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Host Hotels & Resorts (HST) posts 2025 growth and lifts 2026 earnings outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Host Hotels & Resorts reported solid growth for 2025 and set cautiously upbeat guidance for 2026. Full-year 2025 revenues were $6,114 million, up 7.6%, while GAAP net income rose 9.8% to $776 million. Comparable hotel Total RevPAR increased 4.2% and comparable hotel RevPAR grew 3.8%, driven largely by higher room rates and strong transient demand, including recovery in Maui.

Adjusted EBITDAre reached $1,757 million, up 4.6%. The company executed $1.4 billion of real estate sales across five properties, recognized $17 million of net income from condominium sales, and invested $644 million in capital projects. It returned $859 million to stockholders through dividends and share repurchases, and Moody’s upgraded its credit rating to Baa2.

At year-end 2025, debt stood at $5.1 billion with total available liquidity of about $2.4 billion. For 2026, Host guides to comparable hotel Total RevPAR growth of 2.5%–4.0%, net income of $836–$891 million, Adjusted EBITDAre of $1,740–$1,800 million, and Adjusted FFO per diluted share of $2.03–$2.11.

Positive

  • Strong 2025 financial performance: Revenues grew to $6,114 million (up 7.6%), GAAP net income rose to $776 million (up 9.8%), and Adjusted EBITDAre increased to $1,757 million (up 4.6%).
  • Robust capital recycling and balance sheet: Completed or contracted $1.4 billion of asset sales, maintained debt at $5.1 billion with $2.4 billion in liquidity, and received a Moody’s credit upgrade to Baa2 with a stable outlook.
  • Meaningful shareholder returns: Returned $859 million to stockholders in 2025, including total dividends of $0.95 per share and $205 million of share repurchases, while still retaining approximately $480 million of buyback capacity.
  • Positive 2026 outlook: Guides to comparable hotel Total RevPAR growth of 2.5%–4.0%, net income of $836–$891 million, Adjusted EBITDAre of $1,740–$1,800 million, and Adjusted FFO per diluted share of $2.03–$2.11.

Negative

  • Margin pressure despite revenue growth: 2025 GAAP operating profit margin declined to 14.0% (down 140 basis points) and comparable hotel EBITDA margin slipped to 28.9% (down 40 basis points), reflecting lower insurance gains and higher wages and benefits.
  • Softness in certain demand and markets: Group demand decreased as anticipated due to transformational capital projects, and several markets such as San Diego, Seattle, Austin, and Washington, D.C. CBD reported year-over-year RevPAR declines in the comparable hotel set.
  • Tempered 2026 revenue outlook: Total GAAP revenues are guided to $6,030–$6,120 million, implying a range of approximately (1.4%) to 0.1% versus 2025, as earnings shift toward higher-margin contributions from dispositions and condominium sales.

Insights

Host delivered profitable growth in 2025, recycled capital at scale, and projects higher earnings in 2026.

Host Hotels & Resorts shows a healthy operating backdrop. Full-year revenues grew to $6,114 million with net income of $776 million, while comparable hotel Total RevPAR and RevPAR increased 4.2% and 3.8%, respectively. Adjusted EBITDAre of $1,757 million rose 4.6%, indicating operational leverage despite cost pressures.

Capital allocation was active and sizable. The company sold $1.4 billion of real estate across five properties in 2025 and early 2026, issued and refinanced $900 million of senior notes, and maintained year-end debt of $5.1 billion with $2.4 billion of liquidity. A Moody’s upgrade to Baa2 and no 2026 maturities support balance-sheet resilience.

Shareholder returns are meaningful: $859 million was returned via dividends and buybacks in 2025, including total dividends of $0.95 per share and $205 million of repurchases. For 2026, guidance calls for comparable hotel Total RevPAR growth of 2.5%–4.0%, net income of $836–$891 million, Adjusted EBITDAre of $1,740–$1,800 million, and Adjusted FFO per share of $2.03–$2.11, suggesting modest earnings growth even as asset sales temper GAAP revenue.

false000107075000010707502026-02-182026-02-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________
FORM 8-K
_________________________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 18, 2026
_________________________________________________________
HOST HOTELS & RESORTS, INC.
(Exact Name of Registrant as Specified in Charter)
_________________________________________________________
Maryland (Host Hotels & Resorts, Inc.)
001-1462553-0085950
(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:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-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 ClassTrading SymbolName of Each Exchange on
Which Registered
Common Stock, $.01 par valueHSTThe 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 February 18, 2026, Host Hotels & Resorts, Inc. issued a press release announcing its financial results for the fourth quarter ended December 31, 2025. 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 fourth quarter 2025.
99.2
Host Hotels & Resorts, Inc. Fourth Quarter 2025 Supplemental Financial Information.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
HOST HOTELS & RESORTS, INC.
Date: February 18, 2026
By:
/S/ JOSEPH C. OTTINGER
Name:Joseph C. Ottinger
Title:Senior Vice President and Corporate Controller

hostlogo4color-png_9744a.jpg
Exhibit 99.1
SOURAV GHOSH
Chief Financial Officer
(240) 744-5267
JAIME MARCUS
Investor Relations
(240) 744-5117
ir@hosthotels.com


Host Hotels & Resorts, Inc. Reports Results for 2025
Achieved Full Year Comparable Hotel Total RevPAR Growth of 4.2% and Comparable Hotel RevPAR Growth of 3.8%
Completed Two Asset Sales in 2025 and Four Assets Sold or Under Contract in Early 2026
Full Year 2026 Comparable Hotel Total RevPAR Growth Guidance Range of 2.5% to 4.0%
BETHESDA, Md; February 18, 2026 – Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for the fourth quarter and full year 2025.
OPERATING RESULTS
(unaudited, in millions, except per share and hotel statistics)
Quarter ended
December 31,		Year ended December 31,
20252024Percent Change 20252024Percent Change
Revenues$1,603 $1,428 12.3%$6,114 $5,684 7.6%
Comparable hotel revenues⁽¹⁾
1,468 1,392 5.5%5,856 5,637 3.9%
Comparable hotel Total RevPAR⁽¹⁾
380.71 361.07 5.4%382.83 367.53 4.2%
Comparable hotel RevPAR⁽¹⁾
227.14 217.11 4.6%229.24 220.84 3.8%
Net income$137 $109 25.7%$776 $707 9.8%
EBITDAre⁽¹⁾
418 367 13.9%1,731 1,726 0.3%
Adjusted EBITDAre⁽¹⁾
428 380 12.6%1,757 1,680 4.6%
Diluted earnings per common share$0.20 $0.15 33.3%$1.10 $0.99 11.1%
NAREIT FFO per diluted share⁽¹⁾
0.49 0.44 11.4%2.03 1.97 3.0%
Adjusted FFO per diluted share⁽¹⁾
0.51 0.45 13.3%2.07 2.00 3.5%
*Additional detail on the Company’s results, including data for 24 domestic markets and Top 40 hotels by Total RevPAR, is available in the Fourth Quarter 2025 Supplemental Financial Information on the Company’s website at www.hosthotels.com.
James F. Risoleo, President and Chief Executive Officer, said, “Our strong fourth quarter and full year 2025 results underscore the success of our strategy and the quality of our portfolio. We delivered comparable hotel Total RevPAR growth of 5.4% over the fourth quarter of 2024, and full year growth of 4.2%, reflecting increased transient demand and improvements in food and beverage revenues and ancillary spending. Comparable hotel RevPAR increased 4.6% for the quarter and 3.8% for the full year due to higher rates across the portfolio.
In 2025, we continued to successfully allocate capital to unlock value for shareholders. During the year, and subsequent to year end, we sold $1.4 billion of real estate across five properties. Over the course of 2025, we also reinvested $644 million in our portfolio through capital expenditures and resiliency investments, made progress on the Hyatt Transformational Capital Program, and commenced a second transformational capital program with Marriott International. Additionally, we returned $859 million of capital to stockholders through dividends declared and share repurchases."
Risoleo concluded, "In 2026, we are optimistic about the state of travel for luxury and upper-upscale hotels, as affluent consumers continue to prioritize spending on experiences. With an investment-grade balance sheet, significant liquidity, and a diversified portfolio of iconic properties, Host is well positioned to capture additional upside from lodging demand growth and take advantage of potential opportunities in the future.”
_______________________________
(1)NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (“SEC”). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.

HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 18, 2026
2025 HIGHLIGHTS AND FULL YEAR RESULTS:
•Comparable hotel Total RevPAR was $382.83 for full year 2025, representing an increase of 4.2% compared to 2024, primarily due to improvements in room revenues driven by increased transient demand, leading to increases in food & beverage revenues and ancillary spend.
•Comparable hotel RevPAR was $229.24, representing an increase of 3.8% compared to 2024, driven primarily by an increase in room rates and strong transient leisure demand, along with a continuing recovery in Maui, which collectively more than offset the anticipated decrease in group demand.
•GAAP net income was $776 million, a 9.8% increase compared to 2024, benefitting from improvements in hotel operations, as well as gains on asset sales and the sale of condominium units, as discussed below. The increases were partially offset by a decrease of $86 million in net gains on insurance settlements as well as increases in wages and benefits, leading to an operating profit margin of 14.0%, a decline of 140 basis points compared to 2024.
•Comparable hotel EBITDA was $1,694 million, an increase of 2.5% compared to 2024, as increases in revenues offset increases in wages and benefits expense. Comparable hotel EBITDA margin decreased 40 basis points to 28.9%, driven by $21 million of business interruption proceeds that were received in 2024 for the Maui wildfires.
•Adjusted EBITDAre was $1,757 million, an increase of 4.6% compared to 2024, as improvements in room rates and earnings from the 2024 acquisitions more than offset the decline in business interruption proceeds and the increases in wages and benefits. Adjusted EBITDAre was also boosted by the sale of condominium units.
•Recognized net income and Adjusted EBITDAre of $17 million from the sale of 16 condominium units in the development adjacent to the Four Seasons Resort Orlando at Walt Disney® Resort. Twelve additional units have been sold or are under contract to-date in 2026, including eight villas that are scheduled to complete construction in the first half of 2026, bringing the total contracted to 28 of 40 units.
•Sold The Westin Cincinnati and Washington Marriott at Metro Center in separate transactions for a total of $237 million, and provided seller financing of $114 million with respect to the sale of the Washington Marriott at Metro Center.
•Issued $900 million of senior notes through two separate underwritten public offerings and repaid $900 million of maturing senior notes. Additionally, the Company's credit rating was upgraded by Moody's to Baa2 with a stable outlook1.
•Repurchased 13.1 million shares during 2025 at an average price of $15.68 per share through the Company's common share repurchase program for a total of $205 million. As of December 31, 2025, the Company has approximately $480 million of remaining capacity under the repurchase program, pursuant to which it may purchase common stock from time to time, depending upon market conditions.
•Reopened The Don CeSar in March 2025, with all amenities fully reopened by the third quarter. As previously reported, received business interruption proceeds of $24 million during 2025 related to damage caused by Hurricanes Helene and Milton in 2024. To date, a total of $81 million of insurance proceeds have been received related to the claims, of which $31 million was related to business interruption proceeds, including $7 million of business interruption proceeds that were received in January 2026.
•Commenced a second transformational capital program with Marriott International to complete transformational renovations at four properties over a four-year period. The Company expects to spend between $300 million and $350 million through 2029 as part of the new program and Marriott has provided operating profit guarantees and enhanced owner priority returns on the agreed upon investments. Additionally, completed renovations at three of the six assets under the existing Hyatt Transformational Capital Program.
1 A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Credit ratings are subject to change depending on financial and other factors
© Host Hotels & Resorts, Inc.
PAGE 2 OF 26
HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 18, 2026
Results for Fourth Quarter 2025
•Comparable hotel Total RevPAR was $380.71 for the fourth quarter of 2025, representing an increase of 5.4% compared to the same period in 2024, due to improvements in room revenues, food and beverage revenues and ancillary spending driven by increased transient demand.
•Comparable hotel RevPAR was $227.14, representing an increase of 4.6% compared to the same period in 2024, driven primarily by increases in room rates and strong transient leisure demand.
•GAAP net income was $137 million, reflecting a 25.7% increase compared to the fourth quarter of 2024, and GAAP operating profit margin was 12.0%, an improvement of 100 basis points compared to the fourth quarter of 2024, reflecting improvements in operations and the sale of condominium units.
•Comparable hotel EBITDA was $411 million, a 4.1% increase compared to the fourth quarter of 2024, while comparable hotel EBITDA margin declined 30 basis points to 28.0%, as operational improvements were offset by certain one-time benefits recognized in 2024.
•Adjusted EBITDAre was $428 million, an increase of 12.6% compared to the fourth quarter of 2024, reflecting improvements in operations and the sale of condominium units.
Subsequent Events
•Sold the 444-room Four Seasons Resort Orlando at Walt Disney World® Resort and the 125-room Four Seasons Resort and Residences Jackson Hole in February 2026 for a sale price of $1.1 billion. The hotels were purchased in 2021 and 2022 for a total of $925 million and were expected to have approximately $88 million of capital expenditure needs over the next five years. Separately, the Sheraton Parsippany is under contract to sell for a sale price of $15 million with an expected close in the first half of 2026. These three hotels are included in the Company's comparable hotel results for 2025 as an agreement to sell was not reached until after year end.2
•Sold The St. Regis Houston in January 2026 for $51 million. The hotel was expected to have capital expenditure needs of approximately $49 million over the next five years. The hotel was classified as held-for-sale at December 31, 2025, and therefore results are not included in the Company's comparable hotel results.
BALANCE SHEET
The Company maintains a robust balance sheet, with the following balances at December 31, 2025:
•Total assets of $13.0 billion.
•Debt balance of $5.1 billion, with a weighted average maturity of 5.1 years and a weighted average interest rate of 4.8%. The Company maintained its balanced maturity schedule by refinancing its maturing $400 million 4.5% Series F senior notes through the issuance of $400 million 4.25% Series N senior notes due in 2028 in an underwritten public offering in November 2025. The Company has no maturities in 2026.
•Total available liquidity of approximately $2.4 billion, including furniture, fixtures and equipment escrow reserves of $167 million and $1.5 billion available under the revolver portion of the credit facility.
DIVIDENDS
The Company paid a fourth quarter common stock cash dividend of $0.35 per share on January 15, 2026 to stockholders of record on December 31, 2025, which included a $0.15 per share special dividend, bringing the total dividends declared in 2025 to $0.95 per share. On February 17, 2026, the Board of Directors authorized a regular quarterly cash dividend of $0.20 per share on its common stock. The dividend will be paid on April 15, 2026 to stockholders of record on March 31, 2026. All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors.
There were no common share repurchases in the fourth quarter.
2 The Four Seasons proceeds will be net of $23 million for the buyer's acquisition of the furniture, fixture and equipment ("FF&E") reserves. The Sheraton Parsippany sale price includes $3 million of FF&E reserves retained by the Company.
© Host Hotels & Resorts, Inc.
PAGE 3 OF 26
HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 18, 2026
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. As expected, group room nights for the fourth quarter and full year were down year-over-year, affected by planned renovations under the Transformational Capital Programs.
The following are the results for transient, group and contract business in comparison to 2024, for the Company's current portfolio:
Quarter ended December 31, 2025Year ended December 31, 2025
Transient Group Contract Transient Group Contract
Room nights (in thousands)1,450 927 203 5,833 4,055 819 
Percent change in room nights vs. same period in 20240.2%(2.5%)8.7%—%(4.2%)11.5%
Rooms revenues (in millions)$558 $273 $45 $2,129 $1,200 $178 
Percent change in revenues vs. same period in 20245.9%0.8%14.1%4.9%(0.6%)17.6%
CAPITAL EXPENDITURES
The following presents the Company’s capital expenditures spend for 2025 and the forecast for the full year 2026 (in millions):
Year ended December 31, 2025
2026 Full Year Forecast
ActualLow-end of rangeHigh-end of range
ROI - Marriott and Hyatt Transformational Capital Programs$191 $175 $210 
All other return on investment ("ROI") projects91 75 90 
Total ROI Projects282 250 300 
Renewals and Replacements ("R&R")287 275 325 
R&R and ROI Capital expenditures569 525 625 
R&R - Property Damage Reconstruction75 — — 
Total Capital Expenditures$644 $525 $625 
Inventory spend for condo development(1)
88 15 15 
Total capital allocation$732 $540 $640 
__________
(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.
Under the Hyatt and Marriott Transformational Capital Programs, the Company received $3 million of operating guarantees in the fourth quarter of 2025 to offset expected business disruption, bringing the total received to $26 million in 2025. The Company expects to receive a total of $19 million of operating guarantees in 2026 under the two programs. Subsequent to year end, the Company completed the expansion project at The Phoenician to add a 20-key, eight-villa development at the Canyon Suites.
2026 OUTLOOK
The 2026 guidance range contemplates a stable operating environment with a continuation of trends seen through the second half of 2025, including leisure transient strength bolstered by special events, including the FIFA World Cup games, and modest improvements to short-term group booking trends. January 2026 results surpassed expectations as comparable hotel RevPAR declined only 40 basis points, despite difficult comparisons to January 2025, which
© Host Hotels & Resorts, Inc.
PAGE 4 OF 26
HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 18, 2026
included the presidential inauguration and increased business from the Los Angeles wildfires. At the midpoint of guidance, full year operating profit margins are expected to increase slightly, while comparable hotel EBITDA margins are expected to remain flat to 2025.
In comparison to 2025, the guidance reflects the reduction in earnings due to the 2026 and 2025 dispositions discussed above. The guidance for net income and Adjusted EBITDAre also includes an estimated $20 million to $25 million net contribution from sales expected to close at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney® Resort. Additionally, guidance for net income and Adjusted EBITDAre includes $7 million of business interruption gains related to Hurricanes Helene and Milton, which were already received in January 2026. The final determination on these insurance claims is expected in 2026, but no additional amounts are included in guidance.
The Company anticipates its 2026 operating results as compared to 2025 will be in the following range:
Full Year 2026 Guidance
Low-end of rangeHigh-end of rangeChange vs 2025
Comparable hotel Total RevPAR$382$3882.5% to 4.0%
Comparable hotel RevPAR$228$2312.0% to 3.5%
Total revenues under GAAP (in millions)
$6,030$6,120(1.4%) to 0.1%
Operating profit margin under GAAP13.9%14.6%(10) bps to 60 bps
Comparable hotel EBITDA margin29.0%29.4%(20) bps to 20 bps
Based upon the above parameters, the Company estimates its 2026 guidance as follows:
Full Year 2026 Guidance
Low-end of rangeHigh-end of range
Net income (in millions)$836$891
Adjusted EBITDAre (in millions)$1,740$1,800
Diluted earnings per common share$1.19$1.27
NAREIT FFO per diluted share$1.99$2.07
Adjusted FFO per diluted share$2.03$2.11
See the 2026 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Fourth Quarter 2025 Supplemental Financial Information for additional detail on the mid-point of full year 2026 guidance.
ABOUT HOST HOTELS & RESORTS
Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 71 properties in the United States and five properties internationally totaling approximately 41,700 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 February 18, 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
February 18, 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 December 31, 2025, 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.
2025 OPERATING RESULTS
PAGE NO.
Condensed Consolidated Balance Sheets (unaudited)
December 31, 2025 and 2024
7
Condensed Consolidated Statements of Operations (unaudited)
Quarter and Year ended December 31, 2025 and 2024
8
Earnings per Common Share (unaudited)
Quarter and Year ended December 31, 2025 and 2024
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)


