Host Hotels & Resorts Q3 2026 net income falls 56.4%

Q: How did HST's comparable hotel metrics perform in Q3 2026?

Comparable hotel RevPAR was $219.50, up 8.8% from Q3 2025, and comparable hotel Total RevPAR was $348.19, up 7.3%. Comparable hotel revenues were $1.312 billion, an increase of 7.4%.

Q: Why did HST's net income decline in Q3 2026?

GAAP net income was $71 million, compared with $163 million in Q3 2025. The company attributed the decrease to a decline in gains on asset sales, partially offset by a 140-basis-point improvement in GAAP operating profit margin to 9.0%.

Q: What is HST's 2026 growth guidance?

The company raised its outlook to approximately 6.75% comparable hotel RevPAR growth and approximately 6.0% comparable hotel Total RevPAR growth over 2025. Its full-year forecast also includes net income of $978 million and Adjusted EBITDAre of $1.865 billion.

Full-year comparable RevPAR and Total RevPAR growth forecasts rose to approximately 6.75% and 6.0%, respectively.

Available on EDGAR 11/04/2026 - 04:33 PM EST Accepted by SEC EDGAR 11/04/2026 - 04:33 PM EST

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Host Hotels & Resorts, Inc. reported third-quarter 2026 revenue of $1.347 billion, up 1.2% from a year earlier. Comparable hotel RevPAR rose 8.8% to $219.50 and Total RevPAR rose 7.3% to $348.19. Adjusted EBITDAre increased 8.8% to $347 million, while GAAP net income fell 56.4% to $71 million, reflecting a decline in gain on asset sales.

The company raised its 2026 comparable hotel RevPAR growth outlook to approximately 6.75% and Total RevPAR growth to approximately 6.0%. After quarter end, it acquired the leasehold interest in the 195-room 1 Hotel Brooklyn Bridge for $202 million, net of a $4 million FF&E reserve, and the fee simple interest in the 308-room Renaissance Dallas at Plano Legacy West for $172 million. After quarter end, it also amended its $2.5 billion credit facility, extending the $1.5 billion revolver to January 2031 and the two $500 million term loans to January 2031 and January 2032, with pricing reductions of 12.5 basis points on revolver draws, 15 basis points on term loans and 5 basis points on the facility fee.

Available liquidity was approximately $3.1 billion as of September 30, 2026.

3 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

Major point. Forward-looking: it has not happened yet and may not happen.Raised 2026 growth guidance: RevPAR 6.75%; Total RevPAR 6.0%.
Moderate pointComparable hotel RevPAR reached $219.50, increasing 8.8% year over year.
Moderate pointAdjusted EBITDAre was $347 million, up 8.8% year over year.

Negative

Moderate pointQ3 GAAP net income fell 56.4% to $71 million.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $1.347 billion Net income: $71 million Diluted earnings per common share: $0.10 +5 more

8 metrics

Revenue $1.347 billion Quarter ended September 30, 2026; up 1.2% year over year

Net income $71 million Quarter ended September 30, 2026; down 56.4% year over year

Diluted earnings per common share $0.10 Quarter ended September 30, 2026; down 56.5% year over year

Comparable hotel RevPAR $219.50 Quarter ended September 30, 2026; up 8.8% year over year

Comparable hotel Total RevPAR $348.19 Quarter ended September 30, 2026; up 7.3% year over year

Adjusted EBITDAre $347 million Quarter ended September 30, 2026; up 8.8% year over year

Comparable hotel RevPAR growth guidance Approximately 6.75% Full-year 2026 outlook compared with 2025

Comparable hotel Total RevPAR growth guidance Approximately 6.0% Full-year 2026 outlook compared with 2025

Key Terms

RevPAR, Total RevPAR, EBITDAre, NAREIT FFO

4 terms

RevPAR financial

"Comparable hotel RevPAR was $219.50"

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

Total RevPAR financial

"Comparable hotel Total RevPAR was $348.19"

Total revenue per available room (total revpar) measures how much money a hotel earns from all its rooms during a specific period, considering both occupied and vacant rooms. It helps investors understand the overall revenue generated by a hotel's entire inventory, similar to how a store's total sales reflect its overall performance. This metric is important because it shows the hotel's ability to maximize income from its available space, regardless of how many rooms are booked.

EBITDAre financial

"Adjusted EBITDAre was $347 million"

EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.

NAREIT FFO financial

"NAREIT FFO per diluted share"

NAREIT FFO is a standardized measure of operating performance for real estate companies that starts with net income, removes gains or losses from property sales, and adds back depreciation and amortization tied to real estate. Investors use it like a clearer view of recurring cash-earning ability—similar to checking a store’s everyday sales rather than one‑time clearance events—so it helps compare profitability and dividend capacity across property firms.

Earnings Snapshot

Revenue: $1.347 billion · Guidance included

Third quarter 2026

Revenue $1.347 billion +1.2% year over year

Net income $71 million -56.4% year over year

Diluted earnings per common share $0.10 -56.5% year over year

Comparable hotel RevPAR $219.50 +8.8% year over year

Adjusted EBITDAre $347 million +8.8% year over year

Guidance

Full-year 2026 comparable hotel RevPAR growth of approximately 6.75% and comparable hotel Total RevPAR growth of approximately 6.0%.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did HST's comparable hotel metrics perform in Q3 2026?

Comparable hotel RevPAR was $219.50, up 8.8% from Q3 2025, and comparable hotel Total RevPAR was $348.19, up 7.3%. Comparable hotel revenues were $1.312 billion, an increase of 7.4%.

Why did HST's net income decline in Q3 2026?

GAAP net income was $71 million, compared with $163 million in Q3 2025. The company attributed the decrease to a decline in gains on asset sales, partially offset by a 140-basis-point improvement in GAAP operating profit margin to 9.0%.

What is HST's 2026 growth guidance?

The company raised its outlook to approximately 6.75% comparable hotel RevPAR growth and approximately 6.0% comparable hotel Total RevPAR growth over 2025. Its full-year forecast also includes net income of $978 million and Adjusted EBITDAre of $1.865 billion.

How much did HST pay for its two hotel acquisitions?

After quarter end, the company acquired the leasehold interest in the 195-room 1 Hotel Brooklyn Bridge for $202 million, net of a $4 million FF&E reserve. It acquired the fee simple interest in the 308-room Renaissance Dallas at Plano Legacy West Hotel for $172 million.

What changed in HST's credit facility?

The amended $2.5 billion facility extended the $1.5 billion revolver to January 2031 and the two $500 million term loans to January 2031 and January 2032. Pricing reductions were 12.5 basis points on revolver draws, 15 basis points on term loans and 5 basis points on the facility fee.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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): November 4, 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 November 4, 2026, Host Hotels & Resorts, Inc. issued a press release announcing its financial results for the third quarter ended September 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			Host Hotels & Resorts, Inc.'s earning release for the third quarter 2026.

99.2			Host Hotels & Resorts, Inc. Third Quarter 2026 Supplemental Financial Information.

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

SIGNATURES

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


	HOST HOTELS & RESORTS, INC.

Date: November 4, 2026	By:	/S/ JOSEPH C. OTTINGER
	Name:	Joseph C. Ottinger
	Title:	Senior Vice President and Corporate Controller


						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 Third Quarter of 2026

Delivered Comparable Hotel RevPAR Growth of 8.8% and Comparable Hotel Total RevPAR Growth of 7.3%

Acquired 1 Hotel Brooklyn Bridge and Renaissance Dallas at Plano Legacy West Hotel

Amended $2.5 Billion Credit Facility, Extending Maturity and Improving Pricing Grid

Raising Full Year 2026 Growth Guidance for Comparable Hotel RevPAR to 6.75% and Total RevPAR to 6.0%

BETHESDA, Md., November 4, 2026 – Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for the third quarter of 2026.

OPERATING RESULTS

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


	Quarter ended September 30,						Year-to-date ended September 30,
	2026		2025		Percent Change		2026		2025		Percent Change
Revenues	$	1,347	$	1,331	1.2	%	$	4,632	$	4,511	2.7	%
Comparable hotel revenues⁽¹⁾	1,312		1,222		7.4	%	4,392		4,149		5.9	%
Comparable hotel Total RevPAR⁽¹⁾	348.19		324.47		7.3	%	392.74		371.19		5.8	%
Comparable hotel RevPAR⁽¹⁾	219.50		201.71		8.8	%	237.21		222.51		6.6	%

Net income	$	71	$	163	(56.4	%)	$	813	$	639	27.2	%
EBITDAre⁽¹⁾	340		314		8.3	%	1,396		1,313		6.3	%
Adjusted EBITDAre⁽¹⁾	347		319		8.8	%	1,415		1,329		6.5	%

Diluted earnings per common share	$	0.10	$	0.23	(56.5	%)	$	1.16	$	0.91	27.5	%
NAREIT FFO per diluted share⁽¹⁾	0.38		0.34		11.8	%	1.66		1.54		7.8	%
Adjusted FFO per diluted share⁽¹⁾	0.39		0.35		11.4	%	1.69		1.56		8.3	%

*Additional detail on the Company’s results, including data for 24 domestic markets, is available in the Third Quarter 2026 Supplemental Financial Information on the Company’s website at www.hosthotels.com.

James F. Risoleo, President and Chief Executive Officer, said, “We delivered a strong third quarter, driven by the quality of our portfolio, disciplined capital allocation and continued reinvestment in our assets. Comparable hotel RevPAR increased 8.8%, supported by rate growth and broad-based strength in leisure transient, group, and business transient demand. Comparable hotel Total RevPAR grew 7.3%, reflecting higher food and beverage revenues and leisure transient demand. We now expect full year comparable hotel RevPAR growth of approximately 6.75% and comparable hotel Total RevPAR growth of approximately 6.0% over 2025, both of which are above the high end of our previously announced guidance ranges.

Risoleo continued, “The acquisitions of the 1 Hotel Brooklyn Bridge and Renaissance Dallas at Plano Legacy West enhance our diversified portfolio with two market-leading properties that are expected to be immediately accretive to the Company. The 1 Hotel expands our presence in New York into a new submarket, and the Renaissance establishes our presence in the high-growth Dallas/Fort Worth market. Looking ahead, demand remains durable, supported by resilient leisure travel, growth in business travel, and healthy group demand in many markets. With our investment-grade balance sheet, strong liquidity and diversified portfolio, Host Hotels is well positioned to capitalize on favorable industry fundamentals and selectively pursue growth opportunities to deliver long-term value creation.”

_______________________________

(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			November 4, 2026

HIGHLIGHTS:

•Comparable hotel Total RevPAR was $348.19 for the third quarter of 2026, an increase of 7.3% 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, with 11 of the Company's 24 domestic markets achieving double-digit increases in comparable hotel Total RevPAR. Comparable hotel Total RevPAR year-to-date in 2026 was $392.74, an increase of 5.8%.

•Comparable hotel RevPAR was $219.50, an increase of 8.8% compared to the same period in 2025, reflecting rate increases of 5.7% and an increase in occupancy of 2.1 points. The growth was driven by very strong transient demand throughout the quarter, boosted by the World Cup and an increase in business transient demand, in addition to an increase in group bookings, and despite the impacts from an active hurricane season in Hawaii during the quarter. Comparable hotel RevPAR year-to-date in 2026 was $237.21, an increase of 6.6%.

•GAAP net income was $71 million, a 56.4% decrease compared to the third quarter of 2025, reflecting a decline in gain on asset sales, partially offset by an improvement in GAAP operating profit margin of 140 basis points to 9.0%, as higher room rates offset wage expense increases. Year-to-date, GAAP net income was $813 million, a 27.2% increase compared to 2025, benefiting from gains on asset sales and GAAP operating profit margin of 15.8%, an improvement of 110 basis points compared to 2025.

•Comparable hotel EBITDA was $331 million, an increase of 11.4% compared to the third quarter of 2025, reflecting a comparable hotel EBITDA margin increase of 90 basis points to 25.2% due to improvements in operations, largely driven by average room rate increases, which offset increases in wage expenses over the same period in 2025. Year-to-date, comparable hotel EBITDA was $1,327 million, an increase of 8.2% compared to 2025, while comparable hotel EBITDA margin increased 70 basis points to 30.2%. Comparable hotel results for both periods exclude Alila Ventana Big Sur, which was removed from the comparable hotel set in the third quarter after the hotel was closed for one month during an evacuation mandate due to wildfires in the vicinity.

•Adjusted EBITDAre was $347 million, an increase of 8.8% compared to the third quarter of 2025. Results benefited from improved operations and comparable hotel EBITDA margins, which more than offset declines due to the 2025 and 2026 dispositions. Year-to-date Adjusted EBITDAre was $1,415 million, exceeding 2025 by 6.5%.

