false000107075000010707502023-11-012023-11-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________
FORM 8-K
_________________________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 1, 2023
_________________________________________________________
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 November 1, 2023, Host Hotels & Resorts, Inc. issued a press release announcing its financial results for the third quarter ended September 30, 2023. The press release referred to supplemental financial information for the quarter that is available on the Company’s website at www.hosthotels.com. A copy of the press release and the supplemental financial information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report.
The information in this Report, including the exhibits, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information in this Report, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933 regardless of any general incorporation language in such filings.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits
Exhibit No.Description
99.1
99.2
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: November 1, 2023
By:
/S/ JOSEPH C. OTTINGER
Name:Joseph C. Ottinger
Title:Senior Vice President and Corporate Controller


hostlogo4color-png_9744.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 Third Quarter 2023 Results
Maintains Midpoint of Full Year RevPAR Growth Guidance
Repurchases $100 Million of Common Shares in Quarter
Announces Hyatt Transformational Capital Program
BETHESDA, MD; November 1, 2023 – Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for third quarter of 2023.
OPERATING RESULTS
(unaudited, in millions, except per share and hotel statistics)
Quarter ended September 30,Year-to-date ended September 30,
20232022Percent Change 20232022Percent Change
Revenues$1,214 $1,189 2.1 %$3,988 $3,644 9.4 %
Comparable hotel revenues⁽¹⁾
1,181 1,188 (0.6 %)3,909 3,522 11.0 %
Comparable hotel Total RevPAR⁽¹⁾
312.35 314.25 (0.6 %)348.41 313.90 11.0 %
Comparable hotel RevPAR⁽¹⁾
201.32 197.76 1.8 %214.67 194.49 10.4 %
Net income$113 $116 (2.6 %)$618 $494 25.1 %
EBITDAre⁽¹⁾
361 328 10.1 %1,251 1,140 9.7 %
Adjusted EBITDAre⁽¹⁾
361 328 10.1 %1,251 1,134 10.3 %
Diluted earnings per common share0.16 0.16 — %0.85 0.68 25.0 %
NAREIT FFO per diluted share⁽¹⁾
0.41 0.38 7.9 %1.48 1.35 9.6 %
Adjusted FFO per diluted share⁽¹⁾
0.41 0.38 7.9 %1.48 1.35 9.6 %
*Additional detail on the Company’s results, including data for 22 domestic markets, is available in the Third Quarter 2023 Supplemental Financial Information on the Company’s website at www.hosthotels.com.
James F. Risoleo, President and Chief Executive Officer, said, “Host delivered comparable hotel RevPAR growth of 1.8% over the third quarter of 2022, driven by improvements in group business, which were offset by moderating rates at our resort properties. We continued to see positive operating trends at our convention and downtown hotels leading to an increase in occupancy of 150 basis points for the quarter."
Risoleo continued, “We have also reached an agreement with Hyatt to complete transformational reinvestment capital projects at six properties as we build on our successful capital allocation strategy over the past few years. In addition, we repurchased approximately $100 million of our common stock and paid a third quarter dividend of $0.18 per share, a 20% increase over the second quarter dividend. Despite the impact of the wildfires in Maui, we maintained the midpoint of our previous full year comparable hotel RevPAR growth at 8% and tightened our full year guidance range to 7.25% to 8.75%, which remains relatively wide given the evolving nature of demand on Maui. We believe our strong balance sheet puts us in a position to execute on multiple fronts, and as a result, leaves Host well positioned for future growth.”
_______________________________
(1)NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (“SEC”). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.

HOST HOTELS & RESORTS, INC. NEWS RELEASE
November 1, 2023
HIGHLIGHTS:
•Comparable hotel RevPAR was $201.32 in the third quarter and $214.67 year-to-date, representing an increase of 1.8% and 10.4%, respectively, compared to the same periods in 2022, primarily driven by an increase in occupancy for the quarter and growth in both occupancy and rate year-to-date. Continued growth in city-center markets fueled by improvements in group business led to the overall improvement, offsetting moderating rates at resorts in comparison to the third quarter of 2022.
•Comparable hotel Total RevPAR was $312.35 for the third quarter and $348.41 year-to-date, representing a decrease of 0.6% and an increase of 11.0%, respectively, compared to the same periods in 2022. The decrease for the quarter was driven by the impacts of the wildfires in Maui and lower attrition and cancelation fees and group spend in comparison to the third quarter of 2022.
•Generated GAAP net income of $113 million in the third quarter, a slight decrease compared to the third quarter of 2022, while GAAP operating profit margin was 12.9% for the quarter, an increase of 50 basis points compared to the third quarter of 2022. For the quarter, business interruption gains of $54 million were offset by the decline in comparable hotel EBITDA, discussed below, and taxes related to the business interruption gains. Year-to-date, GAAP net income of $618 million reflected an increase compared to 2022, primarily due to an increase in operating profit and gain on asset sales, while GAAP operating profit margin remained static compared to 2022 at 16.4%.
•Comparable hotel EBITDA was $314 million for the third quarter, representing a decline compared to third quarter 2022 results, and reflecting a decrease in comparable hotel EBITDA margin of 280 basis points to 26.6%. As expected, in addition to higher insurance and utility expenses, third quarter margin declines were driven by stabilized staffing levels in comparison to third quarter of 2022, and lower attrition and cancelation fees. Year-to-date, comparable hotel EBITDA was $1,202 million and comparable hotel EBITDA margin was 30.8%.
•Adjusted EBITDAre was $361 million for the third quarter and $1,251 million year-to-date, both exceeding the same periods in 2022 and benefiting from the business interruption proceeds discussed below.
•As of November 1, 2023, the Company has received insurance proceeds of $208 million out of the expected potential insurance recovery of approximately $310 million for covered costs related to damage and disruption caused by Hurricane Ian in September 2022. In the third quarter, $54 million of these proceeds were recognized as a gain on business interruption.
•Following the August wildfires in Maui, Hawaii, the Company's three hotels in that region continue to provide food and shelter for employees, their families, and emergency response teams. The Hyatt Regency Maui Resort and Spa began welcoming back new guests on November 1. While there was not any reported property damage to the Company's hotels or golf courses, the Company estimates that net income and Adjusted EBITDAre from its Maui hotels and joint venture timeshare were impacted by approximately $7 million in the third quarter, RevPAR was impacted by 60 basis points and Total RevPAR was impacted by 120 basis points.
•Reached an agreement with Hyatt to complete transformational reinvestment capital projects at six properties in the Company's portfolio, the Grand Hyatt Atlanta in Buckhead, Grand Hyatt Washington, Manchester Grand Hyatt San Diego, Hyatt Regency Austin, Hyatt Regency Washington on Capitol Hill, and Hyatt Regency Reston. These investments are intended to position the targeted hotels to compete better in their respective markets while seeking to enhance long-term performance. The total investment is expected to be approximately $550-$600 million, two-thirds of which the Company was planning to invest as part of its capital plan over the next few years. The Company expects to invest $125-$200 million per year over the next three to four years on this program. Hyatt has agreed to provide additional priority returns on the agreed upon investments and operating profit guarantees totaling $40 million to offset expected business disruptions.
•Comparable hotel RevPAR for October is estimated to be $229, a 2.4% improvement over 2022.
© Host Hotels & Resorts, Inc.
PAGE 2 OF 23
HOST HOTELS & RESORTS, INC. NEWS RELEASE
November 1, 2023
BALANCE SHEET
The Company maintains a robust balance sheet, with the following balances at September 30, 2023:
•Total assets of $12.3 billion.
•Debt balance of $4.2 billion, with a weighted average maturity of 4.5 years, a weighted average interest rate of 4.6%, and a balanced maturity schedule with the next significant maturity of $400 million due in April 2024.
•Total available liquidity of approximately $2.6 billion, including furniture, fixtures and equipment escrow reserves of $218 million and $1.5 billion available under the revolver portion of the credit facility.
During the third quarter of 2023, the $163 million loan to the buyer of the Sheraton Boston Hotel was repaid in full.
SHARE REPURCHASE PROGRAM AND DIVIDENDS
During the third quarter of 2023, the Company repurchased 6.3 million shares at an average price of $15.90 per share through its common share repurchase program for a total of $100 million. Year-to-date in 2023, the Company repurchased 9.5 million shares at an average price of $15.82 per share for a total of $150 million. The Company has approximately $823 million of remaining capacity under the repurchase program, pursuant to which its common stock may be purchased from time to time, depending upon market conditions.
The Company paid a third quarter common stock cash dividend of $0.18 per share, an increase of $0.03, or 20%, over its second quarter dividend, on October 16, 2023 to stockholders of record on September 30, 2023. All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors.
HOTEL BUSINESS MIX UPDATE
The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 65%, 32%, and 3%, respectively, of its full year 2022 room sales.
The following are the results for transient, group and contract business in comparison to 2022 performance, for the Company's current portfolio:
Quarter ended September 30, 2023Year-to-date ended September 30, 2023
Transient Group Contract Transient Group Contract
Room nights (in thousands)1,526 990 201 4,375 3,112 533 
Percent change in room nights vs. same period in 20220.4 %1.8 %20.7 %2.5 %15.0 %15.1 %
Rooms revenues (in millions)$472 $252 $37 $1,465 $844 $99 
Percent change in revenues vs. same period in 2022(3.3 %)9.8 %24.9 %3.0 %23.7 %28.2 %
© Host Hotels & Resorts, Inc.
PAGE 3 OF 23
HOST HOTELS & RESORTS, INC. NEWS RELEASE
November 1, 2023
CAPITAL EXPENDITURES
The following presents the Company’s capital expenditures spend through the third quarter of 2023 and the forecast for full year 2023 (in millions):
Year-to-date ended September 30, 20232023 Full Year Forecast
ActualLow-end of rangeHigh-end of range
ROI - Marriott Transformational Capital Program$22 $25 $30 
All other return on investment ("ROI") projects118 175 200 
Total ROI Projects140 200 230 
Renewals and Replacements ("R&R")194 265 290 
R&R and ROI Capital expenditures334 465 520 
R&R - Insurable Reconstruction138 150 175 
Total Capital Expenditures$472 $615 $695 
2023 OUTLOOK
Despite the impact of the wildfires in Maui, which is expected to continue into the fourth quarter, and continued macroeconomic concerns, the Company maintained the midpoint of its previous full year expected comparable hotel RevPAR growth at 8%, tightening its full year comparable hotel RevPAR guidance range to 7.25% to 8.75% growth over 2022. At the midpoint of guidance, the Company’s full year 2023 expected RevPAR is forecast to be 5.6% above 2019. The Company estimates that at the midpoint of guidance the wildfires in Maui will negatively impact its full year Total RevPAR by 70 basis points, RevPAR by 50 basis points, and net income and Adjusted EBITDAre by $30 million. For the fourth quarter, these impacts are expected to be a 160 basis points impact to Total RevPAR, a 150 basis point impact to RevPAR and a decrease to net income and Adjusted EBITDAre of $23 million.
In comparison to 2019, which the Company believes is the most relevant comparison, operating profit margins and comparable hotel EBITDA margins are expected to increase 110 basis points and 40 basis points, respectively, at the midpoint of guidance. However, as expected, margins for the full year are anticipated to decline in comparison to 2022, driven by closer to stable staffing levels, higher wages, insurance and utility expenses, lower attrition and cancelation fees, and occupancy below 2019 levels. The guidance range for net income and Adjusted EBITDAre includes an additional $26 million of gains from business interruption proceeds expected to be received in the fourth quarter related to Hurricane Ian, with any remaining proceeds expected to be received in 2024.
The Company anticipates its 2023 operating results as compared to 2022 will be in the following range:
Current Full Year 2023 GuidanceCurrent Full Year 2023 Guidance Change vs. 2022Previous Full Year 2023 Guidance Change vs. 2022Change in Full Year 2023 Guidance to the Mid-Point
Comparable hotel Total RevPAR$341 to $3457.1% to 8.5% 7.2% to 9.0% (30) bps
Comparable hotel RevPAR$210 to $2137.25% to 8.75% 7.0% to 9.0% 0 bps
Total revenues under GAAP$5,248 to $5,3216.9% to 8.4% 6.9% to 8.8% (10) bps
Operating profit margin under GAAP15.4% to 16.0% (40) bps to (20) bps(170) bps to (100) bps120 bps
Comparable hotel EBITDA margin29.7% to 30.1% (210) bps to (170) bps(210) bps to (170) bps0 bps
© Host Hotels & Resorts, Inc.
PAGE 4 OF 23
HOST HOTELS & RESORTS, INC. NEWS RELEASE
November 1, 2023
Based upon the above parameters, the Company estimates its 2023 guidance as follows:
Current Full Year 2023 GuidancePrevious Full Year 2023 GuidanceChange in Full Year 2023 Guidance to the Mid-Point
Net income (in millions)$741 to $781$700 to $748$36
Adjusted EBITDAre (in millions)$1,600 to $1,640$1,535 to $1,585$60
Diluted earnings per common share$1.02 to $1.08$0.97 to $1.03$0.05
NAREIT FFO per diluted share$1.89 to $1.95$1.82 to $1.88$0.07
Adjusted FFO per diluted share$1.90 to $1.95$1.82 to $1.89$0.06
See the 2023 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Third Quarter 2023 Supplemental Financial Information for additional detail on the mid-point of full year 2023 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 72 properties in the United States and five properties internationally totaling approximately 42,000 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Four Seasons®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company’s website at www.hosthotels.com.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements which include, but may not be limited to, our expectations regarding the impact of the COVID-19 pandemic on our business, the recovery of travel and the lodging industry, the impact of Hurricane Ian and 2023 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company’s annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of November 1, 2023 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 has any responsibility or liability for any information contained in this press release.
*** Tables to Follow ***
© Host Hotels & Resorts, Inc.
PAGE 5 OF 23
HOST HOTELS & RESORTS, INC. NEWS RELEASE
November 1, 2023
Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of September 30, 2023, 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.
PAGE NO.
September 30, 2023 and December 31, 2022
Quarter and Year-to-date ended September 30, 2023 and 2022
Quarter and Year-to-date ended September 30, 2023 and 2022
Hotel Operating Data
© Host Hotels & Resorts, Inc.
PAGE 6 OF 23
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)