December 31,
2025
December 31, 2024
ASSETS
Property and equipment, net $10,636 $10,906 
Right-of-use assets560 559 
Assets held for sale34 — 
Due from managers 39 36 
Advances to and investments in affiliates259 166 
Furniture, fixtures and equipment replacement fund 167 242 
Notes receivable114 79 
Other 472 506 
Cash and cash equivalents768 554 
Total assets$13,049 $13,048 
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes$3,986 $3,993 
Credit facility, including the term loans of $999 and $998, respectively
996 992 
Mortgage and other debt95 98 
Total debt5,077 5,083 
Lease liabilities563 560 
Accounts payable and accrued expenses 355 351 
Due to managers76 54 
Other 246 223 
Total liabilities 6,317 6,271 
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. 171 165 
Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized, 687.8 million shares and 699.1 million shares issued and outstanding, respectively
7 7 
Additional paid-in capital 7,289 7,462 
Accumulated other comprehensive loss(68)(83)
Deficit(670)(777)
Total equity of Host Hotels & Resorts, Inc. stockholders 6,558 6,609 
Non-redeemable non-controlling interests—other consolidated partnerships3 3 
Total equity6,561 6,612 
Total liabilities, non-controlling interests and equity $13,049 $13,048 
__________
(1)Please see our Fourth Quarter 2025 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
December 31,		Year ended December 31,
2025202420252024
Revenues
Rooms$895 $863 $3,608 $3,426 
Food and beverage458 431 1,803 1,716 
Other151 134 604 542 
Condominium sales99 — 99 — 
Total revenues 1,603 1,428 6,114 5,684 
Expenses
Rooms226 217 906 849 
Food and beverage310 289 1,224 1,137 
Other departmental and support expenses370 361 1,466 1,383 
Management fees71 61 262 254 
Other property-level expenses105 98 426 411 
Depreciation and amortization208 197 795 762 
Cost of goods sold80 — 80 — 
Corporate and other expenses⁽¹⁾
41 42 124 123 
Net (gain) loss on insurance settlements— 6 (24)(110)
Total operating costs and expenses1,411 1,271 5,259 4,809 
Operating profit192 157 855 875 
Interest income10 11 32 54 
Interest expense(60)(59)(235)(215)
Other gains (losses)— (1)148 — 
Equity in earnings (losses) of affiliates2 (5)18 7 
Income before income taxes144 103 818 721 
Benefit (provision) for income taxes(7)6 (42)(14)
Net income137 109 776 707 
Less: Net income attributable to non-controlling interests(2)(1)(11)(10)
Net income attributable to Host Inc.$135 $108 $765 $697 
Basic earnings per common share$0.20 $0.15 $1.11 $0.99 
Diluted earnings per common share$0.20 $0.15 $1.10 $0.99 
___________
(1)Corporate and other expenses include the following items:
Quarter ended
December 31,		Year ended December 31,
2025202420252024
General and administrative costs$31 $29 $98 $93 
Non-cash stock-based compensation expense10 7 26 24 
Litigation accruals— 6 — 6 
       Total $41 $42 $124 $123 
PAGE 8 OF 26
HOST HOTELS & RESORTS, INC.
Earnings per Common Share
(unaudited, in millions, except per share amounts)

Quarter ended December 31,Year ended December 31,
2025202420252024
Net income$137 $109 $776 $707 
Less: Net income attributable to non-controlling interests(2)(1)(11)(10)
Net income attributable to Host Inc.$135 $108 $765 $697 
Basic weighted average shares outstanding 687.7699.0691.4702.1
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market2.81.92.71.9
Diluted weighted average shares outstanding⁽¹⁾690.5 700.9 694.1 704.0 
Basic earnings per common share$0.20 $0.15 $1.11 $0.99 
Diluted earnings per common share$0.20 $0.15 $1.10 $0.99 
___________
(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 December 31, 2025
Quarter ended December 31, 2025Quarter ended December 31, 2024
LocationNo. of
Properties		No. of
Rooms		Average
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARAverage
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARPercent
Change in
RevPAR		Percent
Change in
Total RevPAR
Maui3 1,580 $695.25 69.9%$486.21 $729.05 $675.53 62.6%$422.84 $646.58 15.0%12.8%
Oahu
2 876 508.27 79.5%403.87 602.60 468.41 77.4%362.69 536.20 11.4%12.4%
Miami
2 1,038 572.20 73.1%418.49 733.00 543.45 70.3%381.89 656.15 9.6%11.7%
Jacksonville1 446 523.35 63.0%329.71 802.29 479.66 62.4%299.52 733.55 10.1%9.4%
New York3 2,720 521.39 90.2%470.15 665.17 482.16 89.9%433.68 586.91 8.4%13.3%
Florida Gulf Coast4 1,529 513.52 62.1%318.94 672.71 451.08 62.7%282.72 591.92 12.8%13.6%
Phoenix3 1,545 406.39 68.7%279.35 678.84 401.26 70.4%282.47 688.85 (1.1%)(1.5%)
Nashville2 721 363.74 77.3%281.27 473.35 354.34 76.4%270.87 456.11 3.8%3.8%
Orlando2 2,448 473.90 60.0%284.43 585.83 457.96 55.4%253.73 528.74 12.1%10.8%
Los Angeles/Orange County3 1,067 301.26 72.6%218.66 348.68 296.49 75.3%223.12 350.33 (2.0%)(0.5%)
San Diego3 3,294 273.17 66.9%182.62 351.35 275.76 70.9%195.51 377.07 (6.6%)(6.8%)
Boston2 1,496 284.38 72.3%205.70 271.09 279.69 73.0%204.26 272.85 0.7%(0.6%)
Philadelphia2 810 244.85 78.4%191.92 300.82 246.18 80.1%197.07 300.45 (2.6%)0.1%
Washington, D.C. (CBD)4 2,788 299.93 57.1%171.13 252.14 287.48 62.3%179.13 265.48 (4.5%)(5.0%)
Northern Virginia2 916 267.28 71.3%190.56 334.49 265.46 71.0%188.58 324.74 1.0%3.0%
Chicago3 1,562 251.05 69.6%174.82 254.63 257.17 70.3%180.84 249.48 (3.3%)2.1%
San Francisco/San Jose6 4,162 252.61 65.1%164.53 248.87 226.27 56.4%127.70 191.78 28.8%29.8%
Seattle2 1,315 225.26 54.1%121.83 175.33 230.58 61.8%142.52 205.28 (14.5%)(14.6%)
Atlanta2 810 206.01 62.8%129.35 224.30 198.53 62.9%124.90 200.77 3.6%11.7%
Houston4 1,710 204.61 65.4%133.86 190.72 200.05 68.0%136.03 189.48 (1.6%)0.7%
Austin2 769 274.74 62.0%170.38 298.62 281.60 66.8%188.13 323.46 (9.4%)(7.7%)
San Antonio2 1,512 235.14 55.7%131.02 211.52 217.39 63.7%138.50 231.76 (5.4%)(8.7%)
New Orleans1 1,333 193.13 63.8%123.23 198.22 202.74 68.9%139.61 215.85 (11.7%)(8.2%)
Denver3 1,342 193.82 53.7%104.10 169.37 191.18 55.9%106.88 176.34 (2.6%)(4.0%)
Other8 2,551 266.19 67.7%180.13 288.45 270.70 65.5%177.33 288.06 1.6%0.1%
Domestic71 40,340 344.12 67.0%230.56 386.89 327.63 67.2%220.04 367.00 4.8%5.4%
International5 1,499 208.59 64.7%134.98 212.84 215.21 64.1%138.01 199.77 (2.2%)6.5%
All Locations76 41,839 $339.44 66.9%$227.14 $380.71 $323.78 67.1%$217.11 $361.07 4.6%5.4%
___________
(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 December 31, 2025
Year ended December 31, 2025Year ended December 31, 2024
LocationNo. of
Properties		No. of
Rooms		Average
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARAverage
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARPercent
Change in
RevPAR		Percent
Change in
Total RevPAR
Maui3 1,580 $654.62 71.3%$467.04 $728.79 $663.09 60.1%$398.83 $641.01 17.1%13.7%
Oahu (2)
2 876 489.06 82.5%403.54 614.38 457.70 81.2%371.85 576.36 8.5%6.6%
Miami
2 1,038 549.06 72.9%400.38 703.89 526.83 70.2%369.84 641.42 8.3%9.7%
Jacksonville1 446 541.61 71.7%388.19 889.30 517.28 71.2%368.44 840.68 5.4%5.8%
New York3 2,720 418.18 87.0%363.64 520.10 392.96 84.6%332.63 463.36 9.3%12.2%
Florida Gulf Coast4 1,529 517.51 64.3%332.59 718.61 473.90 67.2%318.69 672.55 4.4%6.8%
Phoenix3 1,545 393.28 70.8%278.57 658.45 395.73 70.0%276.93 646.95 0.6%1.8%
Nashville2 721 344.87 79.9%275.44 470.44 344.36 79.7%274.37 447.79 0.4%5.1%
Orlando2 2,448 416.42 64.4%268.25 564.26 383.93 65.1%249.76 528.04 7.4%6.9%
Los Angeles/Orange County3 1,067 305.18 76.8%234.23 358.11 297.23 78.1%232.13 350.62 0.9%2.1%
San Diego3 3,294 295.65 73.8%218.24 410.72 293.18 78.9%231.22 433.50 (5.6%)(5.3%)
Boston2 1,496 289.70 74.8%216.74 283.72 280.30 78.1%218.97 287.46 (1.0%)(1.3%)
Philadelphia2 810 238.13 81.2%193.26 297.12 237.00 80.4%190.56 289.97 1.4%2.5%
Washington, D.C. (CBD)4 2,788 309.82 61.9%191.85 281.17 289.11 67.7%195.84 291.55 (2.0%)(3.6%)
Northern Virginia2 916 268.19 69.3%185.77 297.46 258.13 72.5%187.25 296.74 (0.8%)0.2%
Chicago3 1,562 252.09 71.4%179.92 257.81 255.54 70.4%180.01 249.73 —%3.2%
San Francisco/San Jose6 4,162 254.71 69.0%175.69 261.00 241.04 65.3%157.34 231.55 11.7%12.7%
Seattle2 1,315 246.07 67.3%165.67 224.24 248.84 68.3%169.99 230.55 (2.5%)(2.7%)
Atlanta2 810 212.87 66.9%142.34 239.51 202.78 61.8%125.29 206.10 13.6%16.2%
Houston4 1,710 208.40 67.5%140.64 196.48 202.39 72.4%146.51 201.19 (4.0%)(2.3%)
Austin2 769 249.07 54.8%136.53 248.67 256.02 66.3%169.83 300.41 (19.6%)(17.2%)
San Antonio2 1,512 226.17 60.3%136.38 217.83 216.95 62.0%134.48 218.75 1.4%(0.4%)
New Orleans1 1,333 202.57 65.0%131.61 210.83 193.96 71.4%138.52 218.31 (5.0%)(3.4%)
Denver3 1,342 201.83 63.8%128.84 197.80 199.13 66.8%133.12 205.67 (3.2%)(3.8%)
Other8 2,551 298.83 68.3%204.00 318.75 295.74 65.3%193.04 305.70 5.7%4.3%
Domestic71 40,340 332.09 70.1%232.78 389.91 317.42 70.7%224.31 374.29 3.8%4.2%
International5 1,499 199.31 67.1%133.80 190.79 200.88 63.4%127.43 184.07 5.0%3.7%
All Locations76 41,839 $327.54 70.0%$229.24 $382.83 $313.67 70.4%$220.84 $367.53 3.8%4.2%
___________
(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.
(2)Prior to our ownership of The Ritz Carlton O'ahu, Turtle Bay, golf revenues were recorded by the property based on gross sales. After our acquisition of the property in July 2024, the golf course operates under a lease agreement, under which we record rental income, resulting in lower total revenues when compared to the periods prior to our ownership.

PAGE 11 OF 26
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Results by Location - actual, based on ownership period(1)
As of December 31,
20252024Quarter ended December 31, 2025Quarter ended December 31, 2024
LocationNo. of
Properties		No. of
Properties		Average
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARAverage
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARPercent
Change in
RevPAR		Percent
Change in
Total RevPAR
Maui3 3 $695.25 69.9%$486.21 $729.05 $675.53 62.6%$422.84 $646.58 15.0%12.8%
Oahu2 2 508.27 79.5%403.87 602.60 468.41 77.4%362.69 536.20 11.4%12.4%
Miami2 2 572.20 73.1%418.49 733.00 543.45 70.3%381.89 656.15 9.6%11.7%
Jacksonville1 1 523.35 63.0%329.71 802.29 479.66 62.4%299.52 733.55 10.1%9.4%
New York3 3 521.39 90.2%470.15 665.17 482.16 89.9%433.68 586.91 8.4%13.3%
Florida Gulf Coast5 5 491.77 61.5%302.51 644.96 442.20 53.2%235.15 487.58 28.6%32.3%
Phoenix3 3 406.39 68.7%279.35 678.84 401.26 70.4%282.47 688.85 (1.1%)(1.5%)
Nashville2 2 363.74 77.3%281.27 473.35 354.34 76.4%270.87 456.11 3.8%3.8%
Orlando2 2 473.90 60.0%284.43 585.83 457.96 55.4%253.73 528.74 12.1%10.8%
Los Angeles/Orange County3 3 301.26 72.6%218.66 348.68 296.49 75.3%223.12 350.33 (2.0%)(0.5%)
San Diego3 3 273.17 66.9%182.62 351.35 275.76 70.9%195.51 377.07 (6.6%)(6.8%)
Boston2 2 284.38 72.3%205.70 271.09 279.69 73.0%204.26 272.85 0.7%(0.6%)
Philadelphia2 2 244.85 78.4%191.92 300.82 246.18 80.1%197.07 300.45 (2.6%)0.1%
Washington, D.C. (CBD)4 5 299.93 57.1%171.13 252.14 287.20 63.4%182.12 264.27 (6.0%)(4.6%)
Northern Virginia2 2 267.28 71.3%190.56 334.49 265.46 71.0%188.58 324.74 1.0%3.0%
Chicago3 3 251.05 69.6%174.82 254.63 257.17 70.3%180.84 249.48 (3.3%)2.1%
San Francisco/San Jose6 6 252.61 65.1%164.53 248.87 226.27 56.4%127.70 191.78 28.8%29.8%
Seattle2 2 225.26 54.1%121.83 175.33 230.58 61.8%142.52 205.28 (14.5%)(14.6%)
Atlanta2 2 206.01 62.8%129.35 224.30 198.53 62.9%124.90 200.77 3.6%11.7%
Houston5 5 217.84 63.5%138.34 204.23 211.76 65.8%139.25 202.92 (0.7%)0.6%
Austin2 2 274.74 62.0%170.38 298.62 281.60 66.8%188.13 323.46 (9.4%)(7.7%)
San Antonio2 2 235.14 55.7%131.02 211.52 217.39 63.7%138.50 231.76 (5.4%)(8.7%)
New Orleans1 1 193.13 63.8%123.23 198.22 202.74 68.9%139.61 215.85 (11.7%)(8.2%)
Denver3 3 193.82 53.7%104.10 169.37 191.18 55.9%106.88 176.34 (2.6%)(4.0%)
Other9 10 310.89 68.2%212.07 334.68 296.50 65.0%192.83 303.09 10.0%10.4%
Domestic74 76 347.27 66.9%232.21 390.41 328.23 66.6%218.52 362.78 6.3%7.6%
International5 5 208.59 64.7%134.98 212.84 215.21 64.1%138.01 199.77 (2.2%)6.5%
All Locations79 81 $342.54 66.8%$228.78 $384.20 $324.47 66.5%$215.75 $357.20 6.0%7.6%
___________
(1)Represents the results of the portfolio for the time period of our ownership, including the results of non-comparable properties, dispositions through their date of disposal and acquisitions beginning as of the date of acquisition.
PAGE 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 December 31,
20252024Year ended December 31, 2025Year ended December 31, 2024
LocationNo. of
Properties		No. of
Properties		Average
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARAverage
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARPercent
Change in
RevPAR		Percent
Change in
Total RevPAR
Maui3 3 $654.62 71.3%$467.04 $728.79 $663.09 60.1%$398.83 $641.01 17.1%13.7%
Oahu2 2 489.06 82.5%403.54 614.38 345.57 85.7%296.02 412.98 36.3%48.8%
Miami2 2 549.06 72.9%400.38 703.89 526.83 70.2%369.84 641.42 8.3%9.7%
Jacksonville1 1 541.61 71.7%388.19 889.30 517.28 71.2%368.44 840.68 5.4%5.8%
New York3 3 418.18 87.0%363.64 520.10 385.01 84.9%326.69 453.98 11.3%14.6%
Florida Gulf Coast5 5 498.52 61.8%308.30 657.92 467.55 65.7%307.37 642.56 0.3%2.4%
Phoenix3 3 393.28 70.8%278.57 658.45 395.73 70.0%276.93 646.95 0.6%1.8%
Nashville2 2 344.87 79.9%275.44 470.44 355.16 81.3%288.88 467.80 (4.7%)0.6%
Orlando2 2 416.42 64.4%268.25 564.26 383.93 65.1%249.76 528.04 7.4%6.9%
Los Angeles/Orange County3 3 305.18 76.8%234.23 358.11 297.23 78.1%232.13 350.62 0.9%2.1%
San Diego3 3 295.65 73.8%218.24 410.72 293.18 78.9%231.22 433.50 (5.6%)(5.3%)
Boston2 2 289.70 74.8%216.74 283.72 280.30 78.1%218.97 287.46 (1.0%)(1.3%)
Philadelphia2 2 238.13 81.2%193.26 297.12 237.00 80.4%190.56 289.97 1.4%2.5%
Washington, D.C. (CBD)4 5 307.83 63.2%194.64 281.82 288.63 69.1%199.43 289.57 (2.4%)(2.7%)
Northern Virginia2 2 268.19 69.3%185.77 297.46 258.13 72.5%187.25 296.74 (0.8%)0.2%
Chicago3 3 252.09 71.4%179.92 257.81 255.54 70.4%180.01 249.73 —%3.2%
San Francisco/San Jose6 6 254.71 69.0%175.69 261.00 241.04 65.3%157.34 231.55 11.7%12.7%
Seattle2 2 246.07 67.3%165.67 224.24 248.84 68.3%169.99 230.55 (2.5%)(2.7%)
Atlanta2 2 212.87 66.9%142.34 239.51 202.78 61.8%125.29 206.10 13.6%16.2%
Houston5 5 220.24 65.0%143.16 203.43 214.37 69.6%149.28 208.63 (4.1%)(2.5%)
Austin2 2 249.07 54.8%136.53 248.67 256.02 66.3%169.83 300.41 (19.6%)(17.2%)
San Antonio2 2 226.17 60.3%136.38 217.83 216.95 62.0%134.48 218.75 1.4%(0.4%)
New Orleans1 1 202.57 65.0%131.61 210.83 193.96 71.4%138.52 218.31 (5.0%)(3.4%)
Denver3 3 201.83 63.8%128.84 197.80 199.13 66.8%133.12 205.67 (3.2%)(3.8%)
Other9 10 327.43 67.7%221.78 343.04 308.67 65.6%202.53 314.00 9.5%9.3%
Domestic74 76 333.93 69.8%233.07 389.64 314.82 70.4%221.71 368.78 5.1%5.7%
International5 5 199.31 67.1%133.80 190.79 200.88 63.4%127.43 184.07 5.0%3.7%
All Locations79 81 $329.42 69.7%$229.61 $382.76 $311.21 70.2%$218.41 $362.37 5.1%5.6%
___________
(1)Represents the results of the portfolio for the time period of our ownership, including the results of non-comparable properties, dispositions through their date of disposal and acquisitions beginning as of the date of acquisition.
PAGE 13 OF 26
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results (1)
(unaudited, in millions, except hotel statistics)

