EX-99.2 3 hst-supplementalfinanciali.htm EX-99.2
Supplemental Financial Information
MARCH 31, 2025
FOUR SEASONS RESORT AND RESIDENCES JACKSON HOLE
Exhibit 99.2
TABLE OF CONTENTS

3 | OVERVIEW |
| About Host Hotels & Resorts | 4
| Analyst Coverage | 5
| Forward-Looking Statements | 6
| Non-GAAP Financial Measures | 6
7 | PROPERTY LEVEL DATA AND CORPORATE MEASURES |
| Comparable Hotel Results by Location | 8
| Historical Comparable Hotel Results | 12
| Comparable Hotel Results 2025 Forecast and Full Year 2024 | 14
| Reconciliation of Net Income to EBITDA, EBITDA re and Adjusted EBITDA re and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2025 Forecasts | 16
| Ground Lease Summary as of December 31, 2024 | 17
18 | CAPITALIZATION |
| Comparative Capitalization | 19
| Consolidated Debt Summary | 20
| Consolidated Debt Maturity | 21
22 | FINANCIAL COVENANTS |
| Credit Facility and Senior Notes Financial Performance Tests | 23
| Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio | 24
| Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio | 25
| Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio | 26
| Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test | 27
| Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test | 28
| Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio | 29
| Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test | 30
31 | NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION |
| Forecast s | 32
| Comparable Hotel Operating Statistics and Results | 32
| Non-GAAP Financial Measures | 33

HOST HOTELS & RESORTS CORPORATE HEADQUARTERS

OVERVIEW
PROPERTY LEVEL DATA AND CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

© Host Hotels & Resorts, Inc.4
BAKER'S CAY RESORT KEY LARGO, CURIO COLLECTION BY HILTON
About Host Hotels & Resorts
(1) Based on market cap as of March 31, 2025. See Comparative Capitalization for calculation.
(2) At April 30, 2025.
PREMIER U.S. LODGING REIT
LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2)
S&P
500
COMPANY
$10.0
BILLION
MARKET CAP(1)
$14.9
BILLION
ENTERPRISE VALUE(1)
81
HOTELS
43,400
ROOMS
21
TOP U.S. MARKETS
© Host Hotels & Resorts, Inc.5
Analyst Coverage

BAIRD Mike Bellisario 414-298-6130 mbellisario@rwbaird.com | GREEN STREET ADVISORS Chris Darling 949-640-8780 cdarling@greenst.com | STIFEL, NICOLAUS & CO. Simon Yarmak 443-224-1345 yarmaks@stifel.com
BOFA SECURITIES, INC. Shaun Kelley 646-855-1005 shaun.kelley@baml.com | HSBC SECURITIES (USA) INC. Meredith Jensen 415-250-8225 meredith.jensen@us.hsbc.com | UBS SECURITIES LLC Robin Farley 212-713-2060 robin.farley@ubs.com
BMO CAPITAL MARKETS Ari Klein 212-885-4103 ari.klein@bmo.com | JEFFERIES David Katz 212-323-3355 dkatz@jefferies.com | WEDBUSH SECURITIES Richard Anderson 212-938-9949 richard.anderson@wedbush.com
CITI INVESTMENT RESEARCH Smedes Rose 212-816-6243 smedes.rose@citi.com | KOLYITCS David Abraham +44 7527 493597 david.abraham@kolytics.com | WELLS FARGO SECURITIES LLC Dori Kesten 617-835-8366 dori.kesten@wellsfargo.com
COMPASS POINT RESEARCH & TRADING, LLC Floris van Dijkum 646-757-2621 fvandijkum@compasspointllc.com | MORGAN STANLEY & CO. Stephen Grambling 212-761-1010 stephen.grambling@morganstanley.com | WOLFE RESEARCH Keegan Carl 646-582-9251 kcarl@wolferesearch.com
DEUTSCHE BANK SECURITIES Chris Woronka 212-250-9376 chris.woronka@db.com | RAYMOND JAMES & ASSOCIATES RJ Milligan 727-567-2585 rjmilligan@raymondjames.com |
EVERCORE ISI Duane Pfennigwerth 212-497-0817 duane.pfennigwerth@evercoreisi.com | TRUIST C. Patrick Scholes 212-319-3915 patrick.scholes@suntrust.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 March 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 recovery of travel and the lodging industry, the impact of the Maui wildfires and 2025 estimates
with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees
of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those
anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company’s annual report on
Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this
supplemental presentation is as of April 30, 2025, and the Company undertakes no obligation to update any forward-looking statement to conform the
statement to actual results or changes in the Company’s expectations.
NON-GAAP FINANCIAL MEASURES
Included in t his supplemental information are cer tain “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 t he meaning of applicable SEC rules. They are
a s follows: : (i) Funds From Operations (“FFO”) and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA (for both the Company and hotel leve l), (iii)
EBITDA re and Adjusted EBITDA re, and (iv) Comparable Hotel Operating Statistics and Results. Also included are reconciliations to the most directly comparable
GAAP measures. See the Notes to Supplemental Financial Information for definitions of these measures, why we believe these measures are useful and
limitations on their use.
Also included in this supplemental information is our leverage ratio, unsecured interest coverage ratio and fixed charge coverage ratio, calculated in accordance
with our credit facility, along with our EBITDA to interest coverage ratio, indenture indebtedness test, indenture secured indebtedness test, and indenture
unencumbered assets to unsecured indebtedness test, calculated in accordance with our senior notes indenture covenants. Included with these ratios are
reconciliations calculated in accordance with GAAP. See the Notes to Supplemental Financial Information for information on how these supplemental measures
are calculated, why we believe they are useful and limitations on their use.
© Host Hotels & Resorts, Inc. 7

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 March 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
Miami | 2 | 1,038 | $652.77 | 84.1% | $548.88 | $88.5 | $921.13 | $28.6 | $37.0
Florida Gulf Coast | 4 | 1,529 | 637.22 | 81.6 | 519.77 | 151.9 | 1,103.93 | 46.0 | 66.3
Maui | 3 | 1,580 | 683.78 | 75.0 | 513.04 | 112.1 | 788.61 | 20.4 | 36.8
Phoenix | 3 | 1,545 | 500.68 | 81.3 | 407.28 | 123.8 | 890.19 | 46.5 | 57.3
Oahu | 2 | 876 | 483.66 | 83.8 | 405.20 | 50.0 | 625.53 | 5.6 | 11.8
Jacksonville | 1 | 446 | 524.64 | 68.0 | 356.95 | 33.3 | 828.70 | 7.7 | 10.9
Orlando | 2 | 2,448 | 435.81 | 73.3 | 319.65 | 145.4 | 660.15 | 38.2 | 52.0
Nashville | 2 | 721 | 324.92 | 80.4 | 261.13 | 29.3 | 451.22 | 3.2 | 9.2
New York | 3 | 2,720 | 327.97 | 79.0 | 258.99 | 93.6 | 382.34 | 1.3 | 14.0
Los Angeles/Orange County | 3 | 1,067 | 311.12 | 79.2 | 246.38 | 35.4 | 368.36 | 4.8 | 7.7
Washington, D.C. (CBD) | 5 | 3,245 | 328.11 | 68.0 | 223.24 | 94.3 | 322.78 | 22.2 | 33.6
San Diego | 3 | 3,294 | 301.96 | 72.7 | 219.60 | 128.5 | 433.52 | 29.0 | 44.2
San Francisco/San Jose | 6 | 4,162 | 300.24 | 63.6 | 191.05 | 107.0 | 285.73 | 11.1 | 25.2
New Orleans | 1 | 1,333 | 256.20 | 71.4 | 182.91 | 33.4 | 278.00 | 10.5 | 13.0
Austin | 2 | 767 | 267.21 | 67.4 | 180.05 | 22.4 | 324.90 | 3.8 | 8.2
Northern Virginia | 2 | 916 | 271.39 | 65.4 | 177.61 | 23.9 | 289.32 | 4.3 | 6.7
Philadelphia | 2 | 810 | 217.69 | 76.8 | 167.08 | 19.0 | 260.44 | 2.2 | 4.7
Houston | 5 | 1,942 | 232.08 | 71.7 | 166.43 | 41.7 | 238.70 | 9.0 | 14.3
Boston | 2 | 1,496 | 235.02 | 64.9 | 152.52 | 30.0 | 223.00 | 1.4 | 5.9
San Antonio | 2 | 1,512 | 229.79 | 66.3 | 152.40 | 34.3 | 252.38 | 7.9 | 11.7
Atlanta | 2 | 810 | 222.74 | 67.3 | 149.83 | 18.7 | 256.93 | 2.5 | 5.8
Seattle | 2 | 1,315 | 212.06 | 54.7 | 116.05 | 18.9 | 159.55 | (4.7) | (1.5)
Denver | 3 | 1,342 | 183.68 | 55.6 | 102.11 | 19.3 | 159.71 | 0.2 | 3.8
Chicago | 3 | 1,562 | 186.39 | 53.0 | 98.78 | 20.8 | 147.67 | (7.0) | (2.8)
Other | 9 | 3,007 | 346.28 | 60.5 | 209.34 | 89.0 | 325.66 | 14.3 | 23.8
Other property level (2) |  |  |  |  |  | 0.2 |  | — | —
Domestic | 74 | 41,483 | 351.34 | 69.7 | 245.06 | 1,564.7 | 418.32 | 309.0 | 499.6
International | 5 | 1,499 | 172.01 | 61.0 | 104.88 | 18.5 | 136.91 | 2.6 | 4.4
All Locations - comparable hotels | 79 | 42,982 | $345.86 | 69.4 | $240.18 | $1,583.2 | $408.57 | $311.6 | $504.0
Non-comparable hotels | 2 | 407 |  |  |  | 11.1 |  | 4.3 | 8.2
Gain on sale of property and corporate level income/expense (3) |  |  |  |  |  | — |  | (64.6) | (9.1)
Total | 81 | 43,389 | — | — | — | $1,594.3 | — | $251.3 | $503.1

