0001070750false00010707502023-05-032023-05-03

 

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): May 3, 2023

HOST HOTELS & RESORTS, INC.

(Exact Name of Registrant as Specified in Charter)

Maryland (Host Hotels & Resorts, Inc.)		001-14625		53-0085950
(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:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-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 Class		Trading Symbol		Name of Each Exchange on Which Registered
Common Stock, $.01 par value		HST		The 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 ☐

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. ☐

 

---

 

Item 2.02. Results of Operations and Financial Condition.

On May 3, 2023, Host Hotels & Resorts, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 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	Host Hotels & Resorts, Inc.'s earning release for the first quarter 2023.
99.2	Host Hotels & Resorts, Inc. First Quarter 2023 Supplemental Financial Information.
104	Cover 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: May 3, 2023				By:		/S/ Joseph C. Ottinger
				Name:		Joseph C. Ottinger
				Title:		Senior Vice President and Corporate Controller

 

 

 

---

 

		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 Strong First Quarter 2023 Results

First Quarter RevPAR Improvement of 31% over 2022 Exceeded High End of Guidance

Raises Full Year RevPAR Growth Guidance to 7.5% to 10.5% Based on Improved Outlook for 2023

BETHESDA, Md; May 3, 2023 – Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for first quarter of 2023.

Operating Results

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

		Quarter ended March 31,
		2023				2022				Percent Change
Revenues		$	1,381			$	1,074				28.6	%
Comparable hotel revenues⁽¹⁾			1,353				1,010				34.0	%
Comparable hotel Total RevPAR⁽¹⁾			365.93				273.06				34.0	%
Comparable hotel RevPAR⁽¹⁾			217.77				166.12				31.1	%
Net income		$	291			$	118				146.6	%
EBITDAre and Adjusted EBITDAre⁽¹⁾			444				306				45.1	%
Diluted earnings per common share			0.40				0.16				150.0	%
NAREIT FFO per diluted share⁽¹⁾			0.54				0.39				38.5	%
Adjusted FFO per diluted share⁽¹⁾			0.55				0.39				41.0	%

* Additional detail on the Company’s results, including data for 22 domestic markets, is available in the First 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 strong results in the first quarter as we continued to benefit from operational improvements across our portfolio. Notably, comparable hotel RevPAR increased 31% over the first quarter of 2022, exceeding the top end of our guidance by four percentage points. Our results in the first quarter were driven by continued rate strength and increases in occupancy, with meaningful improvement in the group business segment.”

Risoleo continued, “We continued to successfully execute our capital allocation strategy through reinvestment in our portfolio and the repurchase of $50 million of stock in the first quarter. Host's stellar performance coupled with our improved outlook for the rest of the year allowed us to raise our full year RevPAR growth guidance range to 7.5% to 10.5%. We continue to believe that our fortress balance sheet, diversified portfolio, high-quality assets, and unique capabilities position us to further elevate Host’s EBITDA growth profile and extend our company’s long track record of shareholder value creation.”

Highlights:

 

---

 

HOST HOTELS & RESORTS, INC. NEWS RELEASE	May 3, 2023

 

Balance Sheet

The Company maintains a robust balance sheet, with the following balances at March 31, 2023:

On January 4, 2023, the Company amended and restated its $2.5 billion credit facility, extending the maturities and maintaining similar terms to the prior agreement. The amended facility reflects no increase in pricing and bears interest pursuant to a credit ratings-based grid ranging from 0.725% to 1.600% over the applicable adjusted term SOFR and adds pricing incentives linked to portfolio sustainability initiatives.

Share Repurchase Program and Dividends

During the first quarter of 2023, the Company repurchased 3.2 million shares at an average price of $15.65 per share through its common share repurchase program for a total of $50 million. The Company has approximately $923 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 first quarter cash dividend of $0.12 per share on its common stock on April 17, 2023 to stockholders of record on March 31, 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 2022 room sales.

PAGE 2 OF 19

---

 

HOST HOTELS & RESORTS, INC. NEWS RELEASE	May 3, 2023

 

The following are the results for transient, group and contract business in comparison to 2022 performance, for the Company's current portfolio:

		Quarter ended March 31, 2023												Quarter ended March 31, 2022
		Transient				Group				Contract				Transient				Group				Contract
Room nights (in thousands)			1,332				1,038				159				1,220				648				142
Rooms Revenues (in millions)		$	476			$	300			$	29			$	420			$	173			$	21

Hurricane Ian Update

As previously discussed, Hurricane Ian caused significant damage at The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa. The final phase of reconstruction at the Hyatt Regency Coconut Point, the resort's waterpark, is on track to reopen mid-June. Transformational renovations to all guestrooms and suites have been completed at The Ritz-Carlton, Naples as well as the new tower expansion and reimagined arrival experience, and the Company is targeting a reopening in July. The 2023 forecast for capital expenditures includes $100 million to $125 million for hurricane restoration work. As of May 3, 2023, the Company has received $98 million of property insurance proceeds from its related claims, of the expected potential insurance recovery of approximately $310 million for covered costs.

Capital Expenditures

The following presents the Company’s capital expenditures spend for the first quarter of 2023 and the forecast for full year 2023 (in millions):

		Quarter ended March 31, 2023				2023 Full Year Forecast
		Actual				Low-end of range				High-end of range
ROI - Marriott Transformational Capital Program		$	10			$	25			$	35
All other return on investment ("ROI") projects			41				225				265
Total ROI Projects			51				250				300
Renewals and Replacements ("R&R")			65				250				300
R&R and ROI Capital expenditures			116				500				600
R&R - Insurable Reconstruction			30				100				125
Total Capital Expenditures		$	146			$	600			$	725

During the first quarter, the Company completed a revitalizing guestroom, public space and meeting space renovation at The Westin Georgetown, Washington, D.C. in addition to completing the final phase of guestroom renovations at the Marriott Marquis San Diego Marina as part of the Marriott Transformational Capital Program. The final project of the program, the Washington Marriott at Metro Center, is scheduled to complete in second quarter of 2023.

2023 Outlook

Based on its strong first quarter performance coupled with its improved outlook for the rest of year, the Company raised its full-year comparable hotel RevPAR growth guidance to 7.5% to 10.5%. Further improvement in operations will continue to depend on the broader macroeconomic environment, which will affect the ability to maintain high-rated business in resort markets, as well as the continued improvement of group, business transient and international inbound travel.

Given the significant macroeconomic uncertainty in the second half of 2023, the Company’s guidance contemplates varying degrees of a slowdown in 2023. In this context, the Company expects year-over-year comparable hotel RevPAR percentage changes in the second half of the year to be up low-single digits at the midpoint of guidance.

Additionally, as discussed last quarter and noted throughout 2022, margins are expected 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. However, in comparison to 2019, operating profit margins and comparable hotel EBITDA margins are expected to improve 40 basis points and 65 basis points, respectively, at the midpoint of guidance. In addition,

PAGE 3 OF 19

---

 

HOST HOTELS & RESORTS, INC. NEWS RELEASE	May 3, 2023

 

the forecast does not include any expected gains from business interruption proceeds related to Hurricane Ian at this time, as timing of any recognition is uncertain.

The Company anticipates its 2023 operating results as compared to 2022 will be in the following range:

	Current Full Year 2023 Guidance		Current Full Year 2023 Guidance Change vs. 2022		Previous Full Year 2023 Guidance Change vs. 2022		Change in Full Year 2023 Guidance to the Mid-Point
Comparable hotel Total RevPAR	$343 to $352		7.7% to 10.5%		1.2% to 7.2%		470 bps
Comparable hotel RevPAR	$211 to $216		7.5% to 10.5%		2.0% to 8.0%		400 bps
Total revenues under GAAP	$5,266 to $5,405		7.3% to 10.1%		1.4% to 7.3%		430 bps
Operating profit margin under GAAP	14.4% to 15.5%		(140) bps to (30) bps		(370) bps to (130) bps		170 bps
Comparable hotel EBITDA margin	29.8% to 30.5%		(200) bps to (130) bps		(360) bps to (210) bps		120 bps

Based upon the above parameters, the Company estimates its 2023 guidance as follows:

	Current Full Year 2023 Guidance		Previous Full Year 2023 Guidance		Change in Full Year 2023 Guidance to the Mid-Point
Net income (in millions)	$713 to $793		$489 to $652		$	184
Adjusted EBITDAre (in millions)	$1,545 to $1,625		$1,380 to $1,545		$	125
Diluted earnings per common share	$0.98 to $1.09		$0.67 to $0.90		$	0.26
NAREIT FFO per diluted share	$1.83 to $1.94		$1.60 to $1.82		$	0.18
Adjusted FFO per diluted share	$1.84 to $1.95		$1.60 to $1.83		$	0.18

See the 2023 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the First 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 41,900 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 May 3, 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 ***

 

PAGE 4 OF 19

---

 

HOST HOTELS & RESORTS, INC. NEWS RELEASE	May 3, 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 March 31, 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.