Quarter ended
December 31,		Year ended December 31,
2025202420252024
Number of hotels76 76 76 76 
Number of rooms41,839 41,839 41,839 41,839 
Change in comparable hotel Total RevPAR5.4%— 4.2%— 
Change in comparable hotel RevPAR4.6%— 3.8%— 
Operating profit margin⁽²⁾
12.0%11.0%14.0%15.4%
Comparable hotel EBITDA margin⁽²⁾
28.0%28.3%28.9%29.3%
Food and beverage profit margin⁽²⁾32.3%32.9%32.1%33.7%
Comparable hotel food and beverage profit margin⁽²⁾
32.2%33.1%32.4%33.5%
Net income$137 $109 $776 $707 
Depreciation and amortization208 197 795 762 
Interest expense60 59 235 215 
Provision (benefit) for income taxes7 (6)42 14 
Gain on sale of property and corporate level income/expense29 43 (74)(8)
Property transaction adjustments⁽³⁾
(2)(6)(15)15 
Non-comparable hotel results, net⁽⁴⁾
(9)(1)(48)(52)
Condominium sales (5)
(19)— (17)— 
Comparable hotel EBITDA⁽¹⁾
$411 $395 $1,694 $1,653 
___________
(1)See the Notes to Financial Information for a discussion of comparable hotel results, which are non-GAAP measures, and the limitations on their use. For additional information on comparable hotel EBITDA by location, see the Fourth Quarter 2025 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)
(unaudited, in millions, except hotel statistics)

Quarter ended December 31, 2025Quarter ended December 31, 2024
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$895 $(4)$(15)$— $— $876 $863 $(16)$(10)$— $837 
Food and beverage
458 (3)(9)— — 446 431 (6)(3)— 422 
Other151 — (5)— — 146 134 (1)— — 133 
Condominium sales99 — — (99)— — — — — — — 
Total revenues1,603 (7)(29)(99)— 1,468 1,428 (23)(13)— 1,392 
Expenses
Room226 (1)(4)— — 221 217 (4)(2)— 211 
Food and beverage
310 (2)(6)— — 302 289 (4)(3)— 282 
Other546 (2)(10)— — 534 520 (9)(7)— 504 
Depreciation and amortization
208 — — — (208)— 197 — — (197)— 
Cost of goods sold80 — — (80)— — — — — — — 
Corporate and other expenses
41 — — — (41)— 42 — — (42)— 
Net (gain) loss on insurance settlements— — — — — — 6 — — (6)— 
Total expenses1,411 (5)(20)(80)(249)1,057 1,271 (17)(12)(245)997 
Operating Profit - Comparable hotel EBITDA$192 $(2)$(9)$(19)$249 $411 $157 $(6)$(1)$245 $395 
PAGE 15 OF 26
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results (1) (cont.)
(unaudited, in millions, except hotel statistics)


Year ended December 31, 2025Year ended December 31, 2024
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$3,608 $(45)$(56)$— $— $3,507 $3,426 $21 $(60)$— $3,387 
Food and beverage
1,803 (14)(27)— — 1,762 1,716 19 (32)— 1,703 
Other604 (4)(13)— — 587 542 18 (13)— 547 
Condominium sales99 — — (99)— — — — — — — 
Total revenues6,114 (63)(96)(99)— 5,856 5,684 58 (105)— 5,637 
Expenses
Room906 (10)(12)— — 884 849 7 (12)— 844 
Food and beverage
1,224 (11)(21)— — 1,192 1,137 17 (22)— 1,132 
Other2,154 (27)(39)(2)— 2,086 2,048 19 (38)— 2,029 
Depreciation and amortization
795 — — — (795)— 762 — — (762)— 
Cost of goods sold80 — — (80)— — — — — — — 
Corporate and other expenses
124 — — — (124)— 123 — — (123)— 
Net (gain) loss on insurance settlements(24)— 24 — — — (110)— 19 70 (21)
Total expenses5,259 (48)(48)(82)(919)4,162 4,809 43 (53)(815)3,984 
Operating Profit - Comparable hotel EBITDA$855 $(15)$(48)$(17)$919 $1,694 $875 $15 $(52)$815 $1,653 

(3)Property transaction adjustments represent the following items: (i) the elimination of results of operations of hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(4)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable. 
(5)Includes revenues and costs, including marketing expenses of approximately $2 million, 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 December 31,Year ended December 31,
 2025202420252024
Net income⁽²⁾$137 $109 $776 $707 
Interest expense60 59 235 215 
Depreciation and amortization200 197 787 762 
Income taxes7 (6)42 14 
EBITDA⁽²⁾404 359 1,840 1,698 
Gain on dispositions⁽³⁾— — (143)— 
Non-cash impairment expense 8 — 8 — 
Equity investment adjustments:
Equity in (earnings) losses of affiliates(2)5 (18)(7)
Pro rata EBITDAre of equity investments⁽⁴⁾8 3 44 35 
EBITDAre⁽²⁾418 367 1,731 1,726 
Adjustments to EBITDAre:
Net (gain) loss on property insurance settlements— 6 — (70)
Non-cash stock-based compensation expense⁽⁵⁾10 7 26 24 
Adjusted EBITDAre⁽²⁾$428 $380 $1,757 $1,680 
___________
(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 year ended December 31, 2025 include a gain of $4 million from the sale of land adjacent to The Phoenician hotel.
(3)Reflects the sale of two hotels in 2025, and the sale of the Asia/Pacific joint venture's interest in two separate joint ventures in India in the third quarter of 2025, representing our exit from our Asia investment.
(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.
(5)Effective January 1, 2025, 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. Prior year results have been updated to conform with the current year presentation. See the Notes to Financial Information for more information on this change.
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 December 31,Year ended December 31,
2025202420252024
Net income⁽²⁾$137 $109 $776 $707 
Less: Net income attributable to non-controlling interests(2)(1)(11)(10)
Net income attributable to Host Inc.135 108 765 697 
Adjustments:
Gain on dispositions⁽³⁾— — (143)— 
Net (gain) loss on property insurance settlements— 6 — (70)
Depreciation and amortization200 196 786 760 
Non-cash impairment expense8 — 8 — 
Equity investment adjustments:
Equity in (earnings) losses of affiliates(2)5 (18)(7)
Pro rata FFO of equity investments⁽⁴⁾2 (1)22 17 
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships— — (1)(1)
FFO adjustment for non-controlling interests of Host L.P.(3)(2)(9)(9)
NAREIT FFO⁽²⁾340 312 1,410 1,387 
Adjustments to NAREIT FFO:
Non-cash stock-based compensation expense⁽⁵⁾10 7 26 24 
Adjusted FFO⁽²⁾$350 $319 $1,436 $1,411 
For calculation on a per share basis:(6)
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO690.5700.9694.1704.0
Diluted earnings per common share$0.20 $0.15 $1.10 $0.99 
NAREIT FFO per diluted share$0.49 $0.44 $2.03 $1.97 
Adjusted FFO per diluted share$0.51 $0.45 $2.07 $2.00 
___________
(1-5)Refer to the corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre.
(6)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)(2)
(unaudited, in millions)

Full Year 2026
Low-end of range High-end of range
Net income$836 $891 
Interest expense242 242 
Depreciation and amortization756 756 
Income taxes41 44 
EBITDA1,875 1,933 
Gain on dispositions(200)(200)
Equity investment adjustments:
Equity in earnings of affiliates(22)(23)
Pro rata EBITDAre of equity investments62 64 
EBITDAre1,715 1,774 
Adjustments to EBITDAre:
Non-cash stock-based compensation expense25 26 
Adjusted EBITDAre$1,740 $1,800 
Full Year 2026
Low-end of range High-end of range
Net income $836 $891 
Less: Net income attributable to non-controlling interests (13)(13)
Net income attributable to Host Inc. 823 878 
Adjustments:
Gain on dispositions(200)(200)
Depreciation and amortization 754 754 
Equity investment adjustments:
Equity in earnings of affiliates (22)(23)
Pro rata FFO of equity investments 31 32 
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships (1)(1)
FFO adjustment for non-controlling interests of Host LP (7)(7)
NAREIT FFO1,378 1,433 
Adjustments to NAREIT FFO:
Non-cash stock-based compensation expense25 26 
Adjusted FFO $1,403 $1,459 
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO691.7691.7
Diluted earnings per common share $1.19 $1.27 
NAREIT FFO per diluted share $1.99 $2.07 
Adjusted FFO per diluted share $2.03 $2.11 
_______________
(1)The Forecasts are based on the below assumptions:
•Comparable hotel RevPAR will increase 2.0% to 3.5% compared to 2025 for the low and high end of the forecast range. This forecast assumes a continued recovery at our Maui properties, however the timing of Maui's full recovery remains uncertain.
•Comparable hotel EBITDA margins will decrease 20 basis points for the low end and increase 20 basis points for the high end of the forecast comparable hotel RevPAR range, respectively, compared to 2025.
•We expect to spend approximately $525 million to $625 million on capital expenditures.
•Includes the dispositions of The. St. Regis Houston and the two Four Seasons properties in the first quarter of 2026, and assumes the disposition of Sheraton Parsippany during the year. There can be no assurances that the sale will be completed. Assumes no acquisitions during the year.




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)(2) (cont.)
(unaudited, in millions)





