Host Hotels & Resorts, Inc. Reports Results for the Second Quarter 2024

07/31/2024

Acquisitions of 1 Hotel Central Park and The Ritz-Carlton O’ahu, Turtle Bay

BETHESDA, Md., July 31, 2024 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for second quarter of 2024.

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

	Quarter ended June 30,						Year-to-date ended June 30,
	2024		2023		Percent Change		2024		2023		Percent Change
Revenues	$	1,466	$	1,393	5.2	%	$	2,937	$	2,774	5.9	%
Comparable hotel revenues⁽¹⁾		1,415		1,409	0.4	%		2,830		2,797	1.2	%
Comparable hotel Total RevPAR⁽¹⁾		368.25		366.60	0.5	%		368.20		365.97	0.6	%
Comparable hotel RevPAR⁽¹⁾		224.29		224.02	0.1	%		219.40		220.65	(0.6	%)

Net income	$	242	$	214	13.1	%	$	514	$	505	1.8	%
EBITDAre⁽¹⁾		502		446	12.6	%		1,006		890	13.0	%
Adjusted EBITDAre⁽¹⁾		476		446	6.7	%		959		890	7.8	%

Diluted earnings per common share	$	0.34	$	0.29	17.2	%	$	0.72	$	0.70	2.9	%
NAREIT FFO per diluted share⁽¹⁾		0.57		0.53	7.5	%		1.17		1.07	9.3	%
Adjusted FFO per diluted share⁽¹⁾		0.57		0.53	7.5	%		1.17		1.08	8.3	%

Additional detail on the Company’s results, including data for 23 domestic markets, is available in the Second Quarter 2024 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 Total RevPAR growth of 0.5% over the second quarter of 2023, as group business continued to drive increases in banquet and catering revenues. Comparable hotel RevPAR increased 0.1% for the quarter as a result of a slower-than-anticipated recovery in Maui and the current shift in leisure demand to international destinations. In addition, we delivered net income of $242 million, an increase of 13.1% compared to the second quarter of 2023, and Adjusted EBITDAre of $476 million, a 6.7% improvement over the second quarter of 2023."

Risoleo continued, “Subsequent to quarter end, we acquired the 1 Hotel Central Park, further diversifying our presence in New York City, one of the top performing RevPAR markets in the country this year. We also anticipate closing later today on the acquisition of The Ritz-Carlton O’ahu, Turtle Bay on the North Shore of Oahu, Hawaii, which includes a 49-acre land parcel entitled for development. During the quarter, we repurchased $50 million of common stock and completed several financing transactions, including the repayment of our Series G senior notes for $400 million and the issuance of $600 million of Series K senior notes at 5.7%. Thus far in 2024, we have acquired $1.5 billion of iconic and irreplaceable real estate, which we believe positions Host to deliver meaningful EBITDA 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.

HIGHLIGHTS:

Comparable hotel Total RevPAR was $368.25 for the second quarter of 2024 and $368.20 year to date, representing an increase of 0.5% and 0.6%, respectively, compared to the same periods in 2023, due to the improvements in food & beverage revenues driven by group business.
Comparable hotel RevPAR was $224.29 and $219.40 for the second quarter and year-to-date of 2024, respectively, representing an increase of 0.1% and a decrease of 0.6%, respectively, compared to the same periods in 2023. While group demand remained strong, a slower than expected recovery in Maui following the August 2023 wildfires and moderating domestic leisure demand hampered growth in the quarter.
GAAP net income was $242 million for second quarter of 2024, reflecting a 13.1% increase compared to second quarter of 2023, and GAAP operating profit margin was 19.9%, an improvement of 200 basis points compared to the second quarter of 2023. Year-to-date GAAP net income was $514 million, a 1.8% increase compared to 2023, and operating profit margin was 19.9%, an improvement of 200 basis points compared to 2023. Gains on insurance settlements increased $53 million and $84 million for the quarter and year-to-date compared to 2023 and were a significant driver of the improvements in net income and operating profit margins.
Comparable hotel EBITDA was $461 million for the second quarter of 2024, flat compared to the second quarter of 2023, leading to a comparable hotel EBITDA margin decline of 10 basis points to 32.6%. The decline for the quarter was driven by increased wages and higher insurance expenses in comparison to second quarter 2023, partially offset by the receipt of $21 million of business interruption proceeds in the quarter related to the Maui wildfires. Year-to-date, comparable hotel EBITDA was $904 million, a 1.2% decrease compared to 2023, leading to a comparable hotel EBITDA margin decline of 80 basis points to 31.9%.
Adjusted EBITDAre was $476 million for the second quarter of 2024, exceeding 2023 by 6.7%. The increase was driven by operations from the recently acquired 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown and The Ritz-Carlton, Naples, which was closed in the first half of 2023 due to Hurricane Ian. Year-to-date, Adjusted EBITDAre was $959 million, exceeding 2023 by 7.8%.
Completed the final steps of the restoration efforts at The Ritz-Carlton, Naples following Hurricane Ian of bringing the permanent central energy plant online. The Company reached final settlement with its insurance carriers on covered costs related to damage and disruption caused by Hurricane Ian, for a total settlement of $308 million. To date, the Company has received $304 million of this amount. In the second quarter, the Company received $35 million, of which $9 million was recognized as a gain on business interruption. In total, $99 million of the insurance receipts were recognized as a gain on business interruption and the Company does not expect to recognize any additional gains on business interruption.
The Company achieved a new milestone in its sustainability efforts for renewable energy use and green building certifications, resulting in the maximum pricing benefit under its credit facility, for a total reduction of 5 basis points on the interest rate for the outstanding term loans and a 4 basis point reduction on the interest rate for revolver borrowings.
On April 15, 2024, the Company completed the previously announced acquisition of the fee simple interest in the 215-room 1 Hotel Nashville and 506-room Embassy Suites by Hilton Nashville Downtown for a total purchase price of $530 million.

