⁾
 —  (24) (11) (58)
Non-comparable hotel results, net⁽⁴⁾
 (10) (12) (27) (18)
Condominium sales (5)
(8) —  (12) — 
Comparable hotel EBITDA⁽¹⁾
 $ 497  $ 461  $ 1,002  $ 933 
___________
(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 Second Quarter 2026 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:
PAGE 14 OF 25
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results (1) (cont.)
(unaudited, in millions, except hotel statistics

Quarter ended June 30, 2026 Quarter ended June 30, 2025
Adjustments Adjustments
GAAP Results Property transaction
adjustments ⁽³⁾ 		Non-comparable hotel
results, net ⁽⁴⁾
Condominium sales (5)
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 $ 954  $ (2) $ (13) $ —  $ —  $ 939  $ 949  $ (62) $ (10) $ —  $ 877 
Food and beverage
 484  (1) (9) —  —  474  478  (25) (5) —  448 
Other 149  —  (4) —  —  145  159  (12) (1) —  146 
Condominium sales 53  —  —  (53) —  —  —  —  —  —  — 
Total revenues 1,640  (3) (26) (53) —  1,558  1,586  (99) (16) —  1,471 
Expenses
Room 231  (1) (3) —  —  227  233  (14) (2) —  217 
Food and beverage
 311  (1) (4) —  —  306  313  (20) (3) —  290 
Other 539  (1) (9) (1) —  528  552  (41) (8) —  503 
Depreciation and amortization
 193  —  —  —  (193) —  195  —  —  (195) — 
Cost of goods sold 44  —  —  (44) —  —  —  —  —  —  — 
Corporate and other expenses
 29  —  —  —  (29) —  25  —  —  (25) — 
Net gain on insurance settlements —  —  —  —  —  —  (9) —  9  —  — 
Total expenses 1,347  (3) (16) (45) (222) 1,061  1,309  (75) (4) (220) 1,010 
Operating Profit - Comparable hotel EBITDA $ 293  $ —  $ (10) $ (8) $ 222  $ 497  $ 277  $ (24) $ (12) $ 220  $ 461 
PAGE 15 OF 25
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results (1) (cont.)
(unaudited, in millions, except hotel statistics)


Year-to-date ended June 30, 2026 Year-to-date ended June 30, 2025
Adjustments Adjustments
GAAP Results Property transaction
adjustments ⁽³⁾ 		Non-comparable hotel
results, net ⁽⁴⁾
Condominium sales (5)
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 $ 1,897  $ (32) $ (25) $ —  $ —  $ 1,840  $ 1,887  $ (135) $ (13) $ —  $ 1,739 
Food and beverage
 1,001  (16) (16) —  —  969  981  (56) (5) —  920 
Other 308  (7) (8) —  —  293  312  (25) (1) —  286 
Condominium sales 79  —  —  (79) —  —  —  —  —  —  — 
Total revenues 3,285  (55) (49) (79) —  3,102  3,180  (216) (19) —  2,945 
Expenses
Room 455  (7) (5) —  —  443  458  (28) (3) —  427 
Food and beverage
 638  (12) (9) —  —  617  636  (42) (4) —  590 
Other 1,082  (25) (15) (2) —  1,040  1,096  (88) (13) —  995 
Depreciation and amortization
 383  —  —  —  (383) —  391  —  —  (391) — 
Cost of goods sold 65  —  —  (65) —  —  —  —  —  —  — 
Corporate and other expenses
 57  —  —  —  (57) —  56  —  —  (56) — 
Net gain on insurance settlements (7) —  7  —  —  —  (19) —  19  —  — 
Total expenses 2,673  (44) (22) (67) (440) 2,100  2,618  (158) (1) (447) 2,012 
Operating Profit - Comparable hotel EBITDA $ 612  $ (11) $ (27) $ (12) $ 440  $ 1,002  $ 562  $ (58) $ (18) $ 447  $ 933 

(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 unaudited 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. 
(5)Includes revenues and costs, including marketing and administrative expenses of approximately $1 million and $2 million for the quarter and year-to-date 2026, respectively, related to the development and sale of condominium units adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort.
PAGE 16 OF 25
HOST HOTELS & RESORTS, INC.
Reconciliation of Net Income to
EBITDA, EBITDAre and Adjusted EBITDAre (1)
(unaudited, in millions)

Quarter ended June 30, Year-to-date ended June 30,
2026 2025 2026 2025
Net income⁽²⁾ $ 241  $ 225  $ 742  $ 476 
Interest expense 58  58  117  115 
Depreciation and amortization 189  195  379  391 
Income taxes 18  27  35  26 
EBITDA⁽²⁾ 506  505  1,273  1,008 
(Gain) loss on dispositions⁽³⁾ 1  (21) (241) (21)
Non-cash impairment expense 4  —  4  — 
Equity investment adjustments:
Equity in earnings of affiliates (7) (4) (11) (14)
Pro rata EBITDAre of equity investments⁽⁴⁾ 15  11  31  26 
EBITDAre⁽²⁾ 519  491  1,056  999 
Adjustments to EBITDAre:
Non-cash stock-based compensation expense 6  5  12  11 
Adjusted EBITDAre⁽²⁾ $ 525  $ 496  $ 1,068  $ 1,010 
___________
(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 year-to-date ended June 30, 2025 include a gain of $4 million from the sale of land adjacent to The Phoenician hotel.
(3)Reflects the sale of four hotels in 2026, including the sale of the Sheraton Parsippany Hotel in the second quarter, and one hotel in 2025.
(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 June 30, Year-to-date ended June 30,
2026 2025 2026 2025
Net income⁽²⁾ $ 241  $ 225  $ 742  $ 476 
Less: Net income attributable to non-controlling interests (4) (4) (11) (7)
Net income attributable to Host Inc. 237  221  731  469 
Adjustments:
(Gain) loss on dispositions⁽³⁾ 1  (21) (241) (21)
Tax on dispositions —  —  5  — 
Depreciation and amortization 189  195  378  390 
Non-cash impairment expense 4  —  4  — 
Equity investment adjustments:
Equity in earnings of affiliates (7) (4) (11) (14)
Pro rata FFO of equity investments⁽⁴⁾ 8  6  19  16 
Consolidated partnership adjustments:
FFO adjustment for non-controlling interests of Host L.P. (3) (2) (2) (5)
NAREIT FFO⁽²⁾ 429  395  883  835 
Adjustments to NAREIT FFO:
Non-cash stock-based compensation expense 6  5  12  11 
Adjusted FFO⁽²⁾ $ 435  $ 400  $ 895  $ 846 
For calculation on a per share basis:⁽⁵⁾
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO 687.0 693.9 688.1 696.7
Diluted earnings per common share $ 0.35  $ 0.32  $ 1.06  $ 0.67 
NAREIT FFO per diluted share $ 0.62  $ 0.57  $ 1.28  $ 1.20 
Adjusted FFO per diluted share $ 0.63  $ 0.58  $ 1.30  $ 1.21 
___________
(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 2026 Forecasts (1)
(unaudited, in millions)

Full Year 2026
Low-end of range High-end of range
Net income $ 944  $ 962 
Interest expense 241  241 
Depreciation and amortization 753  753 
Income taxes 52  54 
EBITDA 1,990  2,010 
Gain on dispositions (241) (241)
Non-cash impairment expense 4  4 
Equity investment adjustments:
Equity in earnings of affiliates (20) (21)
Pro rata EBITDAre of equity investments 61  62 
EBITDAre 1,794  1,814 
Adjustments to EBITDAre:
Non-cash stock-based compensation expense 26  26 
Adjusted EBITDAre $ 1,820  $ 1,840 
Full Year 2026
Low-end of range High-end of range
Net income $ 944  $ 962 
Less: Net income attributable to non-controlling interests (14) (14)
Net income attributable to Host Inc. 930  948 
Adjustments:
Gain on dispositions (241) (241)
Tax on dispositions 5  5 
Depreciation and amortization 752  752 
Non-cash impairment expense 4  4 
Equity investment adjustments:
Equity in earnings of affiliates (20) (21)
Pro rata FFO of equity investments 32  33 
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships (1) (1)
FFO adjustment for non-controlling interests of Host LP (7) (7)
NAREIT FFO 1,454  1,472 
Adjustments to NAREIT FFO:
Non-cash stock-based compensation expense 26  26 
Adjusted FFO $ 1,480  $ 1,498 
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO 688.6 688.6
Diluted earnings per common share $ 1.35  $ 1.38 
NAREIT FFO per diluted share $ 2.11  $ 2.14 
Adjusted FFO per diluted share $ 2.15  $ 2.18 
_______________
(1)The Forecasts are based on the below assumptions:
•Comparable hotel RevPAR will increase 4.75% to 5.25% compared to 2025 for the low and high end of the forecast range. This forecast assumes a continued recovery at our Maui properties from the 2023 wildfires, however the timing of Maui's full recovery remains uncertain.