•The Four Seasons sale is expected to generate an approximate $500 million capital gain on sale. If we are unable to find a suitable acquisition asset to consummate a like-kind exchange, we would intend to distribute the capital gain to stockholders. This forecast makes no assumptions on the remaining proceeds, though we will weigh potential cash uses which may include, subject to market conditions, acquisitions, other investments in our portfolio, common stock repurchases or increased dividends, which dividends could be in excess of taxable income. Any special dividend will be subject to approval by Host Inc.’s Board of Directors.
•Assumes an approximate $20 million to $25 million contribution to net income and Adjusted EBITDAre from the sale of condominium units.
•Includes $7 million of gain from business interruption proceeds related to hurricane claims already received in 2026, but assumes no further business interruption proceeds during the year.
For a discussion of items that may affect forecast results, see the Notes to Financial Information.
PAGE 20 OF 26
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results for Full Year 2026 Forecasts (1)(2)
(unaudited, in millions)
Full Year 2026
Low-end of range High-end of range
Operating profit margin(3)
13.9%14.6%
Comparable hotel EBITDA margin(3)
29.0%29.4%
Net income$836 $891 
Depreciation and amortization756 756 
Interest expense242 242 
Provision for income taxes41 44 
Gain on sale of property and corporate level income/expense(153)(154)
Property transaction adjustments(4)
(12)(12)
Non-comparable hotel results, net(5)
(33)(35)
Condominium sales (6)
(20)(25)
Comparable hotel EBITDA(1)
$1,657 $1,707 
___________
(1)See "Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2026 Forecasts" for other forecast assumptions.
(2)Forecast comparable hotel results include 74 hotels (of our 79 hotels owned at December 31, 2025) that we have assumed will be classified as comparable as of December 31, 2026. See footnote (5) for details on our non-comparable hotel results.
(3)Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:
Low-end of range High-end of range
Adjustments Adjustments
GAAP Results Property transaction adjustmentsNon-comparable hotel
results, net 		Condo-minium salesDepreciation and
corporate level items 		Comparable hotel
Results 		GAAP Results Property transaction adjustmentsNon-comparable hotel
results, net 		Condo-minium salesDepreciation and
corporate level items 		Comparable hotel
Results
Revenues
Rooms$3,476 $(28)$(38)$— $— $3,410 $3,528 $(28)$(39)$— $— $3,461 
Food and beverage1,788 (14)(27)— — 1,747 1,813 (14)(27)— — 1,772 
Other766 (7)(14)(188)— 557 779 (7)(14)(193)— 565 
Total revenues6,030 (49)(79)(188)— 5,714 6,120 (49)(80)(193)— 5,798 
Expenses
Hotel expenses4,153 (37)(53)(6)— 4,057 4,186 (37)(52)(6)— 4,091 
Depreciation and amortization756 — — — (756)— 756 — — — (756)— 
Cost of goods sold162 — — (162)— — 162 — — (162)— — 
Corporate and other expenses125 — — — (125)— 127 — — — (127)— 
Net (gain) loss on insurance settlements(7)— 7 — — — (7)— 7 — — — 
Total expenses5,189 (37)(46)(168)(881)4,057 5,224 (37)(45)(168)(883)4,091 
Operating Profit - Comparable hotel EBITDA$841 $(12)$(33)$(20)$881 $1,657 $896 $(12)$(35)$(25)$883 $1,707 
(4)Property transaction adjustments represent the following items: (i) the elimination of results of operations of hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. Forecast data also eliminates results of hotels assumed to be sold during the year.
(5)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable. The following property that we own and that is not classified as held-for-sale, is expected to be non-comparable for full year 2026:
•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025)
(6)    Includes revenues and costs, including marketing and administrative expenses of approximately $6 million, related to the development and sale of condominium units adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort.
PAGE 21 OF 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 79 hotels that we owned as of December 31, 2025, 76 have been classified as comparable hotels. The operating results of the following properties that we owned, and that were not classified as held-for-sale, as of December 31, 2025 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 the collapse of a portion of Highway 1, causing closure of the hotel beginning in March 2024, reopened in May 2024); 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.
At December 31, 2025, The St. Regis Houston was classified as held-for-sale. Therefore, the results of this hotel are also excluded from comparable hotel operating statistics and results.
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.
•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.
•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.
•Non-Cash Stock-Based Compensation - We exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash transaction and the add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior notes indentures and consistent with the presentation of Adjusted EBITDAre for the majority of other lodging REIT filers.
In unusual circumstances, we also may adjust EBITDAre for gains or losses that management believes are not representative of the Company’s current operating performance. The last adjustment of this nature was a 2013 exclusion of a gain from an eminent domain claim.
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 90 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
hst.jpg
DECEMBER 31, 2025
andazmauiatwailearesort_93.jpg
ANDAZ MAUI AT WAILEA RESORT
TABLE OF CONTENTS
image_5.jpg
3
OVERVIEW
About Host Hotels & Resorts
4
Analyst Coverage
5
Forward-Looking Statements
6
Non-GAAP Financial Measures
6
7
PROPERTY LEVEL DATA AND CORPORATE MEASURES
Comparable Hotel Results by Location
8
Top 40 Hotels by Total RevPAR
16
Historical Comparable Hotel Results
18
Comparable Hotel Results 2026 Forecast and Full Year 2025
20
Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted
Funds From Operations per Diluted Share for Full Year 2026 Forecasts
22
Ground Lease Summary as of December 31, 2025
24
25
CAPITALIZATION
Comparative Capitalization
26
Consolidated Debt Summary
27
Consolidated Debt Maturity
28
Property Transactions
29
30
FINANCIAL COVENANTS
Credit Facility and Senior Notes Financial Performance Tests
31
Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio
32
Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio
33
Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio
34
Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test
35
Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test
36
Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio
37
Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test
38
39
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
Forecasts
40
Comparable Hotel Operating Statistics and Results
40
Non-GAAP Financial Measures
41
image_6.jpg
OVERVIEW
PROPERTY LEVEL DATA AND
CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL
FINANCIAL INFORMATION
HOST HOTELS & RESORTS CORPORATE HEADQUARTERS
© Host Hotels & Resorts, Inc.4
image_7.jpg
BAKER'S CAY RESORT KEY LARGO, CURIO COLLECTION BY HILTON
About Host Hotels & Resorts
PREMIER U.S. LODGING REIT
S&P
500
COMPANY
$12.4
BILLION
MARKET CAP(1)
$17.0
BILLION
ENTERPRISE VALUE(1)
LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2)
76
HOTELS
41,700
ROOMS
21
TOP U.S. MARKETS
(1) Based on market cap as of December 31, 2025. See Comparative Capitalization for calculation.
(2) At February 18, 2026.
© Host Hotels & Resorts, Inc.5
Analyst Coverage
BAIRD
Mike Bellisario
414-298-6130
mbellisario@rwbaird.com
DEUTSCHE BANK SECURITIES
Chris Woronka
212-250-9376
chris.woronka@db.com
RAYMOND JAMES & ASSOCIATES
RJ Milligan
727-567-2585
rjmilligan@raymondjames.com
BARCLAYS
Rich Hightower
212-526-8768
richard.hightower@barclays.com
EVERCORE ISI
Duane Pfennigwerth
212-497-0817
duane.pfennigwerth@evercoreisi.com
STIFEL, NICOLAUS & CO.
Simon Yarmak
443-224-1345
yarmaks@stifel.com
BOFA SECURITIES, INC.
Shaun Kelley
646-855-1005
shaun.kelley@baml.com
GREEN STREET ADVISORS
Chris Darling
949-640-8780
cdarling@greenst.com
TRUIST
C. Patrick Scholes
212-319-3915
patrick.scholes@suntrust.com
BMO CAPITAL MARKETS
Ari Klein
212-885-4103
ari.klein@bmo.com
JEFFERIES
David Katz
212-323-3355
dkatz@jefferies.com
UBS SECURITIES LLC
Robin Farley
212-713-2060
robin.farley@ubs.com
CANTOR FITZGERALD
Richard Anderson
929-441-6927
richard.anderson@cantor.com
JPMORGAN
Daniel Politzer
212-622-0110
daniel.politzer@jpmorgan.com
WELLS FARGO SECURITIES LLC
Cooper Clark
212-214-1146
cooper.clark@wellsfargo.com
CITI INVESTMENT RESEARCH
Smedes Rose
212-816-6243
smedes.rose@citi.com
KOLYITCS
David Abraham
+44 7527 493597
david.abraham@kolytics.com
WOLFE RESEARCH
Logan Epstein
646-582-9267
lepstein@wolferesearch.com
COMPASS POINT RESEARCH & TRADING, LLC
Ken Billingsley
202-534-1393
kbillingsley@compasspointllc.com
MORGAN STANLEY & CO.
Stephen Grambling
212-761-1010
stephen.grambling@morganstanley.com
The Company is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of the Company or its
management. The Company does not by its reference above imply its endorsement of or concurrence with any of such analysts’ information, conclusions or recommendations.
© Host Hotels & Resorts, Inc.6
Overview
ABOUT HOST HOTELS & RESORTS
Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that
owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of
which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership
interests in Host LP held by outside partners as of December 31, 2025, 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 February 18, 2026, and the Company undertakes no obligation to update any forward-looking statement to conform the
statement to actual results or changes in the Company’s expectations.
NON-GAAP FINANCIAL MEASURES
Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that
are not calculated and presented in accordance with GAAP (U.S. generally accepted accounting principles), within the meaning of applicable SEC rules. They are
as follows: : (i) Funds From Operations (“FFO”) and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, both at hotel level and company-wide, (iii)
EBITDAre and Adjusted EBITDAre, (iv) Net Operating Income (NOI), (v) Comparable Hotel Operating Statistics and Results and (vi) measures derived from EBITDA
and NOI such as EBITDA multiples and capitalization rates. Also included are reconciliations to the most directly comparable GAAP measures. See the Notes to
Supplemental Financial Information for definitions of these measures, why we believe these measures are useful and limitations on their use.
Also included in this supplemental information is our leverage ratio, unsecured interest coverage ratio and fixed charge coverage ratio, calculated in accordance
with our credit facility, along with our EBITDA to interest coverage ratio, indenture indebtedness test, indenture secured indebtedness test, and indenture
unencumbered assets to unsecured indebtedness test, calculated in accordance with our senior notes indenture covenants. Included with these ratios are
reconciliations calculated in accordance with GAAP. See the Notes to Supplemental Financial Information for information on how these supplemental measures
are calculated, why we believe they are useful and limitations on their use.
© Host Hotels & Resorts, Inc. 7
a1hotelnashville_17778.jpg
OVERVIEW
PROPERTY LEVEL DATA AND
CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL
FINANCIAL INFORMATION
1 HOTEL NASHVILLE
© Host Hotels & Resorts, Inc.8
Comparable Hotel Results by Location (1)
(unaudited, in millions, except hotel statistics and per room basis)
Quarter ended December 31, 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
$695.25
69.9%
$486.21
$106.0
$729.05
$11.0
$28.0
Oahu
2
876
508.27
79.5%
403.87
49.3
602.60
5.3
12.0
Miami
2
1,038
572.20
73.1%
418.49
72.0
733.00
14.6
23.4
Jacksonville
1
446
523.35
63.0%
329.71
32.9
802.29
7.9
11.1
New York
3
2,720
521.39
90.2%
470.15
166.5
665.17
48.5
58.4
Florida Gulf Coast
4
1,529
513.52
62.1%
318.94
94.6
672.71
3.5
25.1
Phoenix
3
1,545
406.39
68.7%
279.35
96.5
678.84
26.1
37.1
Nashville
2
721
363.74
77.3%
281.27
31.4
473.35
5.3
11.4
Orlando
2
2,448
473.90
60.0%
284.43
131.9
585.83
28.5
42.1
Los Angeles/Orange County
3
1,067
301.26
72.6%
218.66
34.2
348.68
4.7
7.1
San Diego
3
3,294
273.17
66.9%
182.62
106.5
351.35
8.5
25.8
Boston
2
1,496
284.38
72.3%
205.70
37.3
271.09
7.4
11.9
Philadelphia
2
810
244.85
78.4%
191.92
22.4
300.82
4.8
7.3
Washington, D.C. (CBD)
4
2,788
299.93
57.1%
171.13
64.7
252.14
6.5
18.3
Northern Virginia
2
916
267.28
71.3%
190.56
28.2
334.49
5.4
8.6
Chicago
3
1,562
251.05
69.6%
174.82
36.6
254.63
2.2
6.3
San Francisco/San Jose
6
4,162
252.61
65.1%
164.53
95.3
248.87
(3.8)
10.3
Seattle
2
1,315
225.26
54.1%
121.83
21.2
175.33
(4.0)
(1.0)
Atlanta
2
810
206.01
62.8%
129.35
16.7
224.30
0.5
4.4
Houston
4
1,710
204.61
65.4%
133.86
30.0
190.72
6.7
9.3
Austin
2
769
274.74
62.0%
170.38
21.1
298.62
1.0
6.6
San Antonio
2
1,512
235.14
55.7%
131.02
29.4
211.52
5.3
8.9
New Orleans
1
1,333
193.13
63.8%
123.23
24.3
198.22
5.3
7.7
Denver
3
1,342
193.82
53.7%
104.10
20.9
169.37
1.7
5.2
Other
8
2,551
266.19
67.7%
180.13
68.5
288.45
6.3
15.0
Other property level (2)
0.2
1.2
1.2
Domestic
71
40,340
344.12
67.0%
230.56
1,438.6
386.89
210.4
401.5
International
5
1,499
208.59
64.7%
134.98
29.4
212.84
7.7
9.4
All Locations - comparable hotels
76
41,839
339.44
66.9%
227.14
1,468.0
380.71
218.1
410.9
Non-comparable hotels
2
407
29.4
2.7
9.0
Property transaction adjustments (3)
1
232
6.5
—
1.6
Gain on sale of property and corporate
level income/expense (4)
98.9
(83.9)
(17.6)
Total
79
42,478
$—
—
$—
$1,602.8
$—
$136.9
$403.9
(1)See the Notes to Supplemental Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. RevPAR is the product of the average daily room rate charged and the average daily occupancy
achieved. Total Revenues per Available Room ("Total RevPAR") is a summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period. It includes ancillary
revenues not included with RevPAR.
(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(3)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as
continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. As of December 31, 2025, this includes two hotels sold in 2025 and one hotel classified as held-for-sale.
(4)Certain Items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.
© Host Hotels & Resorts, Inc.9
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Quarter ended December 31, 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
$11.0
$17.0
$—
$—
$—
$28.0
Oahu
2
876
5.3
6.7
—
—
—
12.0
Miami
2
1,038
14.6
8.8
—
—
—
23.4
Jacksonville
1
446
7.9
3.2
—
—
—
11.1
New York
3
2,720
48.5
9.9
—
—
—
58.4
Florida Gulf Coast
4
1,529
3.5
21.6
—
—
—
25.1
Phoenix
3
1,545
26.1
11.0
—
—
—
37.1
Nashville
2
721
5.3
6.1
—
—
—
11.4
Orlando
2
2,448
28.5
13.6
—
—
—
42.1
Los Angeles/Orange County
3
1,067
4.7
2.4
—
—
—
7.1
San Diego
3
3,294
8.5
17.3
—
—
—
25.8
Boston
2
1,496
7.4
4.5
—
—
—
11.9
Philadelphia
2
810
4.8
2.5
—
—
—
7.3
Washington, D.C. (CBD)
4
2,788
6.5
11.8
—
—
—
18.3
Northern Virginia
2
916
5.4
3.2
—
—
—
8.6
Chicago
3
1,562
2.2
4.1
—
—
—
6.3
San Francisco/San Jose
6
4,162
(3.8)
14.1
—
—
—
10.3
Seattle
2
1,315
(4.0)
3.0
—
—
—
(1.0)
Atlanta
2
810
0.5
3.9
—
—
—
4.4
Houston
4
1,710
6.7
4.2
—
—
(1.6)
9.3
Austin
2
769
1.0
4.6
1.0
—
—
6.6
San Antonio
2
1,512
5.3
3.6
—
—
—
8.9
New Orleans
1
1,333
5.3
2.4
—
—
—
7.7
Denver
3
1,342
1.7
3.5
—
—
—
5.2
Other
8
2,551
6.3
8.7
—
—
—
15.0
Other property level (1)
1.2
—
—
—
—
1.2
Domestic
71
40,340
210.4
191.7
1.0
—
(1.6)
401.5
International
5
1,499
7.7
1.7
—
—
—
9.4
All Locations - comparable hotels
76
41,839
$218.1
$193.4
$1.0
$—
$(1.6)
$410.9
Non-comparable hotels
2
407
2.7
6.3
—
—
—
9.0
Property transaction adjustments (2)
1
232
—
—
—
—
1.6
1.6
Gain on sale of property and corporate level
income/expense (3)
(83.9)
0.4
58.5
7.4
—
(17.6)
Total
79
42,478
$136.9
$200.1
$59.5
$7.4
$—
$403.9
(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations
as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.”
© Host Hotels & Resorts, Inc.10
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Quarter ended December 31, 2024
Location
No. of
Properties
No. of
Rooms
Average
Room Rate
Average
Occupancy
Percentage
RevPAR
Total revenues
Total Revenues
per Available
Room
Hotel Net
Income (Loss)
Hotel EBITDA
Maui
3
1,580
$675.53
62.6%
$422.84
$94.0
$646.58
$4.6
$22.4
Oahu
2
876
468.41
77.4%
362.69
43.9
536.20
2.0
8.1
Miami
2
1,038
543.45
70.3%
381.89
64.4
656.15
11.8
20.2
Jacksonville
1
446
479.66
62.4%
299.52
30.1
733.55
5.6
8.9
New York
3
2,720
482.16
89.9%
433.68
146.9
586.91
37.9
50.0
Florida Gulf Coast
4
1,529
451.08
62.7%
282.72
83.3
591.92
4.0
23.6
Phoenix
3
1,545
401.26
70.4%
282.47
97.9
688.85
28.3
39.1
Nashville
2
721
354.34
76.4%
270.87
30.3
456.11
4.6
10.6
Orlando
2
2,448
457.96
55.4%
253.73
119.1
528.74
20.1
34.2
Los Angeles/Orange County
3
1,067
296.49
75.3%
223.12
34.4
350.33
3.8
6.8
San Diego
3
3,294
275.76
70.9%
195.51
114.3
377.07
17.8
32.9
Boston
2
1,496
279.69
73.0%
204.26
37.6
272.85
7.3
11.9
Philadelphia
2
810
246.18
80.1%
197.07
22.4
300.45
5.1
7.5
Washington, D.C. (CBD)
4
2,788
287.48
62.3%
179.13
68.0
265.48
11.3
19.6
Northern Virginia
2
916
265.46
71.0%
188.58
27.4
324.74
5.9
8.3
Chicago
3
1,562
257.17
70.3%
180.84
35.9
249.48
4.8
9.1
San Francisco/San Jose
6
4,162
226.27
56.4%
127.70
73.4
191.78
(13.4)
1.0
Seattle
2
1,315
230.58
61.8%
142.52
24.8
205.28
(0.8)
2.3
Atlanta
2
810
198.53
62.9%
124.90
15.0
200.77
0.9
4.0
Houston
4
1,710
200.05
68.0%
136.03
29.8
189.48
4.5
8.9
Austin
2
769
281.60
66.8%
188.13
22.8
323.46
3.7
8.1
San Antonio
2
1,512
217.39
63.7%
138.50
32.2
231.76
6.2
10.2
New Orleans
1
1,333
202.74
68.9%
139.61
26.5
215.85
7.6
9.8
Denver
3
1,342
191.18
55.9%
106.88
21.8
176.34
2.0
5.7
Other
8
2,551
270.70
65.5%
177.33
68.5
288.06
6.9
14.4
Other property level (1)
0.2
7.9
7.9
Domestic
71
40,340
327.63
67.2%
220.04
1,364.9
367.00
200.4
385.5
International
5
1,499
215.21
64.1%
138.01
27.5
199.77
7.1
9.1
All Locations - comparable hotels
76
41,839
323.78
67.1%
217.11
1,392.4
361.07
207.5
394.6
Non-comparable hotels
2
407
13.0
(2.5)
1.4
Property transaction adjustments (2)
1
232
23.0
—
6.4
Gain on sale of property and corporate
level income/expense (3)
—
(95.7)
(43.4)
Total
79
42,478
$—
—
$—
$1,428.4
$—
$109.3
$359.0
(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. As of December 31, 2025, this includes two hotels sold in 2025 and one hotel classified as held-for-sale and four hotels acquired in
2024.
(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.
© Host Hotels & Resorts, Inc.11
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Quarter ended December 31, 2024
Location
No. of
Properties
No. of
Rooms
Hotel Net Income
(Loss)
Plus:
Depreciation
Plus: Interest
Expense
Plus: Income Tax
Plus: Property
Transaction
Adjustments
Equals: Hotel
EBITDA
Maui
3
1,580
$4.6
$17.8
$—
$—
$—
$22.4
Oahu
2
876
2.0
6.1
—
—
—
8.1
Miami
2
1,038
11.8
8.4
—
—
—
20.2
Jacksonville
1
446
5.6
3.3
—
—
—
8.9
New York
3
2,720
37.9
12.1
—
—
—
50.0
Florida Gulf Coast
4
1,529
4.0
19.6
—
—
—
23.6
Phoenix
3
1,545
28.3
10.8
—
—
—
39.1
Nashville
2
721
4.6
6.0
—
—
—
10.6
Orlando
2
2,448
20.1
14.1
—
—
—
34.2
Los Angeles/Orange County
3
1,067
3.8
3.0
—
—
—
6.8
San Diego
3
3,294
17.8
15.1
—
—
—
32.9
Boston
2
1,496
7.3
4.6
—
—
—
11.9
Philadelphia
2
810
5.1
2.4
—
—
—
7.5
Washington, D.C. (CBD)
4
2,788
11.3
11.1
—
—
(2.8)
19.6
Northern Virginia
2
916
5.9
2.4
—
—
—
8.3
Chicago
3
1,562
4.8
4.3
—
—
—
9.1
San Francisco/San Jose
6
4,162
(13.4)
14.4
—
—
—
1.0
Seattle
2
1,315
(0.8)
3.1
—
—
—
2.3
Atlanta
2
810
0.9
3.1
—
—
—
4.0
Houston
4
1,710
4.5
5.8
—
—
(1.4)
8.9
Austin
2
769
3.7
3.4
1.0
—
—
8.1
San Antonio
2
1,512
6.2
4.0
—
—
—
10.2
New Orleans
1
1,333
7.6
2.2
—
—
—
9.8
Denver
3
1,342
2.0
3.7
—
—
—
5.7
Other
8
2,551
6.9
9.7
—
—
(2.2)
14.4
Other property level (1)
7.9
—
—
—
—
7.9
Domestic
71
40,340
200.4
190.5
1.0
—
(6.4)
385.5
International
5
1,499
7.1
2.0
—
—
—
9.1
All Locations - comparable hotels
76
41,839
$207.5
$192.5
$1.0
$—
$(6.4)
$394.6
Non-comparable hotels
2
407
(2.5)
3.9
—
—
—
1.4
Property transaction adjustments (2)
1
232
—
—
—
—
6.4
6.4
Gain on sale of property and corporate
level income/expense (3)
(95.7)
0.5
58.2
(6.4)
—
(43.4)
Total
79
42,478
$109.3
$196.9
$59.2
$(6.4)
$—
$359.0
(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations
as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.”
© Host Hotels & Resorts, Inc.12
Comparable Hotel Results by Location (1)
(unaudited, in millions, except hotel statistics and per room basis)
Year ended December 31, 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
$654.62
71.3%
$467.04
$420.3
$728.79
$45.0
$110.7
Oahu
2
876
489.06
82.5
403.54
199.4
614.38
21.6
46.9
Miami
2
1,038
549.06
72.9
400.38
274.1
703.89
52.4
87.0
Jacksonville
1
446
541.61
71.7
388.19
144.8
889.30
39.8
52.5
New York
3
2,720
418.18
87.0
363.64
516.4
520.10
102.0
148.3
Florida Gulf Coast
4
1,529
517.51
64.3
332.59
401.0
718.61
40.8
121.5
Phoenix
3
1,545
393.28
70.8
278.57
371.3
658.45
94.7
138.0
Nashville
2
721
344.87
79.9
275.44
123.8
470.44
18.9
43.2
Orlando
2
2,448
416.42
64.4
268.25
504.2
564.26
99.0
154.0
Los Angeles/Orange County
3
1,067
305.18
76.8
234.23
139.5
358.11
17.5
28.3
San Diego
3
3,294
295.65
73.8
218.24
493.8
410.72
93.8
158.4
Boston
2
1,496
289.70
74.8
216.74
154.9
283.72
33.9
51.8
Philadelphia
2
810
238.13
81.2
193.26
87.8
297.12
17.9
27.8
Washington, D.C. (CBD)
4
2,788
309.82
61.9
191.85
286.0
281.17
53.6
90.5
Northern Virginia
2
916
268.19
69.3
185.77
99.5
297.46
17.7
29.1
Chicago
3
1,562
252.09
71.4
179.92
147.0
257.81
18.1
34.5
San Francisco/San Jose
6
4,162
254.71
69.0
175.69
396.5
261.00
9.0
65.6
Seattle
2
1,315
246.07
67.3
165.67
107.6
224.24
1.6
13.7
Atlanta
2
810
212.87
66.9
142.34
70.8
239.51
6.1
20.7
Houston
4
1,710
208.40
67.5
140.64
122.6
196.48
23.5
39.1
Austin
2
769
249.07
54.8
136.53
69.7
248.67
4.7
24.2
San Antonio
2
1,512
226.17
60.3
136.38
120.2
217.83
21.5
36.0
New Orleans
1
1,333
202.57
65.0
131.61
102.6
210.83
24.1
33.5
Denver
3
1,342
201.83
63.8
128.84
96.9
197.80
15.3
29.7
Other
8
2,551
298.83
68.3
204.00
300.4
318.75
39.6
73.2
Other property level (2)
0.7
2.1
2.1
Domestic
71
40,340
332.09
70.1
232.78
5,751.8
389.91
914.2
1,660.3
International
5
1,499
199.31
67.1
133.80
104.4
190.79
26.5
33.3
All Locations - comparable hotels
76
41,839
$327.54
70.0
$229.24
$5,856.2
$382.83
$940.7
$1,693.6
Non-comparable hotels
2
407
96.1
26.0
47.5
Property transaction adjustments (3)
1
232
62.6
—
15.2
Gain on sale of property and corporate
level income/expense (4)
98.9
(191.2)
83.4
Total
79
42,478
—
—
—
$6,113.8
—
$775.5
$1,839.7
(1)See the Notes to Supplemental Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. RevPAR is the product of the average daily room rate charged and the average daily occupancy
achieved. Total Revenues per Available Room ("Total RevPAR") is a summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period. It includes
ancillary revenues not included with RevPAR.
(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(3)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations
as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. As of December 31, 2025, this includes two hotels sold in 2025 and one hotel classified as held-for-sale.
(4)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.
© Host Hotels & Resorts, Inc.13
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Year ended December 31, 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
$45.0
$65.7
$—
$—
$—
$110.7
Oahu
2
876
21.6
25.3
—
—
—
46.9
Miami
2
1,038
52.4