Subsequent Acquisitions

Acquired the fee simple interest in the 234-room 1 Hotel Central Park for a purchase price of $265 million. The LEED Certified® hotel features 2,000 square feet of contiguous and flexible meeting space, a naturally lit fitness center and business center, and Jams, a three-meal restaurant and bar affiliated with James Beard award winner Jonathan Waxman.
Anticipates later today closing on the previously announced acquisition of The Ritz-Carlton O’ahu, Turtle Bay for $680 million, net of key money to be received from Marriott International, and including a 49-acre land parcel entitled for development. Located on 1,180-acres on the North Shore of Oahu, the property features 450 rooms, all with ocean views, including 42 bungalows with direct beach access, a separate check-in, and a private pool. Other amenities include 18,000 square feet of indoor meeting space, a club lounge, six food and beverage outlets, a spa, fitness center, two golf courses, seven beaches, four resort pools, and access to 12 miles of oceanfront trails. The Company has reached an agreement with Marriott International to transition management and convert the property to the Ritz-Carlton brand.

Maui Update

Effects from the August 2023 wildfires in Maui, Hawaii continued into 2024. In the second quarter, the Company's Maui hotels and golf courses impacted RevPAR by 250 basis points. The impact in the quarter is understated, however, as the Company would have expected Maui to contribute 90 basis points to portfolio RevPAR growth in the second quarter given the renovation disruption at Fairmont Kea Lani in 2023. As a result, the total estimated impact of the wildfires on second quarter RevPAR is 340 basis points. Operating profit margin and comparable hotel EBITDA margin were impacted by Maui's operations by approximately 70 basis points and 60 basis points, respectively, for the second quarter.
Recognized $21 million of insurance proceeds as a gain on business interruption in the second quarter, representing the full settlement amount for the event, which partially offset the impacts in Maui, and positively impacted operating profit margin by 130 basis points and comparable hotel EBITDA margin by 135 basis points for the quarter, resulting in a net benefit from Maui on operating profit margin of 60 basis points and on comparable hotel EBITDA margin of 80 basis points.

BALANCE SHEET

The Company maintains a robust balance sheet and completed several financing transactions in the second quarter of 2024 and subsequently. These transactions include:

The repayment of the $400 million 3⅞% Series G senior notes at maturity on April 1, 2024.
Issuance of $600 million of 5.700% Series K green bond senior notes due 2034 in an underwritten public offering for proceeds of $584 million, net of original issue discount, underwriting fees and expenses on May 10, 2024.
Repayments of all amounts outstanding under the revolving credit facility following the issuance of the Series K senior notes.
A draw of $525 million on the revolving credit facility subsequent to quarter end to facilitate the aforementioned hotel acquisitions.
The second quarter dividend paid on common stock of $140 million in July 2024.

After adjusting for the above investing and financing activities completed after quarter end, the Company estimates that it has the following balances:

Total assets of $12.8 billion.
Debt balance of $4.9 billion, with a weighted average maturity of 4.7 years, a weighted average interest rate of 4.9%, and a balanced maturity schedule.
Total available liquidity of approximately $1.4 billion, including furniture, fixtures and equipment escrow reserves of $242 million and $970 million available under the revolver portion of the credit facility, and an estimated adjusted cash balance as follows (in millions):

Cash and cash equivalents at June 30, 2024	$	805
Draw on revolver portion of credit facility, post-quarter end		525
Cash consideration for the acquisition of The Ritz-Carlton O'ahu, Turtle Bay⁽¹⁾		(696	)
Cash consideration for the acquisition of 1 Hotel Central Park⁽¹⁾		(258	)
Second quarter dividend paid on common stock		(140	)
Cash and cash equivalents adjusted for subsequent transactions	$	236

____________________________

(1) Cash paid for acquisitions are net of deposits paid prior to June 30, 2024. The expected receipt of key money in connection with the management change for The Ritz-Carlton O’ahu, Turtle Bay is not reflected in these amounts.

SHARE REPURCHASES AND DIVIDENDS

During the second quarter of 2024, the Company repurchased 2.8 million shares of common stock at an average price of $17.81 per share, exclusive of commissions, through its common share repurchase program for a total of $50 million. The Company has approximately $742 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 second quarter common stock cash dividend of $0.20 per share on July 15, 2024 to stockholders of record on June 28, 2024. All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors.

HOTEL BUSINESS MIX UPDATE

The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 35%, and 4%, respectively, of its full year 2023 room sales.

The following are the results for transient, group and contract business in comparison to 2023 performance, for the Company's current portfolio:

	Quarter ended June 30, 2024									Year-to-date ended June 30, 2024
	Transient			Group			Contract			Transient			Group			Contract
Room nights (in thousands)		1,518			1,155			186			2,855			2,278			359
Percent change in room nights vs. same period in 2023		(2.2	%)		2.8	%		5.1	%		(2.0	%)		3.4	%		6.2	%
Rooms revenues (in millions)	$	498		$	326		$	38		$	957		$	656		$	73
Percent change in revenues vs. same period in 2023		(5.0	%)		7.7	%		12.3	%		(4.9	%)		6.5	%		15.2	%

CAPITAL EXPENDITURES

The following presents the Company’s capital expenditures spend through the second quarter of 2024 and the forecast for full year 2024 (in millions):

	Year-to-date ended June 30, 2024		2024 Full Year Forecast

	Actual		Low-end of range		High-end of range
ROI - Marriott and Hyatt Transformational Capital Programs	$	33	$	125	$	140
All other return on investment ("ROI") projects		44		95		120
Total ROI Projects		77		220		260
Renewals and Replacements ("R&R")		117		250		300
R&R and ROI Capital expenditures		194		470		560
R&R - Insurable Reconstruction		30		30		40
Total Capital Expenditures	$	224	$	500	$	600

Inventory spend for condo development⁽¹⁾		19		50		60
Total capital allocation	$	243	$	550	$	660

__________
(1) Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under U.S. GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities.

Under the Hyatt Transformational Capital Program, the Company received $2 million, of the expected full year $9 million, of operating guarantees in the second quarter of 2024 to offset business disruptions.