•Subsequent to quarter end, the Company acquired the leasehold interest in the 195-room 1 Hotel Brooklyn Bridge for a total purchase price of $202 million, which is net of the $4 million furniture, fixtures and equipment ("FF&E") reserve. The Company also acquired the fee simple interest in the 308-room Renaissance Dallas at Plano Legacy West Hotel for a total purchase price of $172 million. The 1 Hotel Brooklyn Bridge, a LEED Gold-certified luxury hotel that sits on Pier 1 in Brooklyn Bridge Park, overlooks the East River and the Manhattan skyline. The Renaissance anchors the Legacy West mixed-use development in Plano, Texas and has approximately 35,000 square feet of meeting space.

•Subsequent to quarter end, the Company amended and restated its $2.5 billion credit facility, extending the maturity of the $1.5 billion revolver to January 2031 and the maturities of the two $500 million term loans to January 2031 and January 2032, respectively, with extension options that, if exercised, would align all maturities under the facility at January 2032. Under the amended facility, the Company expanded the accordion feature to $1.25 billion and achieved total reductions of 12.5 basis points on revolver draws, 15 basis points on the term loans, and 5 basis points on the facility fee, reflecting both a reset of the pricing grid to current market levels and a new leverage-based pricing benefit, while maintaining pricing incentives linked to portfolio sustainability initiatives.

Sourav Ghosh, Executive Vice President and Chief Financial Officer, added, "Subsequent to quarter end, we further strengthened our balance sheet by recasting our $2.5 billion credit facility, extending maturities through 2031 and 2032 and improving pricing. Following the recast, our debt has a weighted average maturity of 5.2 years and a weighted average interest rate of 4.8%. The enhancements to our credit facility provide further flexibility as we pursue our successful capital allocation strategy.”


© Host Hotels & Resorts, Inc.			PAGE 2 OF 26


HOST HOTELS & RESORTS, INC. NEWS RELEASE			November 4, 2026

BALANCE SHEET

The Company maintains a robust balance sheet, with the following balances at September 30, 2026:

•Total assets of $12.8 billion.

•Debt balance of $5.1 billion, with a weighted average maturity of 4.4 years, a weighted average interest rate of 4.8%, and no significant maturities until December 2028. Following the restatement of the credit facility, the weighted average maturity increased to 5.2 years.

•Total available liquidity of approximately $3.1 billion, including furniture, fixtures and equipment escrow reserves of $157 million and $1.5 billion available under the revolver portion of the credit facility. Following the transactions noted above, our estimated adjusted cash balance is as follows (in millions):


Cash and cash equivalents at September 30, 2026	$	1,492
Cash consideration for the acquisition of Renaissance Dallas at Plano Legacy West Hotel(1)	(162)
Cash consideration for the acquisition of 1 Hotel Brooklyn Bridge	(202)
Third quarter dividend paid on common stock	(137)
Cash and cash equivalents adjusted for subsequent transactions	$	991

___________________________

(1) Cash paid for acquisition is net of deposits paid prior to September 30, 2026.

DIVIDENDS

The Company paid a third quarter common stock cash dividend of $0.20 per share on October 15, 2026 to stockholders of record on September 30, 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.

The following are the results for transient, group and contract business in comparison to 2025 performance, for the Company's current portfolio:


	Quarter ended September 30, 2026									Year-to-date ended September 30, 2026
	Transient			Group			Contract			Transient			Group			Contract
Room nights (in thousands)	1,573			924			214			4,337			3,123			633
Percent change in room nights vs. same period in 2025	4.8		%	1.3		%	(2.3		%)	1.2		%	1.8		%	2.8		%
Rooms revenues (in millions)	$	528		$	251		$	48		$	1,571		$	939		$	143
Percent change in revenues vs. same period in 2025	11.5		%	4.5		%	4.6		%	7.9		%	4.7		%	7.1		%


© Host Hotels & Resorts, Inc.			PAGE 3 OF 26


HOST HOTELS & RESORTS, INC. NEWS RELEASE			November 4, 2026

CAPITAL EXPENDITURES

The following presents the Company’s capital expenditures spend through the third quarter of 2026 and the forecast for the full year 2026 (in millions):


	Year-to-date ended September 30, 2026		2026 Full Year Forecast

	Actual		Low-end of range		High-end of range
ROI - Marriott and Hyatt Transformational Capital Programs	$	121	$	180	$	195
All other return on investment ("ROI") projects	53		75		85
Total ROI Projects	174		255		280
Renewals and Replacements ("R&R")	213		285		305
R&R and ROI Capital expenditures	387		540		585
R&R - Property Damage Reconstruction	5		10		15
Total Capital Expenditures	$	392	$	550	$	600

Inventory spend for condo development(1)	17		17		17
Total capital allocation	$	409	$	567	$	617

__________

(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 $20 million to $25 million, which includes remediation costs of approximately $2 million, and completion of restoration efforts in 2027. 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 $7 million of operating guarantees in the third 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 Ritz-Carlton Naples, Tiburon was substantially completed in the third quarter of 2026.

2026 OUTLOOK

In the third quarter of 2026, the Company continued to see strong leisure and group demand, which drove an increase in rates, coupled with improving business transient volume. Comparable hotel RevPAR for October also grew approximately 6.5% over 2025. The updated 2026 guidance reflects the Company's strong third quarter results and improved expectations for the fourth quarter driven by strong leisure demand, favorable group booking pace, and improving business transient demand. Full year operating profit margins and comparable hotel EBITDA margins are expected to increase compared to 2025, as rate improvements offset increases in wage expense.

The guidance includes an estimated $3 million and $6 million of net income and Adjusted EBITDAre, respectively, which is expected from the recent acquisitions of 1 Hotel Brooklyn Bridge and Renaissance Dallas at Plano Legacy West Hotel. Due to the timing of the acquisitions, the results for these two hotels will be included in comparable hotel results starting in the fourth quarter. The guidance for net income and Adjusted EBITDAre also includes an estimated $18 million net contribution from sales expected to close at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort this year, with remaining sales expected to shift into 2027. Additionally, the final determination on insurance claims related to Hurricanes Helene and Milton is expected by the end of the year, but no additional amounts from what was received in first quarter are included in guidance.


© Host Hotels & Resorts, Inc.			PAGE 4 OF 26


HOST HOTELS & RESORTS, INC. NEWS RELEASE			November 4, 2026

The Company anticipates its 2026 operating results as compared to 2025 will be approximately as follows:

Current Full Year 2026 Guidance

Current Full Year 2026 Guidance Change vs. 2025

Previous Full Year 2026 Guidance Midpoint Change vs. 2025

Change in Full Year 2026 Guidance

Comparable hotel Total RevPAR

$392

6.0%

5.0%

100 bps

Comparable hotel RevPAR

$237

6.75%

5.0%

175 bps

Total revenues under GAAP (in millions)

$6,213

1.6%

0.4%

120 bps

Operating profit margin under GAAP

15.4%

140 bps

100 bps

40 bps

Comparable hotel EBITDA margin

30.0%

80 bps

50 bps

30 bps

Based upon the above parameters, the Company estimates its 2026 guidance will be approximately as follows:


	Current Full Year 2026 Guidance	Previous Full Year 2026 Guidance Midpoint	Change in Full Year 2026 Guidance
Net income (in millions)	$978	$953	$25
Adjusted EBITDAre (in millions)	$1,865	$1,830	$35
Diluted earnings per common share	$1.40	$1.36	$0.04
NAREIT FFO per diluted share	$2.17	$2.12	$0.05
Adjusted FFO per diluted share	$2.21	$2.16	$0.05

See the 2026 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results.

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 72 properties in the United States and five properties internationally totaling approximately 41,800 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 November 4, 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.

*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 26


HOST HOTELS & RESORTS, INC. NEWS RELEASE			November 4, 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 September 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.

Condensed Consolidated Balance Sheets (unaudited) September 30, 2026 and December 31, 2025			7

Condensed Consolidated Statements of Operations (unaudited) Quarter and Year-to-date ended September 30, 2026 and 2025			8

Earnings per Common Share (unaudited) Quarter and Year-to-date ended September 30, 2026 and 2025			9

Hotel Operating Data
Hotel Operating Data for Consolidated Hotels (by Location)			10

Schedule of Comparable Hotel Results			14

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

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

2026 FORECAST INFORMATION

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			19

Schedule of Comparable Hotel Results for Full Year 2026 Forecasts			21

Notes to Financial Information			22


© Host Hotels & Resorts, Inc.			PAGE 6 OF 26

HOST HOTELS & RESORTS, INC.

Condensed Consolidated Balance Sheets

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


	September 30, 2026		December 31, 2025

ASSETS
Property and equipment, net	$	9,625	$	10,636
Right-of-use assets	557		560
Assets held for sale	—		34
Due from managers	50		39
Advances to and investments in affiliates	310		259
Furniture, fixtures and equipment replacement fund	157		167
Notes receivable	114		114
Other	448		472
Cash and cash equivalents	1,492		768
Total assets	$	12,753	$	13,049

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes	$	3,992	$	3,986
Credit facility, including the term loans of $1,000 and $999, respectively	999		996
Mortgage and other debt	93		95
Total debt	5,084		5,077
Lease liabilities	561		563
Accounts payable and accrued expenses	286		355
Due to managers	33		76

Other	233		246
Total liabilities	6,197		6,317

Redeemable non-controlling interests - Host Hotels & Resorts, L.P.	211		171

Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized, 685.1 million shares and 687.8 million shares issued and outstanding, respectively	7		7
Additional paid-in capital	7,180		7,289
Accumulated other comprehensive loss	(66)		(68)
Deficit	(780)		(670)
Total equity of Host Hotels & Resorts, Inc. stockholders	6,341		6,558
Non-redeemable non-controlling interests—other consolidated partnerships	4		3
Total equity	6,345		6,561
Total liabilities, non-controlling interests and equity	$	12,753	$	13,049

__________

(1)Please see our Third 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 26

HOST HOTELS & RESORTS, INC.

Condensed Consolidated Statements of Operations

(unaudited, in millions, except per share amounts)


	Quarter ended September 30,				Year-to-date ended September 30,
	2026		2025		2026		2025
Revenues
Rooms	$	841	$	826	$	2,738	$	2,713
Food and beverage	367		364		1,368		1,345
Other	132		141		440		453
Condominium sales	7		—		86		—
Total revenues	1,347		1,331		4,632		4,511
Expenses
Rooms	225		222		680		680
Food and beverage	273		278		911		914
Other departmental and support expenses	355		357		1,099		1,096
Management fees	56		52		197		191
Other property-level expenses	94		103		291		321
Depreciation and amortization	187		196		570		587
Cost of goods sold	6		—		71		—
Corporate and other expenses⁽¹⁾	30		27		87		83
Net gain on insurance settlements	—		(5)		(7)		(24)
Total operating costs and expenses	1,226		1,230		3,899		3,848
Operating profit	121		101		733		663
Interest income	17		7		47		22
Interest expense	(59)		(60)		(176)		(175)
Other gains (losses)	(6)		122		235		148
Equity in earnings of affiliates	5		2		16		16
Income before income taxes	78		172		855		674
Provision for income taxes	(7)		(9)		(42)		(35)
Net income	71		163		813		639
Less: Net income attributable to non-controlling interests	(1)		(2)		(12)		(9)
Net income attributable to Host Inc.	$	70	$	161	$	801	$	630
Basic earnings per common share	$	0.10	$	0.23	$	1.17	$	0.91
Diluted earnings per common share	$	0.10	$	0.23	$	1.16	$	0.91

___________

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


	Quarter ended September 30,				Year-to-date ended September 30,
	2026		2025		2026		2025
General and administrative costs	$	23	$	22	$	68	$	67
Non-cash stock-based compensation expense	7		5		19		16

Total	$	30	$	27	$	87	$	83

PAGE 8 OF 26

HOST HOTELS & RESORTS, INC.