•Comparable hotel EBITDA margins will increase 40 basis points to 50 basis points compared to 2025 for the low and high end of the forecast comparable hotel RevPAR range, respectively.
•We expect to spend approximately $550 million to $630 million on capital expenditures.
•Assumes no additional dispositions and no acquisitions during the year.
PAGE 19 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 2026 Forecasts (1) (cont.)
(unaudited, in millions)





•This forecast makes no assumptions on the use of the remaining proceeds from the February 2026 Four Seasons sale following the second quarter special dividend and first quarter stock repurchases. We will weigh potential cash uses which may include, subject to market conditions, acquisitions, other investments in our portfolio, continued common stock repurchases or increased dividends, which dividends could be in excess of taxable income. Any additional special dividend will be subject to approval by Host Inc.’s Board of Directors.
•Assumes an approximate $16 million to $20 million contribution to net income and Adjusted EBITDAre from the sale of condominium units.
•Includes $7 million of gain from business interruption proceeds related to hurricane claims already received in 2026, but assumes no further business interruption proceeds during the year.
For a discussion of items that may affect forecast results, see the Notes to Financial Information.
PAGE 20 OF 25
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results for Full Year 2026 Forecasts (1)(2)
(unaudited, in millions)
Full Year 2026
Low-end of range High-end of range
Operating profit margin(3)
14.9 % 15.1 %
Comparable hotel EBITDA margin(3)
29.6 % 29.7 %
Net income $ 944  $ 962 
Depreciation and amortization 757  757 
Interest expense 241  241 
Provision for income taxes 52  54 
Gain on sale of property and corporate level income/expense (199) (200)
Property transaction adjustments(4)
(11) (11)
Non-comparable hotel results, net(5)
(36) (36)
Condominium sales (6)
(16) (20)
Comparable hotel EBITDA(1)
$ 1,732  $ 1,747 
___________
(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 2026 Forecasts" for other forecast assumptions.
(2)Forecast comparable hotel results include 74 hotels (of our 75 hotels owned at June 30, 2026) that we have assumed will be classified as comparable as of December 31, 2026. See footnote (5) 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 Property transaction adjustments Non-comparable hotel
results, net 		Condo-minium sales Depreciation and
corporate level items 		Comparable hotel
Results 		GAAP Results Property transaction adjustments Non-comparable hotel
results, net 		Condo-minium sales Depreciation and
corporate level items 		Comparable hotel
Results
Revenues
Rooms $ 3,575  $ (32) $ (40) $ —  $ —  $ 3,503  $ 3,592  $ (32) $ (40) $ —  $ —  $ 3,520 
Food and beverage 1,827  (16) (29) —  —  1,782  1,833  (16) (29) —  —  1,788 
Other 722  (7) (14) (139) —  562  728  (7) (14) (143) —  564 
Total revenues 6,124  (55) (83) (139) —  5,847  6,153  (55) (83) (143) —  5,872 
Expenses
Hotel expenses 4,219  (44) (54) (6) —  4,115  4,229  (44) (54) (6) —  4,125 
Depreciation and amortization 757  —  —  —  (757) —  757  —  —  —  (757) — 
Cost of goods sold 117  —  —  (117) —  —  117  —  —  (117) —  — 
Corporate and other expenses 126  —  —  —  (126) —  126  —  —  —  (126) — 
Net gain on insurance settlements (7) —  7  —  —  —  (7) —  7  —  —  — 
Total expenses 5,212  (44) (47) (123) (883) 4,115  5,222  (44) (47) (123) (883) 4,125 
Operating Profit - Comparable hotel EBITDA $ 912  $ (11) $ (36) $ (16) $ 883  $ 1,732  $ 931  $ (11) $ (36) $ (20) $ 883  $ 1,747 
(4)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. Forecast data also eliminates results of hotels assumed to be sold during the year.
(5)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. The following property is expected to be non-comparable for full year 2026:
•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025)
(6)    Includes revenues and costs, including marketing and administrative expenses of approximately $6 million, related to the development and sale of condominium units adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort.
PAGE 21 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, earnings and profitability; 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 75 hotels that we owned as of June 30, 2026, 74 have been classified as comparable hotels. The operating results of the following properties that we owned as of June 30, 2026 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, reopened in March 2025); and
•Operations related to the development and sale of condominium units on a development parcel adjacent to the 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, both at the hotel level and company-wide, (iii) EBITDAre and Adjusted EBITDAre, and (iv) 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
PAGE 22 OF 25
HOST HOTELS & RESORTS, INC.
Notes to Financial Information (cont.)
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.
•Non-Cash Stock-Based Compensation - We 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 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.
PAGE 23 OF 25
HOST HOTELS & RESORTS, INC.
Notes to Financial Information (cont.)
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.
•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.
•Non-Cash Stock-Based Compensation - We 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 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.
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.
PAGE 24 OF 25
HOST HOTELS & RESORTS, INC.
Notes to Financial Information (cont.)
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 seven domestic partnerships that own a total of 120 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. 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
Exhibit 99.2
Supplemental Financial Information
hst.jpg
JUNE 30, 2026
andazmauiatwailearesort_93.jpg
ANDAZ MAUI AT WAILEA RESORT
TABLE OF CONTENTS
image_5.jpg
PROPERTY LEVEL DATA AND CORPORATE MEASURES
Comparable Hotel Results 2026 Forecast and Full Year 2025
Ground Lease Summary as of December 31, 2025
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
image_6.jpg
OVERVIEW
PROPERTY LEVEL DATA AND
CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL
FINANCIAL INFORMATION
HOST HOTELS & RESORTS CORPORATE HEADQUARTERS
© Host Hotels & Resorts, Inc.4
image_7.jpg
BAKER'S CAY RESORT KEY LARGO, CURIO COLLECTION BY HILTON
About Host Hotels & Resorts
PREMIER U.S. LODGING REIT
S&P
500
COMPANY
$16.5
BILLION
MARKET CAP(1)
$20.0
BILLION
ENTERPRISE VALUE(1)
LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2)
75
HOTELS
41,300
ROOMS
21
TOP U.S. MARKETS
(1) Based on market cap as of June 30, 2026. See Comparative Capitalization for calculation.
(2) At August 5, 2026.
© Host Hotels & Resorts, Inc.5
Analyst Coverage
BAIRD
Mike Bellisario
414-298-6130
mbellisario@rwbaird.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
BARCLAYS
Rich Hightower
212-526-8768
richard.hightower@barclays.com
EVERCORE ISI
Duane Pfennigwerth
212-497-0817
duane.pfennigwerth@evercoreisi.com
RAYMOND JAMES & ASSOCIATES
RJ Milligan
727-567-2585
rjmilligan@raymondjames.com
BOFA SECURITIES, INC.
Shaun Kelley
646-855-1005
shaun.kelley@baml.com
GREEN STREET ADVISORS
Chris Darling
949-640-8780
cdarling@greenst.com
STIFEL, NICOLAUS & CO.
Simon Yarmak
443-224-1345
yarmaks@stifel.com
BMO CAPITAL MARKETS
Ari Klein
212-885-4103
ari.klein@bmo.com
JEFFERIES
David Katz
212-323-3355
dkatz@jefferies.com
TRUIST
C. Patrick Scholes
212-319-3915
patrick.scholes@suntrust.com
CANTOR FITZGERALD
Richard Anderson
929-441-6927
richard.anderson@cantor.com
JPMORGAN
Daniel Politzer
212-622-0110
daniel.politzer@jpmorgan.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
KOLYITCS
David Abraham
+44 7527 493597
david.abraham@kolytics.com
WELLS FARGO SECURITIES LLC
James Feldman
212-214-5328
james.feldman@wellsfargo.com
COMPASS POINT RESEARCH & TRADING, LLC
Ken Billingsley
202-534-1393
kbillingsley@compasspointllc.com
LADENBURG THALMANN & CO.
Floris Van Dijkum
212-409-2075
fvandijkum@ladenburg.com
WOLFE RESEARCH
Logan Epstein
646-582-9267
lepstein@wolferesearch.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.