2023 OPERATING RESULTS		PAGE NO.
Condensed Consolidated Balance Sheets (unaudited)      March 31, 2023 and December 31, 2022		6
Condensed Consolidated Statements of Operations (unaudited)      Quarter ended March 31, 2023 and 2022		7
Earnings (Loss) per Common Share (unaudited)      Quarter ended March 31, 2023 and 2022		8
Hotel Operating Data
Hotel Operating Data for Consolidated Hotels (by Location)		9
Schedule of Comparable Hotel Results		11
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre		12
Reconciliation of Diluted Earnings (Loss) per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share		13
2023 FORECAST INFORMATION
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		14
Schedule of Comparable Hotel Results for Full Year 2023 Forecasts		15
Notes to Financial Information		16

 

 

 

 

 

 

PAGE 5 OF 19

---

HOST HOTELS & RESORTS, INC.

Condensed Consolidated Balance Sheets

(unaudited, in millions, except shares and per share amounts)

		March 31, 2023				December 31, 2022
ASSETS
Property and equipment, net		$	9,720			$	9,748
Right-of-use assets			557				556
Due from managers			144				94
Advances to and investments in affiliates			150				132
Furniture, fixtures and equipment replacement fund			203				200
Notes receivable			485				413
Other			403				459
Cash and cash equivalents			563				667
Total assets		$	12,225			$	12,269
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes		$	3,116			$	3,115
Credit facility, including the term loans of $997 and $998, respectively			986				994
Mortgage and other debt			106				106
Total debt			4,208				4,215
Lease liabilities			570				568
Accounts payable and accrued expenses			219				372
Due to managers			30				67
Other			168				168
Total liabilities			5,195				5,390
Redeemable non-controlling interests - Host Hotels & Resorts, L.P.			167				164
Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized,      711.2 million shares and 713.4 million shares issued and      outstanding, respectively			7				7
Additional paid-in capital			7,663				7,717
Accumulated other comprehensive loss			(73	)			(75	)
Deficit			(739	)			(939	)
Total equity of Host Hotels & Resorts, Inc. stockholders			6,858				6,710
Non-redeemable non-controlling interests—other consolidated      partnerships			5				5
Total equity			6,863				6,715
Total liabilities, non-controlling interests and equity		$	12,225			$	12,269

___________

 

PAGE 6 OF 19

---

HOST HOTELS & RESORTS, INC.

Condensed Consolidated Statements of Operations

(unaudited, in millions, except per share amounts)

 

		Quarter ended March 31,
		2023				2022
Revenues
Rooms		$	820			$	655
Food and beverage			431				297
Other			130				122
Total revenues			1,381				1,074
Expenses
Rooms			193				160
Food and beverage			269				200
Other departmental and support expenses			315				273
Management fees			65				40
Other property-level expenses			91				84
Depreciation and amortization			169				172
Corporate and other expenses⁽¹⁾			31				23
Total operating costs and expenses			1,133				952
Operating profit			248				122
Interest income			14				1
Interest expense			(49	)			(36	)
Other gains			69				13
Equity in earnings of affiliates			7				2
Income before income taxes			289				102
Benefit for income taxes			2				16
Net income			291				118
Less: Net income attributable to non-controlling interests			(4	)			(2	)
Net income attributable to Host Inc.		$	287			$	116
Basic and diluted earnings per common share		$	0.40			$	0.16

___________

		Quarter ended March 31,
		2023				2022
General and administrative costs		$	21			$	18
Non-cash stock-based compensation expense			7				5
Litigation accruals			3				—
Total		$	31			$	23

 

 

PAGE 7 OF 19

---

HOST HOTELS & RESORTS, INC.

Earnings per Common Share

(unaudited, in millions, except per share amounts)

 

		Quarter ended March 31,
		2023				2022
Net income		$	291			$	118
Less: Net income attributable to non-controlling interests			(4	)			(2	)
Net income attributable to Host Inc.		$	287			$	116
Basic weighted average shares outstanding			713.4				714.3
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market			1.5				1.8
Diluted weighted average shares outstanding⁽¹⁾			714.9				716.1
Basic and diluted earnings per common share		$	0.40			$	0.16

___________

 

 

PAGE 8 OF 19

---

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels(1)

Comparable Hotel Results by Location

	As of March 31, 2023						Quarter ended March 31, 2023												Quarter ended March 31, 2022
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			1,033		$	643.96			77.9	%	$	501.89		$	862.22		$	733.63			70.9	%	$	520.02		$	819.53			(3.5	)%		5.2	%
Maui/Oahu		4			2,006			605.58			76.2			461.65			700.34			544.76			76.4			416.04			640.84			11.0			9.3
Phoenix		3			1,545			529.55			82.5			436.73			878.14			493.50			73.7			363.49			742.24			20.1			18.3
Florida Gulf Coast		3			941			475.65			84.1			400.16			882.27			482.76			80.0			386.10			759.35			3.6			16.2
Jacksonville		1			446			510.30			67.2			343.06			768.78			532.17			60.5			321.85			718.05			6.6			7.1
Orlando		2			2,448			427.60			76.0			325.11			641.80			458.86			58.1			266.55			488.36			22.0			31.4
Los Angeles/Orange County		3			1,067			296.72			79.9			237.19			353.46			287.84			64.9			186.70			266.13			27.0			32.8
San Diego		3			3,294			282.93			76.9			217.70			422.03			257.75			61.6			158.83			295.65			37.1			42.7
New York		2			2,486			281.95			73.3			206.60			313.90			258.15			41.4			106.99			152.56			93.1			105.8
Austin		2			767			289.30			70.1			202.79			358.95			278.59			61.8			172.23			285.80			17.7			25.6
San Francisco/San Jose		6			4,162			290.85			60.8			176.75			267.55			197.28			45.0			88.73			138.84			99.2			92.7
Washington, D.C. (CBD)		5			3,238			270.57			64.2			173.81			261.11			236.46			38.5			91.13			131.17			90.7			99.1
San Antonio		2			1,512			238.60			70.1			167.19			266.21			188.39			67.3			126.82			197.62			31.8			34.7
New Orleans		1			1,333			221.98			73.0			161.94			238.77			203.99			55.9			113.96			167.80			42.1			42.3
Philadelphia		2			810			207.09			74.2			153.60			239.52			176.60			66.7			117.84			183.75			30.3			30.4
Houston		5			1,942			204.18			73.4			149.81			209.59			179.90			60.9			109.60			149.28			36.7			40.4
Northern Virginia		2			916			227.21			65.6			149.04			225.76			198.70			52.8			104.94			148.86			42.0			51.7
Boston		2			1,496			210.79			69.2			145.84			213.40			181.69			47.6			86.56			112.42			68.5			89.8
Atlanta		2			810			196.79			74.0			145.62			242.65			173.11			66.3			114.76			177.40			26.9			36.8
Seattle		2			1,315			197.72			53.1			105.09			156.16			174.78			35.4			61.83			87.48			70.0			78.5
Chicago		3			1,562			178.91			51.6			92.37			135.28			161.26			40.6			65.54			87.91			40.9			53.9
Denver		3			1,340			171.90			48.7			83.66			114.72			152.03			45.3			68.83			102.89			21.6			11.5
Other		10			3,061			357.65			58.2			208.18			321.87			389.78			51.8			201.81			302.03			3.2			6.6
Domestic		70			39,530			323.40			68.7			222.11			374.23			311.23			54.9			170.92			281.16			29.9			33.1
International		5			1,499			171.05			60.3			103.18			145.42			98.95			39.5			39.12			57.86			163.7			151.3
All Locations		75			41,029			318.49			68.4			217.77			365.93			305.60			54.4			166.12			273.06			31.1			34.0

