Host Hotels & Resorts, Inc. · NASDAQ:HST
Host Hotels & Resorts — Q3 2025 Earnings Presentation
44 slides from Host Hotels & Resorts's earnings presentation, Nov 6, 2025
Slide 1: Supplemental Financial Information
Supplemental Financial Information SEPTEMBER 30, 2025 FOUR SEASONS RESORT AND RESIDENCES JACKSON HOLE
Slide 2: Table of Contents
TABLE OF CONTENTS 3 OVERVIEW About Host Hotels & Resorts 4 Analyst Coverage 5 Forward-Looking Statements 6 Non-GAAP Financial Measures 6 7 PROPERTY LEVEL DATA AND CORPORATE MEASURES Comparable Hotel Results by Location 8 Historical Comparable Hotel Results 16 Comparable Hotel Results 2025 Forecast a
Slide 3: Overview
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION HOST HOTELS & RESORTS CORPORATE HEADQUARTERS
Slide 4: About Host Hotels & Resorts
BAKER'S CAY RESORT KEY LARGO, CURIO COLLECTION BY HILTON About Host Hotels & Resorts PREMIER U.S. LODGING REIT S&P $11.9 $16.7 500 BILLION BILLION COMPANY MARKET CAP(1) ENTERPRISE VALUE(1) LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2) 79 42,500 21 HOTELS ROOMS TOP U.S. MARKETS (1) Based on
Slide 5: Analyst Coverage
Analyst Coverage BAIRD EVERCORE ISI STIFEL, NICOLAUS & CO. Mike Bellisario Duane Pfennigwerth Simon Yarmak 414-298-6130 212-497-0817 443-224-1345 mbellisario@rwbaird.com duane.pfennigwerth@evercoreisi.com yarmaks@stifel.com BOFA SECURITIES, INC. GREEN STREET ADVISORS TRUIST Shaun Kelley Chris Darlin
Slide 6: Overview
Overview ABOUT HOST HOTELS & RESORTS Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating
Slide 7: Property Level Data and Corporate Measures
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION © Host Hotels & Resorts, Inc. 7 1 HOTEL NASHVILLE
Slide 8: Comparable Hotel Results by Location
Comparable Hotel Results by Location (1) (unaudited, in millions, except hotel statistics and per room basis) Quarter ended September 30, 2025 Average Total Revenues No. of No. of Average Occupancy per Available Hotel Net Location Properties Rooms Room Rate Percentage RevPAR Total revenues Room Inco
Slide 9: Comparable Hotel Results by Location
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Quarter ended September 30, 2025 Plus: Property No. of No. of Hotel Net Plus: Plus: Interest Transaction Equals: Hotel Location Properties Rooms Income (Loss) Depreciation Expense Plus: Income T
Slide 10: Comparable Hotel Results by Location
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Quarter ended September 30, 2024 Average Total Revenues No. of No. of Average Occupancy per Available Hotel Net Location Properties Rooms Room Rate Percentage RevPAR Total revenues Room Income (
Slide 11: Comparable Hotel Results by Location
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Quarter ended September 30, 2024 Plus: Property No. of No. of Hotel Net Income Plus: Plus: Interest Transaction Equals: Hotel Location Properties Rooms (Loss) Depreciation Expense Plus: Income T
Slide 12: Comparable Hotel Results by Location
Comparable Hotel Results by Location (1) (unaudited, in millions, except hotel statistics and per room basis) Year-to-date ended September 30, 2025 Average Total Revenues No. of No. of Average Occupancy per Available Hotel Net Location Properties Rooms Room Rate Percentage RevPAR Total revenues Room
Slide 13: Comparable Hotel Results by Location
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Year-to-date ended September 30, 2025 Plus: Property No. of No. of Hotel Net Plus: Plus: Interest Transaction Equals: Hotel Location Properties Rooms Income (Loss) Depreciation Expense Plus: Inc
Slide 14: Comparable Hotel Results by Location
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Year-to-date ended September 30, 2024 Average Total Revenues No. of No. of Average Occupancy per Available Hotel Net Location Properties Rooms Room Rate Percentage RevPAR Total revenues Room Inc
Slide 15: Comparable Hotel Results by Location
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Year-to-date ended September 30, 2024 Plus: Property No. of No. of Hotel Net Income Plus: Plus: Interest Transaction Equals: Hotel Location Properties Rooms (Loss) Depreciation Expense Plus: Inc
Slide 16: Historical Comparable Hotel Results with 2025 Comparable Hotel Set
Historical Comparable Hotel Results with 2025 Comparable Hotel Set (unaudited, in millions, except hotel statistics) Historical Comparable Hotel Metrics (1) 2025 Comparable Hotel Set (3) Three Months Ended Year Ended September 30, June 30, September December December March 31, 2025 June 30, 2025 202
Slide 17: Historical Comparable Hotel Results with 2025 Comparable Hotel Set (cont.)