(1)See the Notes to Supplemental Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. RevPAR is the product of the average daily room rate charged and the average daily occupancy
achieved. Total Revenues per Available Room ("Total RevPAR") is a summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period. It includes
ancillary revenues not included with RevPAR.
(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.
© Host Hotels & Resorts, Inc.9
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)

| Quarter ended March 31, 2025
Location | No. of Properties | No. of Rooms | Hotel Net Income (Loss) | Plus: Depreciation | Plus: Interest Expense | Plus: Income Tax | Equals: Hotel EBITDA
Miami | 2 | 1,038 | $28.6 | $8.4 | $— | $— | $37.0
Florida Gulf Coast | 4 | 1,529 | 46.0 | 20.3 | — | — | 66.3
Maui | 3 | 1,580 | 20.4 | 16.4 | — | — | 36.8
Phoenix | 3 | 1,545 | 46.5 | 10.8 | — | — | 57.3
Oahu | 2 | 876 | 5.6 | 6.2 | — | — | 11.8
Jacksonville | 1 | 446 | 7.7 | 3.2 | — | — | 10.9
Orlando | 2 | 2,448 | 38.2 | 13.8 | — | — | 52.0
Nashville | 2 | 721 | 3.2 | 6.0 | — | — | 9.2
New York | 3 | 2,720 | 1.3 | 12.7 | — | — | 14.0
Los Angeles/Orange County | 3 | 1,067 | 4.8 | 2.9 | — | — | 7.7
Washington, D.C. (CBD) | 5 | 3,245 | 22.2 | 11.4 | — | — | 33.6
San Diego | 3 | 3,294 | 29.0 | 15.2 | — | — | 44.2
San Francisco/San Jose | 6 | 4,162 | 11.1 | 14.1 | — | — | 25.2
New Orleans | 1 | 1,333 | 10.5 | 2.5 | — | — | 13.0
Austin | 2 | 767 | 3.8 | 3.4 | 1.0 | — | 8.2
Northern Virginia | 2 | 916 | 4.3 | 2.4 | — | — | 6.7
Philadelphia | 2 | 810 | 2.2 | 2.5 | — | — | 4.7
Houston | 5 | 1,942 | 9.0 | 5.3 | — | — | 14.3
Boston | 2 | 1,496 | 1.4 | 4.5 | — | — | 5.9
San Antonio | 2 | 1,512 | 7.9 | 3.8 | — | — | 11.7
Atlanta | 2 | 810 | 2.5 | 3.3 | — | — | 5.8
Seattle | 2 | 1,315 | (4.7) | 3.2 | — | — | (1.5)
Denver | 3 | 1,342 | 0.2 | 3.6 | — | — | 3.8
Chicago | 3 | 1,562 | (7.0) | 4.2 | — | — | (2.8)
Other | 9 | 3,007 | 14.3 | 9.5 | — | — | 23.8
Other property level (1) |  |  | — | — | — | — | —
Domestic | 74 | 41,483 | 309.0 | 189.6 | 1.0 | — | 499.6
International | 5 | 1,499 | 2.6 | 1.8 | — | — | 4.4
All Locations - comparable hotels | 79 | 42,982 | $311.6 | $191.4 | $1.0 | $— | $504.0
Non-comparable hotels | 2 | 407 | 4.3 | 3.9 | — | — | 8.2
Gain on sale of property and corporate level income/expense (2) |  |  | (64.6) | 0.4 | 56.1 | (1.0) | (9.1)
Total | 81 | 43,389 | $251.3 | $195.7 | $57.1 | $(1.0) | $503.1

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(2)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.
© Host Hotels & Resorts, Inc.10
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)

| Quarter ended March 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
Miami | 2 | 1,038 | $635.30 | 82.0% | $520.71 | $84.3 | $867.57 | $26.4 | $34.4
Florida Gulf Coast | 4 | 1,529 | 626.36 | 81.6% | 511.02 | 143.9 | 1,034.79 | 44.4 | 63.1
Maui | 3 | 1,580 | 672.67 | 65.8% | 442.71 | 106.1 | 738.07 | 18.6 | 35.1
Phoenix | 3 | 1,545 | 490.11 | 81.3% | 398.36 | 120.1 | 854.54 | 45.6 | 55.6
Oahu | 2 | 876 | 436.64 | 82.0% | 358.07 | 46.1 | 571.45 | 1.2 | 10.2
Jacksonville | 1 | 446 | 528.66 | 64.6% | 341.31 | 31.4 | 774.19 | 8.1 | 11.0
Orlando | 2 | 2,448 | 407.08 | 74.2% | 302.14 | 142.0 | 637.59 | 37.0 | 50.7
Nashville | 2 | 721 | 310.63 | 73.8% | 229.37 | 25.4 | 386.44 | — | 8.3
New York | 3 | 2,720 | 307.03 | 74.1% | 227.59 | 82.9 | 335.44 | (2.9) | 11.6
Los Angeles/Orange County | 3 | 1,067 | 299.02 | 74.8% | 223.80 | 32.5 | 334.70 | 3.1 | 6.0
Washington, D.C. (CBD) | 5 | 3,245 | 275.83 | 66.9% | 184.43 | 79.9 | 270.75 | 14.7 | 23.3
San Diego | 3 | 3,294 | 294.27 | 77.4% | 227.67 | 135.7 | 452.71 | 32.0 | 47.3
San Francisco/San Jose | 6 | 4,162 | 290.06 | 64.0% | 185.67 | 106.2 | 280.40 | 9.2 | 25.4
New Orleans | 1 | 1,333 | 211.33 | 74.6% | 157.65 | 30.7 | 253.56 | 8.6 | 10.7
Austin | 2 | 767 | 276.13 | 64.7% | 178.72 | 22.6 | 323.83 | 4.4 | 8.6
Northern Virginia | 2 | 916 | 244.11 | 67.8% | 165.55 | 22.1 | 265.89 | 2.7 | 5.2
Philadelphia | 2 | 810 | 202.76 | 72.8% | 147.59 | 16.9 | 228.90 | 0.9 | 3.3
Houston | 5 | 1,942 | 223.14 | 74.6% | 166.45 | 40.9 | 231.31 | 7.9 | 14.0
Boston | 2 | 1,496 | 224.11 | 67.9% | 152.09 | 30.2 | 221.78 | 6.5 | 11.1
San Antonio | 2 | 1,512 | 229.52 | 66.1% | 151.75 | 34.8 | 252.73 | 7.8 | 12.0
Atlanta | 2 | 810 | 213.56 | 61.6% | 131.66 | 16.7 | 227.78 | 3.6 | 5.7
Seattle | 2 | 1,315 | 210.91 | 52.7% | 111.05 | 19.4 | 162.48 | (4.1) | (1.0)
Denver | 3 | 1,342 | 177.37 | 55.3% | 98.05 | 19.5 | 159.53 | (0.4) | 3.3
Chicago | 3 | 1,562 | 179.25 | 55.7% | 99.76 | 20.7 | 145.54 | (6.7) | (2.4)
Other | 9 | 3,007 | 326.67 | 58.0% | 189.42 | 81.8 | 295.98 | 11.1 | 19.8
Other property level (1) |  |  |  |  |  | 0.2 |  | (0.2) | (0.2)
Domestic | 74 | 41,483 | 331.61 | 69.1% | 229.10 | 1,493.0 | 394.91 | 279.5 | 472.1
International | 5 | 1,499 | 173.64 | 56.1% | 97.47 | 19.0 | 139.44 | 2.1 | 4.3
All Locations - comparable hotels | 79 | 42,982 | $327.11 | 68.6% | $224.52 | $1,512.0 | $386.06 | $281.6 | $476.4
Non-comparable hotels | 2 | 407 |  |  |  | 32.4 |  | 15.4 | 19.9
Property transaction adjustments (2) |  |  |  |  |  | (73.4) |  | — | (18.5)
Gain on sale of property and corporate level income/expense (3) |  |  |  |  |  | — |  | (25.2) | 19.5
Total | 81 | 43,389 | $— | — | $— | $1,471.0 | $— | $271.8 | $497.3