Earnings per Common Share

(unaudited, in millions, except per share amounts)


	Quarter ended September 30,				Year-to-date ended September 30,
	2026		2025		2026		2025
Net income	$	71	$	163	$	813	$	639
Less: Net income attributable to non-controlling interests	(1)		(2)		(12)		(9)
Net income attributable to Host Inc.	$	70	$	161	$	801	$	630

Basic weighted average shares outstanding	685.1		687.5		685.9		692.6
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market	2.2		2.0		2.1		1.9
Diluted weighted average shares outstanding⁽¹⁾	687.3		689.5		688.0		694.5
Basic earnings per common share	$	0.10	$	0.23	$	1.17	$	0.91
Diluted earnings per common share	$	0.10	$	0.23	$	1.16	$	0.91

___________

(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 26

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels

Comparable Hotel Results by Location(1)


	As of September 30, 2026		Quarter ended September 30, 2026								Quarter ended September 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
Maui	3	1,580	$	637.25	76.1	%	$	484.92	$	754.87	$	611.54	69.9	%	$	427.23	$	675.34	13.5	%	11.8	%
Jacksonville	1	446	571.04		72.9	%	416.13		911.98		516.44		72.4	%	374.11		826.86		11.2	%	10.3	%
Miami	2	1,038	436.84		58.2	%	254.44		459.22		387.67		59.1	%	229.04		433.63		11.1	%	5.9	%
Oahu	2	876	506.03		82.7	%	418.48		643.91		481.95		83.8	%	403.71		620.81		3.7	%	3.7	%
Florida Gulf Coast	4	1,529	358.41		53.9	%	193.11		406.21		375.39		42.7	%	160.16		350.93		20.6	%	15.8	%
New York	3	2,720	442.30		88.7	%	392.53		531.16		400.99		88.9	%	356.36		487.87		10.1	%	8.9	%
Nashville	2	721	345.67		81.5	%	281.64		488.48		330.15		77.6	%	256.22		449.68		9.9	%	8.6	%
Phoenix	3	1,565	275.17		40.1	%	110.47		279.75		262.62		61.9	%	162.56		410.51		(32.0	%)	(31.9	%)
Los Angeles/Orange County	3	1,067	313.97		77.4	%	242.97		351.09		308.01		76.7	%	236.26		354.62		2.8	%	(1.0	%)
San Diego	3	3,294	313.84		77.8	%	244.08		429.21		302.44		76.9	%	232.44		410.75		5.0	%	4.5	%
Boston	2	1,496	319.87		83.6	%	267.46		343.76		297.49		79.6	%	236.86		303.04		12.9	%	13.4	%
Washington, D.C. (CBD)	4	2,788	279.94		67.6	%	189.30		276.10		265.42		56.6	%	150.31		232.09		25.9	%	19.0	%
Philadelphia	2	810	258.11		85.0	%	219.45		319.47		231.56		83.9	%	194.39		301.51		12.9	%	6.0	%
San Francisco/San Jose	6	4,162	241.98		77.1	%	186.54		267.88		228.63		74.7	%	170.68		243.57		9.3	%	10.0	%
Northern Virginia	2	916	273.59		73.8	%	201.84		301.29		254.61		72.4	%	184.39		268.82		9.5	%	12.1	%
Chicago	3	1,562	293.68		85.0	%	249.64		343.57		275.28		83.7	%	230.39		323.52		8.4	%	6.2	%
Seattle	2	1,315	277.90		86.2	%	239.55		310.71		278.57		82.7	%	230.37		292.94		4.0	%	6.1	%
Orlando	1	2,004	209.36		56.9	%	119.17		338.82		207.95		54.1	%	112.42		315.86		6.0	%	7.3	%
Austin	2	769	223.81		57.7	%	129.15		255.71		205.41		41.4	%	85.07		157.45		51.8	%	62.4	%
Atlanta	2	810	225.60		69.0	%	155.75		250.37		205.50		69.2	%	142.11		218.67		9.6	%	14.5	%
Houston	4	1,710	200.78		64.9	%	130.40		182.47		195.20		61.2	%	119.37		163.15		9.2	%	11.8	%
San Antonio	2	1,512	215.52		62.0	%	133.66		203.81		207.97		58.2	%	121.08		186.09		10.4	%	9.5	%
Denver	3	1,342	214.09		75.6	%	161.81		237.11		213.29		74.8	%	159.43		230.23		1.5	%	3.0	%
New Orleans	1	1,333	164.81		58.5	%	96.46		175.58		150.07		58.8	%	88.31		151.18		9.2	%	16.1	%
Other	6	2,056	221.88		70.9	%	157.30		229.68		211.73		72.4	%	153.38		228.83		2.6	%	0.4	%
Domestic	68	39,421	307.98		71.8	%	221.17		352.45		291.67		69.8	%	203.49		328.88		8.7	%	7.2	%

International	5	1,499	234.82		74.7	%	175.46		235.72		214.10		72.3	%	154.77		206.87		13.4	%	13.9	%
All Locations	73	40,920	$	305.20	71.9	%	$	219.50	$	348.19	$	288.73	69.8	%	$	201.71	$	324.47	8.8	%	7.3	%

___________

(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 10 OF 26

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

Comparable Hotel Results by Location(1)


	As of September 30, 2026		Year-to-date ended September 30, 2026								Year-to-date ended September 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
Maui	3	1,580	$	647.81	77.6	%	$	502.67	$	785.01	$	641.29	71.8	%	$	460.58	$	728.70	9.1	%	7.7	%
Jacksonville	1	446	590.75		75.8	%	447.90		1,005.52		546.80		74.6	%	407.90		918.63		9.8	%	9.5	%
Miami	2	1,038	610.37		73.3	%	447.62		771.89		541.24		72.8	%	394.28		694.08		13.5	%	11.2	%
Oahu	2	876	499.03		80.3	%	400.55		631.98		482.90		83.5	%	403.43		618.34		(0.7	%)	2.2	%
Florida Gulf Coast	4	1,529	541.75		67.8	%	367.51		783.46		518.80		65.0	%	337.19		734.07		9.0	%	6.7	%
New York	3	2,720	410.20		86.2	%	353.42		507.61		381.66		85.9	%	327.75		471.21		7.8	%	7.7	%
Nashville	2	721	355.95		80.8	%	287.75		491.88		338.77		80.7	%	273.48		469.46		5.2	%	4.8	%
Phoenix	3	1,565	430.33		63.9	%	274.90		618.46		389.03		71.5	%	278.30		651.58		(1.2	%)	(5.1	%)
Los Angeles/Orange County	3	1,067	318.80		77.6	%	247.33		365.69		306.41		78.2	%	239.47		361.29		3.3	%	1.2	%
San Diego	3	3,294	312.45		77.0	%	240.45		446.48		302.30		76.2	%	230.25		430.73		4.4	%	3.7	%
Boston	2	1,496	309.93		74.2	%	230.10		308.16		291.42		75.7	%	220.46		287.97		4.4	%	7.0	%
Washington, D.C. (CBD)	4	2,788	308.08		69.3	%	213.48		314.92		312.81		63.6	%	198.84		290.96		7.4	%	8.2	%
Philadelphia	2	810	256.54		81.2	%	208.43		310.56		235.96		82.1	%	193.71		295.87		7.6	%	5.0	%
San Francisco/San Jose	6	4,162	281.75		73.4	%	206.69		297.79		255.37		70.3	%	179.44		265.08		15.2	%	12.3	%
Northern Virginia	2	916	278.06		72.9	%	202.77		308.70		268.51		68.6	%	184.16		284.99		10.1	%	8.3	%
Chicago	3	1,562	265.10		73.6	%	195.20		277.13		252.43		72.0	%	181.64		258.88		7.5	%	7.0	%
Seattle	2	1,315	254.48		71.5	%	181.97		245.44		251.35		71.8	%	180.44		240.72		0.8	%	2.0	%
Orlando	1	2,004	243.15		66.9	%	162.61		423.08		237.25		67.0	%	158.98		408.96		2.3	%	3.5	%
Austin	2	769	248.25		65.0	%	161.32		305.06		238.80		52.4	%	125.10		231.79		29.0	%	31.6	%
Atlanta	2	810	226.09		69.6	%	157.25		266.08		214.99		68.2	%	146.72		244.64		7.2	%	8.8	%
Houston	4	1,710	217.35		69.3	%	150.63		207.55		209.62		68.2	%	142.92		198.42		5.4	%	4.6	%
San Antonio	2	1,512	228.68		64.3	%	147.10		233.54		223.44		61.8	%	138.18		219.96		6.5	%	6.2	%
Denver	3	1,342	206.28		66.6	%	137.37		207.97		203.98		67.2	%	137.17		207.38		0.1	%	0.3	%
New Orleans	1	1,333	188.90		61.9	%	116.98		199.75		205.67		65.4	%	134.43		215.07		(13.0	%)	(7.1	%)
Other	6	2,056	244.59		70.2	%	171.69		252.19		236.90		70.8	%	167.72		250.83		2.4	%	0.5	%
Domestic	68	39,421	331.71		72.5	%	240.59		399.76		316.34		71.4	%	225.90		378.29		6.5	%	5.7	%

International	5	1,499	218.72		67.8	%	148.37		207.04		196.33		67.9	%	133.40		183.36		11.2	%	12.9	%
All Locations	73	40,920	$	327.84	72.4	%	$	237.21	$	392.74	$	312.15	71.3	%	$	222.51	$	371.19	6.6	%	5.8	%

___________

PAGE 11 OF 26

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

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


	As of September 30,
	2026	2025	Quarter ended September 30, 2026								Quarter ended September 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
Maui	3	3	$	637.25	76.1	%	$	484.92	$	754.87	$	611.54	69.9	%	$	427.23	$	675.34	13.5	%	11.8	%
Jacksonville	1	1	571.04		72.9	%	416.13		911.98		516.44		72.4	%	374.11		826.86		11.2	%	10.3	%
Miami	2	2	436.84		58.2	%	254.44		459.22		387.67		59.1	%	229.04		433.63		11.1	%	5.9	%
Oahu	2	2	506.03		82.7	%	418.48		643.91		481.95		83.8	%	403.71		620.81		3.7	%	3.7	%
Florida Gulf Coast	5	5	364.47		56.6	%	206.27		436.40		372.69		46.3	%	172.40		369.38		19.6	%	18.1	%
New York	3	3	442.30		88.7	%	392.53		531.16		400.99		88.9	%	356.36		487.87		10.1	%	8.9	%
Nashville	2	2	345.67		81.5	%	281.64		488.48		330.15		77.6	%	256.22		449.68		9.9	%	8.6	%
Phoenix	3	3	275.17		40.1	%	110.47		279.75		262.62		61.9	%	162.56		410.51		(32.0	%)	(31.9	%)
Los Angeles/Orange County	3	3	313.97		77.4	%	242.97		351.09		308.01		76.7	%	236.26		354.62		2.8	%	(1.0	%)
San Diego	3	3	313.84		77.8	%	244.08		429.21		302.44		76.9	%	232.44		410.75		5.0	%	4.5	%
Boston	2	2	319.87		83.6	%	267.46		343.76		297.49		79.6	%	236.86		303.04		12.9	%	13.4	%
Washington, D.C. (CBD)	4	4	279.94		67.6	%	189.30		276.10		260.24		57.4	%	149.50		227.53		26.6	%	21.3	%
Philadelphia	2	2	258.11		85.0	%	219.45		319.47		231.56		83.9	%	194.39		301.51		12.9	%	6.0	%
San Francisco/San Jose	6	6	241.98		77.1	%	186.54		267.88		228.63		74.7	%	170.68		243.57		9.3	%	10.0	%
Northern Virginia	2	2	273.59		73.8	%	201.84		301.29		254.61		72.4	%	184.39		268.82		9.5	%	12.1	%
Chicago	3	3	293.68		85.0	%	249.64		343.57		275.28		83.7	%	230.39		323.52		8.4	%	6.2	%
Seattle	2	2	277.90		86.2	%	239.55		310.71		278.57		82.7	%	230.37		292.94		4.0	%	6.1	%
Orlando	1	2	209.36		56.9	%	119.17		338.82		346.50		53.4	%	185.18		421.34		(35.6	%)	(19.6	%)
Austin	2	2	223.81		57.7	%	129.15		255.71		205.41		41.4	%	85.07		157.45		51.8	%	62.4	%
Atlanta	2	2	225.60		69.0	%	155.75		250.37		205.50		69.2	%	142.11		218.67		9.6	%	14.5	%
Houston	4	5	200.78		64.9	%	130.40		182.47		204.97		58.2	%	119.28		164.24		9.3	%	11.1	%
San Antonio	2	2	215.52		62.0	%	133.66		203.81		207.97		58.2	%	121.08		186.09		10.4	%	9.5	%
Denver	3	3	214.09		75.6	%	161.81		237.11		213.29		74.8	%	159.43		230.23		1.5	%	3.0	%
New Orleans	1	1	164.81		58.5	%	96.46		175.58		150.07		58.8	%	88.31		151.18		9.2	%	16.1	%
Other	7	9	257.44		70.8	%	182.17		267.57		353.05		71.1	%	251.04		382.79		(27.4	%)	(30.1	%)
Domestic	70	74	310.38		71.8	%	222.77		356.18		305.68		69.2	%	211.63		342.53		5.3	%	4.0	%

International	5	5	234.82		74.7	%	175.46		235.72		214.10		72.3	%	154.77		206.87		13.4	%	13.9	%
All Locations	75	79	$	307.53	71.9	%	$	221.06	$	351.83	$	302.34	69.3	%	$	209.64	$	337.84	5.4	%	4.1	%

