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false000107075000010707502024-02-212024-02-21

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): February 21, 2024
_________________________________________________________
HOST HOTELS & RESORTS, INC.
(Exact Name of Registrant as Specified in Charter)
_________________________________________________________
Maryland (Host Hotels & Resorts, Inc.)
001-1462553-0085950
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
4747 Bethesda Avenue, Suite 1300
Bethesda, Maryland
20814
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (240) 744-1000
_________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on
Which Registered
Common Stock, $.01 par valueHSTThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02. Results of Operations and Financial Condition.
On February 21, 2024, Host Hotels & Resorts, Inc. issued a press release announcing its financial results for the fourth quarter ended December 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
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
HOST HOTELS & RESORTS, INC.
Date: February 21, 2024
By:
/S/ JOSEPH C. OTTINGER
Name:Joseph C. Ottinger
Title:Senior Vice President and Corporate Controller
Document
https://cdn.kscope.io/8897c6b59a13a1f95643b448da629535-hostlogo4color-png_9744a.jpg
Exhibit 99.1
SOURAV GHOSH
Chief Financial Officer
(240) 744-5267
JAIME MARCUS
Investor Relations
(240) 744-5117
ir@hosthotels.com



Host Hotels & Resorts, Inc. Reports Results for 2023
Full Year Comparable Hotel RevPAR Growth of 8.1% Exceeded Midpoint of Guidance
Returned More Than $700 Million of Capital to Stockholders in 2023 and Announces $0.20 First Quarter Dividend
Completed Multi-Year Transformational Reinvestment Programs and Development Projects
BETHESDA, MD; February 21, 2024 – Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for fourth quarter and full year 2023.
OPERATING RESULTS
(unaudited, in millions, except per share and hotel statistics)
Quarter ended December 31,Year ended December 31,
20232022Percent Change 20232022Percent Change
Revenues$1,323 $1,263 4.8 %$5,311 $4,907 8.2 %
Comparable hotel revenues⁽¹⁾
1,260 1,251 0.7 %5,169 4,773 8.3 %
Comparable hotel Total RevPAR⁽¹⁾
333.43 331.14 0.7 %344.63 318.25 8.3 %
Comparable hotel RevPAR⁽¹⁾
202.92 199.97 1.5 %211.71 195.87 8.1 %
Net income$134 $149 (10.1 %)$752 $643 17.0 %
EBITDAre⁽¹⁾
381 364 4.7 %1,632 1,504 8.5 %
Adjusted EBITDAre⁽¹⁾
378 364 3.8 %1,629 1,498 8.7 %
Diluted earnings per common share0.19 0.20 (5.0 %)1.04 0.88 18.2 %
NAREIT FFO per diluted share⁽¹⁾
0.44 0.44 — %1.92 1.79 7.3 %
Adjusted FFO per diluted share⁽¹⁾
0.44 0.44 — %1.92 1.79 7.3 %
*Additional detail on the Company’s results, including data for 22 domestic markets and top 40 hotels by Total RevPAR, is available in the Fourth Quarter 2023 Supplemental Financial Information on the Company’s website at www.hosthotels.com.
James F. Risoleo, President and Chief Executive Officer, said, "We ended 2023 on a high note, marking the seventh consecutive quarter that Host achieved comparable hotel Total RevPAR, RevPAR, and comparable hotel EBITDA and comparable hotel margins at or above 2019 levels. Full year comparable hotel RevPAR grew 8.1% over 2022, driven by both rate and occupancy increases. In the fourth quarter, our RevPAR grew 1.5% over the fourth quarter of 2022 to $202.92. Our results during the quarter were driven by rate increases of 0.4% and continued occupancy improvements at our convention and downtown hotels.”
Risoleo continued, “Over the course of the year, we continued to successfully allocate capital through reinvestment in our portfolio, share repurchases, and dividend increases. We are especially pleased with the work we have completed on our strategic objectives, which included redefining the hotel operating model with our managers, gaining market share through comprehensive renovations, and strategically allocating capital to development ROI projects. We believe we will continue to benefit from these ongoing efforts, which is underscored by our 2024 comparable hotel RevPAR guidance range of 2.5% to 5.5% growth over 2023. During the quarter, we increased our quarterly cash dividend by 11% to $0.20 per share, returning to our pre-pandemic quarterly dividend level, and declared a $0.25 special dividend. Additionally, we repurchased $31 million of common stock in the fourth quarter, bringing total repurchases for the year to $181 million. We are optimistic on the backdrop for our business, and we will continue to position Host to take advantage of potential opportunities in the future.”
_______________________________
(1)NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (“SEC”). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures.

HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 21, 2024
Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.
© Host Hotels & Resorts, Inc.
PAGE 2 OF 25
HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 21, 2024
2023 HIGHLIGHTS:
•Comparable hotel RevPAR and Total RevPAR were $211.71 and $344.63, respectively, for full year 2023, representing an increase of 8.1% and 8.3%, respectively, compared to 2022, driven by an increase in both occupancy and rate during the year. Growth in city-center markets, fueled by improvements in group business, led to the overall improvement, offsetting moderating rates at resorts in comparison to 2022.