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations
as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.
© Host Hotels & Resorts, Inc.11
Comparable Hotel Results by Location
(unaudited, in millions, except hotel statistics and per room basis)

| Quarter ended March 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
Miami | 2 | 1,038 | $26.4 | $8.0 | $— | $— | $— | $34.4
Florida Gulf Coast | 4 | 1,529 | 44.4 | 18.7 | — | — | — | 63.1
Maui | 3 | 1,580 | 18.6 | 16.5 | — | — | — | 35.1
Phoenix | 3 | 1,545 | 45.6 | 10.0 | — | — | — | 55.6
Oahu | 2 | 876 | 1.2 | 1.6 | — | — | 7.4 | 10.2
Jacksonville | 1 | 446 | 8.1 | 2.9 | — | — | — | 11.0
Orlando | 2 | 2,448 | 37.0 | 13.7 | — | — | — | 50.7
Nashville | 2 | 721 | — | — | — | — | 8.3 | 8.3
New York | 3 | 2,720 | (2.9) | 11.7 | — | — | 2.8 | 11.6
Los Angeles/Orange County | 3 | 1,067 | 3.1 | 2.9 | — | — | — | 6.0
Washington, D.C. (CBD) | 5 | 3,245 | 14.7 | 8.6 | — | — | — | 23.3
San Diego | 3 | 3,294 | 32.0 | 15.3 | — | — | — | 47.3
San Francisco/San Jose | 6 | 4,162 | 9.2 | 16.2 | — | — | — | 25.4
New Orleans | 1 | 1,333 | 8.6 | 2.1 | — | — | — | 10.7
Austin | 2 | 767 | 4.4 | 3.2 | 1.0 | — | — | 8.6
Northern Virginia | 2 | 916 | 2.7 | 2.5 | — | — | — | 5.2
Philadelphia | 2 | 810 | 0.9 | 2.4 | — | — | — | 3.3
Houston | 5 | 1,942 | 7.9 | 6.1 | — | — | — | 14.0
Boston | 2 | 1,496 | 6.5 | 4.6 | — | — | — | 11.1
San Antonio | 2 | 1,512 | 7.8 | 4.2 | — | — | — | 12.0
Atlanta | 2 | 810 | 3.6 | 2.1 | — | — | — | 5.7
Seattle | 2 | 1,315 | (4.1) | 3.1 | — | — | — | (1.0)
Denver | 3 | 1,342 | (0.4) | 3.7 | — | — | — | 3.3
Chicago | 3 | 1,562 | (6.7) | 4.3 | — | — | — | (2.4)
Other | 9 | 3,007 | 11.1 | 8.7 | — | — | — | 19.8
Other property level (1) |  |  | (0.2) | — | — | — | — | (0.2)
Domestic | 74 | 41,483 | 279.5 | 173.1 | 1.0 | — | 18.5 | 472.1
International | 5 | 1,499 | 2.1 | 2.2 | — | — | — | 4.3
All Locations - comparable hotels | 79 | 42,982 | $281.6 | $175.3 | $1.0 | $— | $18.5 | $476.4
Non-comparable hotels | 2 | 407 | 15.4 | 4.5 | — | — | — | 19.9
Property transaction adjustments (2) |  |  | — | — | — | — | (18.5) | (18.5)
Gain on sale of property and corporate level income/expense (3) |  |  | (25.2) | 0.2 | 46.2 | (1.7) | — | 19.5
Total | 81 | 43,389 | $271.8 | $180.0 | $47.2 | $(1.7) | $— | $497.3

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.
(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations
as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate
level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.
© Host Hotels & Resorts, Inc.12
Historical Comparable Hotel Results with 2025 Comparable Hotel Set
(unaudited, in millions, except hotel statistics)
Historical Comparable Hotel Metrics (1)

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

Historical Comparable Hotel Revenues (1)(2)

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

© Host Hotels & Resorts, Inc.13
Historical Comparable Hotel Results with 2025 Comparable Hotel Set (cont.)
(unaudited, in millions, except hotel statistics)
Historical Comparable Hotel EBITDA (1)(2)

| 2025 Comparable Hotel Set (3)
| Three Months Ended March 31, 2024 |  | Three Months Ended June 30, 2024 |  | Three Months Ended September 30, 2024 |  | Three Months Ended December 31, 2024 |  | Year Ended December 31, 2024
Net income | $272 |  | $242 |  | $84 |  | $109 |  | $707
Depreciation and amortization | 180 |  | 188 |  | 197 |  | 197 |  | 762
Interest expense | 47 |  | 50 |  | 59 |  | 59 |  | 215
Provision (benefit) for income taxes | (2) |  | 16 |  | 6 |  | (6) |  | 14
Gain on sale of property and corporate level income/expense | (20) |  | (13) |  | (18) |  | 43 |  | (8)
Property transaction adjustments | 19 |  | 19 |  | 4 |  | — |  | 42
Non-comparable hotel results, net | (20) |  | (19) |  | (12) |  | (1) |  | (52)
Comparable hotel EBITDA | $476 |  | $483 |  | $320 |  | $401 |  | $1,680

(1)Comparable hotel results represent adjustments for the following items: (i) to remove the results of operations of our hotels sold or held-for-sale as of March 31, 2025, 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 March 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 79 hotels (of our 81 hotels owned at March 31, 2025) based on our forecast comparable hotel set as of December 31, 2025. No assurances can be made as to the
hotels that will be in the comparable hotel set for 2025. The following are expected to be non-comparable for full year 2025:
•Alila Ventana Big Sur (business disruption due to the collapse of a portion of Highway 1, causing closure of the hotel beginning in March 2024, reopened in May 2024); and
•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 related to the development and sale of condominium units on a development parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort are
excluded from our comparable hotel results.
© Host Hotels & Resorts, Inc.14
Comparable Hotel Results 2025 Forecast and Full Year 2024
(unaudited, in millions, except hotel statistics)

|  | 2025 Comparable Hotel Set
|  | 2025 Forecast(1) |  | 2024
Number of hotels |  | 79 |  | 79
Number of rooms |  | 42,982 |  | 42,982
Comparable hotel Total RevPAR |  | $369.96 |  | $363.79
Comparable hotel RevPAR |  | $222.80 |  | $219.49
Operating profit margin(5) |  | 12.6% |  | 15.4%
Comparable hotel EBITDA margin(5) |  | 28.0% |  | 29.3%
Food and beverage profit margin(5) |  | 31.3% |  | 33.7%
Comparable hotel food and beverage profit margin(5) |  | 31.6% |  | 33.4%
Net income |  | $546 |  | $707
Depreciation and amortization |  | 784 |  | 762
Interest expense |  | 237 |  | 215
Provision for income taxes |  | 24 |  | 14
Gain on sale of property and corporate level income/expense |  | 79 |  | (8)
Property transaction adjustments⁽²⁾ |  | — |  | 42
Non-comparable hotel results, net⁽³⁾ |  | (22) |  | (52)
Condominium sales ⁽⁴⁾ |  | (21) |  | —
Comparable hotel EBITDA |  | $1,627 |  | $1,680

