Host Hotels & Resorts, Inc. · NASDAQ:HST
Host Hotels & Resorts — Q2 2026 Earnings Presentation
45 slides from Host Hotels & Resorts's earnings presentation, Aug 6, 2026
Slide 1: Supplemental Financial Information
Supplemental Financial Information JUNE 30, 2026 ANDAZ MAUI AT WAILEA RESORT
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 2026 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 $16.5 $20.0 500 BILLION BILLION COMPANY MARKET CAP(1) ENTERPRISE VALUE(1) LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2) 75 41,300 21 HOTELS ROOMS TOP U.S. MARKETS (1) Based on
Slide 5: Analyst Coverage
Analyst Coverage BAIRD DEUTSCHE BANK SECURITIES MORGAN STANLEY & CO. Mike Bellisario Chris Woronka Stephen Grambling 414-298-6130 212-250-9376 212-761-1010 mbellisario@rwbaird.com chris.woronka@db.com stephen.grambling@morganstanley.com BARCLAYS EVERCORE ISI RAYMOND JAMES & ASSOCIATES Rich Hightower
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 (Q2 2026)
Comparable Hotel Results by Location (1) (unaudited, in millions, except hotel statistics and per room basis) Quarter ended June 30, 2026 Average Total Revenues No. of No. of Average Occupancy per Available Hotel Net Location Properties Rooms Room Rate Percentage RevPAR Total revenues Room Income (L
Slide 9: Comparable Hotel Results by Location (Q2 2026 EBITDA)
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Quarter ended June 30, 2026 Plus: Property No. of No. of Hotel Net Plus: Plus: Interest Transaction Equals: Hotel Location Properties Rooms Income (Loss) Depreciation Expense Plus: Income Tax Ad
Slide 10: Comparable Hotel Results by Location (Q2 2025)
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Quarter ended June 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 Income (Loss)
Slide 11: Comparable Hotel Results by Location (Q2 2025 EBITDA)
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Quarter ended June 30, 2025 Plus: Property No. of No. of Hotel Net Income Plus: Plus: Interest Transaction Equals: Hotel Location Properties Rooms (Loss) Depreciation Expense Plus: Income Tax Ad
Slide 12: Comparable Hotel Results by Location (YTD 2026)
Comparable Hotel Results by Location (1) (unaudited, in millions, except hotel statistics and per room basis) Year-to-date ended June 30, 2026 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 13: Comparable Hotel Results by Location (YTD 2026 EBITDA)
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Year-to-date ended June 30, 2026 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 14: Comparable Hotel Results by Location (YTD 2025)
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Year-to-date ended June 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 Income (
Slide 15: Comparable Hotel Results by Location (YTD 2025 EBITDA)
Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) Year-to-date ended June 30, 2025 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 16: Historical Comparable Hotel Results with 2026 Comparable Hotel Set
Historical Comparable Hotel Results with 2026 Comparable Hotel Set (unaudited, in millions, except hotel statistics) Historical Comparable Hotel Metrics (1) 2026 Comparable Hotel Set (3) Three Months Ended Year Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025
Slide 17: Historical Comparable Hotel Results with 2026 Comparable Hotel Set (cont.)
Historical Comparable Hotel Results with 2026 Comparable Hotel Set (cont.) (unaudited, in millions, except hotel statistics) Historical Comparable Hotel EBITDA (1)(2) 2026 Comparable Hotel Set (3) Three Months Ended Year Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Decembe
Slide 18: Comparable Hotel Results 2026 Forecast and Full Year 2025
Comparable Hotel Results 2026 Forecast and Full Year 2025 (unaudited, in millions, except hotel statistics) 2026 Comparable Hotel Set 2026 Forecast(1) 2025 Number of hotels 74 74 Number of rooms 40,974 40,974 Comparable hotel Total RevPAR $ 391.30 $ 372.75 Comparable hotel RevPAR $ 234.48 $ 223.34 O
Slide 19: Comparable Hotel Results 2026 Forecast and Full Year 2025 (cont.)