© Host Hotels & Resorts, Inc.6
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 June 30, 2026, 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 strength of lodging demand, the continued recovery in Maui from the 2023 wildfires, and 2026
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 August 5, 2026, 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, both at hotel level and company-wide, (iii)
EBITDAre and Adjusted EBITDAre, (iv) Net Operating Income (NOI), (v) Comparable Hotel Operating Statistics and Results and (vi) measures derived from EBITDA
and NOI such as EBITDA multiples and capitalization rates. 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.
© Host Hotels & Resorts, Inc. 7
a1hotelnashville_17778.jpg
OVERVIEW
PROPERTY LEVEL DATA AND
CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL
FINANCIAL INFORMATION
1 HOTEL NASHVILLE
© Host Hotels & Resorts, Inc.8
Comparable Hotel Results by Location (1)
(unaudited, in millions, except hotel statistics and per room basis)
Quarter ended June 30, 2026
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
Miami
2
1,038
$616.76
74.9%
$461.81
$77.3
$793.41
$16.5
$25.3
Maui
3
1,580
638.22
78.7%
502.56
115.0
799.78
14.1
30.4
Jacksonville
1
446
630.70
81.3%
512.97
45.3
1,115.48
15.8
19.0
Florida Gulf Coast
4
1,529
514.48
70.7%
363.86
110.5
793.99
17.3
38.0
Oahu
2
876
495.33
81.3%
402.80
55.0
679.39
6.1
12.6
Phoenix
3
1,565
403.93
68.8%
277.92
94.0
660.16
23.2
35.0
New York
3
2,720
437.16
89.2%
389.80
141.7
572.39
35.4
44.0
Nashville
2
721
381.10
84.3%
321.34
35.5
540.78
7.1
13.4
Los Angeles/Orange County
3
1,067
327.75
76.8%
251.76
37.0
381.15
6.1
8.2
San Diego
3
3,294
310.67
78.0%
242.20
134.1
447.47
27.6
46.8
Washington, D.C. (CBD)
4
2,788
336.12
77.3%
259.86
95.7
377.17
22.2
34.5
San Francisco/San Jose
6
4,162
264.77
73.4%
194.22
105.8
279.47
7.8
21.0
Boston
2
1,496
349.78
79.4%
277.73
48.3
354.77
13.5
18.0
Northern Virginia
2
916
291.01
75.8%
220.55
28.1
337.27
5.5
8.7
Philadelphia
2
810
283.74
83.3%
236.29
26.2
355.28
8.0
9.6
Orlando
1
2,004
243.69
67.7%
164.97
77.3
423.75
17.4
25.0
Austin
2
769
246.75
69.8%
172.16
23.1
329.71
1.5
7.3
Chicago
3
1,562
286.67
83.7%
239.87
48.4
340.59
13.6
17.7
Houston
4
1,710
220.55
68.3%
150.69
31.9
204.83
6.7
10.3
Atlanta
2
810
229.73
71.3%
163.81
20.3
276.00
2.5
6.6
San Antonio
2
1,512
228.58
65.9%
150.73
31.8
231.44
6.1
9.8
Seattle
2
1,315
259.80
72.6%
188.68
30.9
258.45
3.4
6.3
New Orleans
1
1,333
195.91
63.3%
123.98
24.9
205.21
5.9
9.0
Denver
3
1,342
211.99
68.6%
145.45
26.8
219.33
6.3
9.6
Other
7
2,110
295.45
74.3%
219.48
63.6
332.71
12.3
19.6
Other property level (2)
—
1.5
1.5
Domestic
69
39,475
339.81
75.2%
255.42
1,528.5
425.08
303.4
487.2
International
5
1,499
219.64
67.8%
149.01
29.9
219.29
8.3
9.9
All Locations - comparable hotels
74
40,974
335.83
74.9%
251.53
1,558.4
417.58
311.7
497.1
Non-comparable hotels
1
348
25.6
5.5
10.1
Property transaction adjustments (3)
—
—
3.4
—
(0.3)
Gain on sale of property and corporate
level income/expense (4)
52.5
(75.9)
(0.5)
Total
75
41,322
$—
—
$—
$1,639.9
$—
$241.3
$506.4
(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.
(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(3)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.
(4)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.
© Host Hotels & Resorts, Inc.9
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Quarter ended June 30, 2026
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
Miami
2
1,038
$16.5
$8.8
$—
$—
$—
$25.3
Maui
3
1,580
14.1
16.3
—
—
—
30.4
Jacksonville
1
446
15.8
3.2
—
—
—
19.0
Florida Gulf Coast
4
1,529
17.3
20.7
—
—
—
38.0
Oahu
2
876
6.1
6.5
—
—
—
12.6
Phoenix
3
1,565
23.2
11.8
—
—
—
35.0
New York
3
2,720
35.4
8.6
—
—
—
44.0
Nashville
2
721
7.1
6.3
—
—
—
13.4
Los Angeles/Orange County
3
1,067
6.1
2.1
—
—
—
8.2
San Diego
3
3,294
27.6
19.2
—
—
—
46.8
Washington, D.C. (CBD)
4
2,788
22.2
12.3
—
—
—
34.5
San Francisco/San Jose
6
4,162
7.8
13.2
—
—
—
21.0
Boston
2
1,496
13.5
4.5
—
—
—
18.0
Northern Virginia
2
916
5.5
3.2
—
—
—
8.7
Philadelphia
2
810
8.0
1.6
—
—
—
9.6
Orlando
1
2,004
17.4
7.6
—
—
—
25.0
Austin
2
769
1.5
4.8
1.0
—
—
7.3
Chicago
3
1,562
13.6
4.1
—
—
—
17.7
Houston
4
1,710
6.7
3.6
—
—
—
10.3
Atlanta
2
810
2.5
4.1
—
—
—
6.6
San Antonio
2
1,512
6.1
3.7
—
—
—
9.8
Seattle
2
1,315
3.4
2.9
—
—
—
6.3
New Orleans
1
1,333
5.9
3.1
—
—
—
9.0
Denver
3
1,342
6.3
3.3
—
—
—
9.6
Other
7
2,110
12.3
7.0
—
—
0.3
19.6
Other property level (1)
1.5
—
—
—
—
1.5
Domestic
69
39,475
303.4
182.5
1.0
—
0.3
487.2
International
5
1,499
8.3
1.6
—
—
—
9.9
All Locations - comparable hotels
74
40,974
$311.7
$184.1
$1.0
$—
$0.3
$497.1
Non-comparable hotels
1
348
5.5
4.6
—
—
—
10.1
Property transaction adjustments (2)
—
—
—
—
—
—
(0.3)
(0.3)
Gain on sale of property and corporate level
income/expense (3)
(75.9)
0.4
57.4
17.6
—
(0.5)
Total
75
41,322
$241.3
$189.1
$58.4
$17.6
$—
$506.4
(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.”