2024 OUTLOOK

The Company has reduced its full year guidance range as a result of a slower than expected recovery from the wildfires in Maui and moderating leisure transient demand, which is driven primarily by elevated international U.S. outbound travel relative to historic levels without a corresponding increase in international inbound travel.

Operating profit margin in 2024 is expected to be flat to 2023, while comparable hotel EBITDA margins are expected to decline compared to 2023, due to the impacts from the Maui wildfires and continued growth in wages, real estate taxes and insurance. At the midpoint of guidance, the impact from Maui operations is expected to be an approximate decline of 180 basis points in RevPAR and 120 basis points in Total RevPAR. When combined with the expected pre-wildfire Maui contribution, the total impact is estimated to be 250 basis points and 190 basis points, respectively. Net of the benefit of the business interruption gains relating to the wildfires, the year-over-year impact from Maui on net income and Adjusted EBITDAre for full year is expected to be a decline of $25 million, and on margins is expected to be a decline of approximately 20 basis points.

The guidance includes an estimated $12 million and $22 million of net income and Adjusted EBITDAre, respectively, which is expected from the recent acquisitions of 1 Hotel Central Park and The Ritz-Carlton O’ahu, Turtle Bay. Due to the timing of the acquisitions, the results for these two hotels will be included in the comparable hotel guidance starting in the third quarter. Alila Ventana Big Sur reopened on May 22, 2024, following its closure due to the collapse of a portion of Highway 1 in California in March 2024, but continues to be excluded from the comparable hotel set for 2024.

The Company anticipates its 2024 operating results as compared to 2023 will be in the following range:

	Current Full Year 2024 Guidance	Current Full Year 2024 Guidance Change vs. 2023	Previous Full Year 2024 Guidance Change vs. 2023	Change in Full Year 2024 Guidance to the Mid-Point
Comparable hotel Total RevPAR	$344 to $351	0.2% to 2.1%	2.7% to 4.6%	(250) bps
Comparable hotel RevPAR	$208 to $213	(1.0)% to 1.0%	2.0% to 4.0%	(300) bps
Total revenues under GAAP (in millions)	$5,619 to $5,725	5.8% to 7.8%	6.4% to 8.3%	(60) bps
Operating profit margin under GAAP	15.3% to 16.0%	(30) bps to 40 bps	(20) bps to 50 bps	(10) bps
Comparable hotel EBITDA margin	29.1% to 29.6%	(110) bps to (60) bps	(80) bps to (30) bps	(30) bps

Based upon the above parameters, the Company estimates its 2024 guidance as follows:

	Current Full Year 2024 Guidance	Previous Full Year 2024 Guidance	Change in Full Year 2024 Guidance to the Mid-Point
Net income (in millions)	$683 to $741	$719 to $775	$(35)
Adjusted EBITDAre (in millions)	$1,615 to $1,675	$1,640 to $1,700	$(25)
Diluted earnings per common share	$0.95 to $1.03	$1.00 to $1.08	$(0.05)
NAREIT and Adjusted FFO per diluted share	$1.90 to $1.98	$1.97 to $2.05	$(0.07)

See the 2024 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Second Quarter 2024 Supplemental Financial Information for additional detail on the mid-point of full year 2024 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 76 properties in the United States and five properties internationally totaling approximately 43,400 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^®, 1 Hotels®, 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 recovery of travel and the lodging industry, the impact of the Maui wildfires and 2024 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 July 31, 2024, 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., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of June 30, 2024, 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.

HOST HOTELS & RESORTS, INC. Condensed Consolidated Balance Sheets (unaudited, in millions, except shares and per share amounts)

	June 30, 2024			December 31, 2023

ASSETS
Property and equipment, net	$	10,017		$	9,624
Right-of-use assets		551			550
Due from managers		151			128
Advances to and investments in affiliates		156			126
Furniture, fixtures and equipment replacement fund		242			217
Notes receivable		72			72
Other		413			382
Cash and cash equivalents		805			1,144
Total assets	$	12,407		$	12,243

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes	$	3,307		$	3,120
Credit facility, including the term loans of $997		990			989
Mortgage and other debt		99			100
Total debt		4,396			4,209
Lease liabilities		562			563
Accounts payable and accrued expenses		226			408
Due to managers		53			64
Other		181			173
Total liabilities		5,418			5,417

Redeemable non-controlling interests - Host Hotels & Resorts, L.P.		172			189

Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized, 702.3 million shares and 703.6 million shares issued and outstanding, respectively		7			7
Additional paid-in capital		7,500			7,535
Accumulated other comprehensive loss		(78	)		(70	)
Deficit		(615	)		(839	)
Total equity of Host Hotels & Resorts, Inc. stockholders		6,814			6,633
Non-redeemable non-controlling interests—other consolidated partnerships		3			4
Total equity		6,817			6,637
Total liabilities, non-controlling interests and equity	$	12,407		$	12,243

__________

(1) Please see our Second Quarter 2024 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.

HOST HOTELS & RESORTS, INC. Condensed Consolidated Statements of Operations (unaudited, in millions, except per share amounts)

	Quarter ended June 30,						Year-to-date ended June 30,
	2024			2023			2024			2023
Revenues
Rooms	$	885		$	850		$	1,738		$	1,670
Food and beverage		447			415			920			846
Other		134			128			279			258
Total revenues		1,466			1,393			2,937			2,774
Expenses
Rooms		214			201			416			394
Food and beverage		286			263			581			532
Other departmental and support expenses		343			323			677			638
Management fees		69			69			138			134
Other property-level expenses		101			93			205			184
Depreciation and amortization		188			168			368			337
Corporate and other expenses⁽¹⁾		29			30			56			61
Gain on insurance settlements		(56	)		(3	)		(87	)		(3	)
Total operating costs and expenses		1,174			1,144			2,354			2,277
Operating profit		292			249			583			497
Interest income		14			20			32			34
Interest expense		(50	)		(45	)		(97	)		(94	)
Other gains		—			—			—			69
Equity in earnings of affiliates		2			4			10			11
Income before income taxes		258			228			528			517
Provision for income taxes		(16	)		(14	)		(14	)		(12	)
Net income		242			214			514			505
Less: Net income attributable to non-controlling interests		(3	)		(4	)		(7	)		(8	)
Net income attributable to Host Inc.	$	239		$	210		$	507		$	497
Basic earnings per common share	$	0.34		$	0.30		$	0.72		$	0.70
Diluted earnings per common share	$	0.34		$	0.29		$	0.72		$	0.70