___________

(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 26

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

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


	As of September 30,
	2026	2025	Year-to-date ended September 30, 2026								Year-to-date ended September 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
Maui	3	3	$	647.81	77.6	%	$	502.67	$	785.01	$	641.29	71.8	%	$	460.58	$	728.70	9.1	%	7.7	%
Jacksonville	1	1	590.75		75.8	%	447.90		1,005.52		546.80		74.6	%	407.90		918.63		9.8	%	9.5	%
Miami	2	2	610.37		73.3	%	447.62		771.89		541.24		72.8	%	394.28		694.08		13.5	%	11.2	%
Oahu	2	2	499.03		80.3	%	400.55		631.98		482.90		83.5	%	403.43		618.34		(0.7	%)	2.2	%
Florida Gulf Coast	5	5	524.88		69.3	%	363.68		769.42		500.78		62.0	%	310.25		662.29		17.2	%	16.2	%
New York	3	3	410.20		86.2	%	353.42		507.61		381.66		85.9	%	327.75		471.21		7.8	%	7.7	%
Nashville	2	2	355.95		80.8	%	287.75		491.88		338.77		80.7	%	273.48		469.46		5.2	%	4.8	%
Phoenix	3	3	430.33		63.9	%	274.90		618.46		389.03		71.5	%	278.30		651.58		(1.2	%)	(5.1	%)
Los Angeles/Orange County	3	3	318.80		77.6	%	247.33		365.69		306.41		78.2	%	239.47		361.29		3.3	%	1.2	%
San Diego	3	3	312.45		77.0	%	240.45		446.48		302.30		76.2	%	230.25		430.73		4.4	%	3.7	%
Boston	2	2	309.93		74.2	%	230.10		308.16		291.42		75.7	%	220.46		287.97		4.4	%	7.0	%
Washington, D.C. (CBD)	4	4	308.08		69.3	%	213.48		314.92		309.88		65.0	%	201.57		290.56		5.9	%	8.4	%
Philadelphia	2	2	256.54		81.2	%	208.43		310.56		235.96		82.1	%	193.71		295.87		7.6	%	5.0	%
San Francisco/San Jose	6	6	281.75		73.4	%	206.69		297.79		255.37		70.3	%	179.44		265.08		15.2	%	12.3	%
Northern Virginia	2	2	278.06		72.9	%	202.77		308.70		268.51		68.6	%	184.16		284.99		10.1	%	8.3	%
Chicago	3	3	265.10		73.6	%	195.20		277.13		252.43		72.0	%	181.64		258.88		7.5	%	7.0	%
Seattle	2	2	254.48		71.5	%	181.97		245.44		251.35		71.8	%	180.44		240.72		0.8	%	2.0	%
Orlando	1	2	278.29		66.6	%	185.38		457.25		398.78		65.9	%	262.80		556.99		(29.5	%)	(17.9	%)
Austin	2	2	248.25		65.0	%	161.32		305.06		238.80		52.4	%	125.10		231.79		29.0	%	31.6	%
Atlanta	2	2	226.09		69.6	%	157.25		266.08		214.99		68.2	%	146.72		244.64		7.2	%	8.8	%
Houston	4	5	217.43		69.2	%	150.39		207.30		221.02		65.5	%	144.79		203.16		3.9	%	2.0	%
San Antonio	2	2	228.68		64.3	%	147.10		233.54		223.44		61.8	%	138.18		219.96		6.5	%	6.2	%
Denver	3	3	206.28		66.6	%	137.37		207.97		203.98		67.2	%	137.17		207.38		0.1	%	0.3	%
New Orleans	1	1	188.90		61.9	%	116.98		199.75		205.67		65.4	%	134.43		215.07		(13.0	%)	(7.1	%)
Other	7	9	298.50		68.5	%	204.55		307.86		332.51		67.6	%	224.74		345.59		(9.0	%)	(10.9	%)
Domestic	70	74	336.86		72.4	%	243.91		406.33		329.75		70.8	%	233.35		389.38		4.5	%	4.4	%

International	5	5	218.72		67.8	%	148.37		207.04		196.33		67.9	%	133.40		183.36		11.2	%	12.9	%
All Locations	75	79	$	332.87	72.2	%	$	240.48	$	399.19	$	325.30	70.7	%	$	229.89	$	382.28	4.6	%	4.4	%

___________

PAGE 13 OF 26

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results (1)

(unaudited, in millions, except hotel statistics)


	Quarter ended September 30,						Year-to-date ended September 30,
	2026			2025			2026			2025
Number of hotels	73			73			73			73
Number of rooms	40,920			40,920			40,920			40,920
Change in comparable hotel Total RevPAR	7.3		%	—			5.8		%	—
Change in comparable hotel RevPAR	8.8		%	—			6.6		%	—
Operating profit margin⁽²⁾	9.0		%	7.6		%	15.8		%	14.7		%
Comparable hotel EBITDA margin⁽²⁾	25.2		%	24.3		%	30.2		%	29.5		%
Food and beverage profit margin⁽²⁾	25.6		%	23.6		%	33.4		%	32.0		%
Comparable hotel food and beverage profit margin⁽²⁾	25.9		%	24.9		%	33.7		%	33.0		%

Net income	$	71		$	163		$	813		$	639
Depreciation and amortization	187			196			570			587
Interest expense	59			60			176			175
Provision for income taxes	7			9			42			35
Gain on sale of property and corporate level income/expense	14			(104)			(211)			(103)
Property transaction adjustments⁽³⁾	—			(12)			(11)			(70)
Non-comparable hotel results, net⁽⁴⁾	(7)			(15)			(40)			(37)
Condominium sales (5)	—			—			(12)			—
Comparable hotel EBITDA⁽¹⁾	$	331		$	297		$	1,327		$	1,226

___________

(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 Third 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 26

HOST HOTELS & RESORTS, INC.

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

(unaudited, in millions, except hotel statistics)


	Quarter ended September 30, 2026									Quarter ended September 30, 2025
			Adjustments											Adjustments
	GAAP Results			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	$	841		$	(14)	$	—	$	—	$	827	$	826	$	(48)	$	(18)	$	—	$	760
Food and beverage	367			(8)		—		—		359		364		(19)		(7)		—		338
Other	132			(6)		—		—		126		141		(13)		(4)		—		124
Condominium sales	7			—		(7)		—		—		—		—		—		—		—
Total revenues	1,347			(28)		(7)		—		1,312		1,331		(80)		(29)		—		1,222
Expenses
Room	225			(3)		—		—		222		222		(12)		(2)		—		208
Food and beverage	273			(7)		—		—		266		278		(17)		(7)		—		254
Other	505			(11)		(1)		—		493		512		(39)		(10)		—		463
Depreciation and amortization	187			—		—		(187)		—		196		—		—		(196)		—
Cost of goods sold	6			—		(6)		—		—		—		—		—		—		—
Corporate and other expenses	30			—		—		(30)		—		27		—		—		(27)		—
Net gain on insurance settlements	—			—		—		—		—		(5)		—		5		—		—
Total expenses	1,226			(21)		(7)		(217)		981		1,230		(68)		(14)		(223)		925
Operating Profit - Comparable hotel EBITDA	$	121		$	(7)	$	—	$	217	$	331	$	101	$	(12)	$	(15)	$	223	$	297

PAGE 15 OF 26

HOST HOTELS & RESORTS, INC.

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

(unaudited, in millions, except hotel statistics)


	Year-to-date ended September 30, 2026												Year-to-date ended September 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	$	2,738	$	(32)	$	(53)	$	—	$	—	$	2,653	$	2,713	$	(185)	$	(41)	$	—	$	2,487
Food and beverage	1,368		(16)		(30)		—		—		1,322		1,345		(75)		(17)		—		1,253
Other	440		(7)		(16)		—		—		417		453		(36)		(8)		—		409
Condominium sales	86		—		—		(86)		—		—		—		—		—		—		—
Total revenues	4,632		(55)		(99)		(86)		—		4,392		4,511		(296)		(66)		—		4,149
Expenses
Room	680		(7)		(11)		—		—		662		680		(40)		(8)		—		632
Food and beverage	911		(12)		(22)		—		—		877		914		(59)		(15)		—		840
Other	1,587		(25)		(33)		(3)		—		1,526		1,608		(127)		(30)		—		1,451
Depreciation and amortization	570		—		—		—		(570)		—		587		—		—		(587)		—
Cost of goods sold	71		—		—		(71)		—		—		—		—		—		—		—
Corporate and other expenses	87		—		—		—		(87)		—		83		—		—		(83)		—
Net gain on insurance settlements	(7)		—		7		—		—		—		(24)		—		24		—		—
Total expenses	3,899		(44)		(59)		(74)		(657)		3,065		3,848		(226)		(29)		(670)		2,923
Operating Profit - Comparable hotel EBITDA	$	733	$	(11)	$	(40)	$	(12)	$	657	$	1,327	$	663	$	(70)	$	(37)	$	670	$	1,226

(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 $3 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 26

HOST HOTELS & RESORTS, INC.

Reconciliation of Net Income to

EBITDA, EBITDAre and Adjusted EBITDAre (1)

(unaudited, in millions)


	Quarter ended September 30,				Year-to-date ended September 30,
	2026		2025		2026		2025
Net income⁽²⁾	$	71	$	163	$	813	$	639
Interest expense	59		60		176		175
Depreciation and amortization	187		196		566		587
Income taxes	7		9		42		35
EBITDA⁽²⁾	324		428		1,597		1,436
(Gain) loss on dispositions⁽³⁾	6		(122)		(235)		(143)
Non-cash impairment expense	—		—		4		—
Equity investment adjustments:
Equity in earnings of affiliates	(5)		(2)		(16)		(16)
Pro rata EBITDAre of equity investments⁽⁴⁾	15		10		46		36
EBITDAre⁽²⁾	340		314		1,396		1,313
Adjustments to EBITDAre:


Non-cash stock-based compensation expense	7		5		19		16
Adjusted EBITDAre⁽²⁾	$	347	$	319	$	1,415	$	1,329

___________

(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 September 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 and two hotels in 2025, and the sale of the Asia/Pacific joint venture's interest in two separate joint ventures in India 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 26

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 September 30,				Year-to-date ended September 30,
	2026		2025		2026		2025
Net income⁽²⁾	$	71	$	163	$	813	$	639
Less: Net income attributable to non-controlling interests	(1)		(2)		(12)		(9)
Net income attributable to Host Inc.	70		161		801		630
Adjustments:
(Gain) loss on dispositions⁽³⁾	6		(122)		(235)		(143)
Tax on dispositions	—		—		5		—

Depreciation and amortization	187		196		565		586
Non-cash impairment expense	—		—		4		—
Equity investment adjustments:
Equity in earnings of affiliates	(5)		(2)		(16)		(16)
Pro rata FFO of equity investments⁽⁴⁾	6		4		25		20
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships	—		(1)		—		(1)
FFO adjustment for non-controlling interests of Host L.P.	(3)		(1)		(5)		(6)
NAREIT FFO⁽²⁾	261		235		1,144		1,070
Adjustments to NAREIT FFO:
Non-cash stock-based compensation expense	7		5		19		16
Adjusted FFO⁽²⁾	$	268	$	240	$	1,163	$	1,086

For calculation on a per share basis:⁽⁵⁾

Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO	687.3		689.5		688.0		694.5
Diluted earnings per common share	$	0.10	$	0.23	$	1.16	$	0.91
NAREIT FFO per diluted share	$	0.38	$	0.34	$	1.66	$	1.54
Adjusted FFO per diluted share	$	0.39	$	0.35	$	1.69	$	1.56

___________

(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 26

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

Net income	$	978
Interest expense	243
Depreciation and amortization	755
Income taxes	56
EBITDA	2,032
Gain on dispositions	(235)
Non-cash impairment expense	4
Equity investment adjustments:
Equity in earnings of affiliates	(25)
Pro rata EBITDAre of equity investments	62
EBITDAre	1,838
Adjustments to EBITDAre:
Non-cash stock-based compensation expense	27

Adjusted EBITDAre	$	1,865


	Full Year 2026
Net income	$	978
Less: Net income attributable to non-controlling interests	(14)
Net income attributable to Host Inc.	964
Adjustments:
Gain on dispositions	(235)
Tax on dispositions	5

Depreciation and amortization	753
Non-cash impairment expense	4
Equity investment adjustments:
Equity in earnings of affiliates	(25)
Pro rata FFO of equity investments	34
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships	(1)
FFO adjustment for non-controlling interests of Host LP	(7)
NAREIT FFO	1,492
Adjustments to NAREIT FFO:
Non-cash stock-based compensation expense	27
Loss on extinguishment of debt	5

Adjusted FFO	$	1,524

Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO	688.7
Diluted earnings per common share	$	1.40
NAREIT FFO per diluted share	$	2.17
Adjusted FFO per diluted share	$	2.21

_______________

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

•Comparable hotel RevPAR will increase 6.75% compared to 2025 for the full year forecast. 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 approximately 80 basis points compared to 2025 for the full year forecast.

•We expect to spend approximately $550 million to $600 million on capital expenditures.

•Includes $3 million of net income and $6 million of EBITDA from the 1 Hotel Brooklyn Bridge and the Renaissance Dallas at Plano Legacy West Hotel, acquired in October 2026. Assumes no additional dispositions or acquisitions during the year.