•GAAP net income was $752 million for full year 2023 reflecting a 17.0% increase compared to 2022, primarily due to an increase in operating profit and gain on asset sales, while GAAP operating profit margin declined 20 basis points compared to 2022 to 15.6%. Results included $83 million of business interruption gains.
•Comparable hotel EBITDA was $1,557 million for full year 2023, a 2.4% increase compared to 2022 results, while comparable hotel EBITDA margin declined 170 basis points to 30.1%.
•As expected, margin declines for the year were driven by stabilized staffing levels in comparison to 2022, higher insurance and utility expenses and lower attrition and cancelation fees.
•Adjusted EBITDAre was $1,629 million for full year 2023, exceeding 2022 by 8.7%, reflecting increased operations and the business interruption proceeds discussed below.
•Reopened The Ritz-Carlton, Naples in July 2023 following restoration efforts as a result of Hurricane Ian in September 2022. The reopening introduced transformational renovations to all guestrooms and suites, as well as a new tower expansion, and a reimagined arrival experience. As of December 31, 2023, the Company has received insurance proceeds of $213 million out of the expected potential insurance recovery of approximately $310 million for covered costs related to damage and disruption caused by Hurricane Ian. Of these proceeds, $80 million was recognized as a gain on business interruption in 2023, including $26 million recognized in the fourth quarter.
•Completed the Marriott Transformational Capital Program. The program, which began in 2018, included extensive guestroom and public area renovations at 16 assets and finished under budget. In December 2023, also debuted the renovations at Fairmont Kea Lani, including a transformed lobby and updated guestrooms.
•Reached an agreement with Hyatt to complete transformational reinvestment capital projects at six properties in the Company's portfolio: the Grand Hyatt Atlanta in Buckhead, Grand Hyatt Washington, Manchester Grand Hyatt San Diego, Hyatt Regency Austin, Hyatt Regency Washington on Capitol Hill, and Hyatt Regency Reston.
•Broke ground on the development of 40 fee-simple condominiums on a five-acre development parcel at Golden Oak in Orlando, adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Construction is expected to be completed in the fourth quarter of 2025.
•Declared dividends per common share of $0.90 for the full year 2023, including a $0.25 per share special dividend, and returned the quarterly dividend to its pre-pandemic level of $0.20 per share in the fourth quarter.
•Continuing its progress towards the Company's renewable energy goals, five properties achieved LEED® certification during the year, bringing the total to 14, and reached the required milestone for a 2.5 basis point reduction in the interest rate on the outstanding term loans under the Company's sustainability-linked credit facility, per the January 2023 amendments.
•Maintained investment grade balance sheet and attained upgrades to Host Hotels & Resorts, L.P.'s issuer-credit ratings from Fitch to BBB and S&P Global to BBB-.
Results for Fourth Quarter 2023
•Comparable hotel RevPAR and Total RevPAR were $202.92 and $333.43, respectively, in the fourth quarter representing an increase of 1.5% and 0.7%, respectively, compared to the same period in 2022, driven by an increase in both occupancy and rate, while the increase in Total RevPAR was slightly lower due to a decline in attrition and cancelation fees.
© Host Hotels & Resorts, Inc.
PAGE 3 OF 25
HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 21, 2024
•GAAP net income was $134 million in the fourth quarter, a decrease from the fourth quarter of 2022 of 10.1%, while GAAP operating profit margin was 13.1% for the quarter, a decrease of 90 basis points compared to the fourth quarter of 2022. Business interruption gains of $26 million in the quarter were offset by the decline in comparable hotel EBITDA, which is discussed below, as well as taxes related to the business interruption gains.
•Comparable hotel EBITDA was $355 million for the fourth quarter, representing a decline compared to fourth quarter 2022 results, primarily driven by the evolving nature of demand in Maui and reflecting a decrease in comparable hotel EBITDA margin of 180 basis points to 28.1%.
•Adjusted EBITDAre was $378 million for the fourth quarter, exceeding the same period in 2022 by 3.8% and benefiting from business interruption proceeds.
Maui Update
•As a result of the August wildfires in Maui, Hawaii, and the resulting impact on the Company's Maui hotels, golf courses and joint venture timeshare, the Company estimates that, in the fourth quarter, net income and Adjusted EBITDAre were impacted by approximately $15 million, RevPAR was impacted by 130 basis points, and Total RevPAR was impacted by 150 basis points. Operating profit margin and comparable hotel EBITDA margin are estimated to have been impacted by approximately 40 basis points and 30 basis points, respectively, for the fourth quarter.
•For the full year, the estimated impact to net income and Adjusted EBITDAre was approximately $22 million, RevPAR was impacted by 50 basis points, and Total RevPAR was impacted by 70 basis points. Operating profit margin and comparable hotel EBITDA margin are both estimated to have been impacted by approximately 10 basis points for the year.
BALANCE SHEET
The Company maintains a robust balance sheet, with the following balances at December 31, 2023:
•Total assets of $12.2 billion.