___________

PAGE 9 OF 19

---

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

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

	As of March 31,
	2023			2022			Quarter ended March 31, 2023												Quarter ended March 31, 2022
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			3		$	643.96			77.9	%	$	501.89		$	862.22		$	620.11			73.3	%	$	454.45		$	702.36			10.4	%		22.8	%
Maui/Oahu		4			4			605.58			76.2			461.65			700.34			544.76			76.4			416.04			640.84			11.0			9.3
Phoenix		3			4			506.37			81.9			414.65			815.69			458.96			73.8			338.92			674.47			22.3			20.9
Florida Gulf Coast		5			5			435.50			60.8			264.99			577.81			555.52			74.0			411.06			785.14			(35.5	)		(26.4	)
Jacksonville		1			1			510.30			67.2			343.06			768.78			532.17			60.5			321.85			718.05			6.6			7.1
Orlando		2			2			427.60			76.0			325.11			641.80			458.86			58.1			266.55			488.36			22.0			31.4
Los Angeles/Orange County		3			3			296.72			79.9			237.19			353.46			287.84			64.9			186.70			266.13			27.0			32.8
San Diego		3			3			282.93			76.9			217.70			422.03			257.75			61.6			158.83			295.65			37.1			42.7
New York		2			3			281.95			73.3			206.60			313.90			228.68			41.2			94.16			129.59			119.4			142.2
Austin		2			2			289.30			70.1			202.79			358.95			278.59			61.8			172.23			285.80			17.7			25.6
San Francisco/San Jose		6			6			290.85			60.8			176.75			267.55			197.28			45.0			88.73			138.84			99.2			92.7
Washington, D.C. (CBD)		5			5			270.57			64.2			173.81			261.11			236.46			38.5			91.13			131.17			90.7			99.1
San Antonio		2			2			238.60			70.1			167.19			266.21			188.39			67.3			126.82			197.62			31.8			34.7
New Orleans		1			1			221.98			73.0			161.94			238.77			203.99			55.9			113.96			167.80			42.1			42.3
Philadelphia		2			2			207.09			74.2			153.60			239.52			176.60			66.7			117.84			183.75			30.3			30.4
Houston		5			5			204.18			73.4			149.81			209.59			179.90			60.9			109.60			149.28			36.7			40.4
Northern Virginia		2			2			227.21			65.6			149.04			225.76			198.70			52.8			104.94			148.86			42.0			51.7
Boston		2			2			210.79			69.2			145.84			213.40			176.81			44.8			79.22			101.27			84.1			110.7
Atlanta		2			2			196.79			74.0			145.62			242.65			173.11			66.3			114.76			177.40			26.9			36.8
Seattle		2			2			197.72			53.1			105.09			156.16			174.78			35.4			61.83			87.48			70.0			78.5
Chicago		3			4			178.91			51.6			92.37			135.28			156.81			40.1			62.93			84.05			46.8			60.9
Denver		3			3			171.90			48.7			83.66			114.72			152.03			45.3			68.83			102.89			21.6			11.5
Other		10			9			357.65			58.2			208.18			321.87			272.54			50.8			138.46			193.54			50.4			66.3
Domestic		72			75			323.61			68.0			220.10			371.64			305.25			54.5			166.48			273.41			32.2			35.9
International		5			5			171.05			60.3			103.18			145.42			98.95			39.5			39.12			57.86			163.7			151.3
All Locations		77			80			318.78			67.7			215.94			363.65			300.20			54.0			162.22			266.25			33.1			36.6

___________

(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 10 OF 19

---

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results (1)

(unaudited, in millions, except hotel statistics)

 

		Quarter ended March 31,
		2023				2022
Number of hotels			75				75
Number of rooms			41,029				41,029
Change in comparable hotel Total RevPAR			34.0	%			—
Change in comparable hotel RevPAR			31.1	%			—
Operating profit margin⁽²⁾			18.0	%			11.4	%
Comparable hotel EBITDA margin⁽²⁾			32.5	%			30.3	%
Food and beverage profit margin⁽²⁾			37.6	%			32.7	%
Comparable hotel food and beverage profit margin⁽²⁾			37.6	%			33.6	%
Net income		$	291			$	118
Depreciation and amortization			169				172
Interest expense			49				36
Provision for income taxes			(2	)			(16	)
Gain on sale of property and corporate level      income/expense			(59	)			7
Severance expense at hotel properties			—				2
Property transaction adjustments⁽³⁾			(3	)			19
Non-comparable hotel results, net⁽⁴⁾			(6	)			(33	)
Comparable hotel EBITDA⁽¹⁾		$	439			$	305

___________

 

		Quarter ended March 31, 2023																				Quarter ended March 31, 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		$	820			$	(5	)		$	(10	)		$	—			$	805			$	655			$	—			$	(5	)		$	(36	)		$	—			$	614
Food and      beverage			431				(2	)			(9	)			—				420				297				—				3				(24	)			—				276
Other			130				—				(2	)			—				128				122				—				4				(6	)			—				120
Total revenues			1,381				(7	)			(21	)			—				1,353				1,074				—				2				(66	)			—				1,010
Expenses
Room			193				(1	)			(2	)			—				190				160				—				(10	)			(4	)			—				146
Food and      beverage			269				(1	)			(6	)			—				262				200				—				(2	)			(15	)			—				183
Other			471				(2	)			(7	)			—				462				397				(2	)			(5	)			(14	)			—				376
Depreciation      and      amortization			169				—				—				(169	)			—				172				—				—				—				(172	)			—
Corporate and      other      expenses			31				—				—				(31	)			—				23				—				—				—				(23	)			—
Total expenses			1,133				(4	)			(15	)			(200	)			914				952				(2	)			(17	)			(33	)			(195	)			705
Operating Profit - Comparable      hotel EBITDA		$	248			$	(3	)		$	(6	)		$	200			$	439			$	122			$	2			$	19			$	(33	)		$	195			$	305

 

 

PAGE 11 OF 19

---

HOST HOTELS & RESORTS, INC.

Reconciliation of Net Income to

EBITDA, EBITDAre and Adjusted EBITDAre (1)

(unaudited, in millions)

 

 

		Quarter ended March 31,
		2023				2022
Net income		$	291			$	118
Interest expense			49				36
Depreciation and amortization			169				172
Income taxes			(2	)			(16	)
EBITDA			507				310
Gain on dispositions⁽²⁾			(69	)			(12	)
Equity investment adjustments:
Equity in earnings of affiliates			(7	)			(2	)
Pro rata EBITDAre of equity investments⁽³⁾			13				10
EBITDAre and Adjusted EBITDAre		$	444			$	306

___________

PAGE 12 OF 19

---

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 March 31,
		2023				2022
Net income		$	291			$	118
Less: Net income attributable to non-controlling interests			(4	)			(2	)
Net income attributable to Host Inc.			287				116
Adjustments:
Gain on dispositions⁽²⁾			(69	)			(12	)
Depreciation and amortization			168				171
Equity investment adjustments:
Equity in earnings of affiliates			(7	)			(2	)
Pro rata FFO of equity investments⁽³⁾			10				9
Consolidated partnership adjustments:
FFO adjustments for non-controlling interests      of Host L.P.			(1	)			(3	)
NAREIT FFO			388				279
Adjustments to NAREIT FFO:
Loss on debt extinguishment			4				—
Adjusted FFO		$	392			$	279
For calculation on a per share basis:⁽⁴⁾
Diluted weighted average shares      outstanding - EPS, NAREIT FFO and Adjusted FFO			714.9				716.1
Diluted earnings per common share		$	0.40			$	0.16
NAREIT FFO per diluted share		$	0.54			$	0.39
Adjusted FFO per diluted share		$	0.55			$	0.39

___________

(1-3) Refer to corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre.

 

 

 

PAGE 13 OF 19

---

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		$	713			$	793
Interest expense			190				190
Depreciation and amortization			682				682
Income taxes			15				15
EBITDA			1,600				1,680
Gain on dispositions			(69	)			(69	)
Equity investment adjustments:
Equity in earnings of affiliates			(22	)			(24	)
Pro rata EBITDAre of equity investments			43				45
EBITDAre			1,552				1,632
Adjustments to EBITDAre:
Gain on property insurance settlement⁽²⁾			(7	)			(7	)
Adjusted EBITDAre		$	1,545			$	1,625

 

		Full Year 2023
		Low-end of range				High-end of range
Net income		$	713			$	793
Less: Net income attributable to non-controlling interests			(11	)			(12	)
Net income attributable to Host Inc.			702				781
Adjustments:
Gain on dispositions			(69	)			(69	)
Gain on property insurance settlement⁽²⁾			(7	)			(7	)
Depreciation and amortization			681				681
Equity investment adjustments:
Equity in earnings of affiliates			(22	)			(24	)
Pro rata FFO of equity investments			31				33
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships			(1	)			(1	)
FFO adjustment for non-controlling interests of Host LP			(8	)			(8	)
NAREIT FFO			1,307				1,386
Adjustments to NAREIT FFO:
Loss on extinguishment of debt			4				4
Adjusted FFO		$	1,311			$	1,390
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO			713.3				713.3
Diluted earnings per common share		$	0.98			$	1.09
NAREIT FFO per diluted share		$	1.83			$	1.94
Adjusted FFO per diluted share		$	1.84			$	1.95

___________

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

PAGE 14 OF 19

---

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)			14.4	%			15.5	%
Comparable hotel EBITDA margin (2)			29.8	%			30.5	%
Net income		$	713			$	793
Depreciation and amortization			682				682
Interest expense			190				190
Provision for income taxes			15				15
Gain on sale of property and corporate level income/expense			(50	)			(50	)
Property transaction adjustments⁽³⁾			(3	)			(3	)
Non-comparable hotel results, net⁽⁴⁾			(15	)			(18	)
Comparable hotel EBITDA (1)		$	1,532			$	1,609

___________

 

	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	$	3,224		$	(5	)	$	(61	)	$	—		$	3,158			$	3,315		$	(5	)	$	(63	)	$	—		$	3,247
Food and beverage		1,563			(2	)		(47	)		—			1,514				1,609			(2	)		(50	)		—			1,557
Other		479			—			(12	)		—			467				481			—			(12	)		—			469
Total revenues		5,266			(7	)		(120	)		—			5,139				5,405			(7	)		(125	)		—			5,273
Expenses
Hotel expenses		3,716			(4	)		(105	)		—			3,607				3,775			(4	)		(107	)		—			3,664
Depreciation and amortization		682			—			—			(682	)		—				682			—			—			(682	)		—
Corporate and other expenses		115			—			—			(115	)		—				115			—			—			(115	)		—
Gain on insurance and business interruption settlements⁽⁵⁾		(7	)		—			—			7			—				(7	)		—			—			7			—
Total expenses		4,506			(4	)		(105	)		(790	)		3,607				4,565			(4	)		(107	)		(790	)		3,664
Operating Profit - Comparable hotel EBITDA	$	760		$	(3	)	$	(15	)	$	790		$	1,532			$	840		$	(3	)	$	(18	)	$	790		$	1,609

 

PAGE 15 OF 19

---

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 March 31, 2023, 75 have been classified as comparable hotels. The operating results of the following hotels that we owned as of March 31, 2023 are excluded from comparable hotel results for these periods, due to closure of the property:

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.