•Assumes an approximate $18 million contribution to net income and Adjusted EBITDAre from the sale of condominium units.

PAGE 19 OF 26

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)

•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 26

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results for Full Year 2026 Forecasts (1)(2)

(unaudited, in millions)


	Full Year 2026

Operating profit margin(3)	15.4		%
Comparable hotel EBITDA margin(3)	30.0		%

Net income	$	978
Depreciation and amortization	759
Interest expense	243
Provision for income taxes	56
Gain on sale of property and corporate level income/expense	(195)
Forecast results for subsequent acquisitions(2)	(6)
Property transaction adjustments(4)	(11)
Non-comparable hotel results, net(5)	(49)
Condominium sales (6)	(18)
Comparable hotel EBITDA(1)	$	1,757

___________

(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 73 hotels (of our 75 hotels owned at September 30, 2026) that we have assumed will be classified as comparable as of December 31, 2026. Comparable hotel metrics do not yet include the results of the 1 Hotel Brooklyn Bridge and the Renaissance Dallas at Plano Legacy West Hotel, which were acquired in October 2026. We expect to include the comparable hotel results for these two hotels beginning in the fourth quarter. 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:


	Full Year 2026
					Adjustments
	GAAP Results		Forecast results for October acquisitions		Property transaction adjustments		Non-comparable hotel results, net		Condominium sales		Depreciation and corporate level items		Comparable hotel Results
Revenues
Rooms	$	3,650	$	(11)	$	(32)	$	(70)	$	—	$	—	$	3,537
Food and beverage	1,839		(8)		(16)		(40)		—		—		1,775
Other	724		(2)		(7)		(20)		(141)		—		554
Total revenues	6,213		(21)		(55)		(130)		(141)		—		5,866
Expenses
Hotel expenses	4,262		(15)		(44)		(88)		(6)		—		4,109
Depreciation and amortization	759		—		—		—		—		(759)		—
Cost of goods sold	117		—		—		—		(117)		—		—
Corporate and other expenses	128		—		—		—		—		(128)		—
Net gain on insurance settlements	(7)		—		—		7		—		—		—
Total expenses	5,259		(15)		(44)		(81)		(123)		(887)		4,109
Operating Profit - Comparable hotel EBITDA	$	954	$	(6)	$	(11)	$	(49)	$	(18)	$	887	$	1,757

(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 properties are 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); and

•Alila Ventana Big Sur (business disruption due to local evacuation mandates and regional wildfire activity resulting in closure of the hotel beginning in August 2026, reopened in September 2026).

(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 26

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 September 30, 2026, 73 have been classified as comparable hotels. The operating results of the following properties that we owned as of September 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);

•Alila Ventana Big Sur (business disruption due to local evacuation mandates and regional wildfire activity resulting in closure of the hotel beginning in August 2026, reopened in September 2026); 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.

Comparable hotel metrics do not yet include the results of 1 Hotel Brooklyn Bridge and Renaissance Dallas at Plano Legacy West Hotel, which were acquired in October 2026. We expect to include the comparable hotel results for these two hotels beginning in the fourth quarter.

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)

PAGE 22 OF 26

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

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 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.

PAGE 23 OF 26

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

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

EBITDA

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

EBITDAre and Adjusted EBITDAre

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

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

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

•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.

PAGE 24 OF 26

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

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

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

Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments, and NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of non-controlling partners in consolidated partnerships. Our equity investments consist of interests ranging from 11% to 67% in seven domestic partnerships that own a total of 124 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

PAGE 25 OF 26

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

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 26 OF 26

Exhibit 99.2

Supplemental Financial Information

SEPTEMBER 30, 2026

ANDAZ MAUI AT WAILEA RESORT

TABLE OF CONTENTS



3	OVERVIEW
	About Host Hotels & Resorts	4
	Analyst Coverage	5
	Forward-Looking Statements	6
	Non-GAAP Financial Measures	6
7	PROPERTY LEVEL DATA AND CORPORATE MEASURES
	Comparable Hotel Results by Location	8
	Historical Comparable Hotel Results	16
	Comparable Hotel Results 2026 Forecast and Full Year 2025	18
	Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre for Full Year 2026 Forecasts	21
	Ground Lease Summary as of December 31, 2025	22
23	CAPITALIZATION
	Comparative Capitalization	24
	Consolidated Debt Summary	25
	Consolidated Debt Maturity	26
	Property Transactions	27
28	FINANCIAL COVENANTS
	Credit Facility and Senior Notes Financial Performance Tests	29
	Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio	30
	Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio	32
	Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio	33
	Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test	34
	Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test	35
	Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio	36
	Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test	37
38	NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
	Forecasts	39
	Comparable Hotel Operating Statistics and Results	39
	Non-GAAP Financial Measures	40

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

HOST HOTELS & RESORTS CORPORATE HEADQUARTERS

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

About Host Hotels & Resorts

PREMIER U.S. LODGING REIT

S&P

500

COMPANY

$15.6

BILLION

MARKET CAP(1)

$19.6

BILLION

ENTERPRISE VALUE(1)

LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2)

HOTELS

41,800

ROOMS

TOP U.S. MARKETS

(1) Based on market cap as of September 30, 2026. See Comparative Capitalization for calculation.

(2) At November 4, 2026.

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.

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 September 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 November 4, 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.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

1 HOTEL NASHVILLE

Comparable Hotel Results by Location (1)

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


	Quarter ended September 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
Maui	3	1,580	$637.25	76.1%	$484.92	$109.7	$754.87	$7.9	$24.5
Jacksonville	1	446	571.04	72.9%	416.13	37.4	911.98	10.2	13.4
Miami	2	1,038	436.84	58.2%	254.44	45.2	459.22	(3.6)	5.3
Oahu	2	876	506.03	82.7%	418.48	52.7	643.91	5.0	11.6
Florida Gulf Coast	4	1,529	358.41	53.9%	193.11	57.1	406.21	(18.5)	1.9
New York	3	2,720	442.30	88.7%	392.53	132.9	531.16	30.8	38.2
Nashville	2	721	345.67	81.5%	281.64	32.4	488.48	5.2	11.6
Phoenix	3	1,565	275.17	40.1%	110.47	40.3	279.75	(11.0)	0.5
Los Angeles/Orange County	3	1,067	313.97	77.4%	242.97	34.5	351.09	6.0	8.1
San Diego	3	3,294	313.84	77.8%	244.08	130.1	429.21	24.7	42.0
Boston	2	1,496	319.87	83.6%	267.46	47.3	343.76	12.7	17.2
Washington, D.C. (CBD)	4	2,788	279.94	67.6%	189.30	70.8	276.10	4.4	17.3
Philadelphia	2	810	258.11	85.0%	219.45	23.8	319.47	6.2	7.8
San Francisco/San Jose	6	4,162	241.98	77.1%	186.54	102.6	267.88	3.8	16.7
Northern Virginia	2	916	273.59	73.8%	201.84	25.4	301.29	3.9	7.1
Chicago	3	1,562	293.68	85.0%	249.64	49.4	343.57	13.3	17.4
Seattle	2	1,315	277.90	86.2%	239.55	37.6	310.71	7.6	10.5
Orlando	1	2,004	209.36	56.9%	119.17	62.5	338.82	9.7	17.3
Austin	2	769	223.81	57.7%	129.15	18.1	255.71	(2.2)	3.7
Atlanta	2	810	225.60	69.0%	155.75	18.7	250.37	1.5	5.4
Houston	4	1,710	200.78	64.9%	130.40	28.7	182.47	4.3	7.8
San Antonio	2	1,512	215.52	62.0%	133.66	28.4	203.81	4.0	7.7
Denver	3	1,342	214.09	75.6%	161.81	29.3	237.11	7.6	10.7
New Orleans	1	1,333	164.81	58.5%	96.46	21.5	175.58	2.0	5.6
Other	6	2,056	221.88	70.9%	157.30	43.4	229.68	4.7	9.8
Other property level (2)						0.1		(0.5)	(0.5)
Domestic	68	39,421	307.98	71.8%	221.17	1,279.9	352.45	139.7	318.6

International	5	1,499	234.82	74.7%	175.46	32.5	235.72	10.7	12.3
All Locations - comparable hotels	73	40,920	305.20	71.9%	219.50	1,312.4	348.19	150.4	330.9
Non-comparable hotels	2	407				27.5		—	7.2
Gain on sale of property and corporate level income/expense (3)						6.7		(79.7)	(13.7)
Total	75	41,327	$—	—	$—	$1,346.6	$—	$70.7	$324.4

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

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

Comparable Hotel Results by Location

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


	Quarter ended September 30, 2026
Location	No. of Properties	No. of Rooms	Hotel Net Income (Loss)	Plus: Depreciation	Plus: Interest Expense	Plus: Income Tax	Equals: Hotel EBITDA
Maui	3	1,580	$7.9	$16.6	$—	$—	$24.5
Jacksonville	1	446	10.2	3.2	—	—	13.4
Miami	2	1,038	(3.6)	8.9	—	—	5.3
Oahu	2	876	5.0	6.6	—	—	11.6
Florida Gulf Coast	4	1,529	(18.5)	20.4	—	—	1.9
New York	3	2,720	30.8	7.4	—	—	38.2
Nashville	2	721	5.2	6.4	—	—	11.6
Phoenix	3	1,565	(11.0)	11.5	—	—	0.5
Los Angeles/Orange County	3	1,067	6.0	2.1	—	—	8.1
San Diego	3	3,294	24.7	17.3	—	—	42.0
Boston	2	1,496	12.7	4.5	—	—	17.2
Washington, D.C. (CBD)	4	2,788	4.4	12.9	—	—	17.3
Philadelphia	2	810	6.2	1.6	—	—	7.8
San Francisco/San Jose	6	4,162	3.8	12.9	—	—	16.7
Northern Virginia	2	916	3.9	3.2	—	—	7.1
Chicago	3	1,562	13.3	4.1	—	—	17.4
Seattle	2	1,315	7.6	2.9	—	—	10.5
Orlando	1	2,004	9.7	7.6	—	—	17.3
Austin	2	769	(2.2)	5.0	0.9	—	3.7
Atlanta	2	810	1.5	3.9	—	—	5.4
Houston	4	1,710	4.3	3.5	—	—	7.8
San Antonio	2	1,512	4.0	3.7	—	—	7.7
Denver	3	1,342	7.6	3.1	—	—	10.7
New Orleans	1	1,333	2.0	3.6	—	—	5.6
Other	6	2,056	4.7	5.1	—	—	9.8
Other property level (1)			(0.5)	—	—	—	(0.5)
Domestic	68	39,421	139.7	178.0	0.9	—	318.6

International	5	1,499	10.7	1.6	—	—	12.3
All Locations - comparable hotels	73	40,920	$150.4	$179.6	$0.9	$—	$330.9
Non-comparable hotels	2	407	—	7.2	—	—	7.2
Gain on sale of property and corporate level income/expense (2)			(79.7)	0.4	58.2	7.4	(13.7)
Total	75	41,327	$70.7	$187.2	$59.1	$7.4	$324.4

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

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

level income/expense.”