34.6
—
—
—
87.0
Jacksonville
1
446
39.8
12.7
—
—
—
52.5
New York
3
2,720
102.0
46.3
—
—
—
148.3
Florida Gulf Coast
4
1,529
40.8
80.7
—
—
—
121.5
Phoenix
3
1,545
94.7
43.3
—
—
—
138.0
Nashville
2
721
18.9
24.3
—
—
—
43.2
Orlando
2
2,448
99.0
55.0
—
—
—
154.0
Los Angeles/Orange County
3
1,067
17.5
10.8
—
—
—
28.3
San Diego
3
3,294
93.8
64.6
—
—
—
158.4
Boston
2
1,496
33.9
17.9
—
—
—
51.8
Philadelphia
2
810
17.9
9.9
—
—
—
27.8
Washington, D.C. (CBD)
4
2,788
53.6
46.0
—
—
(9.1)
90.5
Northern Virginia
2
916
17.7
11.4
—
—
—
29.1
Chicago
3
1,562
18.1
16.4
—
—
—
34.5
San Francisco/San Jose
6
4,162
9.0
56.6
—
—
—
65.6
Seattle
2
1,315
1.6
12.1
—
—
—
13.7
Atlanta
2
810
6.1
14.6
—
—
—
20.7
Houston
4
1,710
23.5
19.6
—
—
(4.0)
39.1
Austin
2
769
4.7
15.6
3.9
—
—
24.2
San Antonio
2
1,512
21.5
14.5
—
—
—
36.0
New Orleans
1
1,333
24.1
9.4
—
—
—
33.5
Denver
3
1,342
15.3
14.4
—
—
—
29.7
Other
8
2,551
39.6
35.7
—
—
(2.1)
73.2
Other property level (1)
2.1
—
—
—
—
2.1
Domestic
71
40,340
914.2
757.4
3.9
—
(15.2)
1,660.3
International
5
1,499
26.5
6.8
—
—
—
33.3
All Locations - comparable hotels
76
41,839
$940.7
$764.2
$3.9
$—
$(15.2)
$1,693.6
Non-comparable hotels
2
407
26.0
21.5
—
—
—
47.5
Property transaction adjustments (2)
1
232
—
—
—
—
15.2
15.2
Gain on sale of property and corporate
level income/expense (3)
(191.2)
1.6
230.7
42.3
—
83.4
Total
79
42,478
$775.5
$787.3
$234.6
$42.3
$—
$1,839.7
(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations
as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.”
© Host Hotels & Resorts, Inc.14
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Year ended December 31, 2024
Location
No. of
Properties
No. of
Rooms
Average
Room Rate
Average
Occupancy
Percentage
RevPAR
Total revenues
Total Revenues
per Available
Room
Hotel Net
Income (Loss)
Hotel EBITDA
Maui
3
1,580
$663.09
60.1%
$398.83
$370.7
$641.01
$48.2
$115.8
Oahu
2
876
457.70
81.2%
371.85
187.4
576.36
3.9
40.6
Miami
2
1,038
526.83
70.2%
369.84
250.5
641.42
46.0
78.8
Jacksonville
1
446
517.28
71.2%
368.44
137.2
840.68
37.0
49.5
New York
3
2,720
392.96
84.6%
332.63
461.3
463.36
71.4
128.5
Florida Gulf Coast
4
1,529
473.90
67.2%
318.69
376.4
672.55
33.2
110.5
Phoenix
3
1,545
395.73
70.0%
276.93
365.8
646.95
96.9
138.1
Nashville
2
721
344.36
79.7%
274.37
118.2
447.79
14.7
42.7
Orlando
2
2,448
383.93
65.1%
249.76
473.1
528.04
82.1
137.5
Los Angeles/Orange County
3
1,067
297.23
78.1%
232.13
136.9
350.62
15.0
26.9
San Diego
3
3,294
293.18
78.9%
231.22
522.6
433.50
112.8
173.3
Boston
2
1,496
280.30
78.1%
218.97
157.4
287.46
39.8
58.2
Philadelphia
2
810
237.00
80.4%
190.56
86.0
289.97
17.4
27.0
Washington, D.C. (CBD)
4
2,788
289.11
67.7%
195.84
297.1
291.55
69.6
96.3
Northern Virginia
2
916
258.13
72.5%
187.25
99.5
296.74
18.7
28.6
Chicago
3
1,562
255.54
70.4%
180.01
142.8
249.73
22.8
40.0
San Francisco/San Jose
6
4,162
241.04
65.3%
157.34
352.7
231.55
(17.0)
45.3
Seattle
2
1,315
248.84
68.3%
169.99
111.0
230.55
5.4
17.7
Atlanta
2
810
202.78
61.8%
125.29
61.1
206.10
8.1
18.9
Houston
4
1,710
202.39
72.4%
146.51
125.9
201.19
21.3
40.7
Austin
2
769
256.02
66.3%
169.83
84.3
300.41
10.0
27.2
San Antonio
2
1,512
216.95
62.0%
134.48
121.1
218.75
19.4
36.3
New Orleans
1
1,333
193.96
71.4%
138.52
106.5
218.31
25.5
34.2
Denver
3
1,342
199.13
66.8%
133.12
101.0
205.67
16.9
31.6
Other
8
2,551
295.74
65.3%
193.04
288.7
305.70
40.8
68.4
Other property level (1)
0.7
7.9
7.9
Domestic
71
40,340
317.42
70.7%
224.31
5,535.9
374.29
867.8
1,620.5
International
5
1,499
200.88
63.4%
127.43
101.0
184.07
24.3
32.6
All Locations - comparable hotels
76
41,839
$313.67
70.4%
$220.84
$5,636.9
$367.53
$892.1
$1,653.1
Non-comparable hotels
2
407
105.2
34.3
51.9
Property transaction adjustments (2)
1
232
(58.4)
—
(14.7)
Gain on sale of property and corporate
level income/expense (3)
—
(219.0)
7.7
Total
79
42,478
$—
—
$—
$5,683.7
$—
$707.4
$1,698.0
(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(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. As of December 31, 2025, this includes two hotels sold in 2025 and one hotel classified as held-for-sale and four hotels acquired in
2024.
(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.
© Host Hotels & Resorts, Inc.15
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)
Year ended December 31, 2024
Location
No. of
Properties
No. of
Rooms
Hotel Net Income
(Loss)
Plus:
Depreciation
Plus: Interest
Expense
Plus: Income Tax
Plus: Property
Transaction
Adjustments
Equals: Hotel
EBITDA
Maui
3
1,580
$48.2
$67.6
$—
$—
$—
$115.8
Oahu
2
876
3.9
13.8
—
—
22.9
40.6
Miami
2
1,038
46.0
32.8
—
—
—
78.8
Jacksonville
1
446
37.0
12.5
—
—
—
49.5
New York
3
2,720
71.4
48.5
—
—
8.6
128.5
Florida Gulf Coast
4
1,529
33.2
77.3
—
—
—
110.5
Phoenix
3
1,545
96.9
41.2
—
—
—
138.1
Nashville
2
721
14.7
18.0
—
—
10.0
42.7
Orlando
2
2,448
82.1
55.4
—
—
—
137.5
Los Angeles/Orange County
3
1,067
15.0
11.9
—
—
—
26.9
San Diego
3
3,294
112.8
60.5
—
—
—
173.3
Boston
2
1,496
39.8
18.4
—
—
—
58.2
Philadelphia
2
810
17.4
9.6
—
—
—
27.0
Washington, D.C. (CBD)
4
2,788
69.6
39.8
—
—
(13.1)
96.3
Northern Virginia
2
916
18.7
9.9
—
—
—
28.6
Chicago
3
1,562
22.8
17.2
—
—
—
40.0
San Francisco/San Jose
6
4,162
(17.0)
62.3
—
—
—
45.3
Seattle
2
1,315
5.4
12.3
—
—
—
17.7
Atlanta
2
810
8.1
10.8
—
—
—
18.9
Houston
4
1,710
21.3
24.0
—
—
(4.6)
40.7
Austin
2
769
10.0
13.2
4.0
—
—
27.2
San Antonio
2
1,512
19.4
16.9
—
—
—
36.3
New Orleans
1
1,333
25.5
8.7
—
—
—
34.2
Denver
3
1,342
16.9
14.7
—
—
—
31.6
Other
8
2,551
40.8
36.7
—
—
(9.1)
68.4
Other property level (1)
7.9
—
—
—
—
7.9
Domestic
71
40,340
867.8
734.0
4.0
—
14.7
1,620.5
International
5
1,499
24.3
8.3
—
—
—
32.6
All Locations - comparable hotels
76
41,839
$892.1
$742.3
$4.0
$—
$14.7
$1,653.1
Non-comparable hotels
2
407
34.3
17.6
—
—
—
51.9
Property transaction adjustments (2)
1
232
—
—
—
—
(14.7)
(14.7)
Gain on sale of property and corporate
level income/expense (3)
(219.0)
1.8
211.4
13.5
—
7.7
Total
79
42,478
$707.4
$761.7
$215.4
$13.5
$—
$1,698.0
(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations
as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.”
© Host Hotels & Resorts, Inc.16
Top 40 Hotels by Total RevPAR for Year Ended December 31, 2025
(unaudited, in millions, except hotel statistics and per room basis)
Year ended December 31, 2025
Hotel
Location
No. of
Rooms
Average
Room Rate
Average
Occupancy
Percentage
RevPAR
Total revenues
Total Revenues
per Available
Room
Hotel Net Income
(Loss)
Hotel EBITDA (1)
1
Alila Ventana Big Sur
Other Domestic
59
$1,844.41
85.5%
$1,577.34
$46.5
$2,355.76
$7.9
$14.8
2
Four Seasons Resort and Residences Jackson Hole
Other Domestic
125
1,565.76
62.8%
983.56
95.2
1,671.05
10.5
23.5
3
Four Seasons Resort Orlando at Walt Disney World® Resort
Orlando
444
1,241.71
63.0%
782.73
210.9
1,300.64
33.5
58.0
4
1 Hotel South Beach
Miami
433
945.56
74.5%
704.49
215.5
1,277.42
39.5
65.0
5
The Ritz-Carlton, Naples
Florida Gulf Coast
474
908.63
63.6%
577.89
209.3
1,209.24
12.6
68.3
6
Andaz Maui at Wailea Resort
Maui
320
811.01
78.8%
639.26
112.5
963.59
15.6
30.4
7
The Ritz-Carlton O'ahu, Turtle Bay
Oahu
450
829.31
71.2%
590.86
162.5
961.67
18.4
37.5
8
Fairmont Kea Lani, Maui
Maui
450
947.54
72.3%
685.30
157.3
957.53
22.3
49.2
9
The Ritz-Carlton, Amelia Island
Jacksonville
446
541.61
71.7%
388.19
144.8
889.30
39.8
52.5
10
The Phoenician, A Luxury Collection Resort, Scottsdale
Phoenix
645
493.07
71.7%
353.36
202.6
860.72
43.6
71.7
11
1 Hotel Central Park
New York
234
719.30
81.0%
582.62
67.5
790.71
17.7
26.3
12
1 Hotel Nashville
Nashville
215
435.90
78.1%
340.25
53.1
676.82
7.9
15.9
13
The Ritz-Carlton Naples, Tiburón
Florida Gulf Coast
295
558.07
55.9%
312.15
67.8
629.54
11.7
19.0
14
The Westin Kierland Resort & Spa
Phoenix
735
339.86
68.7%
233.50
156.5
583.46
45.7
59.5
15
New York Marriott Marquis
New York
1,971
405.15
88.6%
359.07
387.3
538.36
72.3
105.3
16
Baker's Cay Resort Key Largo, Curio Collection by Hilton
Other Domestic
200
440.15
75.6%
332.93
39.3
538.12
6.3
11.8
17
The Ritz-Carlton, Marina del Rey
Los Angeles/Orange County
304
430.62
74.5%
320.76
59.6
537.28
8.3
11.6
18
Marriott Marquis San Diego Marina
San Diego
1,366
311.42
78.9%
245.59
241.1
483.60
49.8
82.8
19
Hyatt Regency Maui Resort and Spa
Maui
810
409.38
67.8%
277.75
137.1
463.85
5.6
28.4
20
The Ritz-Carlton, Tysons Corner
Northern Virginia
398
337.44
74.8%
252.30
62.8
432.26
9.1
14.7
21
Hyatt Regency Coconut Point Resort and Spa
Florida Gulf Coast
462
291.07
66.8%
194.44
70.9
420.64
3.8
18.3
22
Coronado Island Marriott Resort & Spa
San Diego
300
310.91
76.2%
236.97
45.3
413.41
6.4
11.8
23
Orlando World Center Marriott
Orlando
2,004
238.34
64.7%
154.27
293.4
401.11
65.7
96.1
24
The Don CeSar ⁽³⁾
Florida Gulf Coast
348
393.77
51.2%
201.57
49.7
391.27
17.9
32.5
25
Embassy Suites by Hilton Nashville Downtown
Nashville
506
307.43
80.6%
247.91
70.7
382.76
11.0
27.3
26
JW Marriott Washington, DC
Washington, D.C. (CBD)
777
335.43
78.0%
261.68
108.0
380.91
30.1
35.0
27
Manchester Grand Hyatt San Diego
San Diego
1,628
277.45
69.1%
191.84
207.4
349.07
37.6
63.8
28
The Alida, Savannah, a Tribute Portfolio Hotel
Other Domestic
173
253.83
76.8%
195.04
21.9
347.26
1.6
5.5
29
The Logan Philadelphia, Curio Collection by Hilton
Philadelphia
391
245.46
76.5%
187.70
49.3
345.48
8.6
16.0
30
San Francisco Marriott Marquis
San Francisco/San Jose
1,500
291.77
70.5%
205.74
179.7
328.25
11.9
35.3
31
New York Marriott Downtown
New York
515
338.16
83.3%
281.65
61.5
327.25
12.0
16.7
32
The Westin Chicago River North
Chicago
445
301.74
72.7%
219.33
51.7
318.57
6.3
11.9
33
Marina del Rey Marriott
Los Angeles/Orange County
370
286.12
81.3%
232.76
42.7
316.37
6.7
11.4
34
The Singer Oceanfront Resort, Curio Collection by Hilton
Other Domestic
223
270.41
73.6%
199.03
25.5
312.85
3.1
7.6
35
Boston Marriott Copley Place
Boston
1,145
304.26
78.8%
239.63
128.7
308.04
27.8
43.2
36
Grand Hyatt Washington
Washington, D.C. (CBD)
902
293.91
64.6%
189.91
95.8
291.07
9.5
31.4
37
Hotel Van Zandt
Austin
319
265.64
56.9%
151.22
33.0
283.29
(3.8)
8.2
38
The Westin Georgetown, Washington D.C.
Washington, D.C. (CBD)
269
302.70
72.0%
217.96
27.2
276.95
2.3
7.3
39
Miami Marriott Biscayne Bay
Miami
605
234.49
71.7%
168.16
58.7
265.93
12.8
22.0
40
The Westin South Coast Plaza, Costa Mesa
Los Angeles/Orange County
393
227.42
74.2%
168.68
37.1
258.82
2.5
5.3
Total Top 40
23,649
409.12
72.9%
298.09
4,487.4
518.37
751.9
1,352.8
Remaining 39 Hotels
18,829
220.47
65.8%
145.03
1,485.7
216.22
201.4
390.1
Other Property Level (2)
0.7
2.1
2.1
Gain on sale of property, sold property operations and corporate
level income/expense
140.0
(179.9)
(14.5)
Total
42,478
—
—
—
$6,113.8
—
$775.5
$1,730.5
(1)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected below in “gain on sale of property, sold
property operations and corporate level income/expense”. Refer to the table below for a reconciliation of net income (loss) to Hotel EBITDA. The total represents the Company's EBITDAre, as defined in the Notes to Supplemental Financial Information.
(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(3)2025 Hotel EBITDA for The Don CeSar includes $24 million of business interruption proceeds collected in relation to Hurricanes Helene and Milton.
© Host Hotels & Resorts, Inc.17
Top 40 Hotels by Total RevPAR Reconciliation from Hotel Net Income (Loss) to
Hotel EBITDA and EBITDAre
(unaudited, in millions, except hotel statistics and per room basis)
Year ended December 31, 2025
Location
Location
No. of
Rooms
Hotel Net
Income (Loss)
Plus:
Depreciation
Plus: Interest
Expense
Plus: Income
Tax
Less: Gain on
dispositions
Plus: Equity
Investment
Equals: Hotel
EBITDA (1)
1
Alila Ventana Big Sur
Other Domestic
59
$7.9
$6.9
$—
$—
$—
$—
$14.8
2
Four Seasons Resort and Residences Jackson Hole
Other Domestic
125
10.5
13.0
—
—
—
—
23.5
3
Four Seasons Resort Orlando at Walt Disney World® Resort
Orlando
444
33.5
24.5
—
—
—
—
58.0
4
1 Hotel South Beach
Miami
433
39.5
25.5
—
—
—
—
65.0
5
The Ritz-Carlton, Naples
Florida Gulf Coast
474
12.6
55.7
—
—
—
—
68.3
6
Andaz Maui at Wailea Resort
Maui
320
15.6
14.8
—
—
—
—
30.4
7
The Ritz-Carlton O'ahu, Turtle Bay
Oahu
450
18.4
19.1
—
—
—
—
37.5
8
Fairmont Kea Lani, Maui
Maui
450
22.3
26.9
—
—
—
—
49.2
9
The Ritz-Carlton, Amelia Island
Jacksonville
446
39.8
12.7
—
—
—
—
52.5
10
The Phoenician, A Luxury Collection Resort, Scottsdale
Phoenix
645
43.6
28.1
—
—
—
—
71.7
11
1 Hotel Central Park
New York
234
17.7
8.6
—
—
—
—
26.3
12
1 Hotel Nashville
Nashville
215
7.9
8.0
—
—
—
—
15.9
13
The Ritz-Carlton Naples, Tiburón
Florida Gulf Coast
295
11.7
7.3
—
—
—
—
19.0
14
The Westin Kierland Resort & Spa
Phoenix
735
45.7
13.8
—
—
—
—
59.5
15
New York Marriott Marquis
New York
1,971
72.3
33.0
—
—
—
—
105.3
16
Baker's Cay Resort Key Largo, Curio Collection by Hilton
Other Domestic
200
6.3
5.5
—
—
—
—
11.8
17
The Ritz-Carlton, Marina del Rey
Los Angeles/Orange County
304
8.3
3.3
—
—
—
—
11.6
18
Marriott Marquis San Diego Marina
San Diego
1,366
49.8
33.0
—
—
—
—
82.8
19
Hyatt Regency Maui Resort and Spa
Maui
810
5.6
22.8
—
—
—
—
28.4
20
The Ritz-Carlton, Tysons Corner
Northern Virginia
398
9.1
5.6
—
—
—
—
14.7
21
Hyatt Regency Coconut Point Resort and Spa
Florida Gulf Coast
462
3.8
14.5
—
—
—
—
18.3
22
Coronado Island Marriott Resort & Spa
San Diego
300
6.4
5.4
—
—
—
—
11.8
23
Orlando World Center Marriott
Orlando
2,004
65.7
30.4
—
—
—
—
96.1
24
The Don CeSar ⁽³⁾
Florida Gulf Coast
348
17.9
14.6
—
—
—
—
32.5
25
Embassy Suites by Hilton Nashville Downtown
Nashville
506
11.0
16.3
—
—
—
—
27.3
26
JW Marriott Washington, DC
Washington, D.C. (CBD)
777
30.1
4.9
—
—
—
—
35.0
27
Manchester Grand Hyatt San Diego
San Diego
1,628
37.6
26.2
—
—
—
—
63.8
28
The Alida, Savannah, a Tribute Portfolio Hotel
Other Domestic
173
1.6
3.9
—
—
—
—
5.5
29
The Logan Philadelphia, Curio Collection by Hilton
Philadelphia
391
8.6
7.4
—
—
—
—
16.0
30
San Francisco Marriott Marquis
San Francisco/San Jose
1,500
11.9
23.4
—
—
—
—
35.3
31
New York Marriott Downtown
New York
515
12.0
4.7
—
—
—
—
16.7
32
The Westin Chicago River North
Chicago
445
6.3
5.6
—
—
—
—
11.9
33
Marina del Rey Marriott
Los Angeles/Orange County
370
6.7
4.7
—
—
—
—
11.4
34
The Singer Oceanfront Resort, Curio Collection by Hilton
Other Domestic
223
3.1
4.5
—
—
—
—
7.6
35
Boston Marriott Copley Place
Boston
1,145
27.8
15.4
—
—
—
—
43.2
36
Grand Hyatt Washington
Washington, D.C. (CBD)
902
9.5
21.9
—
—
—
—
31.4
37
Hotel Van Zandt
Austin
319
(3.8)
8.1
3.9
—
—
—
8.2
38
The Westin Georgetown, Washington D.C.
Washington, D.C. (CBD)
269
2.3
5.0
—
—
—
—
7.3
39
Miami Marriott Biscayne Bay
Miami
605
12.8
9.2
—
—
—
—
22.0
40
The Westin South Coast Plaza, Costa Mesa
Los Angeles/Orange County
393
2.5
2.8
—
—
—
—
5.3
Total Top 40
23,649
751.9
597.0
3.9
—
—
—
1,352.8
Remaining 39 Hotels
18,829
201.4
188.7
—
—
—
—
390.1
Other Property Level (2)
2.1
—
—
—
—
—
2.1
Gain on sale of property, sold property operations and corporate level income/expense
(179.9)
9.4
230.7
42.3
(143.0)
26.0
(14.5)
Total
42,478
$775.5
$795.1
$234.6
$42.3
$(143.0)
$26.0
$1,730.5
(1)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected below in “gain on sale of property, sold
property operations and corporate level income/expense”. Refer to the table below for a reconciliation of net income (loss) to Hotel EBITDA. The total represents the Company's EBITDAre, as defined in the Notes to Supplemental Financial Information.
(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(3)2025 Hotel EBITDA for The Don CeSar includes $24 million of business interruption proceeds collected in relation to Hurricanes Helene and Milton.
© Host Hotels & Resorts, Inc.18
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, 2025
June 30, 2025
September 30, 2025
December 31, 2025
December 31, 2025
Number of hotels
74
74
74
74
74
Number of rooms
40,954
40,954
40,954
40,954
40,954
Comparable hotel RevPAR
$233.77
$235.05
$204.18
$220.73
$223.34
Comparable hotel occupancy
69.9%
74.1%
69.9%
67.0%
70.2%
Comparable hotel ADR
$334.24
$317.39
$292.11
$329.67
$318.14
Historical Comparable Hotel Revenues (1)(2)
2026 Comparable Hotel Set (3)
Three Months Ended
Year Ended
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
December 31, 2025
Total revenues
$1,594
$1,586
$1,331
$1,603
$6,114
Less: Revenues from asset
disposition
(117)
(99)
(79)
(93)
(388)
Less: Revenues from non-
comparable hotels
(3)
(16)
(14)
(17)
(50)
Less: Revenues from condominium
sales
—
—
—
(99)
(99)
Comparable hotel revenues
$1,474
$1,471
$1,238
$1,394
$5,577
© Host Hotels & Resorts, Inc.19
Historical Comparable Hotel Results with 2026 Comparable Hotel Set (cont.)
(unaudited, in millions, except hotel statistics)
Historical Comparable Hotel EBITDA (1)(2)
2026 Comparable Hotel Set (3)
Three Months Ended
Year Ended
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
December 31, 2025
Net income
$251
$225
$163
$137
$776
Depreciation and amortization
196
195
196
208
795
Interest expense
57
58
60
60
235
Provision (benefit) for income taxes
(1)
27
9
7
42
Gain on sale of property and corporate
level income/expense
9
(8)
(104)
29
(74)
Property transaction adjustments
(34)
(24)
(13)
(27)
(98)
Non-comparable hotel results, net
(6)
(13)
(9)
(5)
(33)
Condominium sales
—
1
1
(19)
(17)
Comparable hotel EBITDA
$472
$461
$303
$390
$1,626
(1)Comparable hotel results represent adjustments for the following items: (i) to remove the results of operations of our hotels assumed to be sold or held-for-sale as of December 31, 2026, which
operations are included in our condensed consolidated statements of operations as continuing operations, (ii) to include the results for periods prior to our ownership for hotels acquired as of
December 31, 2025 and (iii) to remove the results of our non-comparable hotels.
(2)Comparable hotel revenues and comparable hotel EBITDA are non-GAAP financial measures within the meaning of the rules of the Securities and Exchange commission. See the Notes to
Supplemental Financial Information for discussion of these non-GAAP measures.
(3)Comparable hotel results include 74 hotels (of our 79 hotels owned at December 31, 2025) based on our forecast comparable hotel set as of December 31, 2026. No assurances can be made as to
the hotels that will be in the comparable hotel set for 2026. The following property that we own and that is not classified as held-for-sale, is expected to be non-comparable for full year 2026:
•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025).
Additionally, revenues and costs, including marketing and administrative expenses of approximately $2 million in 2025, related to the development and sale of condominium units adjacent to the
Four Seasons Resort Orlando at Walt Disney World® Resort are excluded from our comparable hotel results.
© Host Hotels & Resorts, Inc.20
Comparable Hotel Results 2026 Forecast and Full Year 2025
(unaudited, in millions, except hotel statistics)
2026 Comparable Hotel Set
2026 Forecast(1)
2025
Number of hotels
74
74
Number of rooms
40,954
40,954
Comparable hotel Total RevPAR
$384.59
$372.75
Comparable hotel RevPAR
$229.49
$223.34
Operating profit margin(5)
14.3%
14.0%
Comparable hotel EBITDA margin(5)
29.2%
29.2%
Food and beverage profit margin(5)
33.4%
32.1%
Comparable hotel food and beverage profit margin(5)
33.4%
32.7%
Net income
$865
$776
Depreciation and amortization
756
795
Interest expense
242
235
Provision for income taxes
42
42
Gain on sale of property and corporate level income/expense
(154)
(74)
Property transaction adjustments⁽²⁾
(12)
(98)
Non-comparable hotel results, net⁽³⁾
(34)
(33)
Condominium sales ⁽⁴⁾
(23)
(17)
Comparable hotel EBITDA
$1,682
$1,626
(1)See "Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2026
Forecasts" for other forecast assumptions. Forecast presented assumes the midpoint of our comparable hotel RevPAR guidance of 2.75% growth over 2025. Forecast comparable hotel results include 74
hotels (of our 79 hotels owned at December 31, 2025) that we have assumed will be classified as comparable as of December 31, 2026. See “Comparable Hotel Operating Statistics and Results” in the Notes
to Supplemental Financial Information. No assurances can be made as to the hotels that will be in the comparable hotel set for 2026.
(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our
unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. Forecast
data also eliminates results of hotels assumed to be sold during the year.
(3)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our consolidated statements of operations as
continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable.  The following property that we own and that is not
classified as held-for-sale, is expected to be non-comparable for full year 2026:
•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025).
(4)Includes revenues and costs, including marketing and administrative expenses of approximately $6 million million and $2 million for the 2026 forecast and 2025, respectively, related to the development and
sale of condominium units adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort.
(5)Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed
consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:
© Host Hotels & Resorts, Inc.21
Comparable Hotel Results 2026 Forecast and Full Year 2025 (cont.)
(unaudited, in millions)
Forecast Year ended December 31, 2026
Year ended December 31, 2025
Adjustments
Adjustments
GAAP
Results
Property
Transaction
Adjustment
Non-comparable
hotel results, net
Condominium
sales
Depreciation
and corporate
level items
Comparable
hotel Results
GAAP
Results
Property
transaction
adjustments
Non-comparable
hotel results, net
Condominium
sales
Depreciation
and corporate
level items
Comparable
hotel Results
Revenues
Room
$3,502
$(28)
$(38)
$—
$—
$3,436
$3,608
$(241)
$(25)
$—
$—
$3,342
Food and beverage
1,801
(14)
(27)
—
—
1,760
1,803
(101)
(16)
—
—
1,686
Other
774
(7)
(14)
(191)
—
562
703
(46)
(9)
(99)
—
549
Total revenues
6,077
(49)
(79)
(191)
—
5,758
6,114
(388)
(50)
(99)
—
5,577
Expenses
Room
888
(6)
(7)
—
—
875
906
(52)
(6)
—
—
848
Food and beverage
1,200
(10)
(18)
—
—
1,172
1,224
(78)
(11)
—
—
1,135
Other
2,083
(21)
(27)
(6)
—
2,029
2,154
(160)
(24)
(2)
—
1,968
Depreciation and
amortization
756
—
—
—
(756)
—
795
—
—
—
(795)
—
Cost of goods sold
162
—
—
(162)
—
—
80
—
—
(80)
—
—
Corporate and other
expenses
126
—
—
—
(126)
—
124
—
—
—
(124)
—
Net gain on insurance
settlements
(7)
—
7
—
—
—
(24)
—
24
—
—
—
Total expenses
5,208
(37)
(45)
(168)
(882)
4,076
5,259
(290)
(17)
(82)
(919)
3,951
Operating Profit -
Comparable hotel
EBITDA
$869
$(12)
$(34)
$(23)
$882
$1,682
$855
$(98)
$(33)
$(17)
$919
$1,626
Comparable hotel results includes the results of our properties in Maui. The following table reconciles net income to Hotel EBITDA based on the expected 2026 results of these properties
(in millions); any changes to net income would be equal to the change in Hotel EBITDA:
Location
No. of Properties
Net Income (loss)
Plus: Depreciation
Equals: Hotel EBITDA
Maui
3
$56
$64
$120
Forecast non-comparable hotel results, net includes the results of The Don CeSar. The following table reconciles net income to Hotel EBITDA based on the expected 2026 results of the
property, excluding business interruption proceeds (in millions); any changes to net income would be equal to the change in Hotel EBITDA:
Hotel
Net Income (loss)
Plus: Depreciation
Equals: Hotel EBITDA
The Don CeSar
$12
$15
$27
© Host Hotels & Resorts, Inc.22
Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and
Diluted Earnings per Common Share to NAREIT and Adjusted Funds From
Operations per Diluted Share for Full Year 2026 Forecasts(1)
(unaudited in millions, except per share amounts)
Full Year 2026
Mid-point
Net income
$865
Interest expense
242
Depreciation and amortization
756
Income taxes
42
EBITDA
1,905
Gain on dispositions