© Host Hotels & Resorts, Inc.10
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Quarter ended June 30, 2025
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
Miami
2
1,038
$539.89
75.7%
$408.45
$71.2
$732.84
$14.4
$23.1
Maui
3
1,580
626.40
70.6%
442.40
104.0
723.40
10.2
26.1
Jacksonville
1
446
591.43
83.3%
492.44
44.7
1,100.34
15.6
18.8
Florida Gulf Coast
4
1,529
471.48
71.2%
335.60
105.1
755.64
13.0
32.3
Oahu
2
876
483.12
83.1%
401.38
49.2
608.74
5.2
11.4
Phoenix
3
1,565
374.07
71.6%
267.76
92.7
659.33
22.8
33.6
New York
3
2,720
409.04
89.7%
366.84
134.2
542.26
28.9
41.2
Nashville
2
721
359.88
84.2%
303.14
33.3
507.51
6.4
12.5
Los Angeles/Orange County
3
1,067
300.14
78.6%
235.89
35.1
361.04
4.0
6.8
San Diego
3
3,294
302.46
78.9%
238.56
134.3
448.16
31.4
47.2
Washington, D.C. (CBD)
4
2,788
332.88
67.0%
223.12
79.5
313.23
22.3
28.2
San Francisco/San Jose
6
4,162
244.24
72.4%
176.83
100.9
266.41
3.9
18.0
Boston
2
1,496
329.47
82.3%
271.06
45.9
337.00
14.3
18.7
Northern Virginia
2
916
280.77
67.8%
190.41
24.8
297.05
5.0
7.8
Philadelphia
2
810
256.55
85.5%
219.35
24.0
325.22
6.1
8.6
Orlando
1
2,004
235.65
72.3%
170.30
77.5
424.67
28.8
27.4
Austin
2
769
228.65
48.7%
111.26
15.0
214.94
1.9
6.6
Chicago
3
1,562
271.79
78.9%
214.31
43.1
303.52
10.5
14.5
Houston
4
1,710
211.13
69.2%
146.16
31.1
199.15
5.6
9.6
Atlanta
2
810
217.16
68.3%
148.32
19.1
258.74
2.4
6.1
San Antonio
2
1,512
231.54
61.1%
141.42
30.6
222.13
5.6
9.2
Seattle
2
1,315
249.43
77.6%
193.66
32.1
268.21
4.1
7.1
New Orleans
1
1,333
201.72
66.0%
133.12
26.4
217.44
6.1
8.4
Denver
3
1,342
209.77
71.2%
149.35
28.3
231.44
6.7
10.4
Other
7
2,110
275.92
75.7%
208.76
61.1
317.32
10.2
17.9
Other property level (1)
0.1
0.1
0.1
Domestic
69
39,475
321.66
74.2%
238.66
1,443.3
401.41
285.5
451.6
International
5
1,499
198.72
70.5%
140.01
28.0
205.53
7.9
9.5
All Locations - comparable hotels
74
40,974
317.39
74.1%
235.05
1,471.3
394.27
293.4
461.1
Non-comparable hotels
1
348
16.1
7.5
11.7
Property transaction adjustments (2)
—
—
98.7
—
24.4
Gain on sale of property and corporate
level income/expense (3)
—
(76.2)
7.6
Total
75
41,322
$—
—
$—
$1,586.1
$—
$224.7
$504.8
(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.
© Host Hotels & Resorts, Inc.11
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Quarter ended June 30, 2025
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
Miami
2
1,038
$14.4
$8.7
$—
$—
$—
$23.1
Maui
3
1,580
10.2
15.9
—
—
—
26.1
Jacksonville
1
446
15.6
3.2
—
—
—
18.8
Florida Gulf Coast
4
1,529
13.0
19.3
—
—
—
32.3
Oahu
2
876
5.2
6.2
—
—
—
11.4
Phoenix
3
1,565
22.8
10.8
—
—
—
33.6
New York
3
2,720
28.9
12.3
—
—
—
41.2
Nashville
2
721
6.4
6.1
—
—
—
12.5
Los Angeles/Orange County
3
1,067
4.0
2.8
—
—
—
6.8
San Diego
3
3,294
31.4
15.8
—
—
—
47.2
Washington, D.C. (CBD)
4
2,788
22.3
11.3
—
—
(5.4)
28.2
San Francisco/San Jose
6
4,162
3.9
14.1
—
—
—
18.0
Boston
2
1,496
14.3
4.4
—
—
—
18.7
Northern Virginia
2
916
5.0
2.8
—
—
—
7.8
Philadelphia
2
810
6.1
2.5
—
—
—
8.6
Orlando
1
2,004
28.8
13.8
—
—
(15.2)
27.4
Austin
2
769
1.9
3.7
1.0
—
—
6.6
Chicago
3
1,562
10.5
4.0
—
—
—
14.5
Houston
4
1,710
5.6
5.2
—
—
(1.2)
9.6
Atlanta
2
810
2.4
3.7
—
—
—
6.1
San Antonio
2
1,512
5.6
3.6
—
—
—
9.2
Seattle
2
1,315
4.1
3.0
—
—
—
7.1
New Orleans
1
1,333
6.1
2.3
—
—
—
8.4
Denver
3
1,342
6.7
3.7
—
—
—
10.4
Other
7
2,110
10.2
10.3
—
—
(2.6)
17.9
Other property level (1)
0.1
—
—
—
—
0.1
Domestic
69
39,475
285.5
189.5
1.0
—
(24.4)
451.6
International
5
1,499
7.9
1.6
—
—
—
9.5
All Locations - comparable hotels
74
40,974
$293.4
$191.1
$1.0
$—
$(24.4)
$461.1
Non-comparable hotels
1
348
7.5
4.2
—
—
—
11.7
Property transaction adjustments (2)
—
—
—
—
—
—
24.4
24.4
Gain on sale of property and corporate
level income/expense (3)
(76.2)
0.1
57.1
26.6
—
7.6
Total
75
41,322
$224.7
$195.4
$58.1
$26.6
$—
$504.8
(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.”
© Host Hotels & Resorts, Inc.12
Comparable Hotel Results by Location (1)
(unaudited, in millions, except hotel statistics and per room basis)
Year-to-date ended June 30, 2026
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
Miami
2
1,038
$673.81
81.0%
$545.85
$180.4
$930.88
$51.3
$68.9
Maui
3
1,580
653.02
78.4%
511.68
228.9
800.33
28.7
62.0
Jacksonville
1
446
600.19
77.3%
464.05
85.0
1,053.06
27.5
33.9
Florida Gulf Coast
4
1,529
608.76
74.9%
456.15
269.9
975.21
69.7
111.2
Oahu
2
876
495.30
79.0%
391.44
100.7
625.92
7.8
20.9
Phoenix
3
1,565
472.02
75.9%
358.47
224.0
790.62
73.6
96.6
New York
3
2,720
393.13
84.8%
333.54
244.0
495.64
46.7
64.2
Nashville
2
721
361.24
80.5%
290.86
64.4
493.61
11.1
23.8
Los Angeles/Orange County
3
1,067
321.24
77.7%
249.55
72.1
373.11
11.2
15.3
San Diego
3
3,294
311.73
76.5%
238.61
271.4
455.25
58.3
95.7
Washington, D.C. (CBD)
4
2,788
321.87
70.1%
225.77
168.9
334.66
29.3
53.8
San Francisco/San Jose
6
4,162
303.55
71.5%
216.93
235.8
312.99
37.4
64.4
Boston
2
1,496
303.85
69.5%
211.11
78.5
290.06
15.3
24.4
Northern Virginia
2
916
280.37
72.5%
203.24
51.8
312.46
8.2
14.7
Philadelphia
2
810
255.68
79.3%
202.83
44.9
306.03
10.6
13.9
Orlando
1
2,004
256.74
71.9%
184.70
168.9
465.92
51.6
60.0
Austin
2
769
258.69
68.7%
177.67
46.0
330.14
3.6
15.2
Chicago
3
1,562
246.91
67.8%
167.52
68.8
243.35
6.0
14.2
Houston
4
1,710
225.00
71.5%
160.92
68.2
220.30
15.7
23.5
Atlanta
2
810
226.33
69.8%
158.01
40.2
274.07
4.9
12.7
San Antonio
2
1,512
235.02
65.5%
153.94
68.0
248.65
15.4
22.7
Seattle
2
1,315
238.46
64.0%
152.70
50.5
212.26
(0.7)
5.1
New Orleans
1
1,333
200.17
63.7%
127.41
51.2
212.03
12.4
18.8
Denver
3
1,342
201.44
62.0%
124.95
46.9
193.16
9.2
16.0
Other
7
2,110
301.03
70.5%
212.29
120.8
316.30
25.7
35.1
Other property level (2)
—
(0.6)
(0.6)
Domestic
69
39,475
345.75
72.9%
252.14
3,050.2
426.41
629.9
986.4
International
5
1,499
209.22
64.3%
134.59
52.2
192.47
12.5
15.7
All Locations - comparable hotels
74
40,974
$341.33
72.6%
$247.84
$3,102.4
$417.89
$642.4
$1,002.1
Non-comparable hotels
1
348
49.0
17.6
26.7
Property transaction adjustments (3)
—
—
55.0
(0.1)
11.0
Gain on sale of property and corporate
level income/expense (4)
78.6
82.2
232.8
Total
75
41,322
—
—
—
$3,285.0
—
$742.1
$1,272.6
(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.
(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(3)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.
(4)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.