Comparable Hotel Results by Location

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


	Quarter ended September 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
Maui	3	1,580	$611.54	69.9%	$427.23	$98.2	$675.34	$3.5	$19.9
Jacksonville	1	446	516.44	72.4%	374.11	33.9	826.86	8.5	11.7
Miami	2	1,038	387.67	59.1%	229.04	42.6	433.63	(5.2)	3.5
Oahu	2	876	481.95	83.8%	403.71	50.8	620.81	5.3	11.6
Florida Gulf Coast	4	1,529	375.39	42.7%	160.16	49.4	350.93	(21.8)	(2.2)
New York	3	2,720	400.99	88.9%	356.36	122.1	487.87	23.2	34.6
Nashville	2	721	330.15	77.6%	256.22	29.8	449.68	3.9	10.0
Phoenix	3	1,565	262.62	61.9%	162.56	58.3	410.51	(0.8)	10.0
Los Angeles/Orange County	3	1,067	308.01	76.7%	236.26	34.8	354.62	3.9	6.7
San Diego	3	3,294	302.44	76.9%	232.44	124.5	410.75	24.9	41.2
Boston	2	1,496	297.49	79.6%	236.86	41.7	303.04	10.8	15.3
Washington, D.C. (CBD)	4	2,788	265.42	56.6%	150.31	59.5	232.09	2.5	13.9
Philadelphia	2	810	231.56	83.9%	194.39	22.5	301.51	4.7	7.2
San Francisco/San Jose	6	4,162	228.63	74.7%	170.68	93.3	243.57	(2.1)	12.1
Northern Virginia	2	916	254.61	72.4%	184.39	22.7	268.82	3.0	6.0
Chicago	3	1,562	275.28	83.7%	230.39	46.5	323.52	12.5	16.6
Seattle	2	1,315	278.57	82.7%	230.37	35.4	292.94	6.1	9.1
Orlando	1	2,004	207.95	54.1%	112.42	58.2	315.86	3.6	13.8
Austin	2	769	205.41	41.4%	85.07	11.1	157.45	(2.0)	2.8
Atlanta	2	810	205.50	69.2%	142.11	16.3	218.67	0.7	4.4
Houston	4	1,710	195.20	61.2%	119.37	25.7	163.15	2.2	7.2
San Antonio	2	1,512	207.97	58.2%	121.08	25.9	186.09	2.6	6.2
Denver	3	1,342	213.29	74.8%	159.43	28.4	230.23	6.8	10.4
New Orleans	1	1,333	150.07	58.8%	88.31	18.5	151.18	2.2	4.4
Other	6	2,056	211.73	72.4%	153.38	43.3	228.83	10.4	10.3
Other property level (1)						0.2		0.8	0.8
Domestic	68	39,421	291.67	69.8%	203.49	1,193.6	328.88	110.2	287.5

International	5	1,499	214.10	72.3%	154.77	28.5	206.87	8.1	9.8
All Locations - comparable hotels	73	40,920	288.73	69.8%	201.71	1,222.1	324.47	118.3	297.3
Non-comparable hotels	2	407				29.4		8.8	14.6
Property transaction adjustments (2)	—	—				79.8		—	12.2
Gain on sale of property and corporate level income/expense (3)						—		35.5	104.2
Total	75	41,327	$—	—	$—	$1,331.3	$—	$162.6	$428.3

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

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

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

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

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

Comparable Hotel Results by Location

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


	Quarter ended September 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
Maui	3	1,580	$3.5	$16.4	$—	$—	$—	$19.9
Jacksonville	1	446	8.5	3.2	—	—	—	11.7
Miami	2	1,038	(5.2)	8.7	—	—	—	3.5
Oahu	2	876	5.3	6.3	—	—	—	11.6
Florida Gulf Coast	4	1,529	(21.8)	19.6	—	—	—	(2.2)
New York	3	2,720	23.2	11.4	—	—	—	34.6
Nashville	2	721	3.9	6.1	—	—	—	10.0
Phoenix	3	1,565	(0.8)	10.8	—	—	—	10.0
Los Angeles/Orange County	3	1,067	3.9	2.8	—	—	—	6.7
San Diego	3	3,294	24.9	16.3	—	—	—	41.2
Boston	2	1,496	10.8	4.5	—	—	—	15.3
Washington, D.C. (CBD)	4	2,788	2.5	11.6	—	—	(0.2)	13.9
Philadelphia	2	810	4.7	2.5	—	—	—	7.2
San Francisco/San Jose	6	4,162	(2.1)	14.2	—	—	—	12.1
Northern Virginia	2	916	3.0	3.0	—	—	—	6.0
Chicago	3	1,562	12.5	4.1	—	—	—	16.6
Seattle	2	1,315	6.1	3.0	—	—	—	9.1
Orlando	1	2,004	3.6	13.7	—	—	(3.5)	13.8
Austin	2	769	(2.0)	3.8	1.0	—	—	2.8
Atlanta	2	810	0.7	3.7	—	—	—	4.4
Houston	4	1,710	2.2	4.9	—	—	0.1	7.2
San Antonio	2	1,512	2.6	3.6	—	—	—	6.2
Denver	3	1,342	6.8	3.6	—	—	—	10.4
New Orleans	1	1,333	2.2	2.2	—	—	—	4.4
Other	6	2,056	10.4	8.5	—	—	(8.6)	10.3
Other property level (1)			0.8	—	—	—	—	0.8
Domestic	68	39,421	110.2	188.5	1.0	—	(12.2)	287.5

International	5	1,499	8.1	1.7	—	—	—	9.8
All Locations - comparable hotels	73	40,920	$118.3	$190.2	$1.0	$—	$(12.2)	$297.3
Non-comparable hotels	2	407	8.8	5.8	—	—	—	14.6
Property transaction adjustments (2)	—	—	—	—	—	—	12.2	12.2
Gain on sale of property and corporate level income/expense (3)			35.5	0.4	59.1	9.2	—	104.2
Total	75	41,327	$162.6	$196.4	$60.1	$9.2	$—	$428.3

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

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

level income/expense.”

Comparable Hotel Results by Location (1)

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


	Year-to-date ended September 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
Maui	3	1,580	$647.81	77.6%	$502.67	$338.6	$785.01	$36.6	$86.5
Jacksonville	1	446	590.75	75.8%	447.90	122.4	1,005.52	37.7	47.3
Miami	2	1,038	610.37	73.3%	447.62	225.6	771.89	47.7	74.2
Oahu	2	876	499.03	80.3%	400.55	153.4	631.98	12.8	32.5
Florida Gulf Coast	4	1,529	541.75	67.8%	367.51	327.0	783.46	51.3	113.2
New York	3	2,720	410.20	86.2%	353.42	376.9	507.61	77.4	102.3
Nashville	2	721	355.95	80.8%	287.75	96.8	491.88	16.3	35.4
Phoenix	3	1,565	430.33	63.9%	274.90	264.2	618.46	62.5	97.1
Los Angeles/Orange County	3	1,067	318.80	77.6%	247.33	106.5	365.69	17.2	23.4
San Diego	3	3,294	312.45	77.0%	240.45	401.5	446.48	83.3	138.0
Boston	2	1,496	309.93	74.2%	230.10	125.9	308.16	28.0	41.6
Washington, D.C. (CBD)	4	2,788	308.08	69.3%	213.48	239.7	314.92	33.7	71.1
Philadelphia	2	810	256.54	81.2%	208.43	68.7	310.56	16.9	21.8
San Francisco/San Jose	6	4,162	281.75	73.4%	206.69	338.4	297.79	41.2	81.1
Northern Virginia	2	916	278.06	72.9%	202.77	77.2	308.70	12.1	21.8
Chicago	3	1,562	265.10	73.6%	195.20	118.2	277.13	19.3	31.6
Seattle	2	1,315	254.48	71.5%	181.97	88.1	245.44	6.9	15.6
Orlando	1	2,004	243.15	66.9%	162.61	231.5	423.08	61.4	77.3
Austin	2	769	248.25	65.0%	161.32	64.0	305.06	1.4	18.9
Atlanta	2	810	226.09	69.6%	157.25	58.8	266.08	6.3	18.1
Houston	4	1,710	217.35	69.3%	150.63	96.9	207.55	20.0	31.3
San Antonio	2	1,512	228.68	64.3%	147.10	96.4	233.54	19.4	30.4
Denver	3	1,342	206.28	66.6%	137.37	76.2	207.97	16.8	26.7
New Orleans	1	1,333	188.90	61.9%	116.98	72.7	199.75	14.5	24.4
Other	6	2,056	244.59	70.2%	171.69	141.6	252.19	28.3	39.1
Other property level (2)						0.3		(1.3)	(1.3)
Domestic	68	39,421	331.71	72.5%	240.59	4,307.5	399.76	767.7	1,299.4

International	5	1,499	218.72	67.8%	148.37	84.7	207.04	23.1	27.9
All Locations - comparable hotels	73	40,920	$327.84	72.4%	$237.21	$4,392.2	$392.74	$790.8	$1,327.3
Non-comparable hotels	2	407				98.5		19.2	39.7
Property transaction adjustments (3)	—	—				55.0		—	11.0
Gain on sale of property and corporate level income/expense (4)						86.1		2.5	219.4
Total	75	41,327	—	—	—	$4,631.8	—	$812.5	$1,597.4

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.

Comparable Hotel Results by Location

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


	Year-to-date ended September 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
Maui	3	1,580	$36.6	$49.9	$—	$—	$—	$86.5
Jacksonville	1	446	37.7	9.6	—	—	—	47.3
Miami	2	1,038	47.7	26.5	—	—	—	74.2
Oahu	2	876	12.8	19.7	—	—	—	32.5
Florida Gulf Coast	4	1,529	51.3	61.9	—	—	—	113.2
New York	3	2,720	77.4	24.9	—	—	—	102.3
Nashville	2	721	16.3	19.1	—	—	—	35.4
Phoenix	3	1,565	62.5	34.6	—	—	—	97.1
Los Angeles/Orange County	3	1,067	17.2	6.2	—	—	—	23.4
San Diego	3	3,294	83.3	54.7	—	—	—	138.0
Boston	2	1,496	28.0	13.6	—	—	—	41.6
Washington, D.C. (CBD)	4	2,788	33.7	37.4	—	—	—	71.1
Philadelphia	2	810	16.9	4.9	—	—	—	21.8
San Francisco/San Jose	6	4,162	41.2	39.9	—	—	—	81.1
Northern Virginia	2	916	12.1	9.7	—	—	—	21.8
Chicago	3	1,562	19.3	12.3	—	—	—	31.6
Seattle	2	1,315	6.9	8.7	—	—	—	15.6
Orlando	1	2,004	61.4	22.8	—	—	(6.9)	77.3
Austin	2	769	1.4	14.6	2.9	—	—	18.9
Atlanta	2	810	6.3	11.8	—	—	—	18.1
Houston	4	1,710	20.0	10.7	—	—	0.6	31.3
San Antonio	2	1,512	19.4	11.0	—	—	—	30.4
Denver	3	1,342	16.8	9.9	—	—	—	26.7
New Orleans	1	1,333	14.5	9.9	—	—	—	24.4
Other	6	2,056	28.3	15.5	—	—	(4.7)	39.1
Other property level (1)			(1.3)	—	—	—	—	(1.3)
Domestic	68	39,421	767.7	539.8	2.9	—	(11.0)	1,299.4

International	5	1,499	23.1	4.8	—	—	—	27.9
All Locations - comparable hotels	73	40,920	$790.8	$544.6	$2.9	$—	$(11.0)	$1,327.3
Non-comparable hotels	2	407	19.2	20.5	—	—	—	39.7
Property transaction adjustments (2)	—	—	—	—	—	—	11.0	11.0
Gain on sale of property and corporate level income/expense (3)			2.5	1.2	173.5	42.2	—	219.4
Total	75	41,327	$812.5	$566.3	$176.4	$42.2	$—	$1,597.4

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

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

level income/expense.”

Comparable Hotel Results by Location

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


	Year-to-date ended September 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
Maui	3	1,580	$641.29	71.8%	$460.58	$314.3	$728.70	$33.9	$82.7
Jacksonville	1	446	546.80	74.6%	407.90	111.9	918.63	31.8	41.3
Miami	2	1,038	541.24	72.8%	394.28	202.2	694.08	37.8	63.6
Oahu	2	876	482.90	83.5%	403.43	150.1	618.34	16.2	34.8
Florida Gulf Coast	4	1,529	518.80	65.0%	337.19	306.4	734.07	37.2	96.4
New York	3	2,720	381.66	85.9%	327.75	349.9	471.21	53.4	89.8
Nashville	2	721	338.77	80.7%	273.48	92.4	469.46	13.5	31.7
Phoenix	3	1,565	389.03	71.5%	278.30	274.8	651.58	68.6	100.9
Los Angeles/Orange County	3	1,067	306.41	78.2%	239.47	105.2	361.29	12.8	21.2
San Diego	3	3,294	302.30	76.2%	230.25	387.3	430.73	85.3	132.7
Boston	2	1,496	291.42	75.7%	220.46	117.6	287.97	26.5	39.9
Washington, D.C. (CBD)	4	2,788	312.81	63.6%	198.84	221.3	290.96	46.6	72.2
Philadelphia	2	810	235.96	82.1%	193.71	65.4	295.87	13.1	20.5
San Francisco/San Jose	6	4,162	255.37	70.3%	179.44	301.2	265.08	12.9	55.3
Northern Virginia	2	916	268.51	68.6%	184.16	71.3	284.99	12.2	20.4
Chicago	3	1,562	252.43	72.0%	181.64	110.4	258.88	16.1	28.3
Seattle	2	1,315	251.35	71.8%	180.44	86.4	240.72	5.6	14.7
Orlando	1	2,004	237.25	67.0%	158.98	223.7	408.96	70.7	75.6
Austin	2	769	238.80	52.4%	125.10	48.5	231.79	3.7	17.6
Atlanta	2	810	214.99	68.2%	146.72	54.1	244.64	5.6	16.3
Houston	4	1,710	209.62	68.2%	142.92	92.6	198.42	16.9	29.9
San Antonio	2	1,512	223.44	61.8%	138.18	90.8	219.96	16.2	27.1
Denver	3	1,342	203.98	67.2%	137.17	76.0	207.38	13.6	24.5
New Orleans	1	1,333	205.67	65.4%	134.43	78.3	215.07	18.8	25.8
Other	6	2,056	236.90	70.8%	167.72	140.9	250.83	33.5	37.6
Other property level (1)						0.5		0.9	0.9
Domestic	68	39,421	316.34	71.4%	225.90	4,073.5	378.29	703.4	1,201.7