(1)See "Reconciliation of Net Income to EBITDA, EBITDA re and Adjusted EBITDA re and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for
Full Year 2025 Forecasts" for other forecast assumptions. Forecast presented assumes the midpoint of our comparable hotel RevPAR guidance of 1.5% growth over 2025. Forecast comparable
hotel results include 79 hotels (of our 81 hotels owned at March 31, 2025) that we have assumed will be classified as comparable as of December 31, 2025. See “Comparable Hotel Operating
Statistics and Results” in the Notes to Supplemental Financial Information. No assurances can be made as to the hotels that will be in the comparable hotel set for 2025.
(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of March 31, 2025, 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 March 31,
2025.
(3)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our consolidated statements of
operations as continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable.  The following are expected to
be non-comparable for full year 2025:
•Alila Ventana Big Sur (business disruption due to the collapse of a portion of Highway 1, causing closure of the hotel beginning in March 2024, reopened in May 2024); and
•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025).
(4)Includes revenues and costs, including marketing expenses of approximately $4 million, related to the development and sale of condominium units at the Four Seasons Resort Orlando at Walt
Disney World® Resort.
(5)Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited
condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable
GAAP results:
© Host Hotels & Resorts, Inc.15
Comparable Hotel Results 2025 Forecast and Full Year 2024 (cont.)
(unaudited, in millions)

|  | Forecast Year ended December 31, 2025 |  |  | Year ended December 31, 2024 |
|  |  | Adjustments |  |  |  |  |  |  |  | Adjustments |  |  |
|  | GAAP Results |  | Non- comparable hotel results, net |  | Condominium sales |  | Depreciation and corporate level items |  | Comparable hotel Results |  |  | GAAP Results |  | Property transaction adjustments |  | Non- comparable hotel results, net |  | Depreciation and corporate level items |  | Comparable hotel Results |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Room |  | $3,550 |  | $(48) |  | $— |  | $— |  | $3,502 |  |  | $3,426 |  | $93 |  | $(61) |  | $— |  | $3,458 |
Food and beverage |  | 1,763 |  | (19) |  | — |  | — |  | 1,744 |  |  | 1,716 |  | 39 |  | (32) |  | — |  | 1,723 |
Other |  | 732 |  | (11) |  | (153) |  | — |  | 568 |  |  | 542 |  | 22 |  | (13) |  | — |  | 551 |
Total revenues |  | 6,045 |  | (78) |  | (153) |  | — |  | 5,814 |  |  | 5,684 |  | 154 |  | (106) |  | — |  | 5,732 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Room |  | 897 |  | (11) |  | — |  | — |  | 886 |  |  | 849 |  | 23 |  | (12) |  | — |  | 860 |
Food and beverage |  | 1,212 |  | (19) |  | — |  | — |  | 1,193 |  |  | 1,137 |  | 32 |  | (22) |  | — |  | 1,147 |
Other |  | 2,276 |  | (36) |  | (132) |  | — |  | 2,108 |  |  | 2,048 |  | 57 |  | (39) |  | — |  | 2,066 |
Depreciation and amortization |  | 784 |  | — |  | — |  | (784) |  | — |  |  | 762 |  | — |  | — |  | (762) |  | — |
Corporate and other expenses |  | 122 |  | — |  | — |  | (122) |  | — |  |  | 123 |  | — |  | — |  | (123) |  | — |
Net gain on insurance settlements |  | (10) |  | 10 |  | — |  | — |  | — |  |  | (110) |  | — |  | 19 |  | 70 |  | (21) |
Total expenses |  | 5,281 |  | (56) |  | (132) |  | (906) |  | 4,187 |  |  | 4,809 |  | 112 |  | (54) |  | (815) |  | 4,052 |
Operating Profit - Comparable hotel EBITDA |  | $764 |  | $(22) |  | $(21) |  | $906 |  | $1,627 |  |  | $875 |  | $42 |  | $(52) |  | $815 |  | $1,680 |

Forecast non-comparable hotel results, net includes the results of Alila Ventana Big Sur and The Don CeSar. The following table reconciles net income to Hotel EBITDA based on the
expected 2025 results of the properties excluding business interruption proceeds (in millions); any changes to net income would be equal to the change in Hotel EBITDA:

Hotel |  | Net Income (loss) |  | Plus: Depreciation |  | Plus: Interest Expense |  | Plus: Income Tax |  | Equals: Hotel EBITDA
Alila Ventana Big Sur |  | $7 |  | $6 |  | $— |  | $— |  | $13
The Don CeSar |  | $(11) |  | $10 |  | $— |  | $— |  | $(1)

© Host Hotels & Resorts, Inc.16
Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and
Diluted Earnings per Common Share to NAREIT and Adjusted Funds From
Operations per Diluted Share for Full Year 2025 Forecasts
(unaudited, in millions, except per share amounts)

|  | Full Year 2025
|  | Mid-point
Net income |  | $546
Interest expense |  | 237
Depreciation and amortization |  | 784
Income taxes |  | 24
EBITDA |  | 1,591
Equity investment adjustments: |  |
Equity in earnings of affiliates |  | (14)
Pro rata EBITDAre of equity investments |  | 44
EBITDAre |  | 1,621
Adjustments to EBITDAre: |  |
Non-cash stock-based compensation expense ⁽²⁾ |  | 24
Adjusted EBITDAre |  | $1,645

|  | Full Year 2025
|  | Mid-point
Net income |  | $546
Less: Net income attributable to non-controlling interests |  | (9)
Net income attributable to Host Inc. |  | 537
Adjustments: |  |
Depreciation and amortization |  | 782
Equity investment adjustments: |  |
Equity in earnings of affiliates |  | (14)
Pro rata FFO of equity investments |  | 23
Consolidated partnership adjustments: |  |
FFO adjustment for non-controlling partnerships |  | (1)
FFO adjustment for non-controlling interests of Host LP |  | (11)
NAREIT FFO |  | 1,316
Adjustments to NAREIT FFO: |  |
Non-cash stock-based compensation expense ⁽²⁾ |  | 24
Adjusted FFO |  | $1,340
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO |  | 696.5
Diluted earnings per common share |  | $0.77
NAREIT FFO per diluted share |  | $1.89
Adjusted FFO per diluted share |  | $1.92

(1)The Forecasts are based on the below assumptions:
•Comparable hotel RevPAR will increase at the midpoint of our guidance of 1.5% compared to 2025. This forecast assumes a moderate recovery at our Maui properties, however the timing of Maui's full recovery remains uncertain.
•Comparable hotel EBITDA margins will decline 130 basis points compared to 2024.
•We expect to spend approximately $580 million to $670 million on capital expenditures.
•Assumes no acquisitions or dispositions during the year.
•Assumes no additional gain from insurance settlements related to the hurricane claim as timing remains uncertain.
For a discussion of items that may affect forecast results, see the Notes to Supplemental Financial Information.
(2) Effective January 1, 2025, we exclude the expense recorded for non-cash stock-based compensation from our presentation of Adjusted EBITDA re and Adjusted FFO per diluted share. In 2024, this amount totaled $24 million.
© Host Hotels & Resorts, Inc.17
Ground Lease Summary as of December 31, 2024

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

(1)Exercise of Host’s option to extend is subject to certain conditions, including the existence of no defaults and subject to any applicable rent escalation or rent re-negotiation provisions.
(2)The lease was amended in 2024 resulting in extension of the term and an upfront payment for the extension. No further rental payments are required for the remainder of the lease term.
(3)Effective April 1, 2024, the ground lease for The Westin Cincinnati was amended and restated. As a result, the revised minimum rent is $0 from the effective date through December 31, 2025,
subsequently increasing to $100,000 by 2030.
(4)We have reached a preliminary agreement with the Lessor for an extension on the lease term, however there can be no assurance that the agreement will be executed and under the terms
negotiated.