___________

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

	Quarter ended June 30,				Year-to-date ended June 30,
	2024		2023		2024		2023
General and administrative costs	$	24	$	20	$	45	$	41
Non-cash stock-based compensation expense		5		6		11		13
Litigation accruals		—		4		—		7
Total	$	29	$	30	$	56	$	61

HOST HOTELS & RESORTS, INC. Earnings per Common Share (unaudited, in millions, except per share amounts)

	Quarter ended June 30,						Year-to-date ended June 30,
		2024			2023			2024			2023
Net income	$	242		$	214		$	514		$	505
Less: Net income attributable to non-controlling interests		(3	)		(4	)		(7	)		(8	)
Net income attributable to Host Inc.	$	239		$	210		$	507		$	497

Basic weighted average shares outstanding		704.3			711.3			704.2			712.3
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market		1.6			1.9			1.6			1.9
Diluted weighted average shares outstanding⁽¹⁾		705.9			713.2			705.8			714.2
Basic earnings per common share	$	0.34		$	0.30		$	0.72		$	0.70
Diluted earnings per common share	$	0.34		$	0.29		$	0.72		$	0.70

___________
(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.

HOST HOTELS & RESORTS, INC. Hotel Operating Data for Consolidated Hotels
Comparable Hotel Results by Location⁽¹⁾

	As of June 30, 2024		Quarter ended June 30, 2024								Quarter ended June 30, 2023
Location	No. of Properties	No. of Rooms	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Miami	2	1,038	$	519.87	69.5	%	$	361.34	$	629.52	$	538.70	69.6	%	$	374.98	$	646.85	(3.6	%)	(2.7	%)
Jacksonville	1	446		550.05	86.4	%		475.21		1,051.33		549.95	82.1	%		451.53		974.60	5.2	%	7.9	%
Maui/Oahu	4	2,006		528.77	63.9	%		338.11		532.71		594.07	73.7	%		437.96		678.06	(22.8	%)	(21.4	%)
Phoenix	3	1,545		381.00	73.9	%		281.53		672.33		372.81	73.6	%		274.51		651.73	2.6	%	3.2	%
Florida Gulf Coast	4	1,403		343.63	73.3	%		251.90		546.59		347.67	74.5	%		258.88		548.82	(2.7	%)	(0.4	%)
Nashville	2	721		372.01	87.9	%		327.05		513.45		372.17	79.4	%		295.66		441.87	10.6	%	16.2	%
Orlando	2	2,448		362.78	70.4	%		255.42		520.59		363.44	73.4	%		266.90		542.00	(4.3	%)	(4.0	%)
New York	2	2,486		362.54	86.9	%		315.07		456.84		346.21	84.3	%		291.87		423.84	7.9	%	7.8	%
San Diego	3	3,294		294.68	83.0	%		244.53		448.79		281.16	83.1	%		233.70		432.22	4.6	%	3.8	%
Los Angeles/Orange County	3	1,067		289.81	80.4	%		233.00		347.78		297.22	82.4	%		245.01		352.37	(4.9	%)	(1.3	%)
Washington, D.C. (CBD)	5	3,245		325.59	77.2	%		251.26		358.58		312.23	78.0	%		243.43		346.51	3.2	%	3.5	%
Boston	2	1,496		304.22	87.2	%		265.32		338.20		293.70	83.0	%		243.74		311.38	8.9	%	8.6	%
Northern Virginia	2	916		274.53	77.0	%		211.30		323.51		261.74	73.7	%		192.88		292.30	9.6	%	10.7	%
Philadelphia	2	810		258.20	85.1	%		219.67		331.95		249.51	83.5	%		208.44		327.91	5.4	%	1.2	%
Austin	2	767		256.35	73.4	%		188.25		328.50		257.48	70.8	%		182.18		327.53	3.3	%	0.3	%
San Francisco/San Jose	6	4,162		228.30	69.3	%		158.29		230.28		235.44	66.6	%		156.72		230.73	1.0	%	(0.2	%)
Houston	5	1,942		214.28	71.7	%		153.58		211.57		208.54	72.3	%		150.82		207.78	1.8	%	1.8	%
Chicago	3	1,562		279.14	76.4	%		213.15		300.37		278.93	76.2	%		212.54		303.24	0.3	%	(0.9	%)
New Orleans	1	1,333		198.40	73.9	%		146.60		223.37		208.75	75.0	%		156.55		241.38	(6.4	%)	(7.5	%)
Seattle	2	1,315		256.89	74.5	%		191.36		258.07		241.55	72.9	%		176.09		237.33	8.7	%	8.7	%
San Antonio	2	1,512		217.72	61.9	%		134.72		211.25		214.90	63.9	%		137.37		219.40	(1.9	%)	(3.7	%)
Atlanta	2	810		206.36	60.3	%		124.39		214.15		194.10	76.0	%		147.44		239.70	(15.6	%)	(10.7	%)
Denver	3	1,342		206.20	74.1	%		152.71		233.83		196.19	66.2	%		129.88		190.82	17.6	%	22.5	%
Other	9	3,007		251.87	69.8	%		175.89		269.14		251.67	69.3	%		174.36		268.05	0.9	%	0.4	%
Domestic	72	40,673		304.69	74.7	%		227.62		373.93		305.05	74.7	%		227.80		373.25	(0.1	%)	0.2	%

International	5	1,499		203.66	65.8	%		133.98		212.97		193.42	62.7	%		121.31		184.99	10.4	%	15.1	%
All Locations	77	42,172	$	301.52	74.4	%	$	224.29	$	368.25	$	301.70	74.3	%	$	224.02	$	366.60	0.1	%	0.5	%

___________

(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.