International	5	1,499	196.33	67.9%	133.40	75.0	183.36	18.8	23.9
All Locations - comparable hotels	73	40,920	$312.15	71.3%	$222.51	$4,148.5	$371.19	$722.2	$1,225.6
Non-comparable hotels	2	407				66.4		21.8	37.1
Property transaction adjustments (2)	—	—				296.1		—	70.4
Gain on sale of property and corporate level income/expense (3)						—		(104.9)	103.3
Total	75	41,327	$—	—	$—	$4,511.0	$—	$639.1	$1,436.4

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

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

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

Comparable Hotel Results by Location

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


	Year-to-date ended September 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
Maui	3	1,580	$33.9	$48.8	$—	$—	$—	$82.7
Jacksonville	1	446	31.8	9.5	—	—	—	41.3
Miami	2	1,038	37.8	25.8	—	—	—	63.6
Oahu	2	876	16.2	18.6	—	—	—	34.8
Florida Gulf Coast	4	1,529	37.2	59.2	—	—	—	96.4
New York	3	2,720	53.4	36.4	—	—	—	89.8
Nashville	2	721	13.5	18.2	—	—	—	31.7
Phoenix	3	1,565	68.6	32.3	—	—	—	100.9
Los Angeles/Orange County	3	1,067	12.8	8.4	—	—	—	21.2
San Diego	3	3,294	85.3	47.4	—	—	—	132.7
Boston	2	1,496	26.5	13.4	—	—	—	39.9
Washington, D.C. (CBD)	4	2,788	46.6	34.3	—	—	(8.7)	72.2
Philadelphia	2	810	13.1	7.4	—	—	—	20.5
San Francisco/San Jose	6	4,162	12.9	42.4	—	—	—	55.3
Northern Virginia	2	916	12.2	8.2	—	—	—	20.4
Chicago	3	1,562	16.1	12.2	—	—	—	28.3
Seattle	2	1,315	5.6	9.1	—	—	—	14.7
Orlando	1	2,004	70.7	41.3	—	—	(36.4)	75.6
Austin	2	769	3.7	11.0	2.9	—	—	17.6
Atlanta	2	810	5.6	10.7	—	—	—	16.3
Houston	4	1,710	16.9	15.4	—	—	(2.4)	29.9
San Antonio	2	1,512	16.2	10.9	—	—	—	27.1
Denver	3	1,342	13.6	10.9	—	—	—	24.5
New Orleans	1	1,333	18.8	7.0	—	—	—	25.8
Other	6	2,056	33.5	27.0	—	—	(22.9)	37.6
Other property level (1)			0.9	—	—	—	—	0.9
Domestic	68	39,421	703.4	565.8	2.9	—	(70.4)	1,201.7

International	5	1,499	18.8	5.1	—	—	—	23.9
All Locations - comparable hotels	73	40,920	$722.2	$570.9	$2.9	$—	$(70.4)	$1,225.6
Non-comparable hotels	2	407	21.8	15.3	—	—	—	37.1
Property transaction adjustments (2)	—	—	—	—	—	—	70.4	70.4
Gain on sale of property and corporate level income/expense (3)			(104.9)	1.2	172.2	34.8	—	103.3
Total	75	41,327	$639.1	$587.4	$175.1	$34.8	$—	$1,436.4

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

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

level income/expense.”

Historical Comparable Hotel Results with 2026 Comparable Hotel Set

(unaudited, in millions, except hotel statistics)

Historical Comparable Hotel Metrics (1)


	2026 Comparable Hotel Set (3)
		Three Months Ended							Year Ended
		March 31, 2026	June 30, 2026	September 30, 2026	March 31, 2025	June 30, 2025	September 30, 2025	December 31, 2025	December 31, 2025
Number of hotels		73	73	73	73	73	73	73	73
Number of rooms		40,920	40,920	40,920	40,920	40,920	40,920	40,920	40,920
Comparable hotel RevPAR		$242.78	$249.62	$219.50	$232.58	$233.58	$201.71	$218.72	$221.56
Comparable hotel occupancy		70.3%	74.9%	71.9%	69.9%	74.1%	69.8%	66.9%	70.2%
Comparable hotel ADR		$345.51	$333.42	$305.20	$332.60	$315.39	$288.73	$326.86	$315.69

Historical Comparable Hotel Revenues (1)(2)


	2026 Comparable Hotel Set (3)
		Three Months Ended							Year Ended
		March 31, 2026	June 30, 2026	September 30, 2026	March 31, 2025	June 30, 2025	September 30, 2025	December 31, 2025	December 31, 2025
Total revenues		$1,645	$1,640	$1,347	$1,594	$1,586	$1,331	$1,603	$6,114
Less: Revenues from asset disposition		(52)	(3)	—	(117)	(99)	(80)	(92)	(388)
Less: Revenues from non- comparable hotels		(33)	(38)	(28)	(11)	(26)	(29)	(30)	(96)
Less: Revenues from condominium sales		(26)	(53)	(7)	—	—	—	(99)	(99)
Comparable hotel revenues		$1,534	$1,546	$1,312	$1,466	$1,461	$1,222	$1,382	$5,531

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, 2026	June 30, 2026	September 30, 2026	March 31, 2025	June 30, 2025	September 30, 2025	December 31, 2025	December 31, 2025
Net income		$501	$241	$71	$251	$225	$163	$137	$776
Depreciation and amortization		190	193	187	196	195	196	208	795
Interest expense		59	58	59	57	58	60	60	235
Provision (benefit) for income taxes		17	18	7	(1)	27	9	7	42
Gain on sale of property and corporate level income/expense		(230)	5	14	9	(8)	(104)	29	(74)
Property transaction adjustments		(11)	—	—	(34)	(24)	(12)	(28)	(98)
Non-comparable hotel results, net		(19)	(14)	(7)	(8)	(15)	(16)	(9)	(48)
Condominium sales		(4)	(8)	—	—	1	1	(19)	(17)
Comparable hotel EBITDA		$503	$493	$331	$470	$459	$297	$385	$1,611

(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

September 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 73 hotels (of our 75 hotels owned at September 30, 2026) that we have assumed will be classified as comparable as of December 31, 2026. Comparable hotel

metrics do not yet include the results of 1 Hotel Brooklyn Bridge and Renaissance Dallas at Plano Legacy West Hotel, which were acquired in October 2026. We expect to include the comparable

hotel results for these two hotels beginning in the fourth quarter. No assurances can be made as to the hotels that will be in the comparable hotel set for 2026. The following properties are

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); and

•Alila Ventana Big Sur (business disruption due to local evacuation mandates and regional wildfire activity resulting in closure of the hotel beginning in August 2026, reopened in September

2026).

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.

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	73	73
Number of rooms	40,920	40,920
Comparable hotel Total RevPAR	$392.35	$370.13
Comparable hotel RevPAR	$236.52	$221.56
Operating profit margin(5)	15.4%	14.0%
Comparable hotel EBITDA margin(5)	30.0%	29.2%
Food and beverage profit margin(5)	33.6%	32.1%
Comparable hotel food and beverage profit margin(5)	33.7%	32.9%

Net income	$978	$776
Depreciation and amortization	759	795
Interest expense	243	235
Provision for income taxes	56	42
Gain on sale of property and corporate level income/expense	(195)	(74)
Forecast results for subsequent acquisitions(1)	(6)	—
Property transaction adjustments⁽²⁾	(11)	(98)
Non-comparable hotel results, net⁽³⁾	(49)	(48)
Condominium sales ⁽⁴⁾	(18)	(17)
Comparable hotel EBITDA	$1,757	$1,611

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

•Comparable hotel RevPAR will increase 6.75% compared to 2025 for the full year forecast, 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 approximately 80 basis points compared to 2025 for the full year forecast.

•We expect to spend approximately $550 million to $600 million on capital expenditures.

•Includes $3 million of net income and $6 million of EBITDA from the 1 Hotel Brooklyn Bridge and the Renaissance Dallas at Plano Legacy West Hotel, acquired in October 2026. Assumes no additional

dispositions or acquisitions during the year.

•Assumes an approximate $18 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.

•Forecast comparable hotel results include 73 hotels (of our 75 hotels owned at September 30, 2026) that we have assumed will be classified as comparable as of December 31, 2026. Comparable

hotel metrics do not yet include the results of the 1 Hotel Brooklyn Bridge and the Renaissance Dallas at Plano Legacy West Hotel, which were acquired in October 2026. We expect to include the

comparable hotel results for these two hotels beginning in the fourth quarter. 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.

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.

Comparable Hotel Results 2026 Forecast and Full Year 2025 (cont.)

(unaudited, in millions, except hotel statistics)

(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 properties are 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); and

•Alila Ventana Big Sur (business disruption due to local evacuation mandates and regional wildfire activity resulting in closure of the hotel beginning in August 2026, reopened in September 2026).

(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:

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	Forecast results for October acquisitions	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	$3,650	$(11)	$(32)	$(70)	$—	$—	$3,537	$3,608	$(241)	$(56)	$—	$—	$3,311
Food and beverage	1,839	(8)	(16)	(40)	—	—	1,775	1,803	(101)	(27)	—	—	1,675
Other	724	(2)	(7)	(20)	(141)	—	554	703	(46)	(13)	(99)	—	545
Total revenues	6,213	(21)	(55)	(130)	(141)	—	5,866	6,114	(388)	(96)	(99)	—	5,531
Expenses
Room	911	(3)	(7)	(17)	—	—	884	906	(52)	(12)	—	—	842
Food and beverage	1,222	(5)	(12)	(28)	—	—	1,177	1,224	(78)	(21)	—	—	1,125
Other	2,129	(7)	(25)	(43)	(6)	—	2,048	2,154	(160)	(39)	(2)	—	1,953
Depreciation and amortization	759	—	—	—	—	(759)	—	795	—	—	—	(795)	—
Cost of goods sold	117	—	—	—	(117)	—	—	80	—	—	(80)	—	—
Corporate and other expenses	128	—	—	—	—	(128)	—	124	—	—	—	(124)	—
Net gain on insurance settlements	(7)	—	—	7	—	—	—	(24)	—	24	—	—	—
Total expenses	5,259	(15)	(44)	(81)	(123)	(887)	4,109	5,259	(290)	(48)	(82)	(919)	3,920
Operating Profit - Comparable hotel EBITDA	$954	$(6)	$(11)	$(49)	$(18)	$887	$1,757	$855	$(98)	$(48)	$(17)	$919	$1,611

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	$56	$66	$122

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

expected 2026 results of the properties, excluding business interruption proceeds (in millions); any changes to net income would be equal to the change in Hotel EBITDA:


Hotel	Net Income (loss)	Plus: Depreciation	Equals: Hotel EBITDA
The Don CeSar	$12	$19	$31
Alila Ventana Big Sur	$3	$8	$11

Forecast results for the October 2026 acquisitions include the results of the Renaissance Dallas at Plano Legacy West Hotel and 1 Hotel Brooklyn Bridge. The following table reconciles net

income to Hotel EBITDA based on the expected 2026 results of the properties from the date of acquisition (in millions):


Hotel	Net Income (loss)	Plus: Depreciation	Equals: Hotel EBITDA
2026 Acquisitions	$3	$3	$6

Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre for Full Year 2026 Forecasts(1)

(unaudited in millions, except per share amounts)


		Full Year 2026
Net income		$978
Interest expense		243
Depreciation and amortization		755
Income taxes		56
EBITDA		2,032
Gain on dispositions		(235)
Non-cash impairment expense		4
Equity investment adjustments:
Equity in earnings of affiliates		(25)
Pro rata EBITDAre of equity investments		62
EBITDAre		1,838
Adjustments to EBITDAre:
Non-cash stock-based compensation expense		27
Adjusted EBITDAre		$1,865

(1)See "Comparable Hotel Results 2026 Forecast and Full Year 2025" for forecast assumptions.

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.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

SAN FRANCISCO MARRIOTT MARQUIS

Comparative Capitalization

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


	As of	As of	As of	As of	As of
	September 30,	June 30,	March 31,	December 31,	September 30,
Shares/Units	2026	2026	2026	2025	2025
Common shares outstanding	685.1	685.0	684.9	687.8	687.7
Common shares outstanding assuming conversion of OP Units (1)	694.6	694.5	694.4	697.4	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)	$22.39	$23.71	$19.16	$17.73	$17.02
High during quarter	25.54	25.13	20.40	18.64	17.68
Low during quarter	21.64	19.09	17.79	15.82	15.27


Capitalization
Market value of common equity (3)	$15,552	$16,467	$13,305	$12,365	$11,853
Consolidated debt	5,084	5,082	5,079	5,077	5,079
Less: Cash	(1,492)	(1,953)	(1,703)	(768)	(539)
Consolidated total capitalization	19,144	19,596	16,681	16,674	16,393
Plus: Share of debt in unconsolidated investments	480	446	379	329	312
Pro rata total capitalization(4)	$19,624	$20,042	17,060	17,003	16,705

	Quarter ended	Quarter ended	Quarter ended	Quarter ended	Quarter ended
	September 30,	June 30,	March 31,	December 31,	September 30,
	2026	2026	2026	2025	2025
Dividends declared per common share	$0.20	$0.92	$0.20	$0.35	$0.20

(1)Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025,

there were 9.2 million, 9.4 million, 9.4 million, 9.4 million, and 8.6 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.