September 30, 2023December 31, 2022
ASSETS
Property and equipment, net $9,679 $9,748 
Right-of-use assets553 556 
Due from managers 78 94 
Advances to and investments in affiliates 139 132 
Furniture, fixtures and equipment replacement fund 218 200 
Notes receivable322 413 
Other 387 459 
Cash and cash equivalents916 667 
Total assets $12,292 $12,269 
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes$3,119 $3,115 
Credit facility, including the term loans of $997 and $998, respectively988 994 
Mortgage and other debt105 106 
Total debt4,212 4,215 
Lease liabilities565 568 
Accounts payable and accrued expenses 228 372 
Due to managers72 67 
Other 184 168 
Total liabilities 5,261 5,390 
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. 157 164 
Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized, 705.4 million shares and 713.4 million shares issued and outstanding, respectively7 7 
Additional paid-in capital 7,588 7,717 
Accumulated other comprehensive loss(73)(75)
Deficit (652)(939)
Total equity of Host Hotels & Resorts, Inc. stockholders 6,870 6,710 
Non-redeemable non-controlling interests—other consolidated partnerships4 5 
Total equity6,874 6,715 
Total liabilities, non-controlling interests and equity $12,292 $12,269 
__________
(1)Please see our Third Quarter 2023 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 23
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)

Quarter ended September 30,Year-to-date ended
September 30,
2023202220232022
Revenues
Rooms$777 $746 $2,447 $2,251 
Food and beverage328 330 1,174 1,032 
Other109 113 367 361 
Total revenues 1,214 1,189 3,988 3,644 
Expenses
Rooms196 190 590 539 
Food and beverage241 230 773 675 
Other departmental and support expenses314 300 952 873 
Management fees51 48 185 150 
Other property-level expenses106 90 290 252 
Depreciation and amortization174 164 511 498 
Corporate and other expenses⁽¹⁾
29 29 90 77 
Gain on insurance and business interruption settlements
(54)(10)(57)(17)
Total operating costs and expenses1,057 1,041 3,334 3,047 
Operating profit157 148 654 597 
Interest income22 10 56 17 
Interest expense(48)(40)(142)(113)
Other gains1 5 70 19 
Equity in earnings (losses) of affiliates(4)(1)7 3 
Income before income taxes128 122 645 523 
Provision for income taxes(15)(6)(27)(29)
Net income113 116 618 494 
Less: Net income attributable to non-controlling interests(2)(2)(10)(8)
Net income attributable to Host Inc.$111 $114 $608 $486 
Basic and diluted earnings per common share$0.16 $0.16 $0.85 $0.68 
___________
(1)Corporate and other expenses include the following items:
Quarter ended September 30,Year-to-date ended September 30,
2023202220232022
General and administrative costs$20 $20 $61 $58 
Non-cash stock-based compensation expense6 9 19 19 
Litigation accruals3 — 10 — 
       Total $29 $29 $90 $77 
PAGE 8 OF 23
HOST HOTELS & RESORTS, INC.
Earnings per Common Share
(unaudited, in millions, except per share amounts)

Quarter ended September 30,Year-to-date ended September 30,
2023202220232022
Net income$113 $116 $618 $494 
Less: Net income attributable to non-controlling interests(2)(2)(10)(8)
Net income attributable to Host Inc.$111 $114 $608 $486 
Basic weighted average shares outstanding 709.7714.9711.4714.7
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market2.22.72.22.7
Diluted weighted average shares outstanding⁽¹⁾711.9 717.6 713.6 717.4 
Basic and diluted earnings per common share$0.16 $0.16 $0.85 $0.68 
___________
(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 23
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels

Comparable Hotel Results by Location(1)
As of September 30, 2023
Quarter ended September 30, 2023Quarter ended September 30, 2022
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
Maui/Oahu42,006$565.03 69.7 %$393.67 $549.52 $565.30 73.6 %$416.12 $643.57 (5.4)%(14.6)%
Jacksonville1446479.33 69.2 331.47 726.78 487.53 67.0 326.67 707.75 1.5 2.7 
Miami21,033377.39 50.3 189.66 358.25 457.43 50.2 229.66 427.55 (17.4)(16.2)
Florida Gulf Coast3941309.76 62.7 194.17 381.17 327.19 62.2 203.68 386.66 (4.7)(1.4)
Phoenix31,545263.79 59.6 157.18 368.20 264.31 58.4 154.24 408.94 1.9 (10.0)
Orlando22,448309.53 64.9 200.78 419.73 327.78 61.4 201.23 427.58 (0.2)(1.8)
New York22,486334.84 87.0 291.33 387.71 309.77 84.3 260.99 351.90 11.6 10.2 
Los Angeles/Orange County31,067314.25 85.9 269.85 375.29 303.74 86.4 262.42 373.36 2.8 0.5 
San Diego33,294295.59 83.5 246.81 441.94 292.38 85.4 249.83 440.67 (1.2)0.3 
Boston21,496273.06 83.8 228.75 291.12 263.46 63.8 167.99 223.00 36.2 30.5 
Washington, D.C. (CBD)53,240244.50 71.5 174.94 248.36 237.56 65.7 156.01 223.72 12.1 11.0 
Philadelphia2810231.09 82.6 190.83 288.59 221.65 85.9 190.48 286.56 0.2 0.7 
Austin2767225.87 59.0 133.29 242.58 233.32 68.3 159.46 289.77 (16.4)(16.3)
Northern Virginia2916233.30 72.0 168.00 250.70 214.33 67.2 144.06 219.78 16.6 14.1 
San Francisco/San Jose64,162241.34 72.8 175.71 241.07 244.45 71.3 174.35 250.97 0.8 (3.9)
Chicago31,562253.34 79.5 201.35 280.27 263.27 79.3 208.86 286.41 (3.6)(2.1)
Seattle21,315271.12 81.0 219.56 285.88 264.88 81.9 216.97 274.62 1.2 4.1 
Atlanta2810182.03 75.0 136.49 210.62 183.46 72.8 133.57 199.97 2.2 5.3 
Houston51,942191.21 66.3 126.73 172.15 176.72 62.1 109.74 149.01 15.5 15.5 
San Antonio21,512194.04 53.5 103.87 167.34 190.72 64.5 122.96 194.39 (15.5)(13.9)
New Orleans11,333147.45 58.9 86.87 133.83 163.33 63.6 103.87 158.20 (16.4)(15.4)
Denver31,340204.48 79.9 163.34 235.48 197.50 76.5 151.18 214.65 8.0 9.7 
Other103,061326.91 68.5 223.86 333.59 347.16 64.3 223.09 332.55 0.3 0.3 
Domestic7039,532283.04 72.1 203.98 317.54 283.94 70.6 200.53 319.95 1.7 (0.8)
International51,499199.27 65.7 130.95 174.16 200.98 62.0 124.66 162.44 5.0 7.2 
All Locations7541,031280.24 71.8 201.32 312.35 281.27 70.3 197.76 314.25 1.8 (0.6)
PAGE 10 OF 23
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Comparable Hotel Results by Location(1)
As of September 30, 2023
Year-to-date ended September 30, 2023Year-to-date ended September 30, 2022
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
Maui/Oahu42,006$588.70 73.2 %$430.85 $642.10 $559.15 76.0 %$424.91 $658.15 1.4 %(2.4 %)
Jacksonville1446515.29 72.8 375.31 823.23 533.33 69.5 370.85 799.91 1.2 2.9 
Miami21,033538.29 65.8 354.38 620.61 618.23 62.8 388.09 647.24 (8.7)(4.1)
Florida Gulf Coast3941398.34 74.3 295.96 624.60 403.93 73.7 297.56 594.22 (0.5)5.1 
Phoenix31,545401.67 71.8 288.45 630.82 392.14 69.3 271.69 608.49 6.2 3.7 
Orlando22,448369.46 71.4 263.81 533.70 395.30 64.4 254.71 498.62 3.6 7.0 
New York22,486323.10 81.6 263.58 375.42 305.98 68.8 210.55 297.35 25.2 26.3 
Los Angeles/Orange County31,067303.01 82.8 250.80 360.45 290.28 79.6 231.14 332.23 8.5 8.5 
San Diego33,294286.71 81.2 232.85 432.14 275.85 76.1 209.91 376.43 10.9 14.8 
Boston21,496262.27 78.7 206.41 272.25 246.01 57.4 141.27 186.74 46.1 45.8 
Washington, D.C. (CBD)53,240276.94 71.3 197.40 285.28 258.02 60.5 156.14 222.68 26.4 28.1 
Philadelphia2810230.17 80.1 184.43 285.52 212.19 79.8 169.40 258.46 8.9 10.5 
Austin2767259.09 66.6 172.50 309.26 261.29 70.3 183.71 319.55 (6.1)(3.2)
Northern Virginia2916241.35 70.5 170.04 256.35 215.60 65.3 140.83 212.13 20.7 20.8 
San Francisco/San Jose64,162254.24 66.8 169.73 246.35 230.51 63.1 145.43 209.56 16.7 17.6 
Chicago31,562244.43 69.2 169.15 240.13 238.34 64.8 154.44 212.39 9.5 13.1 
Seattle21,315242.11 69.1 167.33 226.93 234.51 64.1 150.37 194.36 11.3 16.8 
Atlanta2810190.91 75.0 143.15 230.87 181.26 72.2 130.94 204.64 9.3 12.8 
Houston51,942201.57 70.6 142.37 196.37 180.33 63.4 114.29 158.00 24.6 24.3 
San Antonio21,512217.64 62.4 135.91 217.29 194.11 67.3 130.73 201.94 4.0 7.6 
New Orleans11,333195.70 68.9 134.85 204.28 196.59 65.3 128.42 187.76 5.0 8.8 
Denver31,340193.63 65.0 125.92 180.78 183.44 63.9 117.14 169.54 7.5 6.6 
Other103,061322.01 65.5 210.89 320.75 332.09 60.8 201.98 300.75 4.4 6.6 
Domestic7039,532303.99 71.8 218.31 355.19 297.46 66.8 198.61 321.16 9.9 10.6 
International51,499188.41 62.9 118.58 168.30 159.59 53.6 85.55 120.75 38.6 39.4 
All Locations7541,031300.28 71.5 214.67 348.41 293.40 66.3 194.49 313.90 10.4 11.0 
___________
(1)See the Notes to Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.
PAGE 11 OF 23
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Results by Location - actual, based on ownership period(1)
As of September 30,
20232022Quarter ended September 30, 2023Quarter ended September 30, 2022
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
Maui/Oahu44$565.03 69.7 %$393.67 $549.52 $565.30 73.6 %$416.12 $643.57 (5.4)%(14.6)%
Jacksonville11479.33 69.2 331.47 726.78 487.53 67.0 326.67 707.75 1.5 2.7 
Miami22377.39 50.3 189.66 358.25 457.43 50.2 229.66 427.55 (17.4)(16.2)
Florida Gulf Coast55328.97 58.5 192.44 384.90 330.56 53.9 178.01 344.04 8.1 11.9 
Phoenix34263.79 59.6 157.18 368.20 251.77 58.1 146.25 372.05 7.5 (1.0)
Orlando22309.53 64.9 200.78 419.73 327.78 61.4 201.23 427.58 (0.2)(1.8)
New York22334.84 87.0 291.33 387.71 309.77 84.3 260.99 351.90 11.6 10.2 
Los Angeles/Orange County33314.25 85.9 269.85 375.29 303.74 86.4 262.42 373.36 2.8 0.5 
San Diego33295.59 83.5 246.81 441.94 292.38 85.4 249.83 440.67 (1.2)0.3 
Boston22273.06 83.8 228.75 291.12 263.46 63.8 167.99 223.00 36.2 30.5 
Washington, D.C. (CBD)55244.50 71.5 174.94 248.36 237.56 65.7 156.01 223.72 12.1 11.0 
Philadelphia22231.09 82.6 190.83 288.59 221.65 85.9 190.48 286.56 0.2 0.7 
Austin22225.87 59.0 133.29 242.58 233.32 68.3 159.46 289.77 (16.4)(16.3)
Northern Virginia22233.30 72.0 168.00 250.70 214.33 67.2 144.06 219.78 16.6 14.1 
San Francisco/San Jose66241.34 72.8 175.71 241.07 244.45 71.3 174.35 250.97 0.8 (3.9)
Chicago33253.34 79.5 201.35 280.27 253.75 77.8 197.54 269.26 1.9 4.1 
Seattle22271.12 81.0 219.56 285.88 264.88 81.9 216.97 274.62 1.2 4.1 
Atlanta22182.03 75.0 136.49 210.62 183.46 72.8 133.57 199.97 2.2 5.3 
Houston55191.21 66.3 126.73 172.15 176.72 62.1 109.74 149.01 15.5 15.5 
San Antonio22194.04 53.5 103.87 167.34 190.72 64.5 122.96 194.39 (15.5)(13.9)
New Orleans11147.45 58.9 86.87 133.83 163.33 63.6 103.87 158.20 (16.4)(15.4)
Denver33204.48 79.9 163.34 235.48 197.50 76.5 151.18 214.65 8.0 9.7 
Other109326.91 68.5 223.86 333.59 261.04 63.6 166.04 240.26 34.8 38.8 
Domestic7272284.23 71.7 203.67 319.19 277.68 69.9 194.13 310.91 4.9 2.7 
International55199.27 65.7 130.95 174.16 200.98 62.0 124.66 162.44 5.0 7.2 
All Locations7777281.45 71.4 201.08 314.05 275.25 69.6 191.66 305.69 4.9 2.7 
PAGE 12 OF 23
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Results by Location - actual, based on ownership period(1)
As of September 30,
20232022Year-to-date ended September 30, 2023Year-to-date ended September 30, 2022
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
Maui/Oahu44$588.70 73.2 %$430.85 $642.10 $559.15 76.0 %$424.91 $658.15 1.4 %(2.4 %)
Jacksonville11515.29 72.8 375.31 823.23 533.33 69.5 370.85 799.91 1.2 2.9 
Miami22538.29 65.8 354.38 620.61 573.01 64.5 369.80 609.25 (4.2)1.9 
Florida Gulf Coast55371.22 58.6 217.52 459.32 442.56 65.9 291.82 574.12 (25.5)(20.0)
Phoenix34398.12 72.1 286.88 619.02 366.88 69.1 253.45 551.73 13.2 12.2 
Orlando22369.46 71.4 263.81 533.70 395.30 64.4 254.71 498.62 3.6 7.0 
New York22323.10 81.6 263.58 375.42 288.08 63.5 182.96 256.78 44.1 46.2 
Los Angeles/Orange County33303.01 82.8 250.80 360.45 290.28 79.6 231.14 332.23 8.5 8.5 
San Diego33286.71 81.2 232.85 432.14 275.85 76.1 209.91 376.43 10.9 14.8 
Boston22262.27 78.7 206.41 272.25 240.93 55.5 133.65 175.93 54.4 54.8 
Washington, D.C. (CBD)55276.94 71.3 197.40 285.28 258.02 60.5 156.14 222.68 26.4 28.1 
Philadelphia22230.17 80.1 184.43 285.52 212.19 79.8 169.40 258.46 8.9 10.5 
Austin22259.09 66.6 172.50 309.26 261.29 70.3 183.71 319.55 (6.1)(3.2)
Northern Virginia22241.35 70.5 170.04 256.35 215.60 65.3 140.83 212.13 20.7 20.8 
San Francisco/San Jose66254.24 66.8 169.73 246.35 230.51 63.1 145.43 209.56 16.7 17.6 
Chicago33244.43 69.2 169.15 240.13 227.82 63.1 143.86 196.43 17.6 22.2 
Seattle22242.11 69.1 167.33 226.93 234.51 64.1 150.37 194.36 11.3 16.8 
Atlanta22190.91 75.0 143.15 230.87 181.26 72.2 130.94 204.64 9.3 12.8 
Houston55201.57 70.6 142.37 196.37 180.33 63.4 114.29 158.00 24.6 24.3 
San Antonio22217.64 62.4 135.91 217.29 194.11 67.3 130.73 201.94 4.0 7.6 
New Orleans11195.70 68.9 134.85 204.28 196.59 65.3 128.42 187.76 5.0 8.8 
Denver33193.63 65.0 125.92 180.78 183.44 63.9 117.14 169.54 7.5 6.6 
Other109322.01 65.5 210.89 320.75 264.87 61.2 162.17 233.33 30.0 37.5 
Domestic7272304.28 71.2 216.53 353.71 293.77 66.1 194.23 315.02 11.5 12.3 
International55188.41 62.9 118.58 168.30 159.59 53.6 85.55 120.75 38.6 39.4 
All Locations7777300.61 70.9 213.04 347.14 289.98 65.7 190.46 308.35 11.9 12.6 
___________
(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 23
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results (1)
(unaudited, in millions, except hotel statistics)