Comparable Hotel Results by Location⁽¹⁾

	As of June 30, 2024		Year-to-date ended June 30, 2024								Year-to-date ended June 30, 2023
Location	No. of Properties	No. of Rooms	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Miami	2	1,038	$	582.35	75.7	%	$	441.05	$	748.58	$	594.02	73.8	%	$	438.09	$	753.95	0.7	%	(0.7	%)
Jacksonville	1	446		540.90	75.5	%		408.26		912.76		532.21	74.7	%		397.60		872.26	2.7	%	4.6	%
Maui/Oahu	4	2,006		534.73	68.3	%		364.97		582.11		599.89	75.0	%		449.74		689.14	(18.8	%)	(15.5	%)
Phoenix	3	1,545		438.15	77.6	%		339.94		763.44		455.18	78.0	%		355.17		764.31	(4.3	%)	(0.1	%)
Florida Gulf Coast	4	1,403		392.30	76.7	%		300.97		643.27		392.92	77.3	%		303.85		654.14	(0.9	%)	(1.7	%)
Nashville	2	721		343.99	80.9	%		278.21		449.95		343.90	74.8	%		257.36		380.80	8.1	%	18.2	%
Orlando	2	2,448		385.51	72.3	%		278.78		579.09		395.90	74.7	%		295.85		591.62	(5.8	%)	(2.1	%)
New York	2	2,486		328.99	80.5	%		264.68		387.16		316.51	78.8	%		249.47		369.18	6.1	%	4.9	%
San Diego	3	3,294		294.48	80.2	%		236.10		450.75		282.01	80.1	%		225.75		427.16	4.6	%	5.5	%
Los Angeles/Orange County	3	1,067		294.25	77.6	%		228.40		341.24		296.97	81.2	%		241.12		352.91	(5.3	%)	(3.3	%)
Washington, D.C. (CBD)	5	3,245		302.50	72.0	%		217.86		314.69		293.53	71.1	%		208.82		304.05	4.3	%	3.5	%
Boston	2	1,496		269.16	77.5	%		208.70		279.99		256.23	76.1	%		195.06		262.66	7.0	%	6.6	%
Northern Virginia	2	916		260.28	72.4	%		188.42		294.70		245.58	69.7	%		171.08		259.21	10.1	%	13.7	%
Philadelphia	2	810		232.64	78.9	%		183.63		280.42		229.68	78.9	%		181.17		283.96	1.4	%	(1.2	%)
Austin	2	767		265.62	69.1	%		183.49		326.16		273.23	70.4	%		192.43		343.15	(4.6	%)	(5.0	%)
San Francisco/San Jose	6	4,162		257.95	66.7	%		171.98		255.34		261.73	63.7	%		166.68		249.04	3.2	%	2.5	%
Houston	5	1,942		218.79	73.1	%		160.01		221.44		206.36	72.8	%		150.32		208.68	6.4	%	6.1	%
Chicago	3	1,562		237.03	66.0	%		156.45		222.96		238.80	64.0	%		152.79		219.73	2.4	%	1.5	%
New Orleans	1	1,333		204.89	74.2	%		152.12		238.46		215.24	74.0	%		159.23		240.08	(4.5	%)	(0.7	%)
Seattle	2	1,315		237.85	63.6	%		151.21		210.28		223.18	63.1	%		140.79		196.97	7.4	%	6.8	%
San Antonio	2	1,512		223.81	64.0	%		143.24		231.99		227.23	67.0	%		152.20		242.68	(5.9	%)	(4.4	%)
Atlanta	2	810		210.00	61.0	%		128.02		220.97		195.42	75.0	%		146.53		241.17	(12.6	%)	(8.4	%)
Denver	3	1,342		193.88	64.7	%		125.38		196.68		185.96	57.5	%		106.90		152.98	17.3	%	28.6	%
Other	9	3,007		285.81	63.9	%		182.66		282.56		291.21	63.6	%		185.23		284.76	(1.4	%)	(0.8	%)
Domestic	72	40,673		310.69	71.8	%		223.21		375.23		313.20	71.7	%		224.64		373.32	(0.6	%)	0.5	%

International	5	1,499		189.84	61.0	%		115.73		176.21		182.51	61.5	%		112.29		165.31	3.1	%	6.6	%
All Locations	77	42,172	$	307.04	71.5	%	$	219.40	$	368.20	$	309.20	71.4	%	$	220.65	$	365.97	(0.6	%)	0.6	%