Comparable Hotel Results 2026 Forecast and Full Year 2025 (cont.) (unaudited, in millions) Forecast Year ended December 31, 2026 Year ended December 31, 2025 Adjustments Adjustments Property Depreciation Property Depreciation GAAP Transaction Non-comparable Condominium and corporate Comparable GAAP
Slide 20: Reconciliation of Net Income to EBITDA, EBITDAre and FFO for 2026 Forecasts
Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2026 Forecasts(1) (unaudited in millions, except per share amounts) Full Year 2026 Mid-point Net income $ 953 Inte
Slide 21: Reconciliation for Full Year 2026 Forecasts (cont.)
Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2026 Forecasts (cont.) (unaudited, in millions, except per share amounts) (1) The Forecasts are based on the below
Slide 22: Ground Lease Summary as of December 31, 2025
Ground Lease Summary as of December 31, 2025 As of December 31, 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 Pu
Slide 23: Capitalization
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION SAN FRANCISCO MARRIOTT MARQUIS
Slide 24: Comparative Capitalization
Comparative Capitalization (in millions, except security pricing and per share amounts) As of As of As of As of As of June 30, March 31, December 31, September 30, June 30, Shares/Units 2026 2026 2025 2025 2025 Common shares outstanding 685.0 684.9 687.8 687.7 687.5 Common shares outstanding assumin
Slide 25: Consolidated Debt Summary
Consolidated Debt Summary (in millions) Debt Senior debt Rate Maturity date June 30, 2026 December 31, 2025 Series H 3 ⅜% 12/2029 646 645 Series I 3 ½% 9/2030 742 741 Series J 2.9% 12/2031 444 443 Series K 5.7% 7/2034 586 586 Series L 5.5% 4/2035 685 685 Series M 5.7% 6/2032 491 491 Series N 4.25% 1
Slide 26: Consolidated Debt Maturity
Consolidated Debt Maturity as of June 30, 2026 (in millions) $1,000 $750 Debt Balance (in Millions) 500 90 $500 750 700 650 600 $250 500 500 450 400 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Senior Notes Term Loan (1) Mortgage and Other Debt (2) (1) The first term loan that is due in
Slide 27: Financial Covenants
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION 1 HOTEL SOUTH BEACH
Slide 28: 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 29: 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. In addition, for
Slide 30: Reconciliation of GAAP Interest Coverage Ratio to 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 31: Reconciliation of GAAP Interest Coverage Ratio to 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 32: Reconciliation of GAAP Indebtedness Test to Senior Notes 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 33: Reconciliation of GAAP Secured Indebtedness Test to Senior Notes 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 34: Reconciliation of GAAP Interest Coverage Ratio to 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 35: 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 36: Notes to Supplemental Financial Information
OVERVIEW PROPERTY LEVEL DATA AND CORPORATE MEASURES CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION GRAND HYATT WASHINGTON
Slide 37: 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 38: Notes: Comparable Hotel Operating Statistics and Results
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS (continued) Similarly, hotels are excluded from our comparable hotel set from the date that they sustain substantial property damage or business interruption if it requires the property to be closed to hote
Slide 39: Notes: Non-GAAP Financial Measures (NAREIT FFO)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) NAREIT FFO AND NAREIT FFO PER DILUTED SHARE We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in accordance with GAAP). W
Slide 40: Notes: Non-GAAP Financial Measures (Adjustments)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) • Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we bel
Slide 41: Notes: Non-GAAP Financial Measures (NOI, EBITDAre)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) For a specific hotel, NOI is calculated as the hotel or entity level EBITDA less an estimate for the annual contractual reserve requirements for renewal and replacement expenditures. Management uses NOI when calculat
Slide 42: Notes: Non-GAAP Financial Measures (Limitations)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) • Non-Cash Stock-Based Compensation - We exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash transaction and the add back is consistent with the calculation of Adjusted EBI
Slide 43: Notes: Non-GAAP Financial Measures (Equity Investments)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments, and NAREIT FFO and Adjusted FFO per diluted share include ad
Slide 44: Notes: Non-GAAP Financial Measures (Comparable Hotel Results)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) We present these hotel operating results on a comparable hotel basis because we believe that doing so provides investors and management with useful information for evaluating the period-to-period performance of our h
Slide 45: Notes: Non-GAAP Financial Measures (Credit Ratios)
NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP FINANCIAL MEASURES (continued) Under the terms of the senior notes indentures, interest expense excludes items such as the gains and losses on the extinguishment of debt, deferred financing charges related to the senior notes or the credit facilit
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