© Host Hotels & Resorts, Inc.13
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Year-to-date ended June 30, 2026
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
Miami
2
1,038
$51.3
$17.6
$—
$—
$—
$68.9
Maui
3
1,580
28.7
33.3
—
—
—
62.0
Jacksonville
1
446
27.5
6.4
—
—
—
33.9
Florida Gulf Coast
4
1,529
69.7
41.5
—
—
—
111.2
Oahu
2
876
7.8
13.1
—
—
—
20.9
Phoenix
3
1,565
73.6
23.0
—
—
—
96.6
New York
3
2,720
46.7
17.5
—
—
—
64.2
Nashville
2
721
11.1
12.7
—
—
—
23.8
Los Angeles/Orange County
3
1,067
11.2
4.1
—
—
—
15.3
San Diego
3
3,294
58.3
37.4
—
—
—
95.7
Washington, D.C. (CBD)
4
2,788
29.3
24.5
—
—
—
53.8
San Francisco/San Jose
6
4,162
37.4
27.0
—
—
—
64.4
Boston
2
1,496
15.3
9.1
—
—
—
24.4
Northern Virginia
2
916
8.2
6.5
—
—
—
14.7
Philadelphia
2
810
10.6
3.3
—
—
—
13.9
Orlando
1
2,004
51.6
15.3
—
—
(6.9)
60.0
Austin
2
769
3.6
9.7
1.9
—
—
15.2
Chicago
3
1,562
6.0
8.2
—
—
—
14.2
Houston
4
1,710
15.7
7.2
—
—
0.6
23.5
Atlanta
2
810
4.9
7.8
—
—
—
12.7
San Antonio
2
1,512
15.4
7.3
—
—
—
22.7
Seattle
2
1,315
(0.7)
5.8
—
—
—
5.1
New Orleans
1
1,333
12.4
6.4
—
—
—
18.8
Denver
3
1,342
9.2
6.8
—
—
—
16.0
Other
7
2,110
25.7
14.2
—
—
(4.8)
35.1
Other property level (1)
(0.6)
—
—
—
—
(0.6)
Domestic
69
39,475
629.9
365.7
1.9
—
(11.1)
986.4
International
5
1,499
12.5
3.2
—
—
—
15.7
All Locations - comparable hotels
74
40,974
$642.4
$368.9
$1.9
$—
$(11.1)
$1,002.1
Non-comparable hotels
1
348
17.6
9.1
—
—
—
26.7
Property transaction adjustments (2)
—
—
(0.1)
—
—
—
11.1
11.0
Gain on sale of property and corporate
level income/expense (3)
82.2
0.8
115.3
34.5
—
232.8
Total
75
41,322
$742.1
$378.8
$117.2
$34.5
$—
$1,272.6
(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.”
© Host Hotels & Resorts, Inc.14
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Year-to-date ended June 30, 2025
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
Miami
2
1,038
$599.00
79.8%
$478.27
$159.6
$826.47
$43.0
$60.1
Maui
3
1,580
655.80
72.8%
477.53
216.2
755.82
30.6
62.9
Jacksonville
1
446
561.58
75.7%
425.07
77.9
965.27
23.4
29.7
Florida Gulf Coast
4
1,529
559.53
76.3%
427.18
257.1
928.82
59.0
98.6
Oahu
2
876
483.39
83.4%
403.28
99.3
617.09
10.9
23.2
Phoenix
3
1,565
441.07
76.4%
337.14
216.5
774.12
69.3
90.9
New York
3
2,720
371.30
84.4%
313.21
227.8
462.74
30.2
55.2
Nashville
2
721
342.91
82.3%
282.25
62.6
479.52
9.7
21.8
Los Angeles/Orange County
3
1,067
305.62
78.9%
241.11
70.4
364.68
8.9
14.5
San Diego
3
3,294
302.22
75.8%
229.13
262.9
440.88
60.4
91.4
Washington, D.C. (CBD)
4
2,788
333.15
67.1%
223.51
161.8
320.88
44.5
58.4
San Francisco/San Jose
6
4,162
270.28
68.0%
183.90
207.9
276.02
15.0
43.2
Boston
2
1,496
288.08
73.6%
212.12
75.9
280.32
15.7
24.6
Northern Virginia
2
916
276.19
66.6%
184.04
48.6
293.21
9.3
14.5
Philadelphia
2
810
238.28
81.1%
193.36
43.0
293.01
8.4
13.3
Orlando
1
2,004
248.19
73.6%
182.65
165.5
456.29
67.0
61.8
Austin
2
769
250.94
58.0%
145.46
37.4
269.61
5.7
14.8
Chicago
3
1,562
237.69
66.0%
156.86
63.9
226.03
3.6
11.7
Houston
4
1,710
215.87
71.8%
154.89
67.0
216.34
14.6
22.6
Atlanta
2
810
219.91
67.8%
149.07
37.8
257.84
5.0
11.9
San Antonio
2
1,512
230.63
63.7%
146.88
64.9
237.17
13.7
21.0
Seattle
2
1,315
234.08
66.2%
155.07
51.0
214.18
(0.7)
5.5
New Orleans
1
1,333
229.88
68.7%
157.87
59.7
247.55
16.6
21.4
Denver
3
1,342
198.40
63.4%
125.86
47.6
195.77
6.8
14.1
Other
7
2,110
288.63
70.1%
202.27
116.3
304.37
24.3
31.5
Other property level (1)
0.3
0.2
0.2
Domestic
69
39,475
330.33
72.2%
238.66
2,898.9
405.47
595.1
918.8
International
5
1,499
186.40
65.7%
122.54
46.5
171.41
10.5
13.9
All Locations - comparable hotels
74
40,974
$325.53
72.0%
$234.41
$2,945.4
$396.95
$605.6
$932.7
Non-comparable hotels
1
348
18.5
11.9
18.2
Property transaction adjustments (2)
—
—
216.0
—
58.4
Gain on sale of property and corporate
level income/expense (3)
—
(141.2)
(1.4)
Total
75
41,322
$—
—
$—
$3,179.9
$—
$476.3
$1,007.9
(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.
© Host Hotels & Resorts, Inc.15
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Year-to-date ended June 30, 2025
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
Miami
2
1,038
$43.0
$17.1
$—
$—
$—
$60.1
Maui
3
1,580
30.6
32.3
—
—
—
62.9
Jacksonville
1
446
23.4
6.3
—
—
—
29.7
Florida Gulf Coast
4
1,529
59.0
39.6
—
—
—
98.6
Oahu
2
876
10.9
12.3
—
—
—
23.2
Phoenix
3
1,565
69.3
21.6
—
—
—
90.9
New York
3
2,720
30.2
25.0
—
—
—
55.2
Nashville
2
721
9.7
12.1
—
—
—
21.8
Los Angeles/Orange County
3
1,067
8.9
5.6
—
—
—
14.5
San Diego
3
3,294
60.4
31.0
—
—
—
91.4
Washington, D.C. (CBD)
4
2,788
44.5
22.7
—
—
(8.8)
58.4
San Francisco/San Jose
6
4,162
15.0
28.2
—
—
—
43.2
Boston
2
1,496
15.7
8.9
—
—
—
24.6
Northern Virginia
2
916
9.3
5.2
—
—
—
14.5
Philadelphia
2
810
8.4
4.9
—
—
—
13.3
Orlando
1
2,004
67.0
27.6
—
—
(32.8)
61.8
Austin
2
769
5.7
7.1
2.0
—
—
14.8
Chicago
3
1,562
3.6
8.1
—
—
—
11.7
Houston
4
1,710
14.6
10.5
—
—
(2.5)
22.6
Atlanta
2
810
5.0
6.9
—
—
—
11.9
San Antonio
2
1,512
13.7
7.3
—
—
—
21.0
Seattle
2
1,315
(0.7)
6.2
—
—
—
5.5
New Orleans
1
1,333
16.6
4.8
—
—
—
21.4
Denver
3
1,342
6.8
7.3
—
—
—
14.1
Other
7
2,110
24.3
21.5
—
—
(14.3)
31.5
Other property level (1)
0.2
—
—
—
—
0.2
Domestic
69
39,475
595.1
380.1
2.0
—
(58.4)
918.8
International
5
1,499
10.5
3.4
—
—
—
13.9
All Locations - comparable hotels
74
40,974
$605.6
$383.5
$2.0
$—
$(58.4)
$932.7
Non-comparable hotels
1
348
11.9
6.3
—
—
—
18.2
Property transaction adjustments (2)
—
—
—
—
—
—
58.4
58.4
Gain on sale of property and corporate
level income/expense (3)
(141.2)
0.8
113.2
25.8
—
(1.4)
Total
75
41,322
$476.3
$390.6
$115.2
$25.8
$—
$1,007.9
(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.”