___________

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

	As of June 30,
	2024	2023	Quarter ended June 30, 2024								Quarter ended June 30, 2023
Location	No. of Properties	No. of Properties	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Miami	2	2	$	519.87	69.5	%	$	361.34	$	629.52	$	538.70	69.6	%	$	374.98	$	646.85	(3.6	%)	(2.7	%)
Jacksonville	1	1		550.05	86.4	%		475.21		1,051.33		549.95	82.1	%		451.53		974.60	5.2	%	7.9	%
Maui/Oahu	4	4		528.77	63.9	%		338.11		532.71		594.07	73.7	%		437.96		678.06	(22.8	%)	(21.4	%)
Phoenix	3	3		381.00	73.9	%		281.53		672.33		372.81	73.6	%		274.51		651.73	2.6	%	3.2	%
Florida Gulf Coast	5	5		441.33	72.2	%		318.58		699.93		347.63	56.5	%		196.31		418.47	62.3	%	67.3	%
Nashville	2	—		377.43	88.2	%		332.78		520.89		—	—	%		—		—	—	%	—	%
Orlando	2	2		362.78	70.4	%		255.42		520.59		363.44	73.4	%		266.90		542.00	(4.3	%)	(4.0	%)
New York	2	2		362.54	86.9	%		315.07		456.84		346.21	84.3	%		291.87		423.84	7.9	%	7.8	%
San Diego	3	3		294.68	83.0	%		244.53		448.79		281.16	83.1	%		233.70		432.22	4.6	%	3.8	%
Los Angeles/Orange County	3	3		289.81	80.4	%		233.00		347.78		297.22	82.4	%		245.01		352.37	(4.9	%)	(1.3	%)
Washington, D.C. (CBD)	5	5		325.59	77.2	%		251.26		358.58		312.23	78.0	%		243.43		346.51	3.2	%	3.5	%
Boston	2	2		304.22	87.2	%		265.32		338.20		293.70	83.0	%		243.74		311.38	8.9	%	8.6	%
Northern Virginia	2	2		274.53	77.0	%		211.30		323.51		261.74	73.7	%		192.88		292.30	9.6	%	10.7	%
Philadelphia	2	2		258.20	85.1	%		219.67		331.95		249.51	83.5	%		208.44		327.91	5.4	%	1.2	%
Austin	2	2		256.35	73.4	%		188.25		328.50		257.48	70.8	%		182.18		327.53	3.3	%	0.3	%
San Francisco/San Jose	6	6		228.30	69.3	%		158.29		230.28		235.44	66.6	%		156.72		230.73	1.0	%	(0.2	%)
Houston	5	5		214.28	71.7	%		153.58		211.57		208.54	72.3	%		150.82		207.78	1.8	%	1.8	%
Chicago	3	3		279.14	76.4	%		213.15		300.37		278.93	76.2	%		212.54		303.24	0.3	%	(0.9	%)
New Orleans	1	1		198.40	73.9	%		146.60		223.37		208.75	75.0	%		156.55		241.38	(6.4	%)	(7.5	%)
Seattle	2	2		256.89	74.5	%		191.36		258.07		241.55	72.9	%		176.09		237.33	8.7	%	8.7	%
San Antonio	2	2		217.72	61.9	%		134.72		211.25		214.90	63.9	%		137.37		219.40	(1.9	%)	(3.7	%)
Atlanta	2	2		206.36	60.3	%		124.39		214.15		194.10	76.0	%		147.44		239.70	(15.6	%)	(10.7	%)
Denver	3	3		206.20	74.1	%		152.71		233.83		196.19	66.2	%		129.88		190.82	17.6	%	22.5	%
Other	10	10		267.11	69.3	%		185.14		283.33		287.69	69.7	%		200.45		306.65	(7.6	%)	(7.6	%)
Domestic	74	72		310.33	74.6	%		231.38		383.57		306.27	73.8	%		226.00		370.82	2.4	%	3.4	%

International	5	5		203.66	65.8	%		133.98		212.97		193.42	62.7	%		121.31		184.99	10.4	%	15.1	%
All Locations	79	77	$	307.00	74.3	%	$	227.95	$	377.61	$	302.82	73.4	%	$	222.26	$	364.22	2.6	%	3.7	%

___________

(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.


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

	As of June 30,
	2024	2023	Year-to-date ended June 30, 2024								Year-to-date ended June 30, 2023
Location	No. of Properties	No. of Properties	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Miami	2	2	$	582.35	75.7	%	$	441.05	$	748.58	$	594.02	73.8	%	$	438.09	$	753.95	0.7	%	(0.7	%)
Jacksonville	1	1		540.90	75.5	%		408.26		912.76		532.21	74.7	%		397.60		872.26	2.7	%	4.6	%
Maui/Oahu	4	4		534.73	68.3	%		364.97		582.11		599.89	75.0	%		449.74		689.14	(18.8	%)	(15.5	%)
Phoenix	3	3		438.15	77.6	%		339.94		763.44		446.98	78.0	%		348.64		738.46	(2.5	%)	3.4	%
Florida Gulf Coast	5	5		527.47	76.5	%		403.65		841.52		392.96	58.6	%		230.46		497.70	75.2	%	69.1	%
Nashville	2	—		377.43	88.2	%		332.78		520.89		—	—	%		—		—	—	%	—	%
Orlando	2	2		385.51	72.3	%		278.78		579.09		395.90	74.7	%		295.85		591.62	(5.8	%)	(2.1	%)
New York	2	2		328.99	80.5	%		264.68		387.16		316.51	78.8	%		249.47		369.18	6.1	%	4.9	%
San Diego	3	3		294.48	80.2	%		236.10		450.75		282.01	80.1	%		225.75		427.16	4.6	%	5.5	%
Los Angeles/Orange County	3	3		294.25	77.6	%		228.40		341.24		296.97	81.2	%		241.12		352.91	(5.3	%)	(3.3	%)
Washington, D.C. (CBD)	5	5		302.50	72.0	%		217.86		314.69		293.53	71.1	%		208.82		304.05	4.3	%	3.5	%
Boston	2	2		269.16	77.5	%		208.70		279.99		256.23	76.1	%		195.06		262.66	7.0	%	6.6	%
Northern Virginia	2	2		260.28	72.4	%		188.42		294.70		245.58	69.7	%		171.08		259.21	10.1	%	13.7	%
Philadelphia	2	2		232.64	78.9	%		183.63		280.42		229.68	78.9	%		181.17		283.96	1.4	%	(1.2	%)
Austin	2	2		265.62	69.1	%		183.49		326.16		273.23	70.4	%		192.43		343.15	(4.6	%)	(5.0	%)
San Francisco/San Jose	6	6		257.95	66.7	%		171.98		255.34		261.73	63.7	%		166.68		249.04	3.2	%	2.5	%
Houston	5	5		218.79	73.1	%		160.01		221.44		206.36	72.8	%		150.32		208.68	6.4	%	6.1	%
Chicago	3	3		237.03	66.0	%		156.45		222.96		238.80	64.0	%		152.79		219.73	2.4	%	1.5	%
New Orleans	1	1		204.89	74.2	%		152.12		238.46		215.24	74.0	%		159.23		240.08	(4.5	%)	(0.7	%)
Seattle	2	2		237.85	63.6	%		151.21		210.28		223.18	63.1	%		140.79		196.97	7.4	%	6.8	%
San Antonio	2	2		223.81	64.0	%		143.24		231.99		227.23	67.0	%		152.20		242.68	(5.9	%)	(4.4	%)
Atlanta	2	2		210.00	61.0	%		128.02		220.97		195.42	75.0	%		146.53		241.17	(12.6	%)	(8.4	%)
Denver	3	3		193.88	64.7	%		125.38		196.68		185.96	57.5	%		106.90		152.98	17.3	%	28.6	%
Other	10	10		305.62	63.8	%		195.13		302.05		319.34	64.0	%		204.29		314.22	(4.5	%)	(3.9	%)
Domestic	74	72		319.57	71.8	%		229.57		388.56		314.56	70.9	%		223.06		371.23	2.9	%	4.7	%