Quarter ended September 30,Year-to-date ended September 30,
2023202220232022
Number of hotels75 75 75 75 
Number of rooms41,031 41,031 41,031 41,031 
Change in comparable hotel Total RevPAR(0.6 %)— 11.0 %— 
Change in comparable hotel RevPAR1.8 %— 10.4 %— 
Operating profit margin⁽²⁾
12.9 %12.4 %16.4 %16.4 %
Comparable hotel EBITDA margin⁽²⁾
26.6 %29.4 %30.8 %32.5 %
Food and beverage profit margin⁽²⁾26.5 %30.3 %34.2 %34.6 %
Comparable hotel food and beverage profit margin⁽²⁾
27.6 %31.0 %34.6 %35.1 %
Net income$113 $116 $618 $494 
Depreciation and amortization174 164 511 498 
Interest expense48 40 142 113 
Provision for income taxes15 6 27 29 
Gain on sale of property and corporate level income/expense10 15 (43)32 
Severance expense at hotel properties— — — 2 
Property transaction adjustments⁽³⁾
— 8 (3)24 
Non-comparable hotel results, net⁽⁴⁾
(46)— (50)(48)
Comparable hotel EBITDA⁽¹⁾
$314 $349 $1,202 $1,144 
___________
(1)See the Notes to Financial Information for a discussion of comparable hotel results, which are non-GAAP measures, and the limitations on their use. For additional information on comparable hotel EBITDA by location, see the Third Quarter 2023 Supplemental Financial Information posted on our website.
(2)Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:
Quarter ended September 30, 2023Quarter ended September 30, 2022
Adjustments Adjustments
GAAP Results Non-comparable hotel results,
net ⁽⁴⁾ 		Depreciation and corporate level
items 		Comparable Hotel Results GAAP Results Property transaction adjustments
⁽³⁾ 		Non-comparable hotel results,
net ⁽⁴⁾ 		Depreciation and corporate level
items 		Comparable Hotel Results
Revenues
Room$777 $(16)$— $761 $746 $15 $(13)$— $748 
Food and beverage328 (13)— 315 330 5 (9)— 326 
Other109 (4)— 105 113 4 (3)— 114 
Total revenues1,214 (33)— 1,181 1,189 24 (25)— 1,188 
Expenses
Room196 (5)— 191 190 2 (4)— 188 
Food and beverage241 (13)— 228 230 4 (9)— 225 
Other471 (18)— 453 438 10 (12)— 436 
Depreciation and amortization174 — (174)— 164 — — (164)— 
Corporate and other expenses29 — (29)— 29 — — (29)— 
Gain on insurance and business interruption settlements(54)49 — (5)(10)— — — (10)
Total expenses1,057 13 (203)867 1,041 16 (25)(193)839 
Operating Profit - Comparable hotel EBITDA$157 $(46)$203 $314 $148 $8 $— $193 $349 
PAGE 14 OF 23
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results (1) (cont.)
(unaudited, in millions, except hotel statistics)


Year-to-date ended September 30, 2023Year-to-date ended September 30, 2022
Adjustments Adjustments
GAAP Results Property transaction
adjustments ⁽³⁾ 		Non-comparable hotel
results, net ⁽⁴⁾ 		Depreciation and
corporate level items 		Comparable hotel
Results 		GAAP Results Severance at hotel
properties 		Property transaction
adjustments ⁽³⁾ 		Non-comparable hotel
results, net ⁽⁴⁾ 		Depreciation and
corporate level items 		Comparable hotel
Results
Revenues
Room$2,447 $(5)$(34)$— $2,408 $2,251 $— $2 $(71)$— $2,182 
Food and beverage
1,174 (2)(31)— 1,141 1,032 — 5 (51)— 986 
Other367 — (7)— 360 361 — 8 (15)— 354 
Total revenues3,988 (7)(72)— 3,909 3,644 — 15 (137)— 3,522 
Expenses
Room590 (1)(9)— 580 539 — (10)(13)— 516 
Food and beverage
773 (1)(26)— 746 675 — (1)(34)— 640 
Other1,427 (2)(36)— 1,389 1,275 (2)2 (42)— 1,233 
Depreciation and amortization
511 — — (511)— 498 — — — (498)— 
Corporate and other expenses
90 — — (90)— 77 — — — (77)— 
Gain on insurance and business interruption settlements
(57)— 49 — (8)(17)— — — 6 (11)
Total expenses3,334 (4)(22)(601)2,707 3,047 (2)(9)(89)(569)2,378 
Operating Profit - Comparable hotel EBITDA$654 $(3)$(50)$601 $1,202 $597 $2 $24 $(48)$569 $1,144 
(3)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(4)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 relating to events that occurred while the hotels were classified as non-comparable. 
PAGE 15 OF 23
HOST HOTELS & RESORTS, INC.
Reconciliation of Net Income to
EBITDA, EBITDAre and Adjusted EBITDAre (1)
(unaudited, in millions)


 Quarter ended September 30,Year-to-date ended September 30,
 2023202220232022
Net income$113 $116 $618 $494 
Interest expense48 40 142 113 
Depreciation and amortization174 164 511 498 
Income taxes15 6 27 29 
EBITDA350 326 1,298 1,134 
Gain on dispositions⁽²⁾— (5)(69)(18)
Equity investment adjustments:
Equity in (earnings) losses of affiliates4 1 (7)(3)
Pro rata EBITDAre of equity investments⁽³⁾
7 6 29 27 
EBITDAre
361 328 1,251 1,140 
Adjustments to EBITDAre:
Gain on property insurance settlement— — — (6)
Adjusted EBITDAre
$361 $328 $1,251 $1,134 
___________
(1)See the Notes to Financial Information for discussion of non-GAAP measures.
(2)Reflects the sale of one hotel in 2023 and four hotels in 2022.
(3)Unrealized gains of our unconsolidated investments are not recognized in our EBITDAre, Adjusted EBITDAre, NAREIT FFO or Adjusted FFO until they have been realized by the unconsolidated partnership.
PAGE 16 OF 23
HOST HOTELS & RESORTS, INC.
Reconciliation of Diluted Earnings per Common Share to
NAREIT and Adjusted Funds From Operations per Diluted Share (1)
(unaudited, in millions, except per share amounts)


Quarter ended September 30,Year-to-date ended September 30,
2023202220232022
Net income$113 $116 $618 $494 
Less: Net income attributable to non-controlling interests(2)(2)(10)(8)
Net income attributable to Host Inc.111 114 608 486 
Adjustments:
Gain on dispositions⁽²⁾
— (5)(69)(18)
Gain on property insurance settlement— — — (6)
Depreciation and amortization174 164 510 497 
Equity investment adjustments:
Equity in (earnings) losses of affiliates4 1 (7)(3)
Pro rata FFO of equity investments⁽³⁾
4 4 20 21 
Consolidated partnership adjustments:
FFO adjustment for non-controlling
     partnerships
(1)(1)(1)(1)
FFO adjustments for non-controlling interests of Host L.P.(2)(2)(6)(6)
NAREIT FFO290 275 1,055 970 
Adjustments to NAREIT FFO:
Loss on debt extinguishment— — 4 — 
Adjusted FFO$290 $275 $1,059 $970 
For calculation on a per share basis:⁽⁴⁾
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO711.9717.6713.6717.4
Diluted earnings per common share$0.16 $0.16 $0.85 $0.68 
NAREIT FFO per diluted share$0.41 $0.38 $1.48 $1.35 
Adjusted FFO per diluted share$0.41 $0.38 $1.48 $1.35 
___________
(1-3)Refer to corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre.
(4)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 partnership interests to common OP units. No effect is shown for securities if they are anti-dilutive.