OVERVIEW
PROPERTY LEVEL DATA AND CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

SAN FRANCISCO MARRIOTT MARQUIS
© Host Hotels & Resorts, Inc.19
Comparative Capitalization
(in millions, except security pricing and per share amounts)

| As of |  | As of |  | As of |  | As of |  | As of
| March 31, |  | December 31, |  | September 30, |  | June 30, |  | March 31,
Shares/Units | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024
Common shares outstanding | 693.7 |  | 699.1 |  | 699.0 |  | 702.3 |  | 705.0
Common shares outstanding assuming conversion of OP Units (1) | 703.0 |  | 708.5 |  | 708.4 |  | 711.9 |  | 714.7
Preferred OP Units outstanding | 0.01 |  | 0.01 |  | 0.01 |  | 0.01 |  | 0.01
Security pricing |  |  |  |  |  |  |  |  |
Common stock at end of quarter (2) | $14.21 |  | $17.52 |  | $17.60 |  | $17.98 |  | $20.68
High during quarter | 17.45 |  | 19.07 |  | 18.86 |  | 20.72 |  | 21.15
Low during quarter | 14.21 |  | 17.24 |  | 15.92 |  | 17.79 |  | 19.17
Capitalization |  |  |  |  |  |  |  |  |
Market value of common equity (3) | $9,990 |  | $12,413 |  | $12,468 |  | $12,800 |  | $14,780
Consolidated debt | 5,085 |  | 5,083 |  | 5,081 |  | 4,396 |  | 4,510
Less: Cash | (428) |  | (554) |  | (564) |  | (805) |  | (1,349)
Consolidated total capitalization | 14,647 |  | 16,942 |  | 16,985 |  | 16,391 |  | 17,941
Plus: Share of debt in unconsolidated investments | 282 |  | 240 |  | 233 |  | 233 |  | 238
Pro rata total capitalization | $14,929 |  | $17,182 |  | 17,218 |  | 16,624 |  | 18,179
| Quarter ended |  | Quarter ended |  | Quarter ended |  | Quarter ended |  | Quarter ended
| March 31, |  | December 31, |  | September 30, |  | June 30, |  | March 31,
| 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2024
Dividends declared per common share | $0.20 |  | $0.30 |  | $0.20 |  | $0.20 |  | $0.20

(1)Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024,
there were 9.2 million, 9.2 million, 9.3 million, 9.4 million, and 9.5 million in common OP Units, respectively, held by non-controlling interests.
(2)Share prices are the closing price as reported by the NASDAQ.
(3)Market value of common equity is calculated as the number of common shares outstanding including assumption of conversion of OP units multiplied the closing share price on that day.
© Host Hotels & Resorts, Inc.20
Consolidated Debt Summary
(in millions)

Debt |  |  |  |  |  |  |
Senior debt | Rate |  | Maturity date |  | March 31, 2025 |  | December 31, 2024
Series E | 4% |  | 6/2025 |  | $500 |  | $500
Series F | 4 ½% |  | 2/2026 |  | 400 |  | 399
Series H | 3 ⅜% |  | 12/2029 |  | 644 |  | 644
Series I | 3 ½% |  | 9/2030 |  | 740 |  | 740
Series J | 2.9% |  | 12/2031 |  | 442 |  | 442
Series K | 5.7% |  | 7/2034 |  | 585 |  | 585
Series L | 5.5% |  | 4/2035 |  | 684 |  | 683
2027 Credit facility term loan | 5.3% |  | 1/2027 |  | 499 |  | 499
2028 Credit facility term loan | 5.3% |  | 1/2028 |  | 499 |  | 499
Credit facility revolver (1) | —% |  | 1/2027 |  | (5) |  | (6)
|  |  |  |  | 4,988 |  | 4,985
Mortgage and other debt |  |  |  |  |  |  |
Mortgage and other debt | 4.67% |  | 11/2027 |  | 97 |  | 98
Total debt(2)(3) |  |  |  |  | $5,085 |  | $5,083
Percentage of fixed rate debt |  |  |  |  | 80% |  | 80%
Weighted average interest rate |  |  |  |  | 4.7% |  | 4.7%
Weighted average debt maturity |  |  |  |  | 5.0 years |  | 5.2 years
Credit Facility |  |  |  |  |  |  |
Total capacity |  |  |  |  | $1,500 |  |
Available capacity |  |  |  |  | 1,495 |  |
Consolidated assets encumbered by mortgage debt |  |  |  |  | 1 |  |

(1)There are no outstanding credit facility borrowings at March 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 March 31, 2025, our share of debt in unconsolidated
investments is $282 million and none of our debt is attributable to non-controlling interests.
(3)Total debt as of March 31, 2025 and December 31, 2024, includes net discounts and deferred financing costs of $61 million and $63 million, respectively.
© Host Hotels & Resorts, Inc.21
Consolidated Deb t Maturity as of March 31, 2025
(in millions)
(1)The first term loan that is due in 2027 has an extension option that would extend maturity of the instrument to 2028, subject to meeting certain conditions, including payment of a fee. The
second term loan tranche that is due in 2028 does not have an extension option.
(2)Mortgage and other debt excludes principal amortization of $2 million each year from 2025-2027 for the mortgage loan that matures in 2027.

OVERVIEW
PROPERTY LEVEL DATA AND CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

1 HOTEL SOUTH BEACH
© Host Hotels & Resorts, Inc.23
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:

|  | March 31, 2025
Credit Facility Financial Performance Tests | Permitted | GAAP Ratio | Covenant Ratio
Leverage Ratio | Maximum 7.25x | 7.4x | 2.8x
Unsecured Interest Coverage Ratio | Minimum 1.75x(1) | 3.0x | 7.1x
Consolidated Fixed Charge Coverage Ratio | Minimum 1.25x | 3.0x | 5.5x

|  | March 31, 2025
Bond Compliance Financial Performance Tests | Permitted | GAAP Ratio | Covenant Ratio
Indebtedness Test | Maximum 65% | 39% | 23%
Secured Indebtedness Test | Maximum 40% | <1% | <1%
EBITDA-to-interest Coverage ratio (2) | Minimum 1.5x | 3.0x | 7.0x
Ratio of Unencumbered Assets to Unsecured Indebtedness | Minimum 150% | 255% | 439%

(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.24
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
|  | Trailing Twelve Months
|  | March 31, 2025
Debt |  | $5,085
Net income |  | 686
GAAP Leverage Ratio |  | 7.4x

|  | Leverage Ratio per Credit Facility
|  | Trailing Twelve Months
|  | March 31, 2025
Net debt (1) |  | $4,758
Adjusted Credit Facility EBITDA (2) |  | 1,705
Leverage Ratio |  | 2.8x

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

|  | March 31, 2025
Debt |  | $5,085
Less: Unrestricted cash over $100 million |  | (327)
Net debt per credit facility definition |  | $4,758