(200)
Equity investment adjustments:
Equity in earnings of affiliates
(22)
Pro rata EBITDAre of equity investments
62
EBITDAre
1,745
Adjustments to EBITDAre:
Non-cash stock-based compensation expense
25
Adjusted EBITDAre
$1,770
Full Year 2026
Mid-point
Net income
$865
Less: Net income attributable to non-controlling interests
(13)
Net income attributable to Host Inc.
852
Adjustments:
Gain on dispositions
(200)
Depreciation and amortization
754
Equity investment adjustments:
Equity in earnings of affiliates
(22)
Pro rata FFO of equity investments
31
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships
(1)
FFO adjustment for non-controlling interests of Host LP
(7)
NAREIT FFO
1,407
Adjustments to NAREIT FFO:
Non-cash stock-based compensation expense
25
Adjusted FFO
$1,432
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO
691.7
Diluted earnings per common share
$1.23
NAREIT FFO per diluted share
$2.03
Adjusted FFO per diluted share
$2.07
See assumptions that follow.
© Host Hotels & Resorts, Inc.23
Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and
Diluted Earnings per Common Share to NAREIT and Adjusted Funds From
Operations per Diluted Share for Full Year 2026 Forecasts (cont.)
(unaudited, in millions, except per share amounts)
(1)The Forecasts are based on the below assumptions:
•Comparable hotel RevPAR will increase at the midpoint of our guidance of 2.75% compared to 2025. This forecast assumes a continued recovery at our Maui
properties, however the timing of Maui's full recovery remains uncertain.
•Comparable hotel EBITDA margins will be approximately flat compared to 2025.
•We expect to spend approximately $525 million to $625 million on capital expenditures.
•Includes the dispositions of The. St. Regis Houston and the two Four Seasons properties in the first quarter of 2026, and assumes the disposition of Sheraton Parsippany
during the year. There can be no assurances that the sale will be completed. Assumes no acquisitions during the year.
•The Four Seasons sale is expected to generate an approximate $500 million capital gain on sale. If we are unable to find a suitable acquisition asset to consummate
a like-kind exchange, we would intend to distribute the capital gain to stockholders. This forecast makes no assumptions on the remaining proceeds, though we
will weigh potential cash uses which may include, subject to market conditions, acquisitions, other investments in our portfolio, common stock repurchases or
increased dividends, which dividends could be in excess of taxable income. Any special dividend will be subject to approval by Host Inc.’s Board of Directors.
•Assumes an approximate $20 million to $25 million contribution to net income and Adjusted EBITDAre from the sale of condominium units.
•Includes $7 million of gain from business interruption proceeds related to hurricane claims already received in 2026, but assumes no further business interruption
proceeds during the year.
For a discussion of items that may affect forecast results, see the Notes to Supplemental Financial Information.
© Host Hotels & Resorts, Inc.24
Ground Lease Summary as of December 31, 2025
As of December 31, 2025
No. of rooms
Lessor Institution
Type
Minimum rent
Current expiration
Expiration after all
potential options (1)
1
Boston Marriott Copley Place
1,145
Public
N/A (2)
12/31/2123
12/31/2123
2
Coronado Island Marriott Resort & Spa
300
Public
1,565,770
10/31/2062
10/31/2078
3
Denver Marriott West
305
Private
160,000
12/28/2028
12/28/2058
4
Houston Airport Marriott at George Bush Intercontinental
573
Public
1,560,000
10/31/2053
10/31/2053
5
Houston Marriott Medical Center/Museum District
398
Non-Profit
160,000
12/28/2029
12/28/2059
6
Manchester Grand Hyatt San Diego
1,628
Public
6,600,000
5/31/2067
5/31/2083
7
Marina del Rey Marriott
370
Public
2,082,082
3/31/2043
3/31/2043
8
Marriott Downtown at CF Toronto Eaton Centre
461
Non-Profit
364,300
9/20/2082
9/20/2082
9
Marriott Marquis San Diego Marina
1,366
Public
7,650,541
11/30/2061
11/30/2083
10
Newark Liberty International Airport Marriott
591
Public
2,676,119
12/31/2055
12/31/2055
11
Philadelphia Airport Marriott
419
Public
1,509,994
6/29/2045
6/29/2045
12
San Antonio Marriott Rivercenter
1,000
Private
700,000
12/31/2033
12/31/2063
13
San Francisco Marriott Marquis
1,500
Public
1,500,000
8/25/2046
8/25/2076
14
Santa Clara Marriott
766
Private
100,025
11/30/2028
11/30/2058
15
Tampa Airport Marriott
298
Public
1,545,291
12/31/2043
12/31/2043
16
The Ritz-Carlton, Marina del Rey
304
Public
2,078,916
7/29/2067
7/29/2067
17
The Ritz-Carlton, Tysons Corner
398
Private
1,043,459
6/30/2112
6/30/2112
18
The Westin South Coast Plaza, Costa Mesa
393
Private
625,000
9/30/2059
9/30/2059
Weighted average remaining lease term (assuming all extension options)
47 years
Percentage of leases (based on room count) with Public/Private/Non-Profit lessors
70% / 23% / 7%
(1)Exercise of Host’s option to extend is subject to certain conditions, including the existence of no defaults and subject to any applicable rent escalation or rent re-negotiation provisions.
(2)The lease was amended in 2024 resulting in extension of the term and an upfront payment for the extension. No further rental payments are required for the remainder of the lease term.
image_9.jpg
OVERVIEW
PROPERTY LEVEL DATA AND
CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL
FINANCIAL INFORMATION
SAN FRANCISCO MARRIOTT MARQUIS
© Host Hotels & Resorts, Inc.26
Comparative Capitalization
(in millions, except security pricing and per share amounts)
As of
As of
As of
As of
As of
December 31,
September 30,
June 30,
March 31,
December 31,
Shares/Units
2025
2025
2025
2025
2024
Common shares outstanding
687.8
687.7
687.5
693.7
699.1
Common shares outstanding assuming
    conversion of OP Units (1)
697.4
696.4
696.4
703.0
708.5
Preferred OP Units outstanding
0.01
0.01
0.01
0.01
0.01
Security pricing
Common stock at end of quarter (2)
$17.73
$17.02
$15.36
$14.21
$17.52
High during quarter
18.64
17.68
16.07
17.45
19.07
Low during quarter
15.82
15.27
12.70
14.21
17.24
Capitalization
Market value of common equity (3)
$12,365
$11,853
$10,697
$9,990
$12,413
Consolidated debt
5,077
5,079
5,077
5,085
5,083
Less: Cash
(768)
(539)
(490)
(428)
(554)
Consolidated total capitalization
16,674
16,393
15,284
14,647
16,942
Plus: Share of debt in unconsolidated
    investments
329
312
284
282
240
Pro rata total capitalization
$17,003
$16,705
15,568
14,929
17,182
Quarter ended
Quarter ended
Quarter ended
Quarter ended
Quarter ended
December 31,
September 30,
June 30,
March 31,
December 31,
2025
2025
2025
2025
2024
Dividends declared per common share
$0.35
$0.20
$0.20
$0.20
$0.30
(1)Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024,
there were 9.4 million, 8.6 million, 8.7 million, 9.2 million, and 9.2 million in common OP Units, respectively, held by non-controlling interests.
(2)Share prices are the closing price as reported by the NASDAQ.
(3)Market value of common equity is calculated as the number of common shares outstanding including assumption of conversion of OP units multiplied the closing share price on that day.
© Host Hotels & Resorts, Inc.27
Consolidated Debt Summary
(in millions)
Debt
Senior debt
Rate
Maturity date
December 31, 2025
December 31, 2024
Series E
4%
6/2025
$—
$500
Series F
4 ½%
2/2026
—
399
Series H
3 ⅜%
12/2029
645
644
Series I
3 ½%
9/2030
741
740
Series J
2.9%
12/2031
443
442
Series K
5.7%
7/2034
586
585
Series L
5.5%
4/2035
685
683
Series M
5.7%
6/2032
491
—
Series N
4.25%
12/2028
395
—
2027 Credit facility term loan
4.6%
1/2027
500
499
2028 Credit facility term loan
4.6%
1/2028
499
499
Credit facility revolver(1)
—%
1/2027
(3)
(6)
4,982
4,985
Mortgage and other debt
Mortgage and other debt
4.67%
11/2027
95
98
Total debt(2)(3)
$5,077
$5,083
Percentage of fixed rate debt
80%
80%
Weighted average interest rate
4.8%
4.7%
Weighted average debt maturity
5.1years
5.2years
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 December 31, 2025 and 2024. Amount shown represents deferred financing costs related to the credit facility revolver.
(2)In accordance with GAAP, total debt includes the debt of entities that we consolidate, but of which we do not own 100%, and excludes the debt of entities that we do not consolidate, but of 
which we have a non-controlling ownership interest and record our investment therein under the equity method of accounting. As of December 31, 2025, our share of debt in unconsolidated
investments is $329 million and none of our debt is attributable to non-controlling interests.
(3)Total debt as of December 31, 2025 and December 31, 2024, includes net discounts and deferred financing costs of $67 million and $63 million, respectively.
© Host Hotels & Resorts, Inc.28
Consolidated Debt Maturity as of December 31, 2025
(in millions)
chart-9f50e53a513d45d2bd7.gif
(1)The first term loan that is due in 2027 has an extension option that would extend maturity of the instrument to 2028, subject to meeting certain conditions, including payment of a fee. The
second term loan tranche that is due in 2028 does not have an extension option.
(2)Mortgage and other debt excludes principal amortization of $2 million each year from 2026-2027 for the mortgage loan that matures in 2027.
© Host Hotels & Resorts, Inc.29
Property Transactions
The following table reconciles net income to Hotel EBITDA and Hotel Net Operating Income for the dispositions through February 18, 2026  (in millions,
except for room count and multiples):
No. of
Rooms
Price
Hotel Net
Income(4)
Plus:
Depreciation
Equals:
Hotel
EBITDA
Renewal &
Replacement
funding
Hotel Net
Operating
Income
Net
income
Cap Rate(7)
Cap Rate(5)
Net
income
multiple(7)
EBITDA
multiple(6)
Four Seasons Resort Orlando at Walt
Disney World® Resort and Four
Seasons Resort and Residences
Jackson Hole
569
$1,100
$42.4
$37.5
$79.9
$(13.6)
$66.3
3.9%
5.9%
26x
14.9x
St. Regis Houston
232
$51
$1.7
$2.3
$4.0
$(1.1)
$2.9
3.3%
3.1%
30x
25.0x
The following table presents net income and Hotel EBITDA multiples and Cap rates for the 2018-2026 acquisitions and dispositions (in millions, except for
room count and multiples):
No. of Rooms
Price
Net income Cap
Rate(7)
Cap Rate(5)
Net income
multiple(7)
EBITDA
multiple(6)
2018-2026 Dispositions(1)
20,761
$6,391
3.5%
5.1%
29x
16.7x
2018-2026 Acquisitions(2)(3)
5,273
$4,909
4.3%
6.4%
23x
13.6x
The following table reconciles net income to Hotel EBITDA and Hotel Net Operating Income for the 2018-2026 acquisitions and dispositions (in
millions):
Hotel Net
Income(4)
Plus: Depreciation
Plus: Interest
expense
Plus: Income Tax
Equals: Hotel
EBITDA
Renewal &
Replacement
funding
Hotel Net
Operating Income
2018-2026 Dispositions(1)
$222.5
$216.1
$10.4
$2.3
$451.3
$(85.3)
$366.0
2018-2026 Acquisitions(2)(3)
$211.4
$145.3
$4.7
$—
$361.4
$(44.2)
$317.2
(1)2018-2026 dispositions include the sale of 35 properties since January 1, 2018, through February 18, 2026, as well as the sale of the European Joint Venture and the New York Marriott Marquis retail, theater and signage commercial
condominium units. European Joint Venture balances included in this total represent our approximate 33% previous ownership interest, except for the number of rooms of 4,335, which represents the total room count of the
European Joint Venture properties. Disposition multiples are calculated as the ratio between the sales price (plus estimated avoided capital expenditures over the five years following the disposition dates) and EBITDA on a TTM basis
from the disposition date, except for 2020 – 2022 dispositions which use 2019 full year results as the TTM are not representative of normalized operations.
(2)2018-2026 acquisitions include 16 properties and two Ka'anapali golf courses since January 1, 2018 through February 18, 2026. Acquisition multiples are based on forecast operations in the year of acquisition or, for hotels acquired in
2021, 2019 operations, with the following exceptions:  Baker's Cay Resort Key Largo (2021 acquisition), based on 2021 forecast operations at acquisition, as the property was under renovation and closed for part of 2019; The Laura
Hotel (2021 acquisition), based on estimated normalized results at acquisition that assume results are in-line with the 2019 results of comparable Houston properties, as the property was re-opened with a new manager and brand
when acquired in 2021; Alila Ventana Big Sur (2021 acquisition), based on 2021 forecast operations at acquisition as the property was under renovation for part of 2019; The Alida, Savannah (2021 acquisition), which adjusts 2019
results for construction disruption to the surrounding Plant Riverside District and for initial ramp-up of hotel operations. The other seven properties and Ka’anapali golf courses use full year 2019 results. Due to the impact of
COVID-19, actual results in 2020 and 2021 are not reflective of normal operations of the hotels. 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.
(3)The purchase price used to calculate the acquisition multiples is net of $50 million for the 49-acre land parcel entitled for development and net of key money, both related to The Ritz-Carlton O'ahu, Turtle Bay acquisition.
(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 benefit (provision) for income taxes.
(5)The cap rate is calculated as the ratio between net operating income (NOI) and the sales price (plus avoided capital expenditures in excess of escrow funding for dispositions). Avoided capital expenditures for 2018-2026 sales, the
Four Seasons Resort Orlando at Walt Disney World® Resort and Four Seasons Resort and Residences Jackson Hole and the St. Regis Houston sale represent $767 million, $16 million and $44 million, respectively of estimated capital
expenditure spend requirements for the properties in excess of escrow funding over the next 5 years.
(6)The EBITDA multiple is calculated as the ratio between the sales price (plus avoided capital expenditures including escrow funding for dispositions) and Hotel EBITDA. Avoided capital expenditures for 2018-2026 sales, the Four
Seasons Resort Orlando at Walt Disney World® Resort and Four Seasons Resort and Residences Jackson Hole and the St. Regis Houston sale represent $1,167 million, $88 million and $49 million, respectively, of estimated capital
expenditure spend requirements for the properties including escrow funding over the next five years.
(7)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.
image_11.jpg
OVERVIEW
PROPERTY LEVEL DATA AND
CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL
FINANCIAL INFORMATION
1 HOTEL SOUTH BEACH
© Host Hotels & Resorts, Inc.31
Financial Covenants: Credit Facility and Senior Notes Financial Performance Tests
(unaudited, in millions, except ratios)
On January 4, 2023, we amended our Credit Facility agreement. The covenant requirements are consistent with previous amendment covenant levels:
Leverage Ratio
Maximum 7.25x
Fixed Charge Coverage Ratio
Minimum 1.25x
Unsecured Interest Coverage Ratio
Minimum 1.75x (1)
Covenant ratios are calculated using Host’s credit facility and senior notes definitions. See the subsequent pages for a reconciliation of the equivalent GAAP
measure. The GAAP ratio is not relevant for the purpose of the financial covenants.
The following tables present the financial performance tests for our credit facility and senior notes as of:
December 31, 2025
Credit Facility Financial Performance Tests
Permitted
GAAP Ratio
Covenant Ratio
Leverage Ratio
Maximum 7.25x
6.5x
2.6x
Unsecured Interest Coverage Ratio
Minimum 1.75x(1)
3.3x
7.2x
Consolidated Fixed Charge Coverage Ratio
Minimum 1.25x
3.3x
5.6x
December 31, 2025
Bond Compliance Financial Performance Tests
Permitted
GAAP Ratio
Covenant Ratio
Indebtedness Test
Maximum 65%
39%
22%
Secured Indebtedness Test
Maximum 40%
<1%
<1%
EBITDA-to-interest Coverage ratio (2)
Minimum 1.5x
3.3x
7.1x
Ratio of Unencumbered Assets to Unsecured Indebtedness
Minimum 150%
257%
450%
(1)If the leverage ratio is greater than 7.0x, then the unsecured interest coverage ratio minimum will decrease to 1.50x.
(2)The GAAP ratio is based on net income, while the covenant ratio is based on EBITDA. See subsequent pages for a reconciliation of net income to EBITDA.
© Host Hotels & Resorts, Inc.32
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.
GAAP Leverage Ratio
Year ended
December 31, 2025
Debt
$5,077
Net income
776
GAAP Leverage Ratio
6.5x
Leverage Ratio per Credit
Facility
Year ended
December 31, 2025
Net debt (1)
$4,410
Adjusted Credit Facility EBITDA (2)
1,729
Leverage Ratio
2.6x
(1)The following presents the reconciliation of debt to net debt per our credit facility definition:
December 31, 2025
Debt
$5,077
Less: Unrestricted cash over $100 million
(667)
Net debt per credit facility definition
$4,410
(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:
Year ended
December 31, 2025
Net income
$776
Interest expense
235
Depreciation and amortization
787
Income taxes
42
EBITDA
1,840
Gain on dispositions
(143)
Non-cash impairment expense
8
Equity in earnings of affiliates
(18)
Pro rata EBITDAre of equity investments
44
EBITDAre
1,731
Non-cash stock-based compensation expense
26
Adjusted EBITDAre
1,757
Pro forma EBITDA - Dispositions
(8)
Non-cash partnership adjustments
(20)
Adjusted Credit Facility EBITDA
$1,729
© Host Hotels & Resorts, Inc.33
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit
Facility Unsecured Interest Coverage Ratio
(unaudited, in millions, except ratios)
The following tables present the calculation of our unsecured interest coverage ratio using GAAP measures and as used in the financial covenants of the credit facility:
Unsecured Interest
Coverage per Credit
Facility Ratio
Year ended
December 31, 2025
Unencumbered consolidated EBITDA per credit facility
definition (1)
$1,720
Adjusted Credit Facility unsecured interest expense (2)
239
Unsecured Interest Coverage Ratio
7.2x
GAAP Interest Coverage
Ratio
Year ended
December 31, 2025
Net income
$776
Interest expense
235
GAAP Interest Coverage Ratio
3.3x
`
(1)The following reconciles Adjusted Credit Facility EBITDA to Unencumbered Consolidated EBITDA per our credit facility definition. See Reconciliation of GAAP
Leverage Ratio to Credit Facility Leverage Ratio for calculation and reconciliation of net income to Adjusted Credit Facility EBITDA:
Year ended
December 31, 2025
Adjusted Credit Facility EBITDA
$1,729
Less: Encumbered EBITDA
(8)
Corporate overhead allocated to encumbered assets
(1)
Unencumbered Consolidated EBITDA per credit facility definition
$1,720
(2)The following reconciles GAAP interest expense to unsecured interest expense per our credit facility definition:
Year ended
December 31, 2025
GAAP Interest expense
$235
Interest on secured debt
(4)
Deferred financing cost amortization
(7)
Capitalized interest
16
Pro forma interest adjustments
(1)
Adjusted Credit Facility Unsecured Interest Expense
$239
© Host Hotels & Resorts, Inc.34
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit
Facility Fixed Charge Coverage Ratio
(unaudited, in millions, except ratios)
The following tables present the calculation of our GAAP Interest coverage ratio and our fixed charge coverage ratio as used in the financial covenants of the
credit facility:
GAAP Fixed Charge
Coverage Ratio
Year ended
December 31, 2025
Net income
$776
Interest expense
235
GAAP Fixed Charge Coverage Ratio
3.3x
Credit Facility Fixed
Charge Coverage Ratio
Year ended
December 31, 2025
Credit Facility Fixed Charge Coverage Ratio EBITDA (1)
$1,430
Fixed charges (2)
257
Credit Facility Fixed Charge Coverage Ratio
5.6x
(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:
Year ended
December 31, 2025
Adjusted Credit Facility EBITDA
$1,729
Less:  5% of hotel property gross revenue
(298)
Less:  3% of revenues from other real estate
(1)
Credit Facility Fixed Charge Coverage Ratio EBITDA
$1,430
(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:
Year ended
December 31, 2025
Adjusted Credit Facility Unsecured Interest Expense
$239
Interest on secured debt
4
Adjusted Credit Facility Interest Expense
243
Scheduled principal payments
2
Cash taxes on ordinary income
12
Fixed Charges
$257
© Host Hotels & Resorts, Inc.35
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
December 31, 2025
Debt
$5,077
Total assets
13,049
GAAP Total Indebtedness to Total Assets
39%
Total Indebtedness to Total Assets per Senior Notes Indenture
December 31, 2025
Adjusted indebtedness (1)
$5,107
Adjusted total assets (2)
23,094
Total Indebtedness to Total Assets
22%
(1)The following  reconciles our GAAP total indebtedness to our total indebtedness per our senior notes indenture:
December 31, 2025
Debt
$5,077
Add: Deferred financing costs
31
Less: Mark-to-market on assumed mortgage
(1)
Adjusted Indebtedness per Senior Notes Indenture
$5,107
(2)The following presents the reconciliation of total assets to adjusted total assets per the financial covenants of our senior notes indenture definition:
December 31, 2025
Total assets
$13,049
Add: Accumulated depreciation
10,578
Add: Prior impairment of assets held
19
Add: Inventory impairment at unconsolidated investment
13
Less: Intangibles
(5)
Less: Right-of-use assets
(560)
Adjusted Total Assets per Senior Notes Indenture
$23,094
© Host Hotels & Resorts, Inc.36
Financial Covenants: Reconciliation of GAAP Secured Indebtedness Test to
Senior Notes Indenture Secured Indebtedness Test
(unaudited, in millions, except ratios)
The following table presents the calculation of our secured indebtedness using GAAP measures and as used in the financial covenants of our senior notes
indenture:
GAAP Secured Indebtedness
December 31, 2025
Mortgage and other secured debt
$95
Total assets
13,049
GAAP Secured Indebtedness to Total Assets
<1%
Secured Indebtedness per Senior Notes Indenture
December 31, 2025
Secured indebtedness (1)
$94
Adjusted total assets (2)
23,094
Secured Indebtedness to Total Assets
<1%
(1)The following presents the reconciliation of mortgage debt to secured indebtedness per the financial covenants of our senior notes indenture definition:
December 31, 2025
Mortgage and other secured debt
$95
Less: Mark-to-market on assumed mortgage
(1)
Secured Indebtedness
$94
(2)See Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Assets to Adjusted Total Assets per
our senior notes indenture.
© Host Hotels & Resorts, Inc.37
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
Year ended
December 31, 2025
Net income
$776
Interest expense
235
GAAP Interest Coverage Ratio
3.3x
EBITDA to Interest Coverage Ratio
Year ended
December 31, 2025
Adjusted Credit Facility EBITDA (1)
$1,729
Non-controlling interest adjustment
2
Adjusted Senior Notes EBITDA
1,731
Adjusted Credit Facility Interest Expense (2)
243
Plus: Premium amortization on assumed mortgage
1
Adjusted Senior Notes Interest Expense
$244
EBITDA to Interest Coverage Ratio
7.1x
(1)See Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio for the calculation of Adjusted Credit Facility EBITDA and reconciliation to net
income.
(2)See Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio for the calculation of Adjusted Credit Facility interest
expense and reconciliation to GAAP interest expense.
© Host Hotels & Resorts, Inc.38
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
December 31, 2025
Total assets
$13,049
Total debt
5,077
GAAP Total Assets / Total Debt
257%
Unencumbered Assets / Unsecured Debt per Senior Notes
Indenture
December 31, 2025
Unencumbered Assets (1)
$22,565
Unsecured Debt (2)
5,013
Unencumbered Assets / Unsecured Debt
450%
(1)The following presents the reconciliation of adjusted total assets to unencumbered assets per the financial covenants of our senior notes indenture definition:
December 31, 2025
Adjusted total assets (a)