© Host Hotels & Resorts, Inc.16
Historical Comparable Hotel Results with 2026 Comparable Hotel Set
(unaudited, in millions, except hotel statistics)
Historical Comparable Hotel Metrics (1)
a
2026 Comparable Hotel Set (3)
Three Months Ended
Year Ended
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
December 31, 2025
Number of hotels
74
74
74
74
74
Number of rooms
40,974
40,974
40,974
40,974
40,974
Comparable hotel RevPAR
$233.77
$235.05
$204.18
$220.73
$223.34
Comparable hotel occupancy
69.9%
74.1%
69.9%
67.0%
70.2%
Comparable hotel ADR
$334.24
$317.39
$292.11
$329.67
$318.14
Historical Comparable Hotel Revenues (1)(2)
2026 Comparable Hotel Set (3)
Three Months Ended
Year Ended
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
December 31, 2025
Total revenues
$1,594
$1,586
$1,331
$1,603
$6,114
Less: Revenues from asset
disposition
(117)
(99)
(79)
(93)
(388)
Less: Revenues from non-
comparable hotels
(3)
(16)
(14)
(17)
(50)
Less: Revenues from condominium
sales
—
—
—
(99)
(99)
Comparable hotel revenues
$1,474
$1,471
$1,238
$1,394
$5,577
© Host Hotels & Resorts, Inc.17
Historical Comparable Hotel Results with 2026 Comparable Hotel Set (cont.)
(unaudited, in millions, except hotel statistics)
Historical Comparable Hotel EBITDA (1)(2)
2026 Comparable Hotel Set (3)
Three Months Ended
Year Ended
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
December 31, 2025
Net income
$251
$225
$163
$137
$776
Depreciation and amortization
196
195
196
208
795
Interest expense
57
58
60
60
235
Provision (benefit) for income taxes
(1)
27
9
7
42
Gain on sale of property and corporate
level income/expense
9
(8)
(104)
29
(74)
Property transaction adjustments
(34)
(24)
(13)
(27)
(98)
Non-comparable hotel results, net
(6)
(13)
(9)
(5)
(33)
Condominium sales
—
1
1
(19)
(17)
Comparable hotel EBITDA
$472
$461
$303
$390
$1,626
(1)Comparable hotel results represent adjustments for the following items: (i) to remove the results of operations of our hotels assumed to be sold or held-for-sale as of December 31, 2026, 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
June 30, 2026 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 74 hotels (of our 75 hotels owned at June 30, 2026) based on our forecast comparable hotel set as of December 31, 2026. No assurances can be made as to the
hotels that will be in the comparable hotel set for 2026. The following property is expected to be non-comparable for full year 2026:
•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025).
Additionally, revenues and costs, including marketing and administrative expenses, related to the development and sale of condominium units adjacent to the Four Seasons Resort Orlando at
Walt Disney World® Resort are excluded from our comparable hotel results.
© Host Hotels & Resorts, Inc.18
Comparable Hotel Results 2026 Forecast and Full Year 2025
(unaudited, in millions, except hotel statistics)
2026 Comparable Hotel Set
2026 Forecast(1)
2025
Number of hotels
74
74
Number of rooms
40,974
40,974
Comparable hotel Total RevPAR
$391.30
$372.75
Comparable hotel RevPAR
$234.48
$223.34
Operating profit margin(5)
15.0%
14.0%
Comparable hotel EBITDA margin(5)
29.7%
29.2%
Food and beverage profit margin(5)
33.7%
32.1%
Comparable hotel food and beverage profit margin(5)
33.7%
32.7%
Net income
$953
$776
Depreciation and amortization
757
795
Interest expense
241
235
Provision for income taxes
53
42
Gain on sale of property and corporate level income/expense
(199)
(74)
Property transaction adjustments⁽²⁾
(11)
(98)
Non-comparable hotel results, net⁽³⁾
(36)
(33)
Condominium sales ⁽⁴⁾
(18)
(17)
Comparable hotel EBITDA
$1,740
$1,626
(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 2026
Forecasts" for other forecast assumptions. Forecast presented assumes the midpoint of our comparable hotel RevPAR guidance of 5.0% growth over 2025. Forecast comparable hotel results include 74
hotels (of our 75 hotels owned at June 30, 2026) that we have assumed will be classified as comparable as of December 31, 2026. 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 2026.
(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. Forecast
data also eliminates results of hotels assumed to be sold during the year.
(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 property is expected to be non-comparable
for full year 2026:
•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025).
(4)Includes revenues and costs, including marketing and administrative expenses of approximately $6 million million and $2 million for the 2026 forecast and 2025, respectively, related to the development and
sale of condominium units adjacent to 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:
© Host Hotels & Resorts, Inc.19
Comparable Hotel Results 2026 Forecast and Full Year 2025 (cont.)
(unaudited, in millions)
Forecast Year ended December 31, 2026
Year ended December 31, 2025
Adjustments
Adjustments
GAAP
Results
Property
Transaction
Adjustment
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
Condominium
sales
Depreciation
and corporate
level items
Comparable
hotel Results
Revenues
Room
$3,583
$(32)
$(40)
$—
$—
$3,511
$3,608
$(241)
$(25)
$—
$—
$3,342
Food and beverage
1,830
(16)
(29)
—
—
1,785
1,803
(101)
(16)
—
—
1,686
Other
725
(7)
(14)
(141)
—
563
703
(46)
(9)
(99)
—
549
Total revenues
6,138
(55)
(83)
(141)
—
5,859
6,114
(388)
(50)
(99)
—
5,577
Expenses
Room
898
(7)
(8)
—
—
883
906
(52)
(6)
—
—
848
Food and beverage
1,214
(12)
(18)
—
—
1,184
1,224
(78)
(11)
—
—
1,135
Other
2,111
(25)
(28)
(6)
—
2,052
2,154
(160)
(24)
(2)
—
1,968
Depreciation and
amortization
757
—
—
—
(757)
—
795
—
—
—
(795)
—
Cost of goods sold
117
—
—
(117)
—
—
80
—
—
(80)
—
—
Corporate and other
expenses
126
—
—
—
(126)
—
124
—
—
—
(124)
—
Net gain on insurance
settlements
(7)
—
7
—
—
—
(24)
—
24
—
—
—
Total expenses
5,216
(44)
(47)
(123)
(883)
4,119
5,259
(290)
(17)
(82)
(919)
3,951
Operating Profit -
Comparable hotel
EBITDA
$922
$(11)
$(36)
$(18)
$883
$1,740
$855
$(98)
$(33)
$(17)
$919
$1,626
Comparable hotel results includes the results of our properties in Maui. The following table reconciles net income to Hotel EBITDA based on the expected 2026 results of these properties
(in millions); any changes to net income would be equal to the change in Hotel EBITDA:
Location
No. of Properties
Net Income (loss)
Plus: Depreciation
Equals: Hotel EBITDA
Maui
3
$54
$66
$120
Forecast non-comparable hotel results, net includes the results of The Don CeSar. The following table reconciles net income to Hotel EBITDA based on the expected 2026 results of the
property, 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
Equals: Hotel EBITDA
The Don CeSar
$11
$18
$29
© Host Hotels & Resorts, Inc.20
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 2026 Forecasts(1)
(unaudited in millions, except per share amounts)
Full Year 2026
Mid-point
Net income
$953
Interest expense
241
Depreciation and amortization
753
Income taxes
53
EBITDA
2,000
Gain on dispositions
(241)
Non-cash impairment expense
4
Equity investment adjustments:
Equity in earnings of affiliates
(20)
Pro rata EBITDAre of equity investments
61
EBITDAre
1,804
Adjustments to EBITDAre:
Non-cash stock-based compensation expense
26
Adjusted EBITDAre
$1,830
Full Year 2026
Mid-point
Net income
$953
Less: Net income attributable to non-controlling interests
(14)
Net income attributable to Host Inc.
939
Adjustments:
Gain on dispositions
(241)
Tax on dispositions
5
Depreciation and amortization
752
Non-cash impairment expense
4
Equity investment adjustments:
Equity in earnings of affiliates
(20)
Pro rata FFO of equity investments
32
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships
(1)
FFO adjustment for non-controlling interests of Host LP
(7)
NAREIT FFO
1,463
Adjustments to NAREIT FFO:
Non-cash stock-based compensation expense
26
Adjusted FFO
$1,489
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO
688.6
Diluted earnings per common share
$1.36
NAREIT FFO per diluted share
$2.12
Adjusted FFO per diluted share
$2.16
See assumptions that follow.
© Host Hotels & Resorts, Inc.21
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 2026 Forecasts (cont.)
(unaudited, in millions, except per share amounts)
(1)The Forecasts are based on the below assumptions:
•Comparable hotel RevPAR will increase at the midpoint of our guidance of 5.0% compared to 2025. This forecast assumes a continued recovery at our Maui
properties from the 2023 wildfires, however the timing of Maui's full recovery remains uncertain.