(2)The following presents the reconciliation of net income to EBITDA, EBITDA re, Adjusted EBITDA re, Adjusted EBITDA per our credit facility definition in
determining leverage ratio:

|  | Trailing Twelve Months
|  | March 31, 2025
Net income |  | $686
Interest expense |  | 225
Depreciation and amortization |  | 778
Income taxes |  | 15
EBITDA |  | 1,704
Equity in earnings of affiliates |  | (9)
Pro rata EBITDA re of equity investments |  | 35
EBITDA re |  | 1,730
Gain on property insurance settlement |  | (49)
Non-cash stock-based compensation expense⁽³⁾ |  | 24
Adjusted EBITDAre |  | 1,705
Pro Forma EBITDA - Acquisitions |  | 23
Pro forma EBITDA - Dispositions |  | (6)
Other non-cash items |  | 2
Non-cash partnership adjustments |  | (19)
Adjusted Credit Facility EBITDA |  | $1,705

(3) 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.
© Host Hotels & Resorts, Inc.25
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit
Facility Unsecured Interest Coverage Ratio
(unaudited, in millions, except ratios)
The following tables present the calculation of our unsecured interest coverage ratio using GAAP measures and as used in the financial covenants of the credit facility:

| Unsecured Interest Coverage per Credit Facility Ratio
| Trailing Twelve Months
| March 31, 2025
Unencumbered consolidated EBITDA per credit facility definition (1) | $1,697
Adjusted Credit Facility unsecured interest expense (2) | 238
Unsecured Interest Coverage Ratio | 7.1x

| GAAP Interest Coverage Ratio
| Trailing Twelve Months
| March 31, 2025
Net income | $686
Interest expense | 225
GAAP Interest Coverage Ratio | 3.0x

`
(1)The following reconciles Adjusted Credit Facility EBITDA to Unencumbered Consolidated EBITDA per our credit facility definition. See Reconciliation of GAAP
Leverage Ratio to Credit Facility Leverage Ratio for calculation and reconciliation of net income to Adjusted Credit Facility EBITDA:

|  | Trailing Twelve Months
|  | March 31, 2025
Adjusted Credit Facility EBITDA |  | $1,705
Less: Encumbered EBITDA |  | (9)
Corporate overhead allocated to encumbered assets |  | 1
Unencumbered Consolidated EBITDA per credit facility definition |  | $1,697

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

|  | Trailing Twelve Months
|  | March 31, 2025
GAAP Interest expense |  | $225
Interest on secured debt |  | (4)
Deferred financing cost amortization |  | (7)
Capitalized interest |  | 11
Pro forma interest adjustments |  | 13
Adjusted Credit Facility Unsecured Interest Expense |  | $238

|  | Trailing Twelve Months
|  | March 31, 2025
GAAP Interest expense |  | $225
Interest on secured debt |  | (4)
Deferred financing cost amortization |  | (7)
Capitalized interest |  | 11
Pro forma interest adjustments |  | 13
Adjusted Credit Facility Unsecured Interest Expense |  | $238

© Host Hotels & Resorts, Inc.26
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit
Facility Fixed Charge Coverage Ratio
(unaudited, in millions, except ratios)
The following tables present the calculation of our GAAP Interest coverage ratio and our fixed charge coverage ratio as used in the financial covenants of the
credit facility:

| GAAP Fixed Charge Coverage Ratio
| Trailing Twelve Months
| March 31, 2025
Net income | $686
Interest expense | 225
GAAP Fixed Charge Coverage Ratio | 3.0x

| Credit Facility Fixed Charge Coverage Ratio
| Trailing Twelve Months
| March 31, 2025
Credit Facility Fixed Charge Coverage Ratio EBITDA (1) | $1,409
Fixed charges (2) | 256
Credit Facility Fixed Charge Coverage Ratio | 5.5x

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

|  | Trailing Twelve Months
|  | March 31, 2025
Adjusted Credit Facility EBITDA |  | $1,705
Less: 5% of hotel property gross revenue |  | (295)
Less: 3% of revenues from other real estate |  | (1)
Credit Facility Fixed Charge Coverage Ratio EBITDA |  | $1,409

|  | Trailing Twelve Months
|  | March 31, 2025
Adjusted Credit Facility EBITDA |  | $1,705
Less: 5% of hotel property gross revenue |  | (295)
Less: 3% of revenues from other real estate |  | (1)
Credit Facility Fixed Charge Coverage Ratio EBITDA |  | $1,409

Credit Facility Leverage Ratio for calculation and reconciliation of Adjusted Credit Facility EBITDA:
(2)The following table calculates the fixed charges per our credit facility definition. See Reconciliation of GAAP Interest Coverage Ratio to Credit Facility

|  | Trailing Twelve Months
|  | March 31, 2025
Adjusted Credit Facility Unsecured Interest Expense |  | $238
Interest on secured debt |  | 4
Adjusted Credit Facility Interest Expense |  | 242
Scheduled principal payments |  | 2
Cash taxes on ordinary income |  | 12
Fixed Charges |  | $256

|  | Trailing Twelve Months
|  | March 31, 2025
Adjusted Credit Facility Unsecured Interest Expense |  | $238
Interest on secured debt |  | 4
Adjusted Credit Facility Interest Expense |  | 242
Scheduled principal payments |  | 2
Cash taxes on ordinary income |  | 12
Fixed Charges |  | $256

Unsecured Interest Coverage Ratio for reconciliation of GAAP interest expense to adjusted unsecured interest expense per our credit facility definition:
© Host Hotels & Resorts, Inc.27
Financial Covenants: Reconciliation of GAAP Indebtedness Test to Senior Notes
Indenture Indebtedness Test
(unaudited, in millions, except ratios)
`
The following tables present the calculation of our total indebtedness to total assets using GAAP measures and as used in the financial covenants of our senior

|  | GAAP Total Indebtedness to Total Assets
|  | March 31, 2025
Debt |  | $5,085
Total assets |  | 12,947
GAAP Total Indebtedness to Total Assets |  | 39%

|  | Total Indebtedness to Total Assets per Senior Notes Indenture
|  | March 31, 2025
Adjusted indebtedness (1) |  | $5,113
Adjusted total assets (2) |  | 22,503
Total Indebtedness to Total Assets |  | 23%

|  | March 31, 2025
Debt |  | $5,085
Add: Deferred financing costs |  | 29
Less: Mark-to-market on assumed mortgage |  | (1)
Adjusted Indebtedness per Senior Notes Indenture |  | $5,113

|  | March 31, 2025
Total assets |  | $12,947
Add: Accumulated depreciation |  | 10,096
Add: Prior impairment of assets held |  | 11
Add: Inventory impairment at unconsolidated investment |  | 12
Less: Intangibles |  | (5)
Less: Right-of-use assets |  | (558)
Adjusted Total Assets per Senior Notes Indenture |  | $22,503

notes indenture:
(1)The following reconciles our GAAP total indebtedness to our total indebtedness per our senior notes indenture:
(2)The following presents the reconciliation of total assets to adjusted total assets per the financial covenants of our senior notes indenture definition:
© Host Hotels & Resorts, Inc.28
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
|  | March 31, 2025
Mortgage and other secured debt |  | $97
Total assets |  | 12,947
GAAP Secured Indebtedness to Total Assets |  | <1%

|  | Secured Indebtedness per Senior Notes Indenture
|  | March 31, 2025
Secured indebtedness (1) |  | $96
Adjusted total assets (2) |  | 22,503
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:

|  | March 31, 2025
Mortgage and other secured debt |  | $97
Less: Mark-to-market on assumed mortgage |  | (1)
Secured Indebtedness |  | $96