PAGE 17 OF 23
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 2023 Forecasts (1)
(unaudited, in millions)

Full Year 2023
Low-end of range High-end of range
Net income$741 $781 
Interest expense189 189 
Depreciation and amortization683 683 
Income taxes31 31 
EBITDA1,644 1,684 
Gain on dispositions(69)(69)
Equity investment adjustments:
Equity in earnings of affiliates(9)(9)
Pro rata EBITDAre of equity investments
36 36 
EBITDAre
1,602 1,642 
Adjustments to EBITDAre:
Gain on property insurance settlement(2)(2)
Adjusted EBITDAre
$1,600 $1,640 
Full Year 2023
Low-end of range High-end of range
Net income $741 $781 
Less: Net income attributable to non-controlling interests (12)(12)
Net income attributable to Host Inc. 729 769 
Adjustments:
Gain on dispositions(69)(69)
Gain on property insurance settlement(2)(2)
Depreciation and amortization 682 682 
Equity investment adjustments:
Equity in earnings of affiliates (9)(9)
Pro rata FFO of equity investments 25 25 
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships (1)(1)
FFO adjustment for non-controlling interests of Host LP (9)(9)
NAREIT FFO1,346 1,386 
Adjustments to NAREIT FFO:
Loss on extinguishment of debt4 4 
Adjusted FFO $1,350 $1,390 
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO712.1712.1
Diluted earnings per common share $1.02 $1.08 
NAREIT FFO per diluted share $1.89 $1.95 
Adjusted FFO per diluted share $1.90 $1.95 

_______________
(1)The Forecasts are based on the below assumptions:
•Comparable hotel RevPAR will increase 7.25% to 8.75% compared to 2022 for the low and high end of the forecast range.
•Comparable hotel EBITDA margins will decrease 210 basis points to 170 basis points compared to 2022 for the low and high ends of the forecasted comparable hotel RevPAR range, respectively.
•We expect to spend approximately $615 million to $695 million on capital expenditures.
•Assumes no acquisitions and no additional dispositions during the year.
•Assumes the receipt of an additional $26 million of business interruption proceeds in the fourth quarter.
For a discussion of items that may affect forecast results, see the Notes to Financial Information.
PAGE 18 OF 23
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results for Full Year 2023 Forecasts (1)
(unaudited, in millions)

Full Year 2023
Low-end of range High-end of range
Operating profit margin (2)
15.4 %16.0 %
Comparable hotel EBITDA margin (2)
29.7 %30.1 %
Net income$741 $781 
Depreciation and amortization683 683 
Interest expense189 189 
Provision for income taxes31 31 
Gain on sale of property and corporate level income/expense(31)(31)
Property transaction adjustments⁽³⁾
(3)(3)
Non-comparable hotel results, net⁽⁴⁾
(90)(92)
Comparable hotel EBITDA(1)
$1,520 $1,558 
___________
(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 2023 Forecasts" for other forecast assumptions. Forecast comparable hotel results include 75 hotels (of our 77 hotels owned at September 30, 2023) that we have assumed will be classified as comparable as of December 31, 2023.
(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:
Low-end of range High-end of range
Adjustments Adjustments
GAAP Results Property transaction
adjustments 		Non-comparable hotel
results, net 		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
Rooms$3,220 $(5)$(64)$— $3,151 $3,266 $(5)$(66)$— $3,195 
Food and beverage1,550 (2)(52)— 1,496 1,575 (2)(54)— 1,519 
Other478 — (13)— 465 480 — (13)— 467 
Total revenues5,248 (7)(129)— 5,112 5,321 (7)(133)— 5,181 
Expenses
Hotel expenses3,718 (4)(114)— 3,600 3,751 (4)(116)— 3,631 
Depreciation and amortization683 — — (683)— 683 — — (683)— 
Corporate and other expenses123 — — (123)— 123 — — (123)— 
Gain on insurance and business interruption settlements(85)— 75 2 (8)(85)— 75 2 (8)
Total expenses4,439 (4)(39)(804)3,592 4,472 (4)(41)(804)3,623 
Operating Profit - Comparable hotel EBITDA$809 $(3)$(90)$804 $1,520 $849 $(3)$(92)$804 $1,558 
(3)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(4)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 relating to events that occurred while the hotels were classified as non-comparable. The following hotels are expected to be non-comparable for full year 2023:
•Hyatt Regency Coconut Point Resort & Spa (business disruption due to Hurricane Ian beginning in September 2022, reopened in November 2022); and
•The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023).
PAGE 19 OF 23
HOST HOTELS & RESORTS, INC.
Notes to Financial Information
FORECASTS
Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and comparable hotel results are forward-looking statements and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will not be materially different. Risks that may affect these assumptions and forecasts include the following: potential changes in overall economic outlook make it inherently difficult to forecast the level of RevPAR; the amount and timing of debt payments may change significantly based on market conditions, which will directly affect the level of interest expense and net income; the amount and timing of transactions involving shares of our common stock may change based on market conditions; and other risks and uncertainties associated with our business described herein and in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC.
COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS
Effective January 1, 2023, the Company ceased presentation of All Owned Hotel results and returned to a comparable hotel presentation for its hotel level results. Management believes this provides investors with a better understanding of underlying growth trends for the Company’s current portfolio, without impact from properties that experienced closures due to renovations or property damage sustained.
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 gain on property insurance and business interruption settlements on our consolidated statements of operations. Business interruption insurance gains related to a hotel that was excluded from our comparable hotel set also will be excluded from the comparable hotel results.
Of the 77 hotels that we owned as of September 30, 2023, 75 have been classified as comparable hotels. The operating results of the following hotels that we owned as of September 30, 2023 are excluded from comparable hotel results for these periods, due to closure of the property:
•Hyatt Regency Coconut Point Resort & Spa (business disruption due to Hurricane Ian beginning in September 2022, reopened in November 2022); and
•The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023).
Following the wildfires in Maui in August 2023, the Hyatt Regency Maui Resort & Spa remained in our comparable hotel set based on the overall performance of the property despite business interruption sustained by the property in August and September. There continues to be a significant level of uncertainty as to the extent of continued business interruption for the fourth quarter as the hotel reopened to guests on November 1, 2023. Therefore, we will continue to evaluate the overall impact of the wildfires on the property’s operations and its comparable status through the remainder of the year.
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.
PAGE 20 OF 23
HOST HOTELS & RESORTS, INC.
Notes to Financial Information (cont.)
NON-GAAP FINANCIAL MEASURES
Included in this press release are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre, and (iv) 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. Effective January 1, 2019, we adopted NAREIT’s definition of FFO included 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 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.
PAGE 21 OF 23
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 – We exclude the effect of property insurance gains reflected in our 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.
•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.
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
PAGE 22 OF 23
HOST HOTELS & RESORTS, INC.
Notes to Financial Information (cont.)
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 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 a measure 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 a measure of, amounts that accrue directly to stockholders’ benefit.
Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments and NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of non-controlling partners in consolidated partnerships. Our equity investments consist of interests ranging from 11% to 67% in eight domestic and international partnerships that own a total of 33 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 outside partners, and a 15% interest held by outside partners 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 consolidated statements of operations include such amounts, all of which should be considered by investors when evaluating our performance.
We present these hotel operating results on a comparable hotel basis because we believe that doing so provides investors and management with useful information for evaluating the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at comparable hotels (which represent the vast majority of our portfolio) or from other factors. While management believes that presentation of comparable hotel results is a supplemental measure that provides useful information in evaluating our ongoing performance, this measure is not used to allocate resources or to assess the operating performance of each of our hotels, as these decisions are based on data for individual hotels and are not based on comparable hotel results in the aggregate. For these reasons, we believe comparable hotel operating results, when combined with the presentation of GAAP operating profit, revenues and expenses, provide useful information to investors and management.
PAGE 23 OF 23
FOUR SEASONS RESORT AND RESIDENCES JACKSON HOLE Supplemental Financial Information SEPTEMBER 30, 2023 Exhibit 99.2

 
TABLE OF CONTENTS The Phoenician, a luxury collection resort PROPERTY LEVEL DATA CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL INFORMATION 3 OVERVIEW About Host Hotels & Resorts 4 Analyst Coverage 5 Forward-Looking Statements 6 Non-GAAP Financial Measures 7 8 PROPERTY LEVEL DATA Comparable Hotel Results by Location 9 Historical Comparable Hotel Results 17 Comparable Hotel Results 2023 Forecast 18 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 2023 Forecasts 20 Ground Lease Summary as of December 31, 2022 21 22 CAPITALIZATION Comparative Capitalization 23 Consolidated Debt Summary as of September 30, 2023 and December 31, 2022 24 Consolidated Debt Maturity as of September 30, 2023 25 26 FINANCIAL COVENANTS Credit Facility and Senior Notes Financial Performance Tests 27 Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio 28 Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio 29 Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio 30 Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test 31 Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test 32 Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio 33 Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test 34 35 NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION Forecast 36 Comparable Hotel Operating Statistics and Results 36 Non-GAAP Financial Measures 37

 
OVERVIEW PROPERTY LEVEL DATA CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION HOST HOTELS & RESORTS CORPORATE HEADQUARTERS

 
4 © Host Hotels & Resorts, Inc. (1) Based on market cap as of September 30, 2023. See Comparative Capitalization for calculation. (2) At September 30, 2023. About Host Hotels & Resorts S&P 500 COMPANY $11.5 BILLION MARKET CAP(1) $15.0 BILLION ENTERPRISE VALUE(1) 77 HOTELS 42,000 ROOMS 20 TOP U.S. MARKETS BAKER'S CAY RESORT KEY LARGO, CURIO COLLECTION BY HILTON PREMIER U.S. LODGING REIT LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2)

 
5© Host Hotels & Resorts, Inc. BAIRD Mike Bellisario 414-298-6130 mbellisario@rwbaird.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 BARCLAYS CAPITAL Anthony Powell 212-526-8768 anthony.powell@barclays.com JEFFERIES David Katz 212-323-3355 dkatz@jefferies.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 J.P. MORGAN SECURITIES Joe Greff 212-622-0548 joseph.greff@jpmorgan.com WELLS FARGO SECURITIES LLC Dori Kesten 617-603-4233 dori.kesten@wellsfargo.com CITI INVESTMENT RESEARCH Smedes Rose 212-816-6243 smedes.rose@citi.com MORGAN STANLEY & CO. Stephen Grambling 212-761-1010 stephen.grambling@morganstanley.com WEDBUSH SECURITIES Richard Anderson 212-938-9949 richard.anderson@wedbush.com COMPASS POINT RESEARCH & TRADING, LLC Floris van Dijkum 646-757-2621 fvandijkum@compasspointllc.com OPPENHEIMER & CO. INC. Tyler Batory 212-667-7230 tyler.batory@opco.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 Bill Crow 727-567-2594 bill.crow@raymondjames.com Analyst Coverage 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.

 
6© Host Hotels & Resorts, Inc. ABOUT HOST HOTELS & RESORTS Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of September 30, 2023, 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 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 which include, but may not be limited to, our expectations regarding the impact of the COVID-19 pandemic on our business, the recovery of travel and the lodging industry, the impact of Hurricane Ian and 2023 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to those described in the Company's annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this supplemental presentation is as of November 1, 2023 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. Overview

 
7© Host Hotels & Resorts, Inc. Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP (U.S. generally accepted accounting principles), within the meaning of applicable SEC rules. They are as follows: : (i) Funds From Operations (“FFO”) and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA (for both the Company and hotel level), (iii) EBITDAre and Adjusted EBITDAre, and (iv) Comparable Hotel Operating Statistics and Results. Also included are reconciliations to the most directly comparable GAAP measures. See the Notes to Supplemental Financial Information for definitions of these measures, why we believe these measures are useful and limitations on their use. Also included in this supplemental information is our leverage ratio, unsecured interest coverage ratio and fixed charge coverage ratio, calculated in accordance with our credit facility, along with our EBITDA to interest coverage ratio, indenture indebtedness test, indenture secured indebtedness test, and indenture unencumbered assets to unsecured indebtedness test, calculated in accordance with our senior notes indenture covenants. Included with these ratios are reconciliations calculated in accordance with GAAP. See the Notes to Supplemental Financial Information for information on how these supplemental measures are calculated, why we believe they are useful and limitations on their use. NON-GAAP FINANCIAL MEASURES