International	5	5		189.84	61.0	%		115.73		176.21		182.51	61.5	%		112.29		165.31	3.1	%	6.6	%
All Locations	79	77	$	315.65	71.5	%	$	225.54	$	381.09	$	310.46	70.6	%	$	219.11	$	363.94	2.9	%	4.7	%

___________

HOST HOTELS & RESORTS, INC. Schedule of Comparable Hotel Results ⁽¹⁾ (unaudited, in millions, except hotel statistics)
	Quarter ended June 30,						Year-to-date ended June 30,
		2024			2023			2024			2023
Number of hotels		77			77			77			77
Number of rooms		42,172			42,172			42,172			42,172
Change in comparable hotel Total RevPAR		0.5	%		—			0.6	%		—
Change in comparable hotel RevPAR		0.1	%		—			(0.6	%)		—
Operating profit margin⁽²⁾		19.9	%		17.9	%		19.9	%		17.9	%
Comparable hotel EBITDA margin⁽²⁾		32.6	%		32.7	%		31.9	%		32.7	%
Food and beverage profit margin⁽²⁾		36.0	%		36.6	%		36.8	%		37.1	%
Comparable hotel food and beverage profit margin⁽²⁾		36.5	%		36.9	%		37.0	%		37.4	%

Net income	$	242		$	214		$	514		$	505
Depreciation and amortization		188			168			368			337
Interest expense		50			45			97			94
Provision for income taxes		16			14			14			12
Gain on sale of property and corporate level income/expense		(13	)		6			(33	)		(53	)
Property transaction adjustments⁽³⁾		1			12			10			15
Non-comparable hotel results, net⁽⁴⁾		(23	)		2			(66	)		5
Comparable hotel EBITDA⁽¹⁾	$	461		$	461		$	904		$	915

___________
(1) See the Notes to Financial Information for a discussion of comparable hotel results, which are non-GAAP measures, and the limitations on their use. For additional information on comparable hotel EBITDA by location, see the Second Quarter 2024 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 June 30, 2024														Quarter ended June 30, 2023
				Adjustments														Adjustments
	GAAP Results			Property transaction adjustments ⁽³⁾		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	$	885		$	3	$	(26	)	$	—		$	862		$	850		$	19	$	(8	)	$	—		$	861
Food and beverage		447			2		(23	)		—			426			415			8		(3	)		—			420
Other		134			—		(7	)		—			127			128			2		(2	)		—			128
Total revenues		1,466			5		(56	)		—			1,415			1,393			29		(13	)		—			1,409
Expenses
Room		214			1		(6	)		—			209			201			4		(2	)		—			203
Food and beverage		286			1		(17	)		—			270			263			5		(3	)		—			265
Other		513			2		(19	)		—			496			485			8		(10	)		—			483
Depreciation and amortization		188			—		—			(188	)		—			168			—		—			(168	)		—
Corporate and other expenses		29			—		—			(29	)		—			30			—		—			(30	)		—
Gain on insurance settlements		(56	)		—		9			26			(21	)		(3	)		—		—			—			(3	)
Total expenses		1,174			4		(33	)		(191	)		954			1,144			17		(15	)		(198	)		948
Operating Profit - Comparable hotel EBITDA	$	292		$	1	$	(23	)	$	191		$	461		$	249		$	12	$	2		$	198		$	461


	Year-to-date ended June 30, 2024														Year-to-date ended June 30, 2023
				Adjustments														Adjustments
	GAAP Results			Property transaction adjustments ⁽³⁾		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	$	1,738		$	18	$	(70	)	$	—		$	1,686		$	1,670		$	29	$	(13	)	$	—		$	1,686
Food and beverage		920			10		(54	)		—			876			846			11		(5	)		—			852
Other		279			2		(13	)		—			268			258			3		(2	)		—			259
Total revenues		2,937			30		(137	)		—			2,830			2,774			43		(20	)		—			2,797
Expenses
Room		416			4		(12	)		—			408			394			7		(4	)		—			397
Food and beverage		581			7		(36	)		—			552			532			8		(7	)		—			533
Other		1,020			9		(42	)		—			987			956			13		(14	)		—			955
Depreciation and amortization		368			—		—			(368	)		—			337			—		—			(337	)		—
Corporate and other expenses		56			—		—			(56	)		—			61			—		—			(61	)		—
Gain on insurance settlements		(87	)		—		19			47			(21	)		(3	)		—		—			—			(3	)
Total expenses		2,354			20		(71	)		(377	)		1,926			2,277			28		(25	)		(398	)		1,882
Operating Profit - Comparable hotel EBITDA	$	583		$	10	$	(66	)	$	377		$	904		$	497		$	15	$	5		$	398		$	915

(3) Property transaction adjustments represent the following items: (i) the elimination of results of operations of hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(4) Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable.

HOST HOTELS & RESORTS, INC. Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre ⁽¹⁾ (unaudited, in millions)

	Quarter ended June 30,						Year-to-date ended June 30,
		2024			2023			2024			2023
Net income	$	242		$	214		$	514		$	505
Interest expense		50			45			97			94
Depreciation and amortization		188			168			368			337
Income taxes		16			14			14			12
EBITDA		496			441			993			948
Gain on dispositions⁽²⁾		—			—			—			(69	)
Equity investment adjustments:
Equity in earnings of affiliates		(2	)		(4	)		(10	)		(11	)
Pro rata EBITDAre of equity investments⁽³⁾		8			9			23			22
EBITDAre		502			446			1,006			890
Adjustments to EBITDAre:
Gain on property insurance settlement		(26	)		—			(47	)		—
Adjusted EBITDAre	$	476		$	446		$	959		$	890

___________
(1)    See the Notes to Financial Information for discussion of non-GAAP measures.
(2)    Reflects the sale of one hotel in 2023.
(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.