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.

PAGE 16 OF 19

---

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

 

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:

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 on-going 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

PAGE 17 OF 19

---

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

 

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:

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

PAGE 18 OF 19

---

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

 

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 23 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 19 OF 19

---

Supplemental Financial Information March 31, 2023 Exhibit 99.2

---

Table of Contents OVERVIEW 03 About Host Hotels & Resorts 04 Analyst Coverage 05 Forward-Looking Statements 06 Non-GAAP Financial Measures 07 PROPERTY LEVEL DATA 08 Comparable Hotel Results by Location 09 Historical Comparable Hotel Results  13 Comparable Hotel Results 2023 Forecast 14 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 16 Ground Lease Summary as of December 31, 2022 17 CAPITALIZATION 18 Comparative Capitalization  19 Consolidated Debt Summary as of March 31, 2023, and December 31, 2022 20 Consolidated Debt Maturity as of March 31, 2023 21 Property Transactions 22 FINANCIAL COVENANTS 23 Credit Facility and Senior Notes Financial Performance Tests 24 Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio 25 Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio  26 Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio 27 Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test 28 Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test 29 Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio  30 Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test 31 NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION 32 Forecast 33 Comparable Hotel Operating Statistics and Results 33 Non-GAAP Financial Measures 34

---

OVERVIEW PROPERTY LEVEL DATA CAPITALIZATION Financial Covenants NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

---

About host Hotels & Resorts Premier US LODGING REIT LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2) 77 41,900 20 Hotels Rooms TOP US MARKETS S&P 500 $11.9BILLION $15.7BILLION COMPANY Market Cap(1) ENTERPRISE VALUE(1) Based on market cap as of March 31, 2023. See Comparative Capitalization for calculation. At March 31, 2023.

---

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. BAIRD Mike Bellisario 414-298-6130 mbellisario@rwbaird.com EVERCORE ISI Duane Pfennigwerth 212-497-0817 duane.pfennigwerth@evercoreisi.com RAYMOND JAMES & ASSOCIATES Bill Crow 727-567-2594 bill.crow@raymondjames.com BofA SECURITIES, INC. Shaun Kelley 646-855-1005 shaun.kelley@baml.com GREEN STREET ADVISORS Chris Darling 949-640-8780 cdarling@greenst.com SMBC NIKKO SECURITIES AMERICA, INC. Richard Anderson 646-521-2351 randerson@smbcnikko-si.com BARCLAYS CAPITAL Anthony Powell 212-526-8768 anthony.powell@barclays.com JEFFERIES David Katz 212-323-3355 dkatz@jefferies.com STIFEL, NICOLAUS & CO. Simon Yarmak 443-224-1345 yarmaks@stifel.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 TRUIST C. Patrick Scholes 212-319-3915 patrick.scholes@suntrust.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 UBS SECURITIES LLC Robin Farley 212-713-2060 robin.farley@ubs.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 WELLS FARGO SECURITIES LLC Dori Kesten 617-603-4233 dori.kesten@wellsfargo.com DEUTSCHE BANK SECURITIES Chris Woronka 212-250-9376 chris.woronka@db.com

---

ABOUT HOST HOTELS & RESORTS Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of March 31, 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 May 3, 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

---

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, (iv) Net Operating Income (NOI) and (v) 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

---

Overview Property level data capitalization Financial Covenants NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

---

comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) See the Notes to Supplemental Financial Information for a discussion of non-GAAP measures and the calculation of comparable hotel results. RevPAR is the product of the average daily room rate charged and the average daily occupancy achieved. Total Revenues per Available Room (“Total RevPAR”) is a summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period. It includes ancillary revenues not included within RevPAR. 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. CBD refers to the central business district. Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. 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. Quarter ended March 31, 2023 Location No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR (2) Total revenues Total Revenues per Available Room (3) Hotel Net Income Hotel EBITDA Miami 2 1,033 $643.96 77.9% $501.89 $82.7 $862.22 $26.7 $33.9 Maui/Oahu 4 2,006 605.58 76.2 461.65 126.5 700.34 30.3 46.3 Phoenix 3 1,545 529.55 82.5 436.73 122.1 878.14 52.0 59.4 Florida Gulf Coast 3 941 475.65 84.1 400.16 74.7 882.27 27.6 33.1 Jacksonville 1 446 510.30 67.2 343.06 30.9 768.78 7.9 10.9 Orlando 2 2,448 427.60 76.0 325.11 141.4 641.80 41.0 54.1 Los Angeles/ Orange County 3 1,067 296.72 79.9 237.19 33.9 353.46 3.9 7.2 San Diego 3 3,294 282.93 76.9 217.70 125.0 422.03 27.9 43.2 New York 2 2,486 281.95 73.3 206.60 70.2 313.90 (3.6) 8.9 Austin 2 767 289.30 70.1 202.79 24.8 358.95 3.5 7.7 San Francisco/ San Jose 6 4,162 290.85 60.8 176.75 100.2 267.55 9.3 25.4 Washington, D.C. (CBD) (5) 5 3,238 270.57 64.2 173.81 76.1 261.11 15.0 23.2 San Antonio 2 1,512 238.60 70.1 167.19 36.2 266.21 8.3 12.3 New Orleans 1 1,333 221.98 73.0 161.94 28.6 238.77 8.7 10.9 Philadelphia 2 810 207.09 74.2 153.60 17.5 239.52 1.3 3.7 Houston 5 1,942 204.18 73.4 149.81 36.6 209.59 5.1 11.4 Northern Virginia 2 916 227.21 65.6 149.04 18.6 225.76 1.5 3.9 Boston 2 1,496 210.79 69.2 145.84 28.7 213.40 2.1 6.6 Atlanta 2 810 196.79 74.0 145.62 17.7 242.65 3.8 5.9 Seattle 2 1,315 197.72 53.1 105.09 18.5 156.16 (2.6) 0.6 Chicago 3 1,562 178.91 51.6 92.37 19.0 135.28 (3.2) 1.2 Denver 3 1,340 171.90 48.7 83.66 13.8 114.72 (1.1) 1.8 Other 10 3,061 357.65 58.2 208.18 89.5 321.87 13.0 23.6 Other property level (6) 0.2 (1.2) (1.2) Domestic 70 39,530 323.40 68.7 222.11 1,333.4 374.23 277.2 434.0 International 5 1,499 171.05 60.3 103.18 19.6 145.42 3.3 5.4 All Locations - comparable hotels (1) 75 41,029 $318.49 68.4% $217.77 $1,353.0 $365.93 $280.5 $439.4 Non-comparable hotels 2 909 21.4 (1.9) 5.5 Property transaction adjustments (7) 6.8 — 2.9 Gain on sale of property and corporate level income/expense (4) — 12.5 58.7 Total 77 41,938 — — — $1,381.2 — $291.1 $506.5

---

comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 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. Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. 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. Quarter ended March 31, 2023 Location No. of Properties No. of Rooms Hotel Net Income Plus: Depreciation Plus: Interest Expense Plus: Income Tax Plus: Property Transaction Adjustments Equals: Hotel EBITDA Miami 2 1,033 $26.7 $7.2 $ — $ — $ — $33.9 Maui/Oahu 4 2,006 30.3 16.0 — — — 46.3 Phoenix 3 1,545 52.0 10.3 — — (2.9) 59.4 Florida Gulf Coast 3 941 27.6 5.5 — — — 33.1 Jacksonville 1 446 7.9 3.0 — — — 10.9 Orlando 2 2,448 41.0 13.1 — — — 54.1 Los Angeles/ Orange County 3 1,067 3.9 3.3 — — — 7.2 San Diego 3 3,294 27.9 15.3 — — — 43.2 New York 2 2,486 (3.6) 12.5 — — — 8.9 Austin 2 767 3.5 3.2 1.0 — — 7.7 San Francisco/ San Jose 6 4,162 9.3 16.1 — — — 25.4 Washington, D.C. (CBD) 5 3,238 15.0 8.2 — — — 23.2 San Antonio 2 1,512 8.3 4.0 — — — 12.3 New Orleans 1 1,333 8.7 2.2 — — — 10.9 Philadelphia 2 810 1.3 2.4 — — — 3.7 Houston 5 1,942 5.1 6.3 — — — 11.4 Northern Virginia 2 916 1.5 2.4 — — — 3.9 Boston 2 1,496 2.1 4.5 — — — 6.6 Atlanta 2 810 3.8 2.1 — — — 5.9 Seattle 2 1,315 (2.6) 3.2 — — — 0.6 Chicago 3 1,562 (3.2) 4.4 — — — 1.2 Denver 3 1,340 (1.1) 2.9 — — — 1.8 Other 10 3,061 13.0 10.6 — — — 23.6 Other property level (2) (1.2) — — — — (1.2) Domestic 70 39,530 277.2 158.7 1.0 — (2.9) 434.0 International 5 1,499 3.3 2.1 — — — 5.4 All Locations - comparable hotels 75 41,029 $280.5 $160.8 $1.0 $ — $(2.9) $439.4 Non-comparable hotels 2 909 (1.9) 7.4 — — — 5.5 Property transaction adjustments (3) — — — — 2.9 2.9 Gain on sale of property and corporate level income/expense (1) 12.5 0.5 48.1 (2.4) — 58.7 Total 77 41,938 $291.1 $168.7 $49.1 $(2.4) $ — $506.5