 
HOTEL VAN ZANDT OVERVIEW PROPERTY LEVEL DATA CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) (1) RevPAR is the product of the average daily room rate charged and the average daily occupancy achieved. (2) 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 within RevPAR. (3) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (4) See the Notes to Supplemental Financial Information for a discussion of non-GAAP measures and the calculation of comparable hotel results. CBD refers to the central business district. (5) 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. 9 Quarter ended September 30, 2023 Location No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR (1) Total revenues Total Revenues per Available Room (2) Hotel Net Income (Loss) Hotel EBITDA Maui/Oahu 4 2,006 $565.03 69.7 % $393.67 $ 101.4 $549.52 $ 14.6 $ 31.8 Jacksonville 1 446 479.33 69.2 331.47 29.8 726.78 7.7 10.7 Miami 2 1,033 377.39 50.3 189.66 35.1 358.25 (5.6) 1.9 Florida Gulf Coast 3 941 309.76 62.7 194.17 33.0 381.17 2.1 7.7 Phoenix 3 1,545 263.79 59.6 157.18 52.3 368.20 (1.1) 8.6 Orlando 2 2,448 309.53 64.9 200.78 94.5 419.73 9.3 22.6 New York 2 2,486 334.84 87.0 291.33 88.7 387.71 8.2 20.4 Los Angeles/Orange County 3 1,067 314.25 85.9 269.85 36.8 375.29 6.3 9.3 San Diego 3 3,294 295.59 83.5 246.81 133.9 441.94 31.3 46.9 Boston 2 1,496 273.06 83.8 228.75 40.1 291.12 10.2 14.8 Washington, D.C. (CBD) 5 3,240 244.50 71.5 174.94 74.0 248.36 9.6 18.4 Philadelphia 2 810 231.09 82.6 190.83 21.5 288.59 4.4 6.9 Austin 2 767 225.87 59.0 133.29 17.1 242.58 (1.1) 3.2 Northern Virginia 2 916 233.30 72.0 168.00 21.1 250.70 2.9 5.4 San Francisco/San Jose 6 4,162 241.34 72.8 175.71 92.3 241.07 (1.5) 15.2 Chicago 3 1,562 253.34 79.5 201.35 40.3 280.27 9.3 13.6 Seattle 2 1,315 271.12 81.0 219.56 34.6 285.88 7.0 10.1 Atlanta 2 810 182.03 75.0 136.49 15.7 210.62 2.5 4.6 Houston 5 1,942 191.21 66.3 126.73 30.9 172.15 1.6 7.6 San Antonio 2 1,512 194.04 53.5 103.87 23.3 167.34 0.6 4.8 New Orleans 1 1,333 147.45 58.9 86.87 16.4 133.83 0.7 2.8 Denver 3 1,340 204.48 79.9 163.34 29.1 235.48 7.8 11.5 Other 10 3,061 326.91 68.5 223.86 95.0 333.59 17.4 27.4 Other property level (3) 0.1 0.1 0.1 Domestic 70 39,532 283.04 72.1 203.98 1,157.0 317.54 144.3 306.3 International 5 1,499 199.27 65.7 130.95 24.1 174.16 5.7 7.8 All Locations - comparable hotels (4) 75 41,031 $280.24 71.8 % $201.32 $ 1,181.1 $312.35 $ 150.0 $ 314.1 Non-comparable hotels 2 936 33.3 34.7 45.9 Gain on sale of property and corporate level income/expense (5) — (71.6) (9.8) Total 77 41,967 — — — $ 1,214.4 — $ 113.1 $ 350.2

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 10 (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.” Quarter ended September 30, 2023 Location No. of Properties No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Plus: Property Transaction Adjustments Equals: Hotel EBITDA Maui/Oahu 4 2,006 $ 14.6 $ 17.2 $ — $ — $ — $ 31.8 Jacksonville 1 446 7.7 3.0 — — — 10.7 Miami 2 1,033 (5.6) 7.5 — — — 1.9 Florida Gulf Coast 3 941 2.1 5.6 — — — 7.7 Phoenix 3 1,545 (1.1) 9.7 — — — 8.6 Orlando 2 2,448 9.3 13.3 — — — 22.6 New York 2 2,486 8.2 12.2 — — — 20.4 Los Angeles/Orange County 3 1,067 6.3 3.0 — — — 9.3 San Diego 3 3,294 31.3 15.6 — — — 46.9 Boston 2 1,496 10.2 4.6 — — — 14.8 Washington, D.C. (CBD) 5 3,240 9.6 8.8 — — — 18.4 Philadelphia 2 810 4.4 2.5 — — — 6.9 Austin 2 767 (1.1) 3.2 1.1 — — 3.2 Northern Virginia 2 916 2.9 2.5 — — — 5.4 San Francisco/San Jose 6 4,162 (1.5) 16.7 — — — 15.2 Chicago 3 1,562 9.3 4.3 — — — 13.6 Seattle 2 1,315 7.0 3.1 — — — 10.1 Atlanta 2 810 2.5 2.1 — — — 4.6 Houston 5 1,942 1.6 6.0 — — — 7.6 San Antonio 2 1,512 0.6 4.2 — — — 4.8 New Orleans 1 1,333 0.7 2.1 — — — 2.8 Denver 3 1,340 7.8 3.7 — — — 11.5 Other 10 3,061 17.4 10.0 — — — 27.4 Other property level (1) 0.1 — — — — 0.1 Domestic 70 39,532 144.3 160.9 1.1 — — 306.3 International 5 1,499 5.7 2.1 — — — 7.8 All Locations - comparable hotels 75 41,031 $ 150.0 $ 163.0 $ 1.1 $ — $ — $ 314.1 Non-comparable hotels 2 936 34.7 11.2 — — — 45.9 Gain on sale of property and corporate level income/expense (2) $ (71.6) $ 0.1 $ 47.0 $ 14.7 $ — $ (9.8) Total 77 41,967 $ 113.1 $ 174.3 $ 48.1 $ 14.7 $ — $ 350.2

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) (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. 11 Quarter ended September 30, 2022 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/Oahu 4 2,006 $ 565.30 73.6 % $ 416.12 $ 118.7 $ 643.57 $ 25.7 $ 40.6 Jacksonville 1 446 487.53 67.0 326.67 29.0 707.75 6.6 9.6 Miami 2 1,033 457.43 50.2 229.66 41.8 427.55 2.8 8.7 Florida Gulf Coast 3 941 327.19 62.2 203.68 33.5 386.66 2.1 7.5 Phoenix 3 1,545 264.31 58.4 154.24 58.1 408.94 2.4 12.3 Orlando 2 2,448 327.78 61.4 201.23 96.3 427.58 19.4 32.5 New York 2 2,486 309.77 84.3 260.99 80.5 351.90 3.8 16.4 Los Angeles/Orange County 3 1,067 303.74 86.4 262.42 36.7 373.36 5.8 9.1 San Diego 3 3,294 292.38 85.4 249.83 133.3 440.67 35.3 50.6 Boston 2 1,496 263.46 63.8 167.99 30.7 223.00 7.0 11.0 Washington, D.C. (CBD) 5 3,240 237.56 65.7 156.01 66.6 223.72 8.1 16.8 Philadelphia 2 810 221.65 85.9 190.48 21.4 286.56 3.7 6.3 Austin 2 767 233.32 68.3 159.46 20.4 289.77 2.0 6.3 Northern Virginia 2 916 214.33 67.2 144.06 18.5 219.78 2.1 4.5 San Francisco/San Jose 6 4,162 244.45 71.3 174.35 96.1 250.97 5.4 21.9 Chicago 3 1,562 263.27 79.3 208.86 41.2 286.41 10.6 15.0 Seattle 2 1,315 264.88 81.9 216.97 33.3 274.62 8.0 11.3 Atlanta 2 810 183.46 72.8 133.57 14.9 199.97 1.9 4.1 Houston 5 1,942 176.72 62.1 109.74 26.7 149.01 0.9 6.1 San Antonio 2 1,512 190.72 64.5 122.96 27.1 194.39 2.8 7.0 New Orleans 1 1,333 163.33 63.6 103.87 19.4 158.20 2.3 4.7 Denver 3 1,340 197.50 76.5 151.18 26.3 214.65 7.1 9.8 Other 10 3,061 347.16 64.3 223.09 94.6 332.55 12.2 29.4 Other property level (1) 0.2 (1.1) (1.1) Domestic 70 39,532 283.94 70.6 200.53 1,165.3 319.95 176.9 340.4 International 5 1,499 200.98 62.0 124.66 22.4 162.44 6.0 8.2 All Locations - comparable hotels 75 41,031 $ 281.27 70.3 % $ 197.76 $ 1,187.7 $ 314.25 $ 182.9 $ 348.6 Non-comparable hotels 2 936 25.3 (7.8) — Property transaction adjustments (2) (23.9) — (8.4) Gain on sale of property and corporate level income/expense (3) — (58.7) (14.5) Total 77 41,967 — — — $ 1,189.1 — $ 116.4 $ 325.7