(2)See Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Assets to Adjusted Total Assets per
our senior notes indenture.
© Host Hotels & Resorts, Inc.29
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Senior
Notes Indenture EBITDA-to-Interest Coverage Ratio
(unaudited, in millions, except ratios)
The following tables present the calculation of our interest coverage ratio using our GAAP measures and as used in the financial covenants of the senior notes

|  | GAAP Interest Coverage Ratio
|  | Trailing Twelve Months
|  | March 31, 2025
Net income |  | $686
Interest expense |  | 225
GAAP Interest Coverage Ratio |  | 3.0x

|  | EBITDA to Interest Coverage Ratio
|  | Trailing Twelve Months
|  | March 31, 2025
Adjusted Credit Facility EBITDA (1) |  | $1,705
Non-controlling interest adjustment |  | 2
Adjusted Senior Notes EBITDA |  | 1,707
Adjusted Credit Facility Interest Expense (2) |  | 242
Plus: Premium amortization on assumed mortgage |  | 1
Adjusted Senior Notes Interest Expense |  | $243
EBITDA to Interest Coverage Ratio |  | 7.0x

indenture:
(1)See Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio for the calculation of Adjusted Credit Facility EBITDA and reconciliation to net
income.
(2)See Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio for the calculation of Adjusted Credit Facility interest
expense and reconciliation to GAAP interest expense.
© Host Hotels & Resorts, Inc.30
Financial Covenants: Reconciliation of GAAP Assets to Indebtedness Test to
Senior Notes Unencumbered Assets to Unsecured Indebtedness Test
(unaudited, in millions, except ratios)
The following tables present the calculation of our total assets to total debt using GAAP measures and unencumbered assets to unsecured debt as used in the

|  | GAAP Assets / Debt
|  | March 31, 2025
Total assets |  | $12,947
Total debt |  | 5,085
GAAP Total Assets / Total Debt |  | 255%

|  | Unencumbered Assets / Unsecured Debt per Senior Notes Indenture
|  | March 31, 2025
Unencumbered Assets (1) |  | $22,031
Unsecured Debt (2) |  | 5,017
Unencumbered Assets / Unsecured Debt |  | 439%

|  | March 31, 2025
Adjusted total assets (a) |  | $22,503
Less: Partnership adjustments |  | (203)
Less: Inventory impairment at unconsolidated investment |  | (12)
Less: Encumbered Assets |  | (257)
Unencumbered Assets |  | $22,031

financial covenants of our senior notes indenture:
(1)The following presents the reconciliation of adjusted total assets to unencumbered assets per the financial covenants of our senior notes indenture definition:
(a)See reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Assets to Adjusted Total Assets per
our senior notes indenture.
(2)The following presents the reconciliation of total debt to unsecured debt per the financial covenants of our senior notes indenture definition:

|  | March 31, 2025
Adjusted indebtedness (b) |  | $5,113
Less: Secured indebtedness (c) |  | (96)
Unsecured Debt |  | $5,017

|  | March 31, 2025
Adjusted indebtedness (b) |  | $5,113
Less: Secured indebtedness (c) |  | (96)
Unsecured Debt |  | $5,017

(b)See reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Debt to Adjusted Indebtedness per
our senior notes indenture.
(c)See reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test for the reconciliation of mortgage and other
secured debt to senior notes secured indebtedness.

OVERVIEW
PROPERTY LEVEL DATA AND CORPORATE MEASURES
CAPITALIZATION
FINANCIAL COVENANTS
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