---

comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 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. Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. 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. Quarter ended March 31, 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 Hotel EBITDA Miami 2 1,033 $733.63 70.9% $520.02 $79.1 $819.53 $31.3 $35.4 Maui/Oahu 4 2,006 544.76 76.4 416.04 115.8 640.84 28.3 42.5 Phoenix 3 1,545 493.50 73.7 363.49 103.2 742.24 45.2 52.8 Florida Gulf Coast 3 941 482.76 80.0 386.10 64.3 759.35 25.2 30.6 Jacksonville 1 446 532.17 60.5 321.85 28.8 718.05 8.1 11.3 Orlando 2 2,448 458.86 58.1 266.55 107.6 488.36 28.8 41.1 Los Angeles/ Orange County 3 1,067 287.84 64.9 186.70 25.6 266.13 1.7 4.8 San Diego 3 3,294 257.75 61.6 158.83 87.5 295.65 14.5 29.7 New York 2 2,486 258.15 41.4 106.99 34.1 152.56 (42.9) (8.3) Austin 2 767 278.59 61.8 172.23 19.7 285.80 3.6 7.8 San Francisco/ San Jose 6 4,162 197.28 45.0 88.73 52.0 138.84 (14.7) 1.9 Washington, D.C. (CBD) 5 3,238 236.46 38.5 91.13 38.2 131.17 (3.2) 5.6 San Antonio 2 1,512 188.39 67.3 126.82 26.9 197.62 4.8 9.1 New Orleans 1 1,333 203.99 55.9 113.96 20.1 167.80 4.6 7.2 Philadelphia 2 810 176.60 66.7 117.84 13.4 183.75 (0.1) 2.4 Houston 5 1,942 179.90 60.9 109.60 26.1 149.28 1.9 7.0 Northern Virginia 2 916 198.70 52.8 104.94 12.3 148.86 (1.1) 1.2 Boston 2 1,496 181.69 47.6 86.56 15.1 112.42 (3.7) 1.1 Atlanta 2 810 173.11 66.3 114.76 12.9 177.40 2.0 4.2 Seattle 2 1,315 174.78 35.4 61.83 10.4 87.48 (6.7) (3.1) Chicago 3 1,562 161.26 40.6 65.54 12.4 87.91 (10.5) (5.3) Denver 3 1,340 152.03 45.3 68.83 12.4 102.89 0.1 2.9 Other 10 3,061 389.78 51.8 201.81 83.9 302.03 4.6 23.5 Other property level (2) 0.2 (0.3) (0.3) Domestic 70 39,530 311.23 54.9 170.92 1,002.0 281.16 121.5 305.1 International 5 1,499 98.95 39.5 39.12 7.8 57.86 (2.0) 0.3 All Locations - comparable hotels 75 41,029 $305.60 54.4% $166.12 $1,009.8 $273.06 $119.5 $305.4 Non-comparable hotels 2 909 66.4 25.7 32.5 Severance at hotel properties — — (1.7) Property transaction adjustments (3) (2.0) — (18.8) Gain on sale of property and corporate level income/expense (1) — (27.2) (7.3) Total 77 41,938 — — — $1,074.2 — $118.0 $310.1

---

comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 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. Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. 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. Quarter ended March 31, 2022 Location No. of Properties No. of Rooms Hotel Net Income Plus: Depreciation Plus: Interest Expense Plus: Income Tax Plus: Severance at hotel properties Plus: Property Transaction Adjustments Equals: Hotel EBITDA Miami 2 1,033 $31.3 $5.7 $ — $ — $ — $(1.6) $35.4 Maui/Oahu 4 2,006 28.3 14.1 — — 0.1 — 42.5 Phoenix 3 1,545 45.2 10.9 — — — (3.3) 52.8 Florida Gulf Coast 3 941 25.2 5.4 — — — — 30.6 Jacksonville 1 446 8.1 3.2 — — — — 11.3 Orlando 2 2,448 28.8 12.3 — — — — 41.1 Los Angeles/ Orange County 3 1,067 1.7 3.1 — — — — 4.8 San Diego 3 3,294 14.5 15.2 — — — — 29.7 New York 2 2,486 (42.9) 22.3 — — 1.6 10.7 (8.3) Austin 2 767 3.6 3.1 1.1 — — — 7.8 San Francisco/ San Jose 6 4,162 (14.7) 16.6 — — — — 1.9 Washington, D.C. (CBD) 5 3,238 (3.2) 8.8 — — — — 5.6 San Antonio 2 1,512 4.8 4.3 — — — — 9.1 New Orleans 1 1,333 4.6 2.6 — — — — 7.2 Philadelphia 2 810 (0.1) 2.5 — — — — 2.4 Houston 5 1,942 1.9 5.1 — — — — 7.0 Northern Virginia 2 916 (1.1) 2.3 — — — — 1.2 Boston 2 1,496 (3.7) 3.0 — — — 1.8 1.1 Atlanta 2 810 2.0 2.2 — — — — 4.2 Seattle 2 1,315 (6.7) 3.6 — — — — (3.1) Chicago 3 1,562 (10.5) 5.2 — — — — (5.3) Denver 3 1,340 0.1 2.8 — — — — 2.9 Other 10 3,061 4.6 7.7 — — — 11.2 23.5 Other property level (2) (0.3) — — — — — (0.3) Domestic 70 39,530 121.5 162.0 1.1 — 1.7 18.8 305.1 International 5 1,499 (2.0) 2.3 — — — — 0.3 All Locations - comparable hotels 75 41,029 $119.5 $164.3 $1.1 $ — $1.7 $18.8 $305.4 Non-comparable hotels 2 909 25.7 6.8 — — — — 32.5 Severance at hotel properties — — — — (1.7) — (1.7) Property transaction adjustments (3) — — — — — (18.8) (18.8) Gain on sale of property and corporate level income/expense (1) (27.2) 0.4 35.2 (15.7) — — (7.3) Total 77 41,938 $118.0 $171.5 $36.3 $(15.7) $ — $ — $310.1

---

HISTORICAL Comparable Hotel RESULTS(unaudited, in millions, except hotel statistics) Historical Comparable Hotel Metrics (1) Historical Comparable Hotel Revenues (1)(2) Three Months Ended Full Year Three Months Ended Full Year March 31, 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 73 73 73 73 73 Number of rooms 41,029 41,029 41,029 41,029 41,029 41,029 40,641 40,641 40,641 40,641 40,641 Comparable hotel RevPAR $217.77 $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% 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 $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 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 $1,074 $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) (66) (46) (25) (9) (146) (74) (48) (28) (48) (198) Comparable hotel revenues $1,353 $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 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 $291 $118 $260 $116 $149 $643 $189 $290 $372 $81 $932 Depreciation and amortization 169 172 162 164 166 664 170 166 165 175 676 Interest expense 49 36 37 40 43 156 43 43 46 90 222 Provision (benefit) for income taxes (2) (16) 39 6 (3) 26 2 16 4 8 30 Gain on sale of property and corporate level income/expense (59) 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) (33) (15) - 3 (45) (32) (13) (2) (15) (62) Comparable hotel EBITDA(2) $439 $305 $490 $349 $375 $1,520 $373 $412 $297 $337 $1,419 Historical Comparable Hotel EBITDA (1) (2) Comparable hotel results represent adjustments for the following items: (i) to remove the results of operations of our hotels sold or held-for-sale as of March 31, 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 March 31, 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.  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.