•Comparable hotel EBITDA margins will increase 50 basis points compared to 2025.
•We expect to spend approximately $550 million to $630 million on capital expenditures.
•Assumes no additional dispositions and no acquisitions during the year.
•This forecast makes no assumptions on the use of the remaining proceeds from the February 2026 Four Seasons sale following the second quarter special dividend
and first quarter stock repurchases. We will weigh potential cash uses which may include, subject to market conditions, acquisitions, other investments in our
portfolio, continued common stock repurchases or increased dividends, which dividends could be in excess of taxable income. Any additional special dividend will
be subject to approval by Host Inc.’s Board of Directors.
•Assumes an approximate $16 million to $20 million contribution to net income and Adjusted EBITDAre from the sale of condominium units.
•Includes $7 million of gain from business interruption proceeds related to hurricane claims already received in 2026, but assumes no further business interruption
proceeds during the year.
For a discussion of items that may affect forecast results, see the Notes to Supplemental Financial Information.
© Host Hotels & Resorts, Inc.22
Ground Lease Summary as of December 31, 2025
As of December 31, 2025
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
2,082,082
3/31/2043
3/31/2043
8
Marriott Downtown at CF Toronto Eaton Centre
461
Non-Profit
364,300
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
1,509,994
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 South Coast Plaza, Costa Mesa
393
Private
625,000
9/30/2059
9/30/2059
Weighted average remaining lease term (assuming all extension options)
47 years
Percentage of leases (based on room count) with Public/Private/Non-Profit lessors
70% / 23% / 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.
image_9.jpg
OVERVIEW
PROPERTY LEVEL DATA AND
CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL
FINANCIAL INFORMATION
SAN FRANCISCO MARRIOTT MARQUIS
© Host Hotels & Resorts, Inc.24
Comparative Capitalization
(in millions, except security pricing and per share amounts)
As of
As of
As of
As of
As of
June 30,
March 31,
December 31,
September 30,
June 30,
Shares/Units
2026
2026
2025
2025
2025
Common shares outstanding
685.0
684.9
687.8
687.7
687.5
Common shares outstanding assuming
    conversion of OP Units (1)
694.5
694.4
697.4
696.4
696.4
Preferred OP Units outstanding
0.01
0.01
0.01
0.01
0.01
Security pricing
Common stock at end of quarter (2)
$23.71
$19.16
$17.73
$17.02
$15.36
High during quarter
25.13
20.40
18.64
17.68
16.07
Low during quarter
19.09
17.79
15.82
15.27
12.70
Capitalization
Market value of common equity (3)
$16,467
$13,305
$12,365
$11,853
$10,697
Consolidated debt
5,082
5,079
5,077
5,079
5,077
Less: Cash
(1,953)
(1,703)
(768)
(539)
(490)
Consolidated total capitalization
19,596
16,681
16,674
16,393
15,284
Plus: Share of debt in unconsolidated
    investments
446
379
329
312
284
Pro rata total capitalization
$20,042
$17,060
17,003
16,705
15,568
Quarter ended
Quarter ended
Quarter ended
Quarter ended
Quarter ended
June 30,
March 31,
December 31,
September 30,
June 30,
2026
2026
2025
2025
2025
Dividends declared per common share
$0.92
$0.20
$0.35
$0.20
$0.20
(1)Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, there
were 9.4 million, 9.4 million, 9.4 million, 8.6 million, and 8.7 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.
© Host Hotels & Resorts, Inc.25
Consolidated Debt Summary
(in millions)
Debt
Senior debt
Rate
Maturity date
June 30, 2026
December 31, 2025
Series H
3 ⅜%
12/2029
646
645
Series I
3 ½%
9/2030
742
741
Series J
2.9%
12/2031
444
443
Series K
5.7%
7/2034
586
586
Series L
5.5%
4/2035
685
685
Series M
5.7%
6/2032
491
491
Series N
4.25%
12/2028
396
395
2027 Credit facility term loan
4.5%
1/2027
500
500
2028 Credit facility term loan
4.5%
1/2028
499
499
Credit facility revolver(1)
—%
1/2027
(1)
(3)
4,988
4,982
Mortgage and other debt
Mortgage and other debt
4.67%
11/2027
94
95
Total debt(2)(3)
$5,082
$5,077
Percentage of fixed rate debt
80%
80%
Weighted average interest rate
4.8%
4.8%
Weighted average debt maturity
4.7years
5.1years
Credit Facility
Total capacity
$1,500
Available capacity
1,500
Consolidated assets encumbered by mortgage debt
1
(1)There are no outstanding credit facility revolver borrowings at June 30, 2026 and December 31, 2025. 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 June 30, 2026, our share of debt in unconsolidated
investments is $446 million and none of our debt is attributable to non-controlling interests.
(3)Total debt as of June 30, 2026 and December 31, 2025, includes net discounts and deferred financing costs of $61 million and $67 million, respectively.
© Host Hotels & Resorts, Inc.26
Consolidated Debt Maturity as of June 30, 2026
(in millions)
chart-9f50e53a513d45d2bd7.gif
(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 2026-2027 for the mortgage loan that matures in 2027.
image_11.jpg
OVERVIEW
PROPERTY LEVEL DATA AND
CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL
FINANCIAL INFORMATION
1 HOTEL SOUTH BEACH
© Host Hotels & Resorts, Inc.28
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:
June 30, 2026
Credit Facility Financial Performance Tests
Permitted
GAAP Ratio
Covenant Ratio
Leverage Ratio
Maximum 7.25x
4.9x
1.9x
Unsecured Interest Coverage Ratio
Minimum 1.75x(1)
4.4x
7.4x
Consolidated Fixed Charge Coverage Ratio
Minimum 1.25x
4.4x
5.7x
June 30, 2026
Bond Compliance Financial Performance Tests
Permitted
GAAP Ratio
Covenant Ratio
Indebtedness Test
Maximum 65%
38%
22%
Secured Indebtedness Test
Maximum 40%
<1%
<1%
EBITDA-to-interest Coverage ratio (2)
Minimum 1.5x
4.4x
7.3x
Ratio of Unencumbered Assets to Unsecured Indebtedness
Minimum 150%
261%
455%
(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.