GRAND HYATT WASHINGTON
© Host Hotels & Resorts, Inc.32
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
FORECASTS
Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDA re, Adjusted EBITDA re and comparable hotel
results are forward-looking statements and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors
which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations
reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will not be
materially different. Risks that may affect these assumptions and forecasts include the following: potential changes in overall economic outlook make it
inherently difficult to forecast the level of RevPAR; the amount and timing of debt payments may change significantly based on market conditions, which will
directly affect the level of interest expense and net income; the amount and timing of transactions involving shares of our common stock may change based on
market conditions; and other risks and uncertainties associated with our business described herein and in our annual report on Form 10-K, quarterly reports on
Form 10-Q and current reports on Form 8-K filed with the SEC.
COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS
To facilitate a year-to-year comparison of our operations, we present certain operating statistics (i.e., Total RevPAR, RevPAR, average daily rate and average
occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in our reports on a comparable hotel basis
in order to enable our investors to better evaluate our operating performance. We define our comparable hotels as those that: (i) are owned or leased by us as of
the reporting date and are not classified as held-for-sale; and (ii) have not sustained substantial property damage or business interruption, or undergone large-
scale capital projects, in each case requiring closures lasting one month or longer (as further defined below), during the reporting periods being compared.
We make adjustments to include recent acquisitions to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison
includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. Additionally, operating results of hotels that
we sell are excluded from the comparable hotel set once the transaction has closed or the hotel is classified as held-for-sale.
The hotel business is capital-intensive and renovations are a regular part of the business. Generally, hotels under renovation remain comparable hotels. A large-
scale capital project would cause a hotel to be excluded from our comparable hotel set if it requires the entire property to be closed to hotel guests for one
month or longer.
Similarly, hotels are excluded from our comparable hotel set from the date that they sustain substantial property damage or business interruption if it requires
the property to be closed to hotel guests for one month or longer. In each case, these hotels are returned to the comparable hotel set when the operations of the
hotel have been included in our consolidated results for one full calendar year after the hotel has reopened. Often, related to events that cause property damage
and the closure of a hotel, we will collect business interruption insurance proceeds for the near-term loss of business. These proceeds are included in net gain on
insurance settlements on our condensed consolidated statements of operations. Business interruption insurance gains covering lost revenues while the property
was considered non-comparable also will be excluded from the comparable hotel results.
© Host Hotels & Resorts, Inc.33
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS (continued)
Of the 81 hotels that we owned as of March 31, 2025, 79 have been classified as comparable hotels. The operating results of the following properties that we
owned as of March 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
•Sales and marketing expenses related to the development and sale of condominium units on a development parcel adjacent to Four Seasons Resort
Orlando at Walt Disney World® Resort.
NON-GAAP FINANCIAL MEASURES
Included in t his supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that
are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share
(both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDA re and Adjusted EBITDA re, (iv) Comparable Hotel Operating Statistics and R esults, (v) Credit Facility Financial
Performance Tests, an d (vi) Senior Notes Financial Performance Tests. The following discussion defines these measures and presents why we believe they are
useful supplemental measures of our performance.
NAREIT FFO AND NAREIT FFO PER DILUTED SHARE
We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in
accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for
the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. As noted in
NAREIT’s Funds From Operations White Paper – 2018 Restatement, NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding
depreciation and amortization related to certain real estate assets, gains and losses from the sale of certain real estate assets, gains and losses from change in
control, impairment expense of certain real estate assets and investments and adjustments for consolidated partially owned entities and unconsolidated
affiliates. Adjustments for consolidated partially owned entities and unconsolidated affiliates are calculated to reflect our pro rata share of the FFO of those
entities on the same basis.
© Host Hotels & Resorts, Inc.34
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
We believe that NAREIT FFO per diluted share is a useful supplemental measure of our operating performance and that the presentation of NAREIT FFO per
diluted share, when combined with the primary GAAP presentation of diluted earnings per share, provides beneficial information to investors. By excluding the
effect of real estate depreciation, amortization, impairment expense and gains and losses from sales of depreciable real estate, all of which are based on
historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons
of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly
to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably
over time. As noted by NAREIT in its Funds From Operations White Paper – 2018 Restatement, the primary purpose for including FFO as a supplemental measure
of operating performance of a REIT is to address the artificial nature of historical cost depreciation and amortization of real estate and real estate-related assets
mandated by GAAP. For these reasons, NAREIT adopted the FFO metric in order to promote a uniform industry-wide measure of REIT operating performance.
ADJUSTED FFO PER DILUTED SHARE
We also present Adjusted FFO per diluted share when evaluating our performance because management believes that the exclusion of certain additional items
described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the
adjustments detailed below in evaluating our performance, in our annual budget process and for our compensation programs. We believe that the presentation
of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of diluted earnings per share and FFO per diluted share as defined
by NAREIT, provides useful supplemental information that is beneficial to an investor’s understanding of our operating performance. We adjust NAREIT FFO per
diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share:
•Gains and Losses on the Extinguishment of Debt – We exclude the effect of finance charges and premiums associated with the extinguishment of debt,
including the acceleration of the write-off of deferred financing costs from the original issuance of the debt being redeemed or retired and incremental
interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with
the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs.
•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the
year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.
•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the
ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are
reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs
incurred as part of a broad- based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred
at a specific hotel due to a broad- based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance
costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.
© Host Hotels & Resorts, Inc.35
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
•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 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
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.
EBITDA re AND ADJUSTED EBITDA re
We present EBITDA re 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 EBITDA re 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 EBITDA re of unconsolidated affiliates.
© Host Hotels & Resorts, Inc.36
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
We make additional adjustments to EBITDA re 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
EBITDA re, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s understanding of our operating performance.
Adjusted EBITDA re also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDA re for the
following items, which may occur in any period, and refer to this measure as Adjusted EBITDA re:
•Property Insurance Gains and Property Damage Losses – We exclude the effect of property insurance gains reflected in our condensed consolidated
statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our
assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection
with the calculation of the property insurance gain often does not reflect the market value of real estate assets. Similarly, losses from property damage
or remediation costs that are not covered through insurance are excluded.
•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the
year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.
•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the
ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are
reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs
incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred
at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance
costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.
•Effective January 1, 2025, we 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 EBITDA re for the majority of other lodging REIT filers.
In unusual circumstances, we also may adjust EBITDA re 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.
© Host Hotels & Resorts, Inc.37
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
LIMITATIONS ON THE USE OF NAREIT FFO PER DILUTED SHARE, ADJUSTED FFO PER DILUTED SHARE, EBITDA, EBITDA re AND ADJUSTED
EBITDA re
We calculate EBITDA re 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 EBITDA re and FFO or do not calculate FFO per diluted share in accordance with NAREIT
guidance. In addition, although EBITDA re 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 EBITDA re, 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, EBITDA re and Adjusted
EBITDA re 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, EBITDA re, Adjusted EBITDA re, 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, EBITDA re and
Adjusted EBITDA re 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, EBITDA re, Adjusted EBITDA re, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments,
and NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of non-controlling partners in consolidated partnerships. Our
equity investments consist of interests ranging from 11% to 67% in eight domestic and international partnerships that own a total of 42 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, EBITDA re and Adjusted EBITDA re 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.
© Host Hotels & Resorts, Inc.38
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
COMPARABLE HOTEL PROPERTY LEVEL OPERATING RESULTS
We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a
comparable hotel, or "same store," basis as supplemental information for our investors. Our comparable hotel results present operating results for our hotels
without giving effect to dispositions or properties that experienced closures due to renovations or property damage, as discussed in “Comparable Hotel
Operating Statistics and Results” above. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our
comparable hotels after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and
amortization expense). Corporate-level costs and expenses also are removed to arrive at property-level results. We believe these property-level results provide
investors with supplemental information about the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by
location and for the Company’s properties in the aggregate. We eliminate from our comparable hotel level operating results severance costs related to broad-
based and significant property-level reconfiguration that is not considered to be within the normal course of business, as we believe this elimination provides
useful supplemental information that is beneficial to an investor’s understanding of our ongoing operating performance. We also eliminate depreciation and
amortization expense because, even though depreciation and amortization expense are property-level expenses, these non-cash expenses, which are based on
historical cost accounting for real estate assets, implicitly assume that the value of real estate assets diminishes predictably over time. As noted earlier, because
real estate values historically have risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost
accounting for operating results to be insufficient.
Because of the elimination of corporate-level costs and expenses, gains or losses on disposition, certain severance expenses and depreciation and amortization
expense, the comparable hotel operating results we present do not represent our total revenues, expenses, operating profit or net income and should not be
used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to
the extent they are material to operating decisions or assessments of our operating performance. Our condensed consolidated statements of operations include
such amounts, all of which should be considered by investors when evaluating our performance.
We present these hotel operating results on a comparable hotel basis because we believe that doing so provides investors and management with useful
information for evaluating the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular,
these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of
operations at comparable hotels (which represent the vast majority of our portfolio) or from other factors. While management believes that presentation of
comparable hotel results is a supplemental measure that provides useful information in evaluating our ongoing performance, this measure is not used to
allocate resources or to assess the operating performance of each of our hotels, as these decisions are based on data for individual hotels and are not based on
comparable hotel results in the aggregate. For these reasons, we believe comparable hotel operating results, when combined with the presentation of GAAP
operating profit, revenues and expenses, provide useful information to investors and management.
© Host Hotels & Resorts, Inc.39
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
CREDIT FACILITY – LEVERAGE, UNSECURED INTEREST COVERAGE AND CONSOLIDATED FIXED CHARGE COVERAGE RATIOS
Host’s credit facility contains certain financial covenants, including allowable leverage, unsecured interest coverage and fixed charge ratios, which are
determined using EBITDA as calculated under the terms of our credit facility (“Adjusted Credit Facility EBITDA”). The leverage ratio is defined as net debt plus
preferred equity to Adjusted Credit Facility EBITDA. The unsecured interest coverage ratio is defined as unencumbered Adjusted Credit Facility EBITDA to
unsecured consolidated interest expense. The fixed charge coverage ratio is defined as Adjusted Credit Facility EBITDA divided by fixed charges, which include
interest expense, required debt amortization payments, cash taxes and preferred stock payments. These calculations are based on pro forma results for the prior
four fiscal quarters giving effect to transactions such as acquisitions, dispositions and financings as if they occurred at the beginning of the period. The credit
facility also incorporates by reference the ratio of unencumbered assets to unsecured indebtedness test from our senior notes indentures, calculated in the same
manner, and the covenant is discussed below with the senior notes covenants.
Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100
million are deducted from our total debt balance. Management believes these financial ratios provide useful information to investors regarding our compliance
with the covenants in our credit facility and our ability to access the capital markets, in particular debt financing.
SENIOR NOTES INDENTURE – INDEBTEDNESS TEST, SECURED INDEBTEDNESS TO TOTAL ASSETS TEST, EBITDA-TO-INTEREST COVERAGE
RATIO AND RATIO OF UNENCUMBERED ASSETS TO UNSECURED INDEBTEDNESS
Host’s senior notes indentures contains certain financial covenants, including allowable indebtedness, secured indebtedness to total assets, EBITDA-to-interest
coverage and unencumbered assets to unsecured indebtedness. The indebtedness test is defined as adjusted indebtedness, which includes total debt adjusted
for deferred financing costs, divided by adjusted total assets, which includes undepreciated real estate book values (“Adjusted Total Assets”). The secured
indebtedness to total assets is defined as secured indebtedness, which includes mortgage debt and finance leases, divided by Adjusted Total Assets. The
EBITDA-to-interest coverage ratio is defined as EBITDA as calculated under our senior notes indenture (“Adjusted Senior Notes EBITDA”) to interest expense as
defined by our senior notes indenture. The ratio of unencumbered assets to unsecured indebtedness is defined as unencumbered adjusted assets, which
includes Adjusted Total Assets less encumbered assets, divided by unsecured debt, which includes the aggregate principal amount of outstanding unsecured
indebtedness plus contingent obligations.
Under the terms of the senior notes indentures, interest expense excludes items such as the gains and losses on the extinguishment of debt, deferred financing
charges related to the senior notes or the credit facility, amortization of debt premiums or discounts that were recorded at issuance of a loan to establish its fair
value and non-cash interest expense, all of which are included in interest expense on our consolidated statement of operations. As with the credit facility
covenants, management believes these financial ratios provide useful information to investors regarding our compliance with the covenants in our senior notes
indentures and our ability to access the capital markets, in particular debt financing.
© Host Hotels & Resorts, Inc.40
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP FINANCIAL MEASURES (continued)
LIMITATIONS ON CREDIT FACILITY AND SENIOR NOTES CREDIT RATIOS
These metrics are useful in evaluating the Company’s compliance with the covenants contained in its credit facility and senior notes indentures. However,
because of the various adjustments taken to the ratio components as a result of negotiations with the Company’s lenders and noteholders they should not be
considered as an alternative to the same ratios determined in accordance with GAAP. For instance, interest expense as calculated under the credit facility and
senior notes indenture excludes the items noted above such as deferred financing charges and amortization of debt premiums or discounts, all of which are
included in interest expense on our consolidated statement of operations. Management compensates for these limitations by separately considering the impact
of these excluded items to the extent they are material to operating decisions or assessments of performance. In addition, because the credit facility and
indenture ratio components are also based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions
and financings as if they occurred at the beginning of the period, they are not reflective of actual performance over the same period calculated in accordance
with GAAP.