---

Comparable hotel results 2023 Forecast(unaudited, in millions, except hotel statistics) 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 9% increase to 2022. Forecast comparable hotel results include 75 hotels (of our 77 hotels owned at March 31, 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. Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of March 31, 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 March 31, 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. 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, closed until November 2022); and The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, remains closed). 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 41,029 41,029 40,641 Comparable hotel Total RevPAR $346.72 $318.25 $323.84 Comparable hotel RevPAR 213.55 195.87 200.42 Operating profit margin⁽⁴⁾ 15.0% 15.8% 14.6% Comparable hotel EBITDA margin⁽⁴⁾ 30.2% 31.8% 29.55% Food and beverage profit margin⁽⁴⁾ 34.3% 34.6% 32.0% Comparable hotel food and beverage profit margin⁽⁴⁾ 34.9% 35.0% 33.4% Net income $753 $643 $932 Depreciation and amortization 682 664 676 Interest expense 190 156 222 Provision for income taxes 15 26 30 Gain on sale of property and corporate level income/expense (50) 51 (283) Severance expense at hotel properties — 2 — Property transaction adjustments⁽²⁾ (3) 23 (96) Non-comparable hotel results, net⁽³⁾ (17) (45) (62) Comparable hotel EBITDA $1,570 $1,520 $1,419

---

Comparable hotel results 2023 Forecast Cont.(unaudited, in millions) The insurance gain relates to proceeds in 2023 related to prior year insurance claims. 2023 Forecasts do not include any gains related to Hurricane Ian at this time, as timing of any recognition is uncertain.  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 will not debut until the property has reopened. The following table reconciles net income (loss) to Hotel EBITDA for these non-comparable hotels based on the current forecast included in our Full Year 2023 forecast and based on the expected results of the properties had they not been affected by Hurricane Ian and the new guest tower opened as planned:  Net Income (loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Equals: Hotel EBTIDA Current Forecast $(13) $30 $- $- $17 Forecast without Hurricane 56 32 - - 88 Change in Forecast $(69) $(2) $- $- $(71) 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 (b) Depreciation and corporate level items Comparable hotel Results GAAP Results Property transaction adjustments Non-comparable hotel results, net (b) Hotel severance, Depreciation and corporate level items Comparable hotel Results GAAP Results Property transaction adjustments Non-comparable hotel results, net (b) Depreciation and corporate level items Comparable hotel Results Revenues Room $3,270 $(5) $(62) $- $3,203 $3,014 $- $(76) $- $2,938 $3,431 $(363) (94) $- $2,974 Food and beverage 1,579 (2) (48) - 1,529 1,418 3 (54) - 1,367 1,647 (95) (82) - 1,470 Other 480 - (11) - 469 475 9 (16) - 468 391 (7) (22) - 362 Total revenues 5,329 (7) (121) - 5,201 4,907 12 (146) - 4,773 5,469 (465) (198) - 4,806 Expenses Room 804 (1) (14) - 789 727 (10) (14) - 703 873 (125) (19) - 729 Food and beverage 1,037 (1) (40) - 996 928 (1) (38) - 889 1,120 (84) (57) - 979 Other 1,898 (2) (50) - 1,846 1,723 - (49) (2) 1,672 1,899 (160) (60) - 1,679 Depreciation and amortization 682 - - (682) - 664 - - (664) - 676 - - (676) - Corporate and other expenses 115 - - (115) - 107 - - (107) - 107 - - (107) - Gain on insurance and business interruption settlements(a) (7) - - 7 - (17) - - 6 (11) (5) - - 5 - Total expenses 4,529 (4) (104) (790) 3,631 4,132 (11) (101) (767) 3,253 4,670 (369) (136) (778) 3,387 Operating Profit - Comparable hotel EBITDA $800 $(3) $(17) $790 $1,570 $775 $23 $(45) $767 $1,520 $799 $(96) $(62) $778 $1,419

---

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) (1) The Forecasts are based on the below assumptions: Comparable Hotel RevPAR will increase at the midpoint of our guidance of 9%, compared to 2022. Comparable Hotel EBITDA margins will decrease 160 basis points compared to 2022. We expect to spend approximately $600 million to $725 million on capital expenditures. Assumes no acquisitions and no additional dispositions during the year. The Ritz-Carlton, Naples will remain closed due to Hurricane Ian through the second quarter. For a discussion of items that may affect forecast results, see the Notes to Supplemental Financial Information. (2) The insurance gain relates to proceeds in 2023 related to prior year insurance claims. 2023 Forecasts do not include any gains related to Hurricane Ian at this time, as timing of any recognition is uncertain. Full Year 2023 Mid-point Net income $753 Less: Net income attributable to non-controlling interests (12) Net income attributable to Host Inc. 741 Adjustments: Gain on dispositions (69) Gain on property insurance settlement (2) (7) Depreciation and amortization 681 Equity investment adjustments: Equity in earnings of affiliates (23) Pro rata FFO of equity investments 32 Consolidated partnership adjustments: FFO adjustment for non-controlling partnerships (1) FFO adjustment for non-controlling interests of Host LP (8) NAREIT FFO 1,346 Adjustments to NAREIT FFO: Loss on extinguishment of debt 4 Adjusted FFO $1,350 Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO 713.3 Diluted earnings per common share $1.04 NAREIT FFO per diluted share $1.89 Adjusted FFO per diluted share $1.89 Full Year 2023 Mid-point Net income $753 Interest expense 190 Depreciation and amortization 682 Income taxes 15 EBITDA 1,640 Gain on dispositions (69) Equity investment adjustments: Equity in earnings of affiliates (23) Pro rata EBITDAre of equity investments 44 EBITDAre 1,592 Adjustments to EBITDAre: Gain on property insurance settlement (2) (7) Adjusted EBITDAre $1,585

---

Ground Lease Summary as of December 31, 2022 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% 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. All rental payments have been previously paid and no further rental payments are required for the remainder of the lease term.  No renewal term in the event the Lessor determines to discontinue use of building as a hotel.

---

Overview Property level data Capitalization Financial Covenants NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

---

Comparative Capitalization (in millions, except security pricing and per share amounts) Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022, and March 31, 2022, there were 9.9 million, 10.0 million, 10.1 million, 10.2 million, and 10.2 million in common OP Units, respectively, held by non-controlling interests. Share prices are the closing price as reported by the NASDAQ. 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. Based on pro rata total capitalization at March 31, 2023, Host’s net income multiple is 20.9x 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 9.9x calculated based on the ratio between our pro rata total capitalization at March 31, 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 March 31, December 31, September 30, June 30, March 31, Shares/Units 2023 2022 2022 2022 2022 Common shares outstanding 711.2 713.4 714.9 714.9 714.8 Common shares outstanding assuming conversion of OP Units (1) 721.3 723.6 725.3 725.3 725.2 Preferred OP Units outstanding 0.01 0.01 0.01 0.01 0.01 Security pricing Common stock at end of quarter (2) $16.49 $16.05 $15.88 $15.68 $19.43 High during quarter 19.23 18.94 19.55 21.24 19.93 Low during quarter 14.86 15.81 15.47 15.40 16.57 Capitalization Market value of common equity (3) $11,894 $11,614 $11,518 $11,373 $14,091 Consolidated debt 4,208 4,215 4,214 4,212 4,210 Less: Cash (563) (667) (883) (699) (266) Consolidated total capitalization 15,539 15,162 14,849 14,886 18,035 Plus: Share of debt in unconsolidated investments 199 205 156 143 143 Pro rata total capitalization (4) $15,738 $15,367 $15,005 $15,029 $18,178 Quarter ended Quarter ended Quarter ended Quarter ended Quarter ended March 31, December 31, September 30, June 30, March 31, 2023 2022 2022 2022 2022 Dividends declared per common share $0.12 $0.32 $0.12 $0.06 $0.03

---

Consolidated Debt Summary (in millions) There are no outstanding credit facility borrowings at March 31, 2023. Amount shown represents deferred financing costs related to the credit facility revolver. In accordance with GAAP, total debt includes the debt of entities that we consolidate, but of which we do not own 100%, and excludes the debt of entities that we do not consolidate, but of which we have a non-controlling ownership interest and record our investment therein under the equity method of accounting. As of March 31, 2023, our share of debt in unconsolidated investments is $199 million and none of our debt is attributable to non-controlling interests. Total debt as of March 31, 2023 and December 31, 2022, includes net discounts and deferred financing costs of $46 million and $40 million, respectively. Debt Senior debt Rate Maturity date March 31, 2023 December 31, 2022 Series E 4% 6/2025 $499 $499 Series F 4 1⁄2% 2/2026 399 399 Series G 3 7⁄8% 4/2024 399 399 Series H 3 ⅜% 12/2029 642 642 Series I 3 1⁄2% 9/2030 737 736 Series J 2.9% 12/2031 440 440 2027 Credit facility term loan 6% 1/2027 499 499 2028 Credit facility term loan 6% 1/2028 498 499 Credit facility revolver (1) - 1/2027 (11) (4) 4,102 4,109 Mortgage and other debt Mortgage and other debt 4.9% 2/2024 - 11/2027 106 106 Total debt(2)(3) $4,208 $4,215 Percentage of fixed rate debt 76% 76% Weighted average interest rate 4.5% 4.4% Weighted average debt maturity 5 years 5.2 years Credit Facility Total capacity $1,500 Available capacity 1,495 Assets encumbered by mortgage debt 1

---

Consolidated Debt Maturity as of March 31, 2023 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. Mortgage and other debt excludes principal amortization of $2 million each year from 2023-2027 for the mortgage loan that matures in 2027.