© Host Hotels & Resorts, Inc.29
Financial Covenants: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio
(unaudited, in millions, except ratios)
The following tables present the calculation of our leverage ratio using GAAP measures and as used in the financial covenants of the credit facility. In addition, for this
quarter, we are also presenting our leverage ratio as adjusted for estimated payment of the common stock dividend declared in the second quarter of 2026, including
a special dividend, that is not part of the typical adjustments required under our credit facility definition (“Leverage Ratio per Credit Facility, as Adjusted”):
GAAP Leverage Ratio
Trailing Twelve Months
June 30, 2026
Debt
$5,082
Net income
1,042
GAAP Leverage Ratio
4.9x
Leverage Ratio per
Credit Facility
Leverage Ratio per Credit
Facility, as Adjusted
Trailing Twelve Months
As Adjusted
June 30, 2026
June 30, 2026
Net debt (1)
$3,230
$3,860
Adjusted Credit Facility EBITDA (2)
1,743
1,743
Leverage Ratio
1.9x
2.2x
(1)The following presents the reconciliation of debt to net debt per our credit facility definition, and as adjusted:
June 30, 2026
Debt
$5,082
Less: Unrestricted cash over $100 million
(1,852)
Net debt per credit facility definition
$3,230
Plus: Subsequent cash dividend payments
630
Net debt per credit facility definition, as adjusted
$3,860
(2)The following presents the reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, and Adjusted EBITDA per our credit facility definition in
determining leverage ratio:
Trailing Twelve Months
June 30, 2026
Net income
$1,042
Interest expense
237
Depreciation and amortization
775
Income taxes
51
EBITDA
2,105
Gain on dispositions
(363)
Non-cash impairment expense
12
Equity in earnings of affiliates
(15)
Pro rata EBITDAre of equity investments
49
EBITDAre
1,788
Non-cash stock-based compensation expense
27
Adjusted EBITDAre
1,815
Pro forma EBITDA - Dispositions
(50)
Non-cash partnership adjustments
(22)
Adjusted Credit Facility EBITDA
$1,743
© Host Hotels & Resorts, Inc.30
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
Trailing Twelve Months
June 30, 2026
Unencumbered consolidated EBITDA per credit facility
definition (1)
$1,735
Adjusted Credit Facility unsecured interest expense (2)
236
Unsecured Interest Coverage Ratio
7.4x
GAAP Interest Coverage
Ratio
Trailing Twelve Months
June 30, 2026
Net income
$1,042
Interest expense
237
GAAP Interest Coverage Ratio
4.4x
`
(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:
Trailing Twelve Months
June 30, 2026
Adjusted Credit Facility EBITDA
$1,743
Less: Encumbered EBITDA
(7)
Corporate overhead allocated to encumbered assets
(1)
Unencumbered Consolidated EBITDA per credit facility definition
$1,735
(2)The following reconciles GAAP interest expense to unsecured interest expense per our credit facility definition:
Trailing Twelve Months
June 30, 2026
GAAP Interest expense
$237
Interest on secured debt
(4)
Deferred financing cost amortization
(7)
Capitalized interest
12
Pro forma interest adjustments
(2)
Adjusted Credit Facility Unsecured Interest Expense
$236
© Host Hotels & Resorts, Inc.31
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
Trailing Twelve Months
June 30, 2026
Net income
$1,042
Interest expense
237
GAAP Fixed Charge Coverage Ratio
4.4x
Credit Facility Fixed
Charge Coverage Ratio
Trailing Twelve Months
June 30, 2026
Credit Facility Fixed Charge Coverage Ratio EBITDA (1)
$1,453
Fixed charges (2)
256
Credit Facility Fixed Charge Coverage Ratio
5.7x
(1)The following reconciles Adjusted Credit Facility EBITDA to Credit Facility Fixed Charge Coverage Ratio EBITDA. See Reconciliation of GAAP Leverage Ratio to
Credit Facility Leverage Ratio for calculation and reconciliation of Adjusted Credit Facility EBITDA:
Trailing Twelve Months
June 30, 2026
Adjusted Credit Facility EBITDA
$1,743
Less:  5% of hotel property gross revenue
(289)
Less:  3% of revenues from other real estate
(1)
Credit Facility Fixed Charge Coverage Ratio EBITDA
$1,453
(2)The following table calculates the fixed charges per our credit facility definition. See Reconciliation of GAAP Interest Coverage Ratio to Credit Facility
Unsecured Interest Coverage Ratio for reconciliation of GAAP interest expense to adjusted unsecured interest expense per our credit facility definition:
Trailing Twelve Months
June 30, 2026
Adjusted Credit Facility Unsecured Interest Expense
$236
Interest on secured debt
4
Adjusted Credit Facility Interest Expense
240
Scheduled principal payments
2
Cash taxes on ordinary income
14
Fixed Charges
$256
© Host Hotels & Resorts, Inc.32
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
notes indenture:
GAAP Total Indebtedness to Total Assets
June 30, 2026
Debt
$5,082
Total assets
13,253
GAAP Total Indebtedness to Total Assets
38%
Total Indebtedness to Total Assets per Senior Notes Indenture
June 30, 2026
Adjusted indebtedness (1)
$5,109
Adjusted total assets (2)
23,366
Total Indebtedness to Total Assets
22%
(1)The following  reconciles our GAAP total indebtedness to our total indebtedness per our senior notes indenture:
June 30, 2026
Debt
$5,082
Add: Deferred financing costs
28
Less: Mark-to-market on assumed mortgage
(1)
Adjusted Indebtedness per Senior Notes Indenture
$5,109
(2)The following presents the reconciliation of total assets to adjusted total assets per the financial covenants of our senior notes indenture definition:
June 30, 2026
Total assets
$13,253
Add: Accumulated depreciation
10,667
Add: Inventory impairment at unconsolidated investment
11
Less: Intangibles
(5)
Less: Right-of-use assets
(560)
Adjusted Total Assets per Senior Notes Indenture
$23,366
© Host Hotels & Resorts, Inc.33
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
June 30, 2026
Mortgage and other secured debt
$94
Total assets
13,253
GAAP Secured Indebtedness to Total Assets
<1%
Secured Indebtedness per Senior Notes Indenture
June 30, 2026
Secured indebtedness (1)
$93
Adjusted total assets (2)
23,366
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:
June 30, 2026
Mortgage and other secured debt
$94
Less: Mark-to-market on assumed mortgage
(1)
Secured Indebtedness
$93
(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.
© Host Hotels & Resorts, Inc.34
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
indenture:
GAAP Interest Coverage Ratio
Trailing Twelve Months
June 30, 2026
Net income
$1,042
Interest expense
237
GAAP Interest Coverage Ratio
4.4x
EBITDA to Interest Coverage Ratio
Trailing Twelve Months
June 30, 2026
Adjusted Credit Facility EBITDA (1)
$1,743
Non-controlling interest adjustment
2
Adjusted Senior Notes EBITDA
1,745
Adjusted Credit Facility Interest Expense (2) and Adjusted Senior Notes Interest Expense
240
EBITDA to Interest Coverage Ratio
7.3x
(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.
© Host Hotels & Resorts, Inc.35
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
financial covenants of our senior notes indenture:
GAAP Assets / Debt
June 30, 2026
Total assets
$13,253
Total debt
5,082
GAAP Total Assets / Total Debt
261%
Unencumbered Assets / Unsecured Debt per Senior Notes
Indenture
June 30, 2026
Unencumbered Assets (1)
$22,798
Unsecured Debt (2)
5,016
Unencumbered Assets / Unsecured Debt
455%
(1)The following presents the reconciliation of adjusted total assets to unencumbered assets per the financial covenants of our senior notes indenture definition:
June 30, 2026
Adjusted total assets (a)
$23,366
Less: Partnership adjustments
(299)
Less: Inventory impairment at unconsolidated investment
(11)
Less: Encumbered Assets
(258)
Unencumbered Assets
$22,798
(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:
June 30, 2026
Adjusted indebtedness (b)
$5,109
Less: Secured indebtedness (c)
(93)
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.
image_12.jpg
OVERVIEW
PROPERTY LEVEL DATA AND
CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL
FINANCIAL INFORMATION
GRAND HYATT WASHINGTON
© Host Hotels & Resorts, Inc.37
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, earnings and profitability; 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.
© Host Hotels & Resorts, Inc.38
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS (continued)
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 75 hotels that we owned as of June 30, 2026, 74 have been classified as comparable hotels. The operating results of the following properties that we
owned as of June 30, 2026 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, reopened in
March 2025); and
•Operations related to the development and sale of condominium units on a development parcel adjacent to the 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, both at the hotel level and company-wide, (iii) EBITDAre and Adjusted EBITDAre, (iv) net operating income (NOI), (v)
Comparable Hotel Operating Statistics and Results, (vi) measures derived from EBITDA and NOI such as EBITDA multiples and capitalization rates, (vii) Credit
Facility Financial Performance Tests, and (viii) Senior Notes Financial Performance Tests. The following discussion defines these measures and presents why we
believe they are useful supplemental measures of our performance.
© Host Hotels & Resorts, Inc.39
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
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.
© Host Hotels & Resorts, Inc.40
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
•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.
•Non-Cash Stock-Based Compensation - We 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 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 AND NOI AND ASSOCIATED METRICS
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. Management also uses EBITDA when calculating EBITDA multiples to evaluate acquisitions and dispositions.
EBITDA multiples are calculated as the sales price divided by hotel EBITDA. Management believes using EBITDA multiples allow for a consistent valuation
method in comparing the purchase or sale value of properties.
© Host Hotels & Resorts, Inc.41
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
For a specific hotel, NOI is calculated as the hotel or entity level EBITDA less an estimate for the annual contractual reserve requirements for renewal and
replacement expenditures. Management uses NOI when calculating capitalization rates (“Cap Rates”) to evaluate acquisitions and dispositions. Cap rates are
calculated as hotel NOI divided by sales price. As with EBITDA multiples, management believes using Cap Rates allows for a consistent valuation method in
comparing the purchase or sale value of properties.
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.
•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.
© Host Hotels & Resorts, Inc.42
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
•Non-Cash Stock-Based Compensation - We 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 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.
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, with the exception of NOI), interest expense (for EBITDA,
EBITDAre, Adjusted EBITDAre, and NOI 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 presentations for EBITDA (and measures derived from EBITDA such as NOI, Cap Rates and EBITDA multiples), EBITDAre,
Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share. 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.
© Host Hotels & Resorts, Inc.43
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
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 seven domestic partnerships that own a total of 120 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.
© Host Hotels & Resorts, Inc.44
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
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.
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.
© Host Hotels & Resorts, Inc.45
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
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.
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.