HOST HOTELS & RESORTS, INC. Reconciliation of Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share ⁽¹⁾ (unaudited, in millions, except per share amounts)

	Quarter ended June 30,						Year-to-date ended June 30,
		2024			2023			2024			2023
Net income	$	242		$	214		$	514		$	505
Less: Net income attributable to non-controlling interests		(3	)		(4	)		(7	)		(8	)
Net income attributable to Host Inc.		239			210			507			497
Adjustments:
Gain on dispositions⁽²⁾		—			—			—			(69	)
Gain on property insurance settlement		(26	)		—			(47	)		—
Depreciation and amortization		187			168			367			336
Equity investment adjustments:
Equity in earnings of affiliates		(2	)		(4	)		(10	)		(11	)
Pro rata FFO of equity investments⁽³⁾		4			6			13			16
Consolidated partnership adjustments:
FFO adjustments for non-controlling interests of Host L.P.		(3	)		(3	)		(5	)		(4	)
NAREIT FFO		399			377			825			765
Adjustments to NAREIT FFO:
Loss on debt extinguishment		—			—			—			4
Adjusted FFO	$	399		$	377		$	825		$	769

For calculation on a per share basis:⁽⁴⁾

Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO		705.9			713.2			705.8			714.2
Diluted earnings per common share	$	0.34		$	0.29		$	0.72		$	0.70
NAREIT FFO per diluted share	$	0.57		$	0.53		$	1.17		$	1.07
Adjusted FFO per diluted share	$	0.57		$	0.53		$	1.17		$	1.08

___________

(1-3) Refer to the 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 partner interests to common OP units. No effect is shown for securities if they are anti-dilutive.

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 2024 Forecasts ⁽¹⁾ (unaudited, in millions)

	Full Year 2024
	Low-end of range			High-end of range
Net income	$	683		$	741
Interest expense		216			216
Depreciation and amortization		742			742
Income taxes		20			22
EBITDA		1,661			1,721
Equity investment adjustments:
Equity in earnings of affiliates		(12	)		(13	)
Pro rata EBITDAre of equity investments		40			41
EBITDAre		1,689			1,749
Adjustments to EBITDAre:
Gain on property insurance settlement		(74	)		(74	)
Adjusted EBITDAre	$	1,615		$	1,675

	Full Year 2024
	Low-end of range			High-end of range
Net income	$	683		$	741
Less: Net income attributable to non-controlling interests		(10	)		(11	)
Net income attributable to Host Inc.		673			730
Adjustments:
Gain on property insurance settlement		(74	)		(74	)
Depreciation and amortization		740			740
Equity investment adjustments:
Equity in earnings of affiliates		(12	)		(13	)
Pro rata FFO of equity investments		21			22
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships		(1	)		(1	)
FFO adjustment for non-controlling interests of Host LP		(9	)		(9	)
NAREIT and Adjusted FFO	$	1,338		$	1,395

Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO		705.6			705.6
Diluted earnings per common share	$	0.95		$	1.03
NAREIT and Adjusted FFO per diluted share	$	1.90		$	1.98

_______________

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

Comparable hotel RevPAR will decrease 1.0% compared to 2023 for the low end of the forecast range and increase 1.0% compared to 2023 for the high end of the forecast range.
Comparable hotel EBITDA margins will decrease 110 basis points to 60 basis points compared to 2023 for the low and high ends of the forecasted comparable hotel RevPAR range, respectively.
We expect to spend approximately $500 million to $600 million on capital expenditures.
Includes $12 million of net income and $22 million of EBITDA from the 1 Hotel Central Park and The Ritz-Carlton O’ahu, Turtle Bay, acquired in July 2024. Assumes no additional acquisitions and no dispositions during the year.
Includes the final settlement for insurance proceeds related to Hurricane Ian and the Maui wildfires.

For a discussion of items that may affect forecast results, see the Notes to Financial Information.

HOST HOTELS & RESORTS, INC. Schedule of Comparable Hotel Results for Full Year 2024 Forecasts ⁽¹⁾⁽²⁾ (unaudited, in millions)

	Full Year 2024
	Low-end of range			High-end of range
Operating profit margin⁽³⁾		15.3	%		16.0	%
Comparable hotel EBITDA margin⁽³⁾		29.1	%		29.6	%

Net income	$	683		$	741
Depreciation and amortization		742			742
Interest expense		216			216
Provision for income taxes		20			22
Gain on sale of property and corporate level income/expense		(20	)		(21	)
Forecast results for July acquisitions⁽²⁾		(22	)		(22	)
Property transaction adjustments		10			10
Non-comparable hotel results, net⁽⁴⁾		(82	)		(83	)
Comparable hotel EBITDA⁽¹⁾	$	1,547		$	1,605

___________

(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 2024 Forecasts" for other forecast assumptions.
(2)    Forecast comparable hotel results include 77 hotels (of our 79 hotels owned at June 30, 2024) that we have assumed will be classified as comparable as of December 31, 2024. Comparable hotel metrics do not yet include the results of 1 Hotel Central Park and The Ritz-Carlton O’ahu, Turtle Bay, which were acquired in July 2024. We expect to include the comparable hotel results for these two hotels beginning in the third quarter.
(3)    Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:

	Low-end of range														High-end of range
			Adjustments														Adjustments
	GAAP Results		Forecast results for July acquisitions			Property transaction adjustments		Non-comparable hotel results, net			Depreciation and corporate level items		Comparable hotel Results		GAAP Results		Forecast results for July acquisitions			Property transaction adjustments		Non-comparable hotel results, net			Depreciation and corporate level items		Comparable hotel Results
Revenues
Rooms	$	3,384	$	(60	)	$	18	$	(122	)	$	—	$	3,220	$	3,452	$	(60	)	$	18	$	(124	)	$	—	$	3,286
Food and beverage		1,699		(20	)		10		(88	)