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 12 Quarter ended September 30, 2022 Location No. of Properties No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Plus: Severance at hotel properties Plus: Property Transaction Adjustments Equals: Hotel EBITDA Maui/Oahu 4 2,006 $ 25.7 $ 14.9 $ — $ — $ — $ — $ 40.6 Jacksonville 1 446 6.6 3.0 — — — — 9.6 Miami 2 1,033 2.8 5.9 — — — — 8.7 Florida Gulf Coast 3 941 2.1 5.4 — — — — 7.5 Phoenix 3 1,545 2.4 10.8 — — — (0.9) 12.3 Orlando 2 2,448 19.4 13.1 — — — — 32.5 New York 2 2,486 3.8 12.6 — — — — 16.4 Los Angeles/Orange County 3 1,067 5.8 3.3 — — — — 9.1 San Diego 3 3,294 35.3 15.3 — — — — 50.6 Boston 2 1,496 7.0 4.0 — — — — 11.0 Washington, D.C. (CBD) 5 3,240 8.1 8.7 — — — — 16.8 Philadelphia 2 810 3.7 2.6 — — — — 6.3 Austin 2 767 2.0 3.2 1.1 — — — 6.3 Northern Virginia 2 916 2.1 2.4 — — — — 4.5 San Francisco/San Jose 6 4,162 5.4 16.5 — — — — 21.9 Chicago 3 1,562 10.6 4.9 — — — (0.5) 15.0 Seattle 2 1,315 8.0 3.3 — — — — 11.3 Atlanta 2 810 1.9 2.2 — — — — 4.1 Houston 5 1,942 0.9 5.2 — — — — 6.1 San Antonio 2 1,512 2.8 4.2 — — — — 7.0 New Orleans 1 1,333 2.3 2.4 — — — — 4.7 Denver 3 1,340 7.1 2.7 — — — — 9.8 Other 10 3,061 12.2 7.4 — — — 9.8 29.4 Other property level (1) (1.1) — — — — — (1.1) Domestic 70 39,532 176.9 154.0 1.1 — — 8.4 340.4 International 5 1,499 6.0 2.2 — — — — 8.2 All Locations - comparable hotels 75 41,031 182.9 156.2 1.1 — — 8.4 348.6 Non-comparable hotels 2 936 (7.8) 7.8 — — — — — Property transaction adjustments (2) — — — — — (8.4) (8.4) Gain on sale of property and corporate level income/expense (3) (58.7) 0.3 38.4 5.5 — — (14.5) Total 77 41,967 $ 116.4 $ 164.3 $ 39.5 $ 5.5 $ — $ — $ 325.7 (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. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 13 Year-to-date ended September 30, 2023 Location No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total revenues Total Revenues per Available Room Hotel Net Income (Loss) Hotel EBITDA Maui/Oahu 4 2,006 $ 588.70 73.2 % $ 430.85 $ 351.7 $ 642.10 $ 72.6 $ 122.2 Jacksonville 1 446 515.29 72.8 375.31 100.2 823.23 29.5 38.6 Miami 2 1,033 538.29 65.8 354.38 180.6 620.61 34.3 56.2 Florida Gulf Coast 3 941 398.34 74.3 295.96 160.5 624.60 42.4 59.2 Phoenix 3 1,545 401.67 71.8 288.45 266.1 630.82 76.7 103.5 Orlando 2 2,448 369.46 71.4 263.81 356.7 533.70 75.0 114.3 New York 2 2,486 323.10 81.6 263.58 254.8 375.42 18.3 55.5 Los Angeles/Orange County 3 1,067 303.01 82.8 250.80 105.0 360.45 14.7 24.1 San Diego 3 3,294 286.71 81.2 232.85 388.5 432.14 89.9 136.5 Boston 2 1,496 262.27 78.7 206.41 111.2 272.25 24.7 38.4 Washington, D.C. (CBD) 5 3,240 276.94 71.3 197.40 252.3 285.28 55.0 80.4 Philadelphia 2 810 230.17 80.1 184.43 63.1 285.52 11.8 19.1 Austin 2 767 259.09 66.6 172.50 64.8 309.26 5.7 18.4 Northern Virginia 2 916 241.35 70.5 170.04 64.1 256.35 10.5 17.8 San Francisco/San Jose 6 4,162 254.24 66.8 169.73 279.9 246.35 5.6 54.3 Chicago 3 1,562 244.43 69.2 169.15 102.4 240.13 17.1 30.1 Seattle 2 1,315 242.11 69.1 167.33 81.5 226.93 7.4 16.8 Atlanta 2 810 190.91 75.0 143.15 51.1 230.87 9.8 16.1 Houston 5 1,942 201.57 70.6 142.37 104.1 196.37 11.9 30.2 San Antonio 2 1,512 217.64 62.4 135.91 89.7 217.29 13.8 26.0 New Orleans 1 1,333 195.70 68.9 134.85 74.3 204.28 20.5 27.0 Denver 3 1,340 193.63 65.0 125.92 66.1 180.78 11.4 21.2 Other 10 3,061 322.01 65.5 210.89 270.7 320.75 45.7 76.3 Other property level (1) 0.4 (1.4) (1.4) Domestic 70 39,532 303.99 71.8 218.31 3,839.8 355.19 702.9 1,180.8 International 5 1,499 188.41 62.9 118.58 68.9 168.30 15.2 21.6 All Locations - comparable hotels 75 41,031 $ 300.28 71.5 % $ 214.67 $ 3,908.7 $ 348.41 $ 718.1 $ 1,202.4 Non-comparable hotels 2 936 72.4 23.6 49.6 Property transaction adjustments (2) 6.8 — 2.9 Gain on sale of property and corporate level income/expense (3) — (123.6) 43.3 Total 77 41,967 — — — $ 3,987.9 — $ 618.1 $ 1,298.2 (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. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 14 Year-to-date ended September 30, 2023 Location No. of Properties No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Plus: Property Transaction Adjustments Equals: Hotel EBITDA Maui/Oahu 4 2,006 $ 72.6 $ 49.6 $ — $ — $ — $ 122.2 Jacksonville 1 446 29.5 9.1 — — — 38.6 Miami 2 1,033 34.3 21.9 — — — 56.2 Florida Gulf Coast 3 941 42.4 16.8 — — — 59.2 Phoenix 3 1,545 76.7 29.7 — — (2.9) 103.5 Orlando 2 2,448 75.0 39.3 — — — 114.3 New York 2 2,486 18.3 37.2 — — — 55.5 Los Angeles/Orange County 3 1,067 14.7 9.4 — — — 24.1 San Diego 3 3,294 89.9 46.6 — — — 136.5 Boston 2 1,496 24.7 13.7 — — — 38.4 Washington, D.C. (CBD) 5 3,240 55.0 25.4 — — — 80.4 Philadelphia 2 810 11.8 7.3 — — — 19.1 Austin 2 767 5.7 9.6 3.1 — — 18.4 Northern Virginia 2 916 10.5 7.3 — — — 17.8 San Francisco/San Jose 6 4,162 5.6 48.7 — — — 54.3 Chicago 3 1,562 17.1 13.0 — — — 30.1 Seattle 2 1,315 7.4 9.4 — — — 16.8 Atlanta 2 810 9.8 6.3 — — — 16.1 Houston 5 1,942 11.9 18.3 — — — 30.2 San Antonio 2 1,512 13.8 12.2 — — — 26.0 New Orleans 1 1,333 20.5 6.5 — — — 27.0 Denver 3 1,340 11.4 9.8 — — — 21.2 Other 10 3,061 45.7 30.6 — — — 76.3 Other property level (1) (1.4) — — — — (1.4) Domestic 70 39,532 702.9 477.7 3.1 — (2.9) 1,180.8 International 5 1,499 15.2 6.4 — — — 21.6 All Locations - comparable hotels 75 41,031 $ 718.1 $ 484.1 $ 3.1 $ — $ (2.9) $ 1,202.4 Non-comparable hotels 2 936 23.6 26.0 — — — 49.6 Property transaction adjustments (2) — — — — 2.9 2.9 Gain on sale of property and corporate level income/expense (2) (123.6) 1.0 138.6 27.3 — 43.3 Total 77 41,967 $ 618.1 $ 511.1 $ 141.7 $ 27.3 $ — $ 1,298.2 (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. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 15 Year-to-date ended September 30, 2022 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/Oahu 4 2,006 $ 559.15 76.0 % $ 424.91 $ 360.5 $ 658.15 $ 88.8 $ 132.1 Jacksonville 1 446 533.33 69.5 370.85 97.4 799.91 29.1 38.4 Miami 2 1,033 618.23 62.8 388.09 189.0 647.24 55.8 71.3 Florida Gulf Coast 3 941 403.93 73.7 297.56 152.8 594.22 43.2 59.4 Phoenix 3 1,545 392.14 69.3 271.69 256.8 608.49 78.0 104.1 Orlando 2 2,448 395.30 64.4 254.71 333.2 498.62 85.9 124.2 New York 2 2,486 305.98 68.8 210.55 201.8 297.35 (24.3) 37.3 Los Angeles/Orange County 3 1,067 290.28 79.6 231.14 96.8 332.23 13.3 22.9 San Diego 3 3,294 275.85 76.1 209.91 337.9 376.43 78.4 124.1 Boston 2 1,496 246.01 57.4 141.27 76.2 186.74 15.4 27.9 Washington, D.C. (CBD) 5 3,240 258.02 60.5 156.14 196.8 222.68 32.8 59.2 Philadelphia 2 810 212.19 79.8 169.40 57.2 258.46 9.4 17.0 Austin 2 767 261.29 70.3 183.71 66.9 319.55 13.0 25.5 Northern Virginia 2 916 215.60 65.3 140.83 53.0 212.13 6.4 13.5 San Francisco/San Jose 6 4,162 230.51 63.1 145.43 238.1 209.56 (1.4) 48.2 Chicago 3 1,562 238.34 64.8 154.44 90.7 212.39 9.2 22.9 Seattle 2 1,315 234.51 64.1 150.37 69.8 194.36 5.3 15.5 Atlanta 2 810 181.26 72.2 130.94 45.3 204.64 8.2 14.8 Houston 5 1,942 180.33 63.4 114.29 83.8 158.00 7.2 22.7 San Antonio 2 1,512 194.11 67.3 130.73 83.4 201.94 12.7 25.4 New Orleans 1 1,333 196.59 65.3 128.42 68.3 187.76 16.5 23.9 Denver 3 1,340 183.44 63.9 117.14 62.0 169.54 13.9 22.1 Other 10 3,061 332.09 60.8 201.98 253.8 300.75 35.7 78.1 Other property level (1) 0.6 (1.0) (1.0) Domestic 70 39,532 297.46 66.8 198.61 3,472.1 321.16 631.5 1,129.5 International 5 1,499 159.59 53.6 85.55 49.4 120.75 8.2 14.9 All Locations - comparable hotels 75 41,031 $ 293.40 66.3 % $ 194.49 $ 3,521.5 $ 313.90 $ 639.7 $ 1,144.4 Non-comparable hotels 2 936 137.2 26.2 48.0 Severance at hotel properties — — (1.7) Property transaction adjustments (2) (14.8) — (24.3) Gain on sale of property and corporate level income/expense (3) — (171.9) (32.4) Total 77 41,967 — — — $ 3,643.9 — $ 494.0 $ 1,134.0 (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.” Refer to the table below for reconciliation of net income to EBITDA by location.

 
© Host Hotels & Resorts, Inc. Year-to-date ended September 30, 2022 Location No. of Properties No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Plus: Severance at hotel properties Plus: Property Transaction Adjustments Equals: Hotel EBITDA Maui/Oahu 4 2,006 $ 88.8 $ 43.2 $ — $ — $ 0.1 $ — $ 132.1 Jacksonville 1 446 29.1 9.3 — — — — 38.4 Miami 2 1,033 55.8 17.4 — — — (1.9) 71.3 Florida Gulf Coast 3 941 43.2 16.2 — — — — 59.4 Phoenix 3 1,545 78.0 32.5 — — — (6.4) 104.1 Orlando 2 2,448 85.9 38.3 — — — — 124.2 New York 2 2,486 (24.3) 47.8 — — 1.6 12.2 37.3 Los Angeles/Orange County 3 1,067 13.3 9.6 — — — — 22.9 San Diego 3 3,294 78.4 45.7 — — — — 124.1 Boston 2 1,496 15.4 10.7 — — — 1.8 27.9 Washington, D.C. (CBD) 5 3,240 32.8 26.4 — — — — 59.2 Philadelphia 2 810 9.4 7.6 — — — — 17.0 Austin 2 767 13.0 9.3 3.2 — — — 25.5 Northern Virginia 2 916 6.4 7.1 — — — — 13.5 San Francisco/San Jose 6 4,162 (1.4) 49.6 — — — — 48.2 Chicago 3 1,562 9.2 15.0 — — — (1.3) 22.9 Seattle 2 1,315 5.3 10.2 — — — — 15.5 Atlanta 2 810 8.2 6.6 — — — — 14.8 Houston 5 1,942 7.2 15.5 — — — — 22.7 San Antonio 2 1,512 12.7 12.7 — — — — 25.4 New Orleans 1 1,333 16.5 7.4 — — — — 23.9 Denver 3 1,340 13.9 8.2 — — — — 22.1 Other 10 3,061 35.7 22.5 — — — 19.9 78.1 Other property level (1) (1.0) — — — — — (1.0) Domestic 70 39,532 631.5 468.8 3.2 — 1.7 24.3 1,129.5 International 5 1,499 8.2 6.7 — — — — 14.9 All Locations - comparable hotels 75 41,031 $ 639.7 $ 475.5 $ 3.2 $ — $ 1.7 $ 24.3 $ 1,144.4 Non-comparable hotels 2 936 26.2 21.8 — — — — 48.0 Severance at hotel properties — — — — (1.7) — (1.7) Property transaction adjustments (2) — — — — — (24.3) (24.3) Gain on sale of property and corporate level income/expense (3) (171.9) 1.1 109.4 29.0 — — (32.4) Total 77 41,967 $ 494.0 $ 498.4 $ 112.6 $ 29.0 $ — $ — $ 1,134.0 Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 16 (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. Historical Comparable Hotel Results (unaudited, in millions, except hotel statistics) 17 Historical Comparable Hotel Metrics (1) Historical Comparable Hotel Revenues (1)(2) Three Months Ended Full Year Three Months Ended Full Year March 31, 2023 June 30, 2023 September 30, 2023 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 December 31, 2019 Number of hotels 75 75 75 75 75 75 75 75 73 73 73 73 73 Number of rooms 41,031 41,031 41,031 41,031 41,031 41,031 41,031 41,031 40,643 40,643 40,643 40,643 40,643 Comparable hotel RevPAR $ 217.77 $ 225.12 $ 201.32 $ 166.12 $ 219.23 $ 197.76 $ 199.97 $ 195.87 $ 202.83 $ 211.88 $ 192.81 $ 194.32 $ 200.42 Comparable hotel occupancy 68.4 % 74.2 % 71.8 % 54.4 % 74.0 % 70.3 % 66.5 % 66.3 % 76.3 % 81.9 % 80.0 % 75.6 % 78.5 % Comparable hotel ADR $ 318.49 $ 303.29 $ 280.24 $ 305.60 $ 296.18 $ 281.27 $ 300.71 $ 295.24 $ 265.90 $ 258.56 $ 240.91 $ 256.94 $ 255.39 Three Months Ended Full Year Three Months Ended Full Year March 31, 2023 June 30, 2023 September 30, 2023 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 December 31, 2019 Total revenues $ 1,381 $ 1,393 $ 1,214 $ 1,074 $ 1,381 $ 1,189 $ 1,263 $ 4,907 $ 1,390 $ 1,483 $ 1,262 $ 1,334 $ 5,469 Add: Revenues from asset acquisitions — — — 34 4 30 4 72 128 91 90 92 401 Less: Revenues from asset dispositions (7) — — (32) (15) (6) (7) (60) (230) (251) (205) (180) (866) Less: Revenues from non-comparable hotels (21) (18) (33) (66) (46) (25) (9) (146) (74) (48) (28) (48) (198) Comparable hotel revenues $ 1,353 $ 1,375 $ 1,181 $ 1,010 $ 1,324 $ 1,188 $ 1,251 $ 4,773 $ 1,214 $ 1,275 $ 1,119 $ 1,198 $ 4,806 Three Months Ended Full Year Three Months Ended Full Year March 31, 2023 June 30, 2023 September 30, 2023 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 December 31, 2019 Net income (loss) $ 291 $ 214 $ 113 $ 118 $ 260 $ 116 $ 149 $ 643 $ 189 $ 290 $ 372 $ 81 $ 932 Depreciation and amortization 169 168 174 172 162 164 166 664 170 166 165 175 676 Interest expense 49 45 48 36 37 40 43 156 43 43 46 90 222 Provision (benefit) for income taxes (2) 14 15 (16) 39 6 (3) 26 2 16 4 8 30 Gain on sale of property and corporate level income/expense (59) 6 10 7 10 15 18 51 11 (44) (263) 13 (283) Severance expense at hotel properties — — — 2 — — — 2 — — — — — Property transaction adjustments (3) — — 19 (3) 8 (1) 23 (10) (46) (25) (15) (96) Non-comparable hotel results, net (6) 2 (46) (33) (15) — 3 (45) (32) (13) (2) (15) (62) Comparable hotel EBITDA $ 439 $ 449 $ 314 $ 305 $ 490 $ 349 $ 375 $ 1,520 $ 373 $ 412 $ 297 $ 337 $ 1,419 Historical Comparable Hotel EBITDA (1) (2) (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 September 30, 2023, which operations are included in our condensed consolidated statements of operations as continuing operations, (ii) to include the results for periods prior to our ownership for hotels acquired as of September 30, 2023 and (iii) to remove the results of our non-comparable hotels. The AC Hotel Scottsdale North is a new development hotel that opened in January 2021 and The Laura Hotel in Houston re-opened under new management in November 2021. Therefore, no adjustments were made for results of these hotels for periods prior to their openings.  (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.