---

Property TRANSACTIONS Disposition Transaction Metrics Sales Price (in millions) Net income Cap Rate (6) Cap Rate (4) Net income multiple (6) EBITDA multiple (5) 2021-2022 completed sales $1,420 2.8% 4.5% 35.5x 17.7x The Camby, Autograph Collection $110 5.2% 6.5% 19.5x 14.3x 2021-2023 completed sales (1) $1,530 3.0% 4.7% 33.5x 17.5x Acquisition Transaction Metrics at Underwriting Sales Price (in millions) Net income Cap Rate (6) Cap Rate (4) Net income multiple (6) EBITDA multiple (5) 2021-2022 completed acquisitions (2) $1,874 4.4% 6.6% 22.6x 13.1x Acquired Hotel Metrics - 2023 Forecast (3) Sales Price (in millions) Net income Cap Rate (6) Cap Rate (4) Net income multiple (6) EBITDA multiple (5) 2021-2022 completed acquisitions $1,874 5.5% 7.8% 18.1x 11.1x 2021-2023 dispositions include the sale of eleven properties through May 3, 2023. The 2021-2022 dispositions use 2019 full year results as the trailing twelve months (“TTM”) is not representative of normalized operations. TTM results have been used for the 2023 disposition. 2021-2022 acquisitions include seven properties and two golf courses acquired in 2021 and one property acquired in 2022. The Hyatt Regency Austin, Four Seasons Resort Orlando at Walt Disney World® Resort and Hotel Van Zandt use full year 2019 results. Baker’s Cay Resort Key Largo and Alila Ventana Big Sur are based on 2021 forecast operations at acquisition, as the hotels experienced renovation disruption and closures in 2019. The Laura Hotel is based on estimated normalized results, which assumes results are in-line with the 2019 results of comparable Houston properties, as the property was re-opened with a new manager and brand in 2021. The Alida, Savannah is based on estimated normalized 2019 results, adjusting for construction disruption to the surrounding Plant Riverside District and for initial ramp-up of hotel operations. The Four Seasons Resort and Residences Jackson Hole is based on 2022 forecast operations at acquisition. Due to the impact of COVID-19, actual results in 2020 and 2021 are not reflective of normal operations of the hotels. Any forecast incremental increases to net income compared to net income at underwriting would be equal to the incremental increases in Hotel EBITDA.  2023 forecast results as of March 31, 2023.  The cap rate is calculated as the ratio between net operating income (NOI) and the sales price (plus avoided capital expenditures for dispositions). Avoided capital expenditures for 2021-2023 sales represents $363 million, of which $18 million relates to The Camby, of estimated capital expenditure spend requirements for the properties in excess of escrow funding over the next 5 years.   The EBITDA multiple is calculated as the ratio between the sales price (plus avoided capital expenditures for dispositions) and Hotel EBITDA. Avoided capital expenditures for 2021-2023 sales represents $473 million, of which $23 million relates to The Camby, of estimated capital expenditure spend requirements for the properties including escrow funding over the next 5 years. Net income cap rate is calculated as the ratio between net income and the sales price. Net income multiple is calculated as the ratio between the sales price and Hotel net income. The reconciliations from net income to Hotel EBITDA and NOI appear above. Includes interest expense of approximately $5 million related to Hotel Van Zandt; remaining amount represents depreciation. Disposition Transaction Metrics Total Revenues RevPAR Total RevPAR Hotel Net Income Plus: Depreciation Equals: Hotel EBITDA Renewal & Replacement funding Hotel Net Operating Income 2021-2022 completed sales $542.6 $171.18 $242.71 $40.0 $65.4 $105.4 ($25.3) $80.1 The Camby, Autograph Collection $26.4 $170.61 $261.11 $5.7 $3.7 $9.4 ($1.1) $8.3 2021-2023 completed sales (1) $569.0 $171.16 $243.51 $45.7 $69.1 $114.8 ($26.4) $88.4 Acquisition Transaction Metrics at Underwriting Total Revenues RevPAR Total RevPAR Hotel Net Income Plus: Depreciation/ Interest (7) Equals: Hotel EBITDA Renewal & Replacement funding Hotel Net Operating Income 2021-2022 completed acquisitions $460.7 $376.81 $624.65 $83.0 $59.9 $142.9 ($18.5) $124.4 Acquired Hotel Metrics – 2023 Forecast(3) Total Revenues RevPAR Total RevPAR Hotel Net Income Plus: Depreciation/ Interest (7) Equals: Hotel EBITDA Renewal & Replacement funding Hotel Net Operating Income 2021-2022 completed acquisitions $531.9 $440.24 $721.94 $103.7 $65.2 $168.9 ($21.9) $147.0 The following tables reconcile net income to hotel EBITDA for the 2021-2023 dispositions and acquisitions (in millions, except RevPAR):

---

Overview Property Level Data Capitalization Financial Covenants NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

---

financial Covenants: Credit Facility and Senior Notes Financial Performance Tests (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: If the leverage ratio is greater than 7.0x, then the unsecured interest coverage ratio minimum will decrease to 1.50x. 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) At March 31, 2023 Credit Facility Financial Performance Tests Permitted GAAP Ratio Covenant Ratio Leverage Ratio Maximum 7.25x 5.2x 2.2x Unsecured Interest Coverage Ratio Minimum 1.75x(1) 4.8x 10.2x Consolidated Fixed Charge Coverage Ratio Minimum 1.25x 4.8x 9.0x At March 31, 2023 Bond Compliance Financial Performance Tests Permitted GAAP Ratio Covenant Ratio Indebtedness Test Maximum 65% 34% 21% Secured Indebtedness Test Maximum 40% 1% 1% EBITDA-to-interest Coverage ratio (2) Minimum 1.5x 4.8x 10.0x Ratio of Unencumbered Assets to Unsecured Indebtedness Minimum 150% 291% 483%

---

Financial covenants: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio (unaudited, in millions, except ratios) The following table presents the calculation of our leverage ratio as used in the financial covenants of the credit facility: 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 table presents the calculation of our leverage ratio using GAAP measures: GAAP Leverage Ratio Trailing Twelve Months March 31, 2023 Debt $4,208 Net income 816 GAAP Leverage Ratio 5.2x Leverage Ratio per Credit Facility Trailing Twelve Months March 31, 2023 Net debt (1) $3,746 Adjusted Credit Facility EBITDA (2) 1,668 Leverage Ratio 2.2x March 31, 2023 Debt $4,208 Less: Unrestricted cash over $100 million (462) Net debt per credit facility definition $3,746 Trailing Twelve Months March 31, 2023 Net income $816 Interest expense 169 Depreciation and amortization 661 Income taxes 40 EBITDA 1,686 Gain on dispositions (73) Equity in earnings of affiliates (8) Pro rata EBITDAre of equity investments 37 EBITDAre 1,642 Gain on property insurance settlement (6) Adjusted EBITDAre 1,636 Pro forma EBITDA - Acquisitions 9 Pro forma EBITDA - Dispositions (1) Restricted stock expense and other non-cash items 29 Non-cash partnership adjustments (5) Adjusted Credit Facility EBITDA 1,668

---

Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our unsecured interest coverage ratio using GAAP measures and as used in the financial covenants of the credit facility: (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 March 31, 2023 Net income $816 Interest expense 169 GAAP Interest Coverage Ratio 4.8x Unsecured Interest Coverage per Credit Facility Ratio Trailing Twelve Months March 31, 2023 Unencumbered consolidated EBITDA per credit facility definition (1) $1,654 Adjusted Credit Facility unsecured interest expense (2) 162 Unsecured Interest Coverage Ratio 10.2x Trailing Twelve Months March 31, 2023 Adjusted Credit Facility EBITDA $1,668 Less: Encumbered EBITDA (15) Corporate overhead allocated to encumbered assets 1 Unencumbered Consolidated EBITDA per credit facility definition $1,654 Trailing Twelve Months March 31, 2023 GAAP Interest expense $169 Interest on secured debt (5) Debt extinguishment costs (4) Deferred financing cost amortization (7) Capitalized interest 11 Pro forma interest adjustments (2) Adjusted Credit Facility Unsecured Interest Expense $162

---

Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our GAAP Interest coverage ratio and our fixed charge coverage ratio as used in the financial covenants of the credit facility: (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 March 31, 2023 Net income $816 Interest expense 169 GAAP Fixed Charge Coverage Ratio 4.8x Credit Facility Fixed Charge Coverage Ratio Trailing Twelve Months March 31, 2023 Credit Facility Fixed Charge Coverage Ratio EBITDA (1) $1,408 Fixed charges (2) 157 Credit Facility Fixed Charge Coverage Ratio 9.0x Trailing Twelve Months March 31, 2023 Adjusted Credit Facility EBITDA $1,668 Less: 5% of hotel property gross revenue (259) Less: 3% of revenues from other real estate (1) Credit Facility Fixed Charge Coverage Ratio EBITDA $1,408 Trailing Twelve Months March 31, 2023 Adjusted Credit Facility Unsecured Interest Expense $162 Interest on secured debt 5 Adjusted Credit Facility Interest Expense $167 Scheduled principal payments 2 Cash taxes on ordinary income (12) Fixed Charges $157