Historical Comparable Hotel Results with 2025 Comparable Hotel Set (cont.) (unaudited, in millions, except hotel statistics) Historical Comparable Hotel EBITDA (1)(2) 2025 Comparable Hotel Set (3) Three Months Ended Year Ended September 30, September 30, December 31, December 31, March 31, 2025 June
Slide 18: Comparable Hotel Results 2025 Forecast and Full Year 2024
Comparable Hotel Results 2025 Forecast and Full Year 2024 (unaudited, in millions, except hotel statistics) 2025 Comparable Hotel Set 2025 Forecast(1) 2024 Number of hotels 76 76 Number of rooms 41,837 41,837 Comparable hotel Total RevPAR $ 380.03 $ 367.53 Comparable hotel RevPAR $ 227.49 $ 220.84 O
Slide 19: Comparable Hotel Results 2025 Forecast and Full Year 2024 (cont.)
Comparable Hotel Results 2025 Forecast and Full Year 2024 (cont.) (unaudited, in millions) Forecast Year ended December 31, 2025 Year ended December 31, 2024 Adjustments Adjustments Non- Non- Property comparable Depreciation Property comparable Depreciation Transaction hotel results, Condominium and
Slide 20: Ground Lease Summary as of September 30, 2025
Ground Lease Summary as of September 30, 2025 As of September 30, 2025 Lessor Institution Expiration after all No. of rooms Type Minimum rent Current expiration potential options (1) 1 Boston Marriott Copley Place 1,145 Public N/A (2) 12/31/2123 12/31/2123 2 Coronado Island Marriott Resort & Spa 300
Slide 21: Capitalization
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION SAN FRANCISCO MARRIOTT MARQUIS
Slide 22: Comparative Capitalization
Comparative Capitalization (in millions, except security pricing and per share amounts) As of As of As of As of As of September 30, June 30, March 31, December 31, September 30, Shares/Units 2025 2025 2025 2024 2024 Common shares outstanding 687.7 687.5 693.7 699.1 699.0 Common shares outstanding as
Slide 23: Consolidated Debt Summary
Consolidated Debt Summary (in millions) Debt Senior debt Rate Maturity date September 30, 2025 December 31, 2024 Series E 4% 6/2025 $ — $ 500 Series F 4 ½% 2/2026 400 399 Series H 3 ⅜% 12/2029 645 644 Series I 3 ½% 9/2030 741 740 Series J 2.9% 12/2031 443 442 Series K 5.7% 7/2034 585 585 Series L 5.