$23,094
Less: Partnership adjustments
(259)
Less: Inventory impairment at unconsolidated investment
(13)
Less: Encumbered Assets
(257)
Unencumbered Assets
$22,565
(a)See reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Assets to Adjusted Total Assets per
our senior notes indenture.
(2)The following presents the reconciliation of total debt to unsecured debt per the financial covenants of our senior notes indenture definition:
December 31, 2025
Adjusted indebtedness (b)
$5,107
Less: Secured indebtedness (c)
(94)
Unsecured Debt
$5,013
(b)See reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Debt to Adjusted Indebtedness per
our senior notes indenture.
(c)See reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test for the reconciliation of mortgage and other
secured debt to senior notes secured indebtedness.
image_12.jpg
OVERVIEW
PROPERTY LEVEL DATA AND
CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL
FINANCIAL INFORMATION
GRAND HYATT WASHINGTON
© Host Hotels & Resorts, Inc.40
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
FORECASTS
Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and comparable hotel
results are forward-looking statements and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors
which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations
reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will not be
materially different. Risks that may affect these assumptions and forecasts include the following: potential changes in overall economic outlook make it
inherently difficult to forecast the level of RevPAR, earnings and profitability; the amount and timing of debt payments may change significantly based on market
conditions, which will directly affect the level of interest expense and net income; the amount and timing of transactions involving shares of our common stock
may change based on market conditions; and other risks and uncertainties associated with our business described herein and in our annual report on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC.
COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS
To facilitate a year-to-year comparison of our operations, we present certain operating statistics (i.e., Total RevPAR, RevPAR, average daily rate and average
occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in our reports on a comparable hotel basis
in order to enable our investors to better evaluate our operating performance. We define our comparable hotels as those that: (i) are owned or leased by us as of
the reporting date and are not classified as held-for-sale; and (ii) have not sustained substantial property damage or business interruption, or undergone large-
scale capital projects, in each case requiring closures lasting one month or longer (as further defined below), during the reporting periods being compared.
We make adjustments to include recent acquisitions to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison
includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. Additionally, operating results of hotels that
we sell are excluded from the comparable hotel set once the transaction has closed or the hotel is classified as held-for-sale.
The hotel business is capital-intensive and renovations are a regular part of the business. Generally, hotels under renovation remain comparable hotels. A large-
scale capital project would cause a hotel to be excluded from our comparable hotel set if it requires the entire property to be closed to hotel guests for one
month or longer.
© Host Hotels & Resorts, Inc.41
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 79 hotels that we owned as of December 31, 2025, 76 have been classified as comparable hotels. The operating results of the following properties that we
owned, and that were not classified as held-for-sale, as of December 31, 2025 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 the collapse of a portion of Highway 1, causing closure of the hotel beginning in March 2024, reopened
in May 2024); 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.
At December 31, 2025, The St. Regis Houston was classified as held-for-sale. Therefore, the results of this hotel are also excluded from comparable hotel
operating statistics and results.
NON-GAAP FINANCIAL MEASURES
Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that
are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share
(both NAREIT and Adjusted), (ii) EBITDA, both at the hotel level and company-wide, (iii) EBITDAre and Adjusted EBITDAre, (iv) net operating income (NOI), (v)
Comparable Hotel Operating Statistics and Results, (vi) measures derived from EBITDA and NOI such as EBITDA multiples and capitalization rates, (vii) Credit
Facility Financial Performance Tests, and (viii) Senior Notes Financial Performance Tests. The following discussion defines these measures and presents why we
believe they are useful supplemental measures of our performance.
© Host Hotels & Resorts, Inc.42
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
NAREIT FFO AND NAREIT FFO PER DILUTED SHARE
We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in
accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for
the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. As noted in
NAREIT’s Funds From Operations White Paper – 2018 Restatement, NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding
depreciation and amortization related to certain real estate assets, gains and losses from the sale of certain real estate assets, gains and losses from change in
control, impairment expense of certain real estate assets and investments and adjustments for consolidated partially owned entities and unconsolidated
affiliates. Adjustments for consolidated partially owned entities and unconsolidated affiliates are calculated to reflect our pro rata share of the FFO of those
entities on the same basis.
We believe that NAREIT FFO per diluted share is a useful supplemental measure of our operating performance and that the presentation of NAREIT FFO per
diluted share, when combined with the primary GAAP presentation of diluted earnings per share, provides beneficial information to investors. By excluding the
effect of real estate depreciation, amortization, impairment expense and gains and losses from sales of depreciable real estate, all of which are based on
historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons
of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly
to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably
over time. As noted by NAREIT in its Funds From Operations White Paper – 2018 Restatement, the primary purpose for including FFO as a supplemental measure
of operating performance of a REIT is to address the artificial nature of historical cost depreciation and amortization of real estate and real estate-related assets
mandated by GAAP. For these reasons, NAREIT adopted the FFO metric in order to promote a uniform industry-wide measure of REIT operating performance.
ADJUSTED  FFO PER DILUTED SHARE
We also present Adjusted FFO per diluted share when evaluating our performance because management believes that the exclusion of certain additional items
described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the
adjustments detailed below in evaluating our performance, in our annual budget process and for our compensation programs. We believe that the presentation
of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of diluted earnings per share and FFO per diluted share as defined
by NAREIT, provides useful supplemental information that is beneficial to an investor’s understanding of our operating performance. We adjust NAREIT FFO per
diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share:
•Gains and Losses on the Extinguishment of Debt – We exclude the effect of finance charges and premiums associated with the extinguishment of debt,
including the acceleration of the write-off of deferred financing costs from the original issuance of the debt being redeemed or retired and incremental
interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with
the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs.
© Host Hotels & Resorts, Inc.43
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the
year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.
•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the
ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are
reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs
incurred as part of a broad- based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred
at a specific hotel due to a broad- based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance
costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.
•Non-Cash Stock-Based Compensation - We exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash
transaction and the add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior
notes indentures and consistent with the presentation of Adjusted FFO per diluted share  for the majority of other lodging REIT filers.
In unusual circumstances, we also may adjust NAREIT FFO for gains or losses that management believes are not representative of the Company’s current
operating performance. For example, in 2017, as a result of the reduction of the U.S. federal corporate income tax rate from 35% to 21% by the Tax Cuts and Jobs
Act, we remeasured our domestic deferred tax assets as of December 31, 2017 and recorded a one-time adjustment to reduce our deferred tax assets and to
increase the provision for income taxes by approximately $11 million. We do not consider this adjustment to be reflective of our ongoing operating performance
and, therefore, we excluded this item from Adjusted FFO.
EBITDA AND NOI AND ASSOCIATED METRICS
Earnings before Interest Expense, Income Taxes, Depreciation and Amortization (“EBITDA”) is a commonly used measure of performance in many industries.
Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the
ongoing operating performance of our properties after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base
(primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel
owners that are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in
determining the value of acquisitions and dispositions and, like FFO and Adjusted FFO per diluted share, it is widely used by management in the annual budget
process and for our compensation programs. Management also uses EBITDA when calculating EBITDA multiples to evaluate acquisitions and dispositions.
EBITDA multiples are calculated as the sales price divided by hotel EBITDA. Management believes using EBITDA multiples allow for a consistent valuation
method in comparing the purchase or sale value of properties.
© Host Hotels & Resorts, Inc.44
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
For a specific hotel, NOI is calculated as the hotel or entity level EBITDA less an estimate for the annual contractual reserve requirements for renewal and
replacement expenditures. Management uses NOI when calculating capitalization rates (“Cap Rates”) to evaluate acquisitions and dispositions. Cap rates are
calculated as hotel NOI divided by sales price. As with EBITDA multiples, management believes using Cap Rates allows for a consistent valuation method in
comparing the purchase or sale value of properties.
EBITDAre AND ADJUSTED EBITDAre
We present EBITDAre in accordance with NAREIT guidelines, as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate,” to provide an additional performance measure to facilitate the evaluation and comparison of the Company’s results with other
REITs. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization,
gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment expense for depreciated property and of
investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata
share of EBITDAre of unconsolidated affiliates.
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described
below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted
EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s understanding of our operating performance.
Adjusted EBITDAre also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDAre for the
following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre:
•Property Insurance Gains and Property Damage Losses – We exclude the effect of property insurance gains reflected in our condensed consolidated
statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our
assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection
with the calculation of the property insurance gain often does not reflect the market value of real estate assets. Similarly, losses from property damage
or remediation costs that are not covered through insurance are excluded.
•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the
year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.
•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the
ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are
reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs
incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred
at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance
costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.
© Host Hotels & Resorts, Inc.45
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
•Non-Cash Stock-Based Compensation - We exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash
transaction and the add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior
notes indentures and consistent with the presentation of Adjusted EBITDAre for the majority of other lodging REIT filers.
In unusual circumstances, we also may adjust EBITDAre for gains or losses that management believes are not representative of the Company’s current operating
performance. The last adjustment of this nature was a 2013 exclusion of a gain from an eminent domain claim.
LIMITATIONS ON THE USE OF NAREIT FFO PER DILUTED SHARE, ADJUSTED FFO PER DILUTED SHARE, EBITDA, EBITDAre AND ADJUSTED
EBITDAre
We calculate EBITDAre and NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures
calculated by other companies that do not use the NAREIT definition of EBITDAre and FFO or do not calculate FFO per diluted share in accordance with NAREIT
guidance. In addition, although EBITDAre and FFO per diluted share are useful measures when comparing our results to other REITs, they may not be helpful to
investors when comparing us to non-REITs. We also calculate Adjusted FFO per diluted share and Adjusted EBITDAre, which measures are not in accordance with
NAREIT guidance and may not be comparable to measures calculated by other REITs or by other companies. This information should not be considered as an
alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP. Cash
expenditures for various long-term assets (such as renewal and replacement capital expenditures, with the exception of NOI), interest expense (for EBITDA,
EBITDAre, Adjusted EBITDAre, and NOI purposes only), severance expense related to significant property-level reconfiguration and other items have been, and
will be, made and are not reflected in the presentations for EBITDA (and measures derived from EBITDA such as NOI, Cap Rates and EBITDA multiples), EBITDAre,
Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share. Management compensates for these limitations by separately considering
the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance.
Our consolidated statements of operations and consolidated statements of cash flows in the Company’s annual report on Form 10-K and quarterly reports on
Form 10-Q include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well
as the usefulness of our non-GAAP financial measures. Additionally, NAREIT FFO per diluted share, Adjusted FFO per diluted share, EBITDA, EBITDAre and
Adjusted EBITDAre should not be considered as measures of our liquidity or indicative of funds available to fund our cash needs, including our ability to make
cash distributions. In addition, NAREIT FFO per diluted share and Adjusted FFO per diluted share do not measure, and should not be used as measures of,
amounts that accrue directly to stockholders’ benefit.
© Host Hotels & Resorts, Inc.46
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 90 properties and a vacation ownership
development. Due to the voting rights of the outside owners, we do not control and, therefore, do not consolidate these entities. The non-controlling partners in
consolidated partnerships primarily consist of the approximate 1% interest in Host LP held by unaffiliated limited partners and a 15% interest held by an
unaffiliated limited partner in a partnership owning one hotel for which we do control the entity and, therefore, consolidate its operations. These pro rata results
for NAREIT FFO and Adjusted FFO per diluted share, EBITDAre and Adjusted EBITDAre were calculated as set forth in the definitions above. Readers should be
cautioned that the pro rata results presented in these measures for consolidated partnerships (for NAREIT FFO and Adjusted FFO per diluted share) and equity
investments may not accurately depict the legal and economic implications of our investments in these entities.
COMPARABLE HOTEL PROPERTY LEVEL OPERATING RESULTS
We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a
comparable hotel, or "same store," basis as supplemental information for our investors. Our comparable hotel results present operating results for our hotels
without giving effect to dispositions or properties that experienced closures due to renovations or property damage, as discussed in “Comparable Hotel
Operating Statistics and Results” above. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our
comparable hotels after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and
amortization expense). Corporate-level costs and expenses also are removed to arrive at property-level results. We believe these property-level results provide
investors with supplemental information about the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by
location and for the Company’s properties in the aggregate. We eliminate from our comparable hotel level operating results severance costs related to broad-
based and significant property-level reconfiguration that is not considered to be within the normal course of business, as we believe this elimination provides
useful supplemental information that is beneficial to an investor’s understanding of our ongoing operating performance. We also eliminate depreciation and
amortization expense because, even though depreciation and amortization expense are property-level expenses, these non-cash expenses, which are based on
historical cost accounting for real estate assets, implicitly assume that the value of real estate assets diminishes predictably over time. As noted earlier, because
real estate values historically have risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost
accounting for operating results to be insufficient.
Because of the elimination of corporate-level costs and expenses, gains or losses on disposition, certain severance expenses and depreciation and amortization
expense, the comparable hotel operating results we present do not represent our total revenues, expenses, operating profit or net income and should not be
used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to
the extent they are material to operating decisions or assessments of our operating performance. Our condensed consolidated statements of operations include
such amounts, all of which should be considered by investors when evaluating our performance.
© Host Hotels & Resorts, Inc.47
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
We present these hotel operating results on a comparable hotel basis because we believe that doing so provides investors and management with useful
information for evaluating the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular,
these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of
operations at comparable hotels (which represent the vast majority of our portfolio) or from other factors. While management believes that presentation of
comparable hotel results is a supplemental measure that provides useful information in evaluating our ongoing performance, this measure is not used to
allocate resources or to assess the operating performance of each of our hotels, as these decisions are based on data for individual hotels and are not based on
comparable hotel results in the aggregate. For these reasons, we believe comparable hotel operating results, when combined with the presentation of GAAP
operating profit, revenues and expenses, provide useful information to investors and management.
CREDIT FACILITY – LEVERAGE, UNSECURED INTEREST COVERAGE AND CONSOLIDATED FIXED CHARGE COVERAGE RATIOS
Host’s credit facility contains certain financial covenants, including allowable leverage, unsecured interest coverage and fixed charge ratios, which are
determined using EBITDA as calculated under the terms of our credit facility (“Adjusted Credit Facility EBITDA”). The leverage ratio is defined as net debt plus
preferred equity to Adjusted Credit Facility EBITDA. The unsecured interest coverage ratio is defined as unencumbered Adjusted Credit Facility EBITDA to
unsecured consolidated interest expense. The fixed charge coverage ratio is defined as Adjusted Credit Facility EBITDA divided by fixed charges, which include
interest expense, required debt amortization payments, cash taxes and preferred stock payments. These calculations are based on pro forma results for the prior
four fiscal quarters giving effect to transactions such as acquisitions, dispositions and financings as if they occurred at the beginning of the period. The credit
facility also incorporates by reference the ratio of unencumbered assets to unsecured indebtedness test from our senior notes indentures, calculated in the same
manner, and the covenant is discussed below with the senior notes covenants.
Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100
million are deducted from our total debt balance. Management believes these financial ratios provide useful information to investors regarding our compliance
with the covenants in our credit facility and our ability to access the capital markets, in particular debt financing.
SENIOR NOTES INDENTURE – INDEBTEDNESS TEST, SECURED INDEBTEDNESS TO TOTAL ASSETS TEST, EBITDA-TO-INTEREST COVERAGE
RATIO AND RATIO OF UNENCUMBERED ASSETS TO UNSECURED INDEBTEDNESS
Host’s senior notes indentures contains certain financial covenants, including allowable indebtedness, secured indebtedness to total assets, EBITDA-to-interest
coverage and unencumbered assets to unsecured indebtedness. The indebtedness test is defined as adjusted indebtedness, which includes total debt adjusted
for deferred financing costs, divided by adjusted total assets, which includes undepreciated real estate book values (“Adjusted Total Assets”). The secured
indebtedness to total assets is defined as secured indebtedness, which includes mortgage debt and finance leases, divided by Adjusted Total Assets. The
EBITDA-to-interest coverage ratio is defined as EBITDA as calculated under our senior notes indenture (“Adjusted Senior Notes EBITDA”) to interest expense as
defined by our senior notes indenture. The ratio of unencumbered assets to unsecured indebtedness is defined as unencumbered adjusted assets, which
includes Adjusted Total Assets less encumbered assets, divided by unsecured debt, which includes the aggregate principal amount of outstanding unsecured
indebtedness plus contingent obligations.
© Host Hotels & Resorts, Inc.48
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