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results 2023 Forecast (unaudited, in millions, except hotel statistics) 18 (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 2023 Forecasts" for other forecast assumptions. Forecast presented assumes the midpoint of our comparable hotel RevPAR guidance of a 8% increase to 2022. Forecast comparable hotel results include 75 hotels (of our 77 hotels owned at September 30, 2023) that we have assumed will be classified as comparable as of December 31, 2023. 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 2023. (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 September 30, 2023, 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 September 30, 2023. The AC Hotel Scottsdale North is a new development hotel that opened in January 2021 and The Laura Hotel in Houston re-opened under new management in November 2021. Therefore, no adjustments were made for results of these hotels for periods prior to their openings. (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 relating to events that occurred while the hotels were classified as non-comparable.  The following hotels are expected to be non-comparable for full year 2023: • Hyatt Regency Coconut Point Resort & Spa (business disruption due to Hurricane Ian beginning in September 2022, reopened in November 2022); and • The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023). (4) 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: 2023 Comparable Hotel Set 2023 Forecast(1) 2022 2019 Number of hotels 75 75 73 Number of rooms 41,031 41,031 40,643 Comparable hotel Total RevPAR $ 343.02 $ 318.25 $ 323.84 Comparable hotel RevPAR $ 211.55 $ 195.87 $ 200.42 Operating profit margin⁽⁴⁾ 15.7 % 15.8 % 14.6 % Comparable hotel EBITDA margin⁽⁴⁾ 29.9 % 31.8 % 29.5 % Food and beverage profit margin⁽⁴⁾ 33.8 % 34.6 % 32.0 % Comparable hotel food and beverage profit margin⁽⁴⁾ 34.3 % 35.0 % 33.4 % Net income $ 761 $ 643 $ 932 Depreciation and amortization 683 664 676 Interest expense 189 156 222 Provision for income taxes 31 26 30 Gain on sale of property and corporate level income/expense (31) 51 (283) Severance expense at hotel properties — 2 — Property transaction adjustments⁽²⁾ (3) 23 (96) Non-comparable hotel results, net⁽³⁾ (90) (45) (62) Comparable hotel EBITDA $ 1,540 $ 1,520 $ 1,419

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results 2023 Forecast (cont.) (unaudited, in millions) 19 a) Forecast non-comparable hotel results, net includes the results of the Hyatt Regency Coconut Point Resort & Spa and The Ritz-Carlton, Naples, due to the closures caused by Hurricane Ian. The Ritz-Carlton, Naples had a development project in progress at the time the hurricane hit that was scheduled to be complete by the end of 2022. This project  included an expansion of the property to include a new guest tower that would result in the addition of 24 net new keys. Due to the damage caused by the hurricane, the completion of the project was delayed and debuted when the property reopened on July 6, 2023. The following table reconciles net income to Hotel EBITDA for these non-comparable hotels based on the expected 2023 results of the properties before Hurricane Ian occurred and had the new guest tower opened as planned:  Net Income Plus: Depreciation Plus: Interest Expense Plus: Income Tax Equals: Hotel EBITDA Original forecast before Hurricane Ian 56 32 — — 88 Forecast Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2019 Adjustments Adjustments Adjustments GAAP Results Property transaction adjustments Non- comparable hotel results, net (a) Depreciation and corporate level items Comparable hotel Results GAAP Results Property transaction adjustments Non- comparable hotel results, net (a) Hotel severance, Depreciation and corporate level items Comparable hotel Results GAAP Results Property transaction adjustments Non- comparable hotel results, net (a) Depreciation and corporate level items Comparable hotel Results Revenues Room $ 3,243 $ (5) $ (65) $- $ 3,173 $ 3,014 $ — $ (76) $ — $ 2,938 $ 3,431 $ (363) $ (94) $ — $ 2,974 Food and beverage 1,561 (2) (53) - 1,506 1,418 3 (54) — 1,367 1,647 (95) (82) — 1,470 Other 479 — (13) - 466 475 9 (16) — 468 391 (7) (22) — 362 Total revenues 5,283 (7) (131) - 5,145 4,907 12 (146) — 4,773 5,469 (465) (198) — $ 4,806 Expenses Room 791 (1) (16) - 774 727 (10) (14) — 703 873 (125) (19) — 729 Food and beverage 1,034 (1) (43) - 990 928 (1) (38) — 889 1,120 (84) (57) — 979 Other 1,908 (2) (57) - 1,849 1,723 — (49) (2) 1,672 1,899 (160) (60) — 1,679 Depreciation and amortization 683 — — (683) — 664 — — (664) — 676 — — (676) — Corporate and other expenses 123 — — (123) — 107 — — (107) — 107 — — (107) — Gain on insurance and business interruption settlements (85) — 75 2 (8) (17) — — 6 (11) (5) — — 5 — Total expenses 4,454 (4) (41) (804) 3,605 4,132 (11) (101) (767) 3,253 4,670 (369) (136) (778) 3,387 Operating Profit - Comparable hotel EBITDA $ 829 $ (3) $ (90) $ 804 $ 1,540 $ 775 $ 23 $ (45) $ 767 $ 1,520 $ 799 $ (96) $ (62) $ 778 $ 1,419

 
© 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 2023 Forecasts (1) (unaudited, in millions, except per share amounts) 20 (1) The Forecasts are based on the below assumptions: • Comparable hotel RevPAR will increase at the midpoint of our guidance of 8.0% compared to 2022. • Comparable hotel EBITDA margins will decrease 190 basis points compared to 2022. • We expect to spend approximately $615 million to $695 million on capital expenditures. • Assumes no acquisitions and no additional dispositions during the year. • Assumes the receipt of an additional $26 million of business interruption proceeds in the fourth quarter. For a discussion of items that may affect forecast results, see the Notes to Supplemental Financial Information. Full Year 2023 Mid-point Net income $ 761 Less: Net income attributable to non-controlling interests (12) Net income attributable to Host Inc. 749 Adjustments: Gain on dispositions (69) Gain on property insurance settlement (2) Depreciation and amortization 682 Equity investment adjustments: Equity in earnings of affiliates (9) Pro rata FFO of equity investments 25 Consolidated partnership adjustments: FFO adjustment for non-controlling partnerships (1) FFO adjustment for non-controlling interests of Host LP (9) NAREIT FFO 1,366 Adjustments to NAREIT FFO: Loss on extinguishment of debt 4 Adjusted FFO $ 1,370 Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO 712.1 Diluted earnings per common share $ 1.05 NAREIT FFO per diluted share $ 1.92 Adjusted FFO per diluted share $ 1.92 Full Year 2023 Mid-point Net income $ 761 Interest expense 189 Depreciation and amortization 683 Income taxes 31 EBITDA 1,664 Gain on dispositions (69) Equity investment adjustments: Equity in earnings of affiliates (9) Pro rata EBITDAre of equity investments 36 EBITDAre 1,622 Adjustments to EBITDAre: Gain on property insurance settlement (2) Adjusted EBITDAre $ 1,620

 
© Host Hotels & Resorts, Inc. Ground Lease Summary as of December 31, 2022 21 As of December 31, 2022 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) 12/13/2077 12/13/2077 2 Coronado Island Marriott Resort & Spa 300 Public 1,378,850 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 368,900 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 2,576,119 12/31/2055 12/31/2055 11 Philadelphia Airport Marriott 419 Public 1,411,563 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 90,932 11/30/2028 11/30/2058 15 Tampa Airport Marriott 298 Public 1,463,770 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 100,000 6/30/2045 6/30/2075 (3) 19 The Westin South Coast Plaza, Costa Mesa 393 Private 178,160 9/30/2025 9/30/2025 Weighted average remaining lease term (assuming all extension options) 51 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) All rental payments have been previously paid and no further rental payments are required for the remainder of the lease term.  (3) No renewal term in the event the Lessor determines to discontinue use of building as a hotel.

 
SAN FRANCISCO MARRIOTT MARQUIS OVERVIEW PROPERTY LEVEL DATA CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
© Host Hotels & Resorts, Inc. Comparative Capitalization (in millions, except security pricing and per share amounts) 23 (1) Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022, and September 30, 2022, there were 9.6 million, 9.8 million, 9.9 million, 10.0 million, and 10.1 million in common OP Units, respectively, held by non-controlling interests. (2) Share prices are the closing price as reported by the NASDAQ. (3) Market value of common equity is calculated as the number of common shares outstanding including assumption of conversion of OP units multiplied the closing share price on that day. (4) Based on pro rata total capitalization at September 30, 2023, Host’s net income multiple is 19.7x calculated based on the ratio between our pro rata total capitalization and our full year 2023 forecast net income at the midpoint. Host’s EBITDA multiple is 9.3x calculated based on the ratio between our pro rata total capitalization at September 30, 2023 and our full year 2023 forecast Adjusted EBITDAre at the midpoint. 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 2023 Forecasts. As of As of As of As of As of September 30, June 30, March 31, December 31, September 30, Shares/Units 2023 2023 2023 2022 2022 Common shares outstanding 705.4 711.4 711.2 713.4 714.9 Common shares outstanding assuming conversion of OP Units (1) 715.2 721.4 721.3 723.6 725.3 Preferred OP Units outstanding 0.01 0.01 0.01 0.01 0.01 Security pricing Common stock at end of quarter (2) $ 16.07 $ 16.83 $ 16.49 $ 16.05 $ 15.88 High during quarter 18.40 17.83 19.23 18.94 19.55 Low during quarter 15.44 15.80 14.86 15.81 15.47 Capitalization Market value of common equity (3) $ 11,493 $ 12,141 $ 11,894 $ 11,614 $ 11,518 Consolidated debt 4,212 4,210 4,208 4,215 4,214 Less: Cash (916) (802) (563) (667) (883) Consolidated total capitalization 14,789 15,549 15,539 15,162 14,849 Plus: Share of debt in unconsolidated investments 202 183 199 205 156 Pro rata total capitalization (4) $ 14,991 15,732 15,738 15,367 15,005 Quarter ended Quarter ended Quarter ended Quarter ended Quarter ended September 30, June 30, March 31, December 31, September 30, 2023 2023 2023 2022 2022 Dividends declared per common share $ 0.18 $ 0.15 $ 0.12 $ 0.32 $ 0.12

 
© Host Hotels & Resorts, Inc. Consolidated Debt Summary 24 (in millions) (1) There are no outstanding credit facility borrowings at September 30, 2023. Amount shown represents deferred financing costs related to the credit facility revolver. (2) In accordance with GAAP, total debt includes the debt of entities that we consolidate, but of which we do not own 100%, and excludes the debt of entities that we do not consolidate, but of which we have a non-controlling ownership interest and record our investment therein under the equity method of accounting. As of September 30, 2023, our share of debt in unconsolidated investments is $202 million and none of our debt is attributable to non-controlling interests. (3) Total debt as of September 30, 2023 and December 31, 2022, includes net discounts and deferred financing costs of $41 million and $40 million, respectively. Debt Senior debt Rate Maturity date September 30, 2023 December 31, 2022 Series E 4 % 6/2025 $ 499 $ 499 Series F 4 ½% 2/2026 399 399 Series G 3 ⅞% 4/2024 400 399 Series H 3 ⅜% 12/2029 643 642 Series I 3 ½% 9/2030 737 736 Series J 2.9 % 12/2031 441 440 2027 Credit facility term loan 6.6 % 1/2027 499 499 2028 Credit facility term loan 6.6 % 1/2028 498 499 Credit facility revolver (1) — % 1/2027 (9) (4) 4,107 4,109 Mortgage and other debt Mortgage and other debt 4.8 % 2/2024 - 11/2027 105 106 Total debt(2)(3) $ 4,212 $ 4,215 Percentage of fixed rate debt 76 % 76 % Weighted average interest rate 4.6 % 4.4 % Weighted average debt maturity 4.5 years 5.2 years Credit Facility Total capacity $ 1,500 Available capacity 1,495 Assets encumbered by mortgage debt 1

 
© Host Hotels & Resorts, Inc. Consolidated Debt Maturity as of September 30, 2023 25 (1) The first term loan under our credit facility that is due in 2027 has an extension option that would extend maturity of the instrument to 2028, subject to meeting certain conditions, including payment of a fee. The second term loan tranche that is due in 2028 does not have an extension option. (2) Mortgage and other debt excludes principal amortization of $2 million each year from 2024-2027 for the mortgage loan that matures in 2027. D eb t B al an ce (i n M ill io ns ) 400 500 400 650 750 450 500 500 5 90 Senior Notes Term Loan (1) Mortgage and Other Debt (2) 2023 2024 2025 2026 2027 2028 2029 2030 2031 $0 $250 $500 $750 $1,000