Slide 24: Consolidated Debt Maturity as of September 30, 2025
Consolidated Debt Maturity as of September 30, 2025 (in millions) $1,000 $750 Debt Balance (in Millions) 90 $500 750 700 650 600 $250 500 500 500 450 400 $0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Senior Notes Term Loan (1) Mortgage and Other Debt (2) (1) The first term loan that is d
Slide 25: Property Transactions
Property Transactions The following table reconciles net income to Hotel EBITDA and Hotel Net Operating Income for the Washington Marriott at Metro Center (in millions, except for room count and multiples): Equals: Renewal & Hotel Net Net Net No. of Hotel Net Plus: Hotel Replacement Operating income
Slide 26: Financial Covenants
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION 1 HOTEL SOUTH BEACH
Slide 27: Credit Facility and Senior Notes Financial Performance Tests
Financial Covenants: Credit Facility and Senior Notes Financial Performance Tests (unaudited, in millions, except ratios) On January 4, 2023, we amended our Credit Facility agreement. The covenant requirements are consistent with previous amendment covenant levels: Leverage Ratio Maximum 7.25x Fixed
Slide 28: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio
Financial Covenants: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our leverage ratio using GAAP measures and as used in the financial covenants of the credit facility. Leverage Ratio pe
Slide 29: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our unsecured interest coverage ratio using GAAP measures and as used in the financial cove
Slide 30: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our GAAP Interest coverage ratio and our fixed charge coverage ratio as used in the financial cov
Slide 31: Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test
Financial Covenants: Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test (unaudited, in millions, except ratios) The following tables present the calculation of our total indebtedness to total assets using GAAP measures and as used in the financial covenants of our s
Slide 32: Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Test
Financial Covenants: Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test (unaudited, in millions, except ratios) The following table presents the calculation of our secured indebtedness using GAAP measures and as used in the financial covenants of our
Slide 33: Reconciliation of GAAP Interest Coverage Ratio to Senior Notes EBITDA-to-Interest Coverage Ratio
Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our interest coverage ratio using our GAAP measures and as used in the financial cov
Slide 34: Reconciliation of GAAP Assets to Indebtedness Test to Unencumbered Assets Test
Financial Covenants: Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test (unaudited, in millions, except ratios) The following tables present the calculation of our total assets to total debt using GAAP measures and unencumbered asset
Slide 35: Notes to Supplemental Financial Information
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION GRAND HYATT WASHINGTON
Slide 36: Notes to Supplemental Financial Information: Forecasts
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION FORECASTS Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and comparable hotel results are forward-looking statements and are not guarantees of future performance and in
Slide 37: Comparable Hotel Operating Statistics and Results
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS (continued) Of the 79 hotels that we owned as of September 30, 2025, 76 have been classified as comparable hotels. The operating results of the following properties that we owned, and that were not classifi
Slide 38: Non-GAAP Financial Measures
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) We believe that NAREIT FFO per diluted share is a useful supplemental measure of our operating performance and that the presentation of NAREIT FFO per diluted share, when combined with the primary GAAP presentation o
Slide 39: Non-GAAP Financial Measures (continued)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) • Effective January 1, 2025, we exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash transaction and the add back is consistent with the calculation of Adjusted EBITDA for o
Slide 40: Non-GAAP Financial Measures (continued)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) 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 regar
Slide 41: Limitations on the Use of NAREIT FFO, Adjusted FFO, EBITDA
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) LIMITATIONS ON THE USE OF NAREIT FFO PER DILUTED SHARE, ADJUSTED FFO PER DILUTED SHARE, EBITDA, EBITDAre AND ADJUSTED EBITDAre We calculate EBITDAre and NAREIT FFO per diluted share in accordance with standards estab
Slide 42: Comparable Hotel Property Level Operating Results
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) COMPARABLE HOTEL PROPERTY LEVEL OPERATING RESULTS We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a comparable
Slide 43: Credit Facility Leverage, Unsecured Interest Coverage and Fixed Charge Coverage Ratios
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) CREDIT FACILITY – LEVERAGE, UNSECURED INTEREST COVERAGE AND CONSOLIDATED FIXED CHARGE COVERAGE RATIOS Host’s credit facility contains certain financial covenants, including allowable leverage, unsecured interest cove
Slide 44: Limitations on Credit Facility and Senior Notes Credit Ratios
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) LIMITATIONS ON CREDIT FACILITY AND SENIOR NOTES CREDIT RATIOS These metrics are useful in evaluating the Company’s compliance with the covenants contained in its credit facility and senior notes indentures. However,
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