FAQ

How did Host Hotels & Resorts (HST) perform financially in 2025?

Host delivered higher revenue and profit in 2025. Revenues reached $6,114 million, up 7.6%, while GAAP net income rose 9.8% to $776 million. Comparable hotel Total RevPAR grew 4.2% and comparable RevPAR increased 3.8%, supported by stronger transient demand and higher room rates.

What were Host Hotels & Resorts (HST) key profitability metrics for 2025?

Profitability improved overall in 2025. Adjusted EBITDAre rose 4.6% to $1,757 million and Adjusted FFO per diluted share increased to $2.07. GAAP operating profit margin was 14.0% and comparable hotel EBITDA margin was 28.9%, modestly below 2024 due to lower insurance gains and higher labor costs.

What is Host Hotels & Resorts (HST) guidance for 2026?

For 2026, Host guides to comparable hotel Total RevPAR growth of 2.5%–4.0% and comparable RevPAR growth of 2.0%–3.5%. It expects net income of $836–$891 million, Adjusted EBITDAre of $1,740–$1,800 million, and Adjusted FFO per diluted share between $2.03 and $2.11.

How is Host Hotels & Resorts (HST) managing its balance sheet and liquidity?

Host ended 2025 with total assets of $13.0 billion and debt of $5.1 billion, featuring a 4.8% weighted average interest rate and 5.1-year average maturity. Total available liquidity was about $2.4 billion, including $1.5 billion available on its revolving credit facility.

What capital allocation actions did Host Hotels & Resorts (HST) take in 2025?

In 2025, Host invested $644 million in capital expenditures, including transformational programs with Marriott and Hyatt, and spent $88 million on condo development inventory. It also returned $859 million to stockholders via dividends and share repurchases, while executing significant asset sales and debt refinancings.

What major asset sales has Host Hotels & Resorts (HST) completed or planned?

Host sold or agreed to sell several high-value hotels. It disposed of The Westin Cincinnati and Washington Marriott at Metro Center for $237 million in 2025, then in early 2026 sold the Four Seasons Orlando and Jackson Hole for $1.1 billion and The St. Regis Houston for $51 million, with Sheraton Parsippany under contract at $15 million.

How much did Host Hotels & Resorts (HST) return to shareholders in dividends for 2025?

For 2025, Host declared total common stock dividends of $0.95 per share, including a fourth-quarter dividend of $0.35 per share that contained a $0.15 special component. In February 2026, the board authorized a regular quarterly dividend of $0.20 per share payable in April 2026.

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HST Rankings

#780 Ranked by Market Cap
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HST Latest News

Feb 19, 2026
Host Hotels & Resorts Provides Updated Fourth Quarter 2025 Investor Presentation
Feb 18, 2026
Host Hotels & Resorts, Inc. Reports Results for 2025
Feb 18, 2026
Host Hotels & Resorts Announces Sale of the Four Seasons Resort Orlando at Walt Disney World® Resort and the Four Seasons Resort and Residences Jackson Hole
Dec 11, 2025
Host Hotels & Resorts Announces Fourth Quarter Dividend and Special Dividend on Common Stock
Dec 10, 2025
Host Hotels & Resorts Announces Fourth Quarter 2025 Earnings Call to be Held on February 19, 2026

HST Latest SEC Filings

Feb 19, 2026
[Form 4] HOST HOTELS & RESORTS, INC. Insider Trading Activity
Feb 19, 2026
[Form 4] HOST HOTELS & RESORTS, INC. Insider Trading Activity
Feb 19, 2026
[Form 4] HOST HOTELS & RESORTS, INC. Insider Trading Activity
Feb 19, 2026
[Form 4] HOST HOTELS & RESORTS, INC. Insider Trading Activity
Feb 19, 2026
[Form 4] HOST HOTELS & RESORTS, INC. Insider Trading Activity

HST Stock Data

13.93B
677.88M
REIT - Hotel & Motel
Real Estate Investment Trusts
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United States
BETHESDA