---

Financial Covenants: Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test (unaudited, in millions, except ratios) The following tables present the calculation of our total indebtedness to total assets using GAAP measures and as used in the financial covenants of our senior 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 March 31, 2023 Debt $4,208 Total assets 12,225 GAAP Total Indebtedness to Total Assets 34% Total Indebtedness to Total Assets per Senior Notes Indenture March 31, 2023 Adjusted indebtedness (1) $4,236 Adjusted total assets (2) 20,376 Total Indebtedness to Total Assets 21% March 31, 2023 Debt $4,208 Add: Deferred financing costs 31 Less: Mark-to-market on assumed mortgage (3) Adjusted Indebtedness per Senior Notes Indenture $4,236 March 31, 2023 Total assets $12,225 Add: Accumulated depreciation 8,693 Add: Prior impairment of assets held 11 Add: Prior inventory impairment at unconsolidated investment 14 Less: Intangibles (10) Less: Right-of-use assets (557) Adjusted Total Assets per Senior Notes Indenture $20,376

---

Financial Covenants: Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test (unaudited, in millions, except ratios) The following table presents the calculation of our secured indebtedness using GAAP measures and as used in the financial covenants of our senior notes indenture: (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 March 31, 2023 Mortgage and other secured debt $106 Total assets 12,225 GAAP Secured Indebtedness to Total Assets 1% Secured Indebtedness per Senior Notes Indenture March 31, 2023 Secured indebtedness (1) $104 Adjusted total assets (2) 20,376 Secured Indebtedness to Total Assets 1% March 31, 2023 Mortgage and other secured debt $106 Add: Deferred financing costs on secured debt 1 Less: Mark-to-market on assumed mortgage (3) Secured Indebtedness $104

---

Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio (unaudited, in millions, except ratios) The following tables present the calculation of our interest coverage ratio using our GAAP measures and as used in the financial covenants of the senior notes 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 March 31, 2023 Net income $816 Interest expense 169 GAAP Interest Coverage Ratio 4.8x EBITDA to Interest Coverage Ratio Trailing Twelve Months March 31, 2023 Adjusted Credit Facility EBITDA (1) $1,668 Non-controlling interest adjustment 2 Adjusted Senior Notes EBITDA $1,670 Adjusted Credit Facility and Senior Notes Interest Expense (2) $167 EBITDA to Interest Coverage Ratio 10.0x

---

Financial Covenants: Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test (unaudited, in millions, except ratios) The following tables present the calculation of our total assets to total debt using GAAP measures and unencumbered assets to unsecured debt as used in the 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 March 31, 2023 Total assets $12,225 Total debt 4,208 GAAP Total Assets / Total Debt 291% Unencumbered Assets / Unsecured Debt per Senior Notes Indenture March 31, 2023 Unencumbered Assets (1) $19,957 Unsecured Debt (2) 4,132 Unencumbered Assets / Unsecured Debt 483% March 31, 2023 Adjusted total assets (a) $20,376 Less: Partnership adjustments (150) Less: Prior inventory impairment at unconsolidated investment (14) Less: Encumbered Assets (255) Unencumbered Assets $19,957 March 31, 2023 Adjusted indebtedness (b) $4,236 Less: Secured indebtedness (c) (104) Unsecured Debt $4,132

---

Overview Property level data capitalization Financial Covenants 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 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. 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 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 March 31, 2023, 75 have been classified as comparable hotels. The operating results of the following hotels that we owned as of March 31, 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, closed until November 2022); and The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, remains closed). 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) NOI, (v) Comparable Hotel Operating Statistics and Results, (vi) Credit Facility Financial Performance Tests, and (vii) 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

---

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 outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance. Notes to supplemental financial information

---

Non-GAAP financial measures (continued) 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 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 on-going operating performance and, therefore, we excluded this item from Adjusted FFO. EBITDA and NOI 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. Management also uses NOI when calculating capitalization rates (“Cap Rates”) to evaluate acquisitions and dispositions. 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. Cap Rates are calculated as NOI divided by sales price. Management believes using Cap Rates allows for a consistent valuation method in comparing the purchase or sale value of properties. 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. 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 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 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. 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 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, with the exception of NOI), interest expense (for EBITDA, EBITDAre, Adjusted EBITDAre, and NOI 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, Adjusted FFO per diluted share and NOI 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, Adjusted EBITDAre and NOI 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 23 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. Notes to supplemental financial information

---

Non-GAAP financial measures (continued) Comparable Hotel Property Level Operating Results We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a comparable hotel, or “same store,” basis as supplemental information for our investors. Our comparable hotel results present operating results for our hotels without giving effect to dispositions or properties that experienced closures due to renovations or property damage, as discussed in “Comparable Hotel Operating Statistics and Results” above. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our comparable hotels after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization expense). Corporate-level costs and expenses also are removed to arrive at property-level results. We believe these property-level results provide investors with supplemental information about the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by location and for the Company’s properties in the aggregate. We eliminate from our comparable hotel level operating results severance costs related to broad-based and significant property-level reconfiguration that is not considered to be within the normal course of business, as we believe this elimination provides useful supplemental information that is beneficial to an investor’s understanding of our ongoing operating performance. We also eliminate depreciation and amortization expense because, even though depreciation and amortization expense are property-level expenses, these non-cash expenses, which are based on historical cost accounting for real estate assets, implicitly assume that the value of real estate assets diminishes predictably over time. As noted earlier, because real estate values historically have risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost accounting for operating results to be insufficient. Because of the elimination of corporate-level costs and expenses, gains or losses on disposition, certain severance expenses and depreciation and amortization expense, the comparable hotel operating results we present do not represent our total revenues, expenses, operating profit or net income and should not be used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our 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.   Notes to supplemental financial information

---

Non-GAAP financial measures (continued) Credit Facility – Leverage, Unsecured Interest Coverage and Consolidated Fixed Charge Coverage Ratios Host’s credit facility contains certain financial covenants, including allowable leverage, unsecured interest coverage and fixed charge ratios, which are determined using EBITDA as calculated under the terms of our credit facility (“Adjusted Credit Facility EBITDA”). The leverage ratio is defined as net debt plus preferred equity to Adjusted Credit Facility EBITDA. The unsecured interest coverage ratio is defined as unencumbered Adjusted Credit Facility EBITDA to unsecured consolidated interest expense. The fixed charge coverage ratio is defined as Adjusted Credit Facility EBITDA divided by fixed charges, which include interest expense, required debt amortization payments, cash taxes and preferred stock payments. These calculations are based on pro forma results for the prior four fiscal quarters giving effect to transactions such as acquisitions, dispositions and financings as if they occurred at the beginning of the period. The credit facility also incorporates by reference the ratio of unencumbered assets to unsecured indebtedness test from our senior notes indentures, calculated in the same manner, and the covenant is discussed below with the senior notes covenants. Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100 million are deducted from our total debt balance. Management believes these financial ratios provide useful information to investors regarding our compliance with the covenants in our credit facility and our ability to access the capital markets, in particular debt financing. Senior Notes Indenture – Indebtedness Test, Secured Indebtedness to Total Assets Test, EBITDA-to-Interest Coverage Ratio and Ratio of Unencumbered Assets to Unsecured Indebtedness Host’s senior notes indentures contains certain financial covenants, including allowable indebtedness, secured indebtedness to total assets, EBITDA-to-interest coverage and unencumbered assets to unsecured indebtedness. The indebtedness test is defined as adjusted indebtedness, which includes total debt adjusted for deferred financing costs, divided by adjusted total assets, which includes undepreciated real estate book values (“Adjusted Total Assets”). The secured indebtedness to total assets is defined as secured indebtedness, which includes mortgage debt and finance leases, divided by Adjusted Total Assets. The EBITDA-to-interest coverage ratio is defined as EBITDA as calculated under our senior notes indenture (“Adjusted Senior Notes EBITDA”) to interest expense as defined by our senior notes indenture. The ratio of unencumbered assets to unsecured indebtedness is defined as unencumbered adjusted assets, which includes Adjusted Total Assets less encumbered assets, divided by unsecured debt, which includes the aggregate principal amount of outstanding unsecured indebtedness plus contingent obligations. Under the terms of the senior notes indentures, interest expense excludes items such as the gains and losses on the extinguishment of debt, deferred financing charges related to the senior notes or the credit facility, amortization of debt premiums or discounts that were recorded at issuance of a loan to establish its fair value and non-cash interest expense, all of which are included in interest expense on our consolidated statement of operations. As with the credit facility covenants, management believes these financial ratios provide useful information to investors regarding our compliance with the covenants in our senior notes indentures and our ability to access the capital markets, in particular debt financing Notes to supplemental financial information

---

Non-GAAP financial measures (continued) Limitations on Credit Facility and Senior Notes Credit Ratios These metrics are useful in evaluating the Company’s compliance with the covenants contained in its credit facility and senior notes indentures. However, because of the various adjustments taken to the ratio components as a result of negotiations with the Company’s lenders and noteholders they should not be considered as an alternative to the same ratios determined in accordance with GAAP. For instance, interest expense as calculated under the credit facility and senior notes indenture excludes the items noted above such as deferred financing charges and amortization of debt premiums or discounts, all of which are included in interest expense on our consolidated statement of operations. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of performance. In addition, because the credit facility and indenture ratio components are also based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions and financings as if they occurred at the beginning of the period, they are not reflective of actual performance over the same period calculated in accordance with GAAP. Notes to supplemental financial information