 
1 HOTEL SOUTH BEACH OVERVIEW PROPERTY LEVEL DATA CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
© Host Hotels & Resorts, Inc. Financial Covenants: Credit Facility and Senior Notes Financial Performance Tests 27 (unaudited, in millions, except ratios) 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: (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. 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) September 30, 2023 Credit Facility Financial Performance Tests Permitted GAAP Ratio Covenant Ratio Leverage Ratio Maximum 7.25x 5.5x 2.1x Unsecured Interest Coverage Ratio Minimum 1.75x(1) 4.1x 8.9x Consolidated Fixed Charge Coverage Ratio Minimum 1.25x 4.1x 7.5x September 30, 2023 Bond Compliance Financial Performance Tests Permitted GAAP Ratio Covenant Ratio Indebtedness Test Maximum 65% 34% 20% Secured Indebtedness Test Maximum 40% 1% <1% EBITDA-to-interest Coverage ratio (2) Minimum 1.5x 4.1x 8.7x Ratio of Unencumbered Assets to Unsecured Indebtedness Minimum 150% 292% 493%

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio 28 (unaudited, in millions, except ratios) (1) The following presents the reconciliation of debt to net debt per our credit facility definition: (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: 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 September 30, 2023 Debt $ 4,212 Net income 767 GAAP Leverage Ratio 5.5x Leverage Ratio per Credit Facility Trailing Twelve Months September 30, 2023 Net debt (1) $ 3,397 Adjusted Credit Facility EBITDA (2) 1,616 Leverage Ratio 2.1x September 30, 2023 Debt $ 4,212 Less: Unrestricted cash over $100 million (815) Net debt per credit facility definition $ 3,397 Trailing Twelve Months September 30, 2023 Net income $ 767 Interest expense 185 Depreciation and amortization 677 Income taxes 24 EBITDA 1,653 Gain on dispositions (67) Equity in earnings of affiliates (7) Pro rata EBITDAre of equity investments 36 EBITDAre and Adjusted EBITDAre 1,615 Pro forma EBITDA - Dispositions (14) Restricted stock expense and other non-cash items 27 Non-cash partnership adjustments (12) Adjusted Credit Facility EBITDA $ 1,616

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio 29 (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: (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: (2) The following reconciles GAAP interest expense to unsecured interest expense per our credit facility definition: GAAP Interest Coverage Ratio Trailing Twelve Months September 30, 2023 Net income $ 767 Interest expense 185 GAAP Interest Coverage Ratio 4.1x Unsecured Interest Coverage per Credit Facility Ratio Trailing Twelve Months September 30, 2023 Unencumbered consolidated EBITDA per credit facility definition (1) $ 1,608 Adjusted Credit Facility unsecured interest expense (2) 180 Unsecured Interest Coverage Ratio 8.9x Trailing Twelve Months September 30, 2023 Adjusted Credit Facility EBITDA $ 1,616 Less: Encumbered EBITDA (9) Corporate overhead allocated to encumbered assets 1 Unencumbered Consolidated EBITDA per credit facility definition $ 1,608 Trailing Twelve Months September 30, 2023 GAAP Interest expense $ 185 Interest on secured debt (5) Debt extinguishment costs (4) Deferred financing cost amortization (7) Capitalized interest 12 Pro forma interest adjustments (1) Adjusted Credit Facility Unsecured Interest Expense $ 180

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio 30 (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: (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: (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: GAAP Fixed Charge Coverage Ratio Trailing Twelve Months September 30, 2023 Net income $ 767 Interest expense 185 GAAP Fixed Charge Coverage Ratio 4.1x Credit Facility Fixed Charge Coverage Ratio Trailing Twelve Months September 30, 2023 Credit Facility Fixed Charge Coverage Ratio EBITDA (1) $ 1,355 Fixed charges (2) 180 Credit Facility Fixed Charge Coverage Ratio 7.5x Trailing Twelve Months September 30, 2023 Adjusted Credit Facility EBITDA $ 1,616 Less: 5% of hotel property gross revenue (260) Less: 3% of revenues from other real estate (1) Credit Facility Fixed Charge Coverage Ratio EBITDA $ 1,355 Trailing Twelve Months September 30, 2023 Adjusted Credit Facility Unsecured Interest Expense $ 180 Interest on secured debt 5 Adjusted Credit Facility Interest Expense 185 Scheduled principal payments 2 Cash taxes on ordinary income (7) Fixed Charges $ 180

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test 31 (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: (2) The following presents the reconciliation of total assets to adjusted total assets per the financial covenants of our senior notes indenture definition: (1) The following reconciles our GAAP total indebtedness to our total indebtedness per our senior notes indenture: GAAP Total Indebtedness to Total Assets September 30, 2023 Debt $ 4,212 Total assets 12,292 GAAP Total Indebtedness to Total Assets 34% Total Indebtedness to Total Assets per Senior Notes Indenture September 30, 2023 Adjusted indebtedness (1) $ 4,236 Adjusted total assets (2) 20,781 Total Indebtedness to Total Assets 20% September 30, 2023 Debt $ 4,212 Add: Deferred financing costs 26 Less: Mark-to-market on assumed mortgage (2) Adjusted Indebtedness per Senior Notes Indenture $ 4,236 September 30, 2023 Total assets $ 12,292 Add: Accumulated depreciation 9,033 Add: Prior impairment of assets held 11 Add: Prior inventory impairment at unconsolidated investment 7 Less: Intangibles (9) Less: Right-of-use assets (553) Adjusted Total Assets per Senior Notes Indenture $ 20,781

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test 32 (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: (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. (1) The following presents the reconciliation of mortgage debt to secured indebtedness per the financial covenants of our senior notes indenture definition: GAAP Secured Indebtedness September 30, 2023 Mortgage and other secured debt $ 105 Total assets 12,292 GAAP Secured Indebtedness to Total Assets 1% Secured Indebtedness per Senior Notes Indenture September 30, 2023 Secured indebtedness (1) $ 103 Adjusted total assets (2) 20,781 Secured Indebtedness to Total Assets <1% September 30, 2023 Mortgage and other secured debt $ 105 Less: Mark-to-market on assumed mortgage (2) Secured Indebtedness $ 103

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio 33 (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: (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. GAAP Interest Coverage Ratio Trailing Twelve Months September 30, 2023 Net income $ 767 Interest expense 185 GAAP Interest Coverage Ratio 4.1x EBITDA to Interest Coverage Ratio Trailing Twelve Months September 30, 2023 Adjusted Credit Facility EBITDA (1) $ 1,616 Non-controlling interest adjustment 2 Adjusted Senior Notes EBITDA 1,618 Adjusted Credit Facility and Senior Notes Interest Expense (2) $ 185 EBITDA to Interest Coverage Ratio 8.7x

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test 34 (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: (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: (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. GAAP Assets / Debt September 30, 2023 Total assets $ 12,292 Total debt 4,212 GAAP Total Assets / Total Debt 292% Unencumbered Assets / Unsecured Debt per Senior Notes Indenture September 30, 2023 Unencumbered Assets (1) $ 20,381 Unsecured Debt (2) 4,133 Unencumbered Assets / Unsecured Debt 493% September 30, 2023 Adjusted total assets (a) $ 20,781 Less: Partnership adjustments (139) Less: Prior inventory impairment at unconsolidated investment (7) Less: Encumbered Assets (254) Unencumbered Assets $ 20,381 September 30, 2023 Adjusted indebtedness (b) $ 4,236 Less: Secured indebtedness (c) (103) Unsecured Debt $ 4,133

 
GRAND HYATT WASHINGTON OVERVIEW PROPERTY LEVEL DATA CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
36© Host Hotels & Resorts, Inc. FORECASTS Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and comparable hotel results are forward- looking statements and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will not be materially different. Risks that may affect these assumptions and forecasts include the following: potential changes in overall economic outlook make it inherently difficult to forecast the level of RevPAR; the amount and timing of debt payments may change significantly based on market conditions, which will directly affect the level of interest expense and net income; the amount and timing of transactions involving shares of our common stock may change based on market conditions; and other risks and uncertainties associated with our business described herein and in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS Effective January 1, 2023, the Company ceased presentation of All Owned Hotel results and returned to a comparable hotel presentation for its hotel level results. Management believes this provides investors with a better understanding of underlying growth trends for the Company’s current portfolio, without impact from properties that experienced closures due to renovations or property damage sustained. 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 gain on property insurance and business interruption settlements on our consolidated statements of operations. Business interruption insurance gains related to a hotel that was excluded from our comparable hotel set also will be excluded from the comparable hotel results. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
37© Host Hotels & Resorts, Inc. COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS (continued) Of the 77 hotels that we owned as of September 30, 2023, 75 have been classified as comparable hotels. The operating results of the following hotels that we owned as of September 30, 2023 are excluded from comparable hotel results for these periods, due to closure of the property: • Hyatt Regency Coconut Point Resort & Spa (business disruption due to Hurricane Ian beginning in September 2022, reopened in November 2022); and • The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023). • Following the wildfires in Maui in August 2023, the Hyatt Regency Maui Resort & Spa remained in our comparable hotel set based on the overall performance of the property despite business interruption sustained by the property in August and September. There continues to be a significant level of uncertainty as to the extent of continued business interruption for the fourth quarter as the hotel reopened to guests on November 1, 2023. Therefore, we will continue to evaluate the overall impact of the wildfires on the property’s operations and its comparable status through the remainder of the year. NON-GAAP FINANCIAL MEASURES Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre, (iv) Comparable Hotel Operating Statistics and Results, (v) Credit Facility Financial Performance Tests, and (vi) Senior Notes Financial Performance Tests. The following discussion defines these measures and presents why we believe they are useful supplemental measures of our performance. NAREIT FFO AND NAREIT FFO PER DILUTED SHARE We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. Effective January 1, 2019, we adopted NAREIT’s definition of FFO included in NAREIT’s Funds From Operations White Paper – 2018 Restatement. NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding depreciation and amortization related to certain real estate assets, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment expense of certain real estate assets and investments and adjustments for consolidated partially-owned entities and unconsolidated affiliates. Adjustments for consolidated partially-owned entities and unconsolidated affiliates are calculated to reflect our pro rata share of the FFO of those entities on the same basis. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
38© Host Hotels & Resorts, Inc. 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 earnings per share, provides beneficial information to investors. By excluding the effect of real estate depreciation, amortization, impairment expense and gains and losses from sales of depreciable real estate, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. As noted by NAREIT in its Funds From Operations White Paper – 2018 Restatement, the primary purpose for including FFO as a supplemental measure of operating performance of a REIT is to address the artificial nature of historical cost depreciation and amortization of real estate and real estate-related assets mandated by GAAP. For these reasons, NAREIT adopted the FFO metric in order to promote a uniform industry-wide measure of REIT operating performance. Adjusted FFO per Diluted Share We also present Adjusted FFO per diluted share when evaluating our performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the adjustments detailed below in evaluating our performance, in our annual budget process and for our compensation programs. We believe that the presentation of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of diluted earnings per share and FFO per diluted share as defined by NAREIT, provides useful supplemental information that is beneficial to an investor’s understanding of our operating performance. We adjust NAREIT FFO per diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share: • Gains and Losses on the Extinguishment of Debt – We exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of the write-off of deferred financing costs from the original issuance of the debt being redeemed or retired and incremental interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs. • Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company. • Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance. • Severance Expense –In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs incurred as part of a broad- based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred at a specific hotel due to a broad- based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
39© Host Hotels & Resorts, Inc. NON-GAAP FINANCIAL MEASURES (continued) 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 EBITDA multiples (calculated as sales price divided by EBITDA) as one measure in determining the value of acquisitions and dispositions and, like Funds From Operations (“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 – We exclude the effect of property insurance gains reflected in our 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. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
40© Host Hotels & Resorts, Inc. 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. 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 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 a measure 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 a measure of, amounts that accrue directly to stockholders’ benefit. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
41© Host Hotels & Resorts, Inc. 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 eight domestic and international partnerships that own a total of 33 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 outside partners, and a 15% interest held by outside partners 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 consolidated statements of operations include such amounts, all of which should be considered by investors when evaluating our performance. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
42© Host Hotels & Resorts, Inc. 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. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
43© Host Hotels & Resorts, Inc. 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. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
v3.23.3
Cover
Nov. 01, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 01, 2023
Entity Registrant Name HOST HOTELS & RESORTS, INC.
Entity Incorporation, State or Country Code MD
Entity File Number 001-14625
Entity Tax Identification Number 53-0085950
Amendment Flag false
Entity Central Index Key 0001070750
Entity Address, Address Line One 4747 Bethesda Avenue
Entity Address, Address Line Two Suite 1300
Entity Address, City or Town Bethesda
Entity Address, State or Province MD
Entity Address, Postal Zip Code 20814
City Area Code 240
Local Phone Number 744-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $.01 par value
Trading Symbol HST
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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