(4)Based on pro rata total capitalization at September 30, 2026, adjusted for Host’s common stock price of $25.30 as of October 30, 2026, Host’s net income multiple is 22.1x calculated based on the

ratio between our pro rata total capitalization, as adjusted, and our full year 2026 forecast net income and Host’s EBITDA multiple is 11.6x calculated based on the ratio between our pro rata total

capitalization, as adjusted, and our full year 2026 forecast Adjusted EBITDAre. See Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre for Full Year 2026 Forecasts.

Consolidated Debt Summary

(in millions)


Debt
Senior debt	Rate	Maturity date	September 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	587	586
Series L	5.5%	4/2035	686	685
Series M	5.7%	6/2032	491	491
Series N	4.25%	12/2028	396	395
2027 Credit facility term loan(4)	4.8%	1/2031	500	500
2028 Credit facility term loan(4)	4.8%	1/2032	500	499
Credit facility revolver(1)(4)	—%	1/2031	(1)	(3)
			4,991	4,982
Mortgage and other debt
Mortgage and other debt	4.67%	11/2027	93	95
Total debt(2)(3)			$5,084	$5,077
Percentage of fixed rate debt			80%	80%
Weighted average interest rate(4)			4.8%	4.8%
Weighted average debt maturity(4)			5.2years	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 September 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 September 30, 2026, our share of debt in unconsolidated

investments is $480 million and none of our debt is attributable to non-controlling interests.

(3)Total debt as of September 30, 2026 and December 31, 2025, includes net discounts and deferred financing costs of $59 million and $67 million, respectively.

(4)Maturity dates related to the outstanding credit facility term loans reflect the extensions provided by the amended and restated credit facility agreement effective October 21, 2026. Weighted

average interest rate and weighted average maturity is presented as if the amendment was effective at September 30, 2026.

Consolidated Debt Maturity as of September 30, 2026

(in millions)

(1)Maturity dates related to the outstanding credit facility term loans reflect the extensions provided by the amended and restated credit facility agreement effective October 21, 2026. The first

term loan under our credit facility that is due in 2031 has an extension option that would extend maturity of the instrument to 2032, subject to meeting certain conditions, including payment of

a fee. The second term loan tranche that is due in 2032 does not have an extension option.

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

Property Transactions

The following table presents net income and hotel EBITDA multiples, cap rates and per key amounts for the 2026 acquisitions through November 4, 2026,

with purchase price presented in millions:


	No. of Rooms	Price	Net income Cap Rate(5)	Cap Rate(3)	Net income multiple(5)	EBITDA multiple(4)	Net income per key	EBITDA per key
Renaissance Dallas at Plano Legacy West Hotel	308	$172	5.7%	7.9%	18x	11.2x	$31,500	$49,500
1 Hotel Brooklyn Bridge	195	$202	5.0%	8.2%	20x	10.2x	$52,000	$101,000
2026 Acquisitions(1)	503	$374	5.3%	8.0%	19x	10.7x

The following table reconciles net income to Hotel EBITDA and Hotel Net Operating Income for the 2026 acquisitions through November 4, 2026 (in

millions):


	Hotel Net Income(2)	Plus: Depreciation	Equals: Hotel EBITDA	Renewal & Replacement funding	Hotel Net Operating Income
Renaissance Dallas at Plano Legacy West Hotel	$9.8	$5.4	$15.2	$(1.7)	$13.5
1 Hotel Brooklyn Bridge	$10.1	$9.6	$19.7	$(3.2)	$16.5
2026 Acquisitions(1)	$19.9	$15.0	$34.9	$(4.9)	$30.0

(1)Acquisition multiples are based on forecast operations in the year of acquisition. Any forecast incremental increases to net income compared to net income at underwriting would be equal to the incremental increases in Hotel

EBITDA. Some operating results are based on actual results from the manager for periods prior to our ownership. Since the operations include periods prior to our ownership, the results may not necessarily correspond to our actual

results.

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

(3)The cap rate is calculated as the ratio between net operating income (NOI) and the sales price.

(4)The EBITDA multiple is calculated as the ratio between the sales price and Hotel EBITDA.

(5)Net income cap rate is calculated as the ratio between net income and the sales price. Net income multiple is calculated as the ratio between the sales price and Hotel net income. The reconciliations from net income to Hotel EBITDA

and NOI appear above.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

1 HOTEL SOUTH BEACH

Financial Covenants: Credit Facility and Senior Notes Financial Performance Tests

(unaudited, in millions, except ratios)

On October 21, 2026, 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:


		September 30, 2026
Credit Facility Financial Performance Tests	Permitted	GAAP Ratio	Covenant Ratio
Leverage Ratio	Maximum 7.25x	5.4x	2.0x
Unsecured Interest Coverage Ratio	Minimum 1.75x(1)	4.0x	7.6x
Consolidated Fixed Charge Coverage Ratio	Minimum 1.25x	4.0x	5.8x


		September 30, 2026
Bond Compliance Financial Performance Tests	Permitted	GAAP Ratio	Covenant Ratio
Indebtedness Test	Maximum 65%	40%	22%
Secured Indebtedness Test	Maximum 40%	<1%	<1%
EBITDA-to-interest Coverage ratio (2)	Minimum 1.5x	4.0x	7.5x
Ratio of Unencumbered Assets to Unsecured Indebtedness	Minimum 150%	251%	446%

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

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

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

(unaudited, in millions, except ratios)

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 certain post quarter transactions that are not part of the typical adjustments required under

our credit facility definition (“Leverage Ratio per Credit Facility, as Adjusted”):

•$162 million cash consideration for the acquisition of Renaissance Dallas at Plano Legacy West Hotel;

•$202 million cash consideration for the acquisition of 1 Hotel Brooklyn Bridge; and

•the third quarter dividend paid on common stock of $137 million.


		GAAP Leverage Ratio
		Trailing Twelve Months
		September 30, 2026
Debt		$5,084
Net income		950
GAAP Leverage Ratio		5.4x


	Leverage Ratio per Credit Facility	Leverage Ratio per Credit Facility, as Adjusted
	Trailing Twelve Months	As Adjusted
	September 30, 2026	September 30, 2026
Net debt (1)	$3,629	$4,130
Adjusted Credit Facility EBITDA (2)	1,775	1,810
Leverage Ratio	2.0x	2.3x

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


		September 30, 2026
Debt		$5,084
Less: Cash and cash equivalents over $35 million		(1,455)
Net debt per credit facility definition		$3,629
Plus: Subsequent cash payments		501
Net debt per credit facility definition, as adjusted		$4,130

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

(unaudited, in millions, except ratios)

(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, and as adjusted:


		Trailing Twelve Months
		September 30, 2026
Net income		$950
Interest expense		236
Depreciation and amortization		766
Income taxes		49
EBITDA		2,001
Gain on dispositions		(235)
Non-cash impairment expense		12
Equity in earnings of affiliates		(18)
Pro rata EBITDAre of equity investments		54
EBITDAre		1,814
Non-cash stock-based compensation expense		29
Adjusted EBITDAre		1,843
Pro forma EBITDA - Dispositions		(38)
Non-cash partnership adjustments		(30)
Adjusted Credit Facility EBITDA		$1,775
Pro forma EBITDA - Acquisitions		35
Adjusted Credit Facility EBITDA, as adjusted		$1,810

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
	September 30, 2026
Unencumbered consolidated EBITDA per credit facility definition (1)	$1,767
Adjusted Credit Facility unsecured interest expense (2)	234
Unsecured Interest Coverage Ratio	7.6x


	GAAP Interest Coverage Ratio
	Trailing Twelve Months
	September 30, 2026
Net income	$950
Interest expense	236
GAAP Interest Coverage Ratio	4.0x

(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
		September 30, 2026
Adjusted Credit Facility EBITDA		$1,775
Less: Encumbered EBITDA		(7)
Corporate overhead allocated to encumbered assets		(1)
Unencumbered Consolidated EBITDA per credit facility definition		$1,767

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


		Trailing Twelve Months
		September 30, 2026
GAAP Interest expense		$236
Interest on secured debt		(4)
Deferred financing cost amortization		(8)
Capitalized interest		11
Pro forma interest adjustments		(1)
Adjusted Credit Facility Unsecured Interest Expense		$234

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
	September 30, 2026
Net income	$950
Interest expense	236
GAAP Fixed Charge Coverage Ratio	4.0x


	Credit Facility Fixed Charge Coverage Ratio
	Trailing Twelve Months
	September 30, 2026
Credit Facility Fixed Charge Coverage Ratio EBITDA (1)	$1,481
Fixed charges (2)	254
Credit Facility Fixed Charge Coverage Ratio	5.8x

(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
		September 30, 2026
Adjusted Credit Facility EBITDA		$1,775
Less: 5% of hotel property gross revenue		(293)
Less: 3% of revenues from other real estate		(1)
Credit Facility Fixed Charge Coverage Ratio EBITDA		$1,481

(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
		September 30, 2026
Adjusted Credit Facility Unsecured Interest Expense		$234
Interest on secured debt		4
Adjusted Credit Facility Interest Expense		238
Scheduled principal payments		2
Cash taxes on ordinary income		14
Fixed Charges		$254

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
		September 30, 2026
Debt		$5,084
Total assets		12,753
GAAP Total Indebtedness to Total Assets		40%


		Total Indebtedness to Total Assets per Senior Notes Indenture
		September 30, 2026
Adjusted indebtedness (1)		$5,109
Adjusted total assets (2)		22,973
Total Indebtedness to Total Assets		22%

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


		September 30, 2026
Debt		$5,084
Add: Deferred financing costs		25
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:


		September 30, 2026
Total assets		$12,753
Add: Accumulated depreciation		10,771
Add: Inventory impairment at unconsolidated investment		11
Less: Intangibles		(5)
Less: Right-of-use assets		(557)
Adjusted Total Assets per Senior Notes Indenture		$22,973

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
		September 30, 2026
Mortgage and other secured debt		$93
Total assets		12,753
GAAP Secured Indebtedness to Total Assets		<1%


		Secured Indebtedness per Senior Notes Indenture
		September 30, 2026
Secured indebtedness (1)		$93
Adjusted total assets (2)		22,973
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:


		September 30, 2026
Mortgage and other secured debt		$93
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.

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
		September 30, 2026
Net income		$950
Interest expense		236
GAAP Interest Coverage Ratio		4.0x


		EBITDA to Interest Coverage Ratio
		Trailing Twelve Months
		September 30, 2026
Adjusted Credit Facility EBITDA (1)		$1,775
Non-controlling interest adjustment		2
Adjusted Senior Notes EBITDA		1,777
Adjusted Credit Facility Interest Expense (2) and Adjusted Senior Notes Interest Expense		238
EBITDA to Interest Coverage Ratio		7.5x

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

income.

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

expense and reconciliation to GAAP interest expense.

Financial Covenants: Reconciliation of GAAP Assets to Indebtedness Test to

Senior Notes Unencumbered Assets to Unsecured Indebtedness Test

(unaudited, in millions, except ratios)

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

financial covenants of our senior notes indenture:


		GAAP Assets / Debt
		September 30, 2026
Total assets		$12,753
Total debt		5,084
GAAP Total Assets / Total Debt		251%


		Unencumbered Assets / Unsecured Debt per Senior Notes Indenture
		September 30, 2026
Unencumbered Assets (1)		$22,392
Unsecured Debt (2)		5,016
Unencumbered Assets / Unsecured Debt		446%

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


		September 30, 2026
Adjusted total assets (a)		$22,973
Less: Partnership adjustments		(310)
Less: Inventory impairment at unconsolidated investment		(11)
Less: Encumbered Assets		(260)
Unencumbered Assets		$22,392

(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:


		September 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.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

GRAND HYATT WASHINGTON

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

FORECASTS

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

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

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

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

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

inherently difficult to forecast the level of RevPAR, 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.

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 September 30, 2026, 73 have been classified as comparable hotels. The operating results of the following properties that we

owned as of September 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);

•Alila Ventana Big Sur (business disruption due to local evacuation mandates and regional wildfire activity resulting in closure of the hotel beginning in

August 2026, reopened in September 2026); 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.

Comparable hotel metrics do not yet include the results of 1 Hotel Brooklyn Bridge and Renaissance Dallas at Plano Legacy West Hotel, which were acquired

in October 2026. We expect to include the comparable hotel results for these two hotels beginning in the fourth quarter.

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.

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.

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.

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.

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.

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 124 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.

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 $35

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.

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.

Source: View Original Filing on SEC EDGAR

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Host Hotels & Resorts Q3 2026 net income falls 56.4%

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