•Debt balance of $4.2 billion, with a weighted average maturity of 4.2 years, a weighted average interest rate of 4.5%, and a balanced maturity schedule with the next significant maturity of $400 million due in April 2024. Following the Company's ratings increase, the spread on the credit facility term loans was reduced by 25 basis points.
•Total available liquidity of approximately $2.9 billion, including furniture, fixtures and equipment escrow reserves of $217 million and $1.5 billion available under the revolver portion of the credit facility.
During the fourth quarter of 2023, the $250 million loan to the buyer of the Sheraton New York Times Square Hotel was repaid in full.
SHARE REPURCHASE PROGRAM AND DIVIDENDS
During the fourth quarter of 2023, the Company repurchased 1.9 million shares at an average price of $16.50 per share through its common share repurchase program for a total of $31 million. For full year 2023, the Company repurchased 11.4 million shares at an average price of $15.93 per share for a total of $181 million. The Company has approximately $792 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 fourth quarter common stock cash dividend of $0.45 per share on January 16, 2024 to stockholders of record on December 29, 2023, which included a $0.25 per share special dividend. The Company's regular quarterly cash dividend of $0.20 per share represented an 11% increase over the prior quarter. On February 21, 2024, the Company announced a regular quarterly cash dividend of $0.20 per share on its common stock. The dividend will be paid on April 15, 2024 to stockholders of record on March 28, 2024. All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors.
© Host Hotels & Resorts, Inc.
PAGE 4 OF 25
HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 21, 2024
HOTEL BUSINESS MIX UPDATE
The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 35%, and 4%, respectively, of its full year 2023 room sales.
The following are the results for transient, group and contract business in comparison to 2022 performance, for the Company's current portfolio:
Quarter ended December 31, 2023Year ended December 31, 2023
Transient Group Contract Transient Group Contract
Room nights (in thousands)1,381 974 187 5,756 4,086 720 
Percent change in room nights vs. same period in 2022(2.5 %)4.7 %11.4 %1.3 %12.4 %14.1 %
Rooms revenues (in millions)$457 $274 $36 $1,922 $1,118 $135 
Percent change in revenues vs. same period in 2022(5.3 %)13.0 %18.2 %0.9 %20.9 %25.4 %
CAPITAL EXPENDITURES
The following presents the Company’s capital expenditures spend for 2023 and the forecast for full year 2024 (in millions):
Year ended December 31, 2023
2024 Full Year Forecast
ActualLow-end of rangeHigh-end of range
ROI - Marriott and Hyatt Transformational Capital Programs$51 $125 $150 
All other return on investment ("ROI") projects144 100 130 
Total ROI Projects195 225 280 
Renewals and Replacements ("R&R")274 250 300 
R&R and ROI Capital expenditures469 475 580 
R&R - Insurable Reconstruction177 25 25 
Total Capital Expenditures$646 $500 $605 
Inventory spend for condo development(1)
15 50 70 
Total capital allocation$661 $550 $675 
__________
(1)Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under U.S. GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities.
In addition to completing the Marriott Transformational Capital Program in 2023, the Company completed transformational renovations at eight other hotels, which started in 2020, and believes the renovations will continue to position these hotels to capture additional revenue. Under the new Hyatt Transformational Capital Program, the Company expects to receive $9 million of operating guarantees in 2024 to offset expected business disruptions. The 2024 forecast for capital expenditures also includes an estimated $25 million for final restoration efforts at The Ritz-Carlton, Naples.
2024 OUTLOOK
The 2024 guidance range contemplates a stable operating environment with a continued improvement in group business, a gradual recovery in business transient, steady leisure demand, and continued evolution of demand on Maui as the island recovers from the recent wildfires. Growth in the first half of 2024 is expected to be in the low single-digits, with January 2024 comparable hotel RevPAR estimated to be $187, representing a 140 basis point increase to
© Host Hotels & Resorts, Inc.
PAGE 5 OF 25
HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 21, 2024
2023. The first half of the year faces difficult comparisons to 2023, which saw a surge in the recovery of downtown markets, driven by group business improvements, and elevated leisure demand. The second half of the year is expected to have stronger year-over-year improvements due to better group booking pace, less renovation disruption compared to the second half of 2023 and diminishing impacts from the wildfire event in Maui, which occurred in early August of 2023.
Operating profit margin in 2024 is expected to remain static to 2023, while comparable hotel EBITDA margins are expected to decline compared to 2023, due to the impacts from the Maui wildfires and continued growth in wages, real estate taxes and insurance. At the midpoint of guidance, the impact from the Maui wildfires is expected to be an approximate decline of 100 basis points in both RevPAR and Total RevPAR and 50 basis points in margins. At the midpoint, in comparison to 2019, operating profit margin is expected to increase 120 basis points and comparable hotel EBITDA margins are expected to be down only 20 basis points compared to 2019, as portfolio-wide cost reductions continue to curb inflation.
The guidance range for net income and Adjusted EBITDAre includes $10 million of gains from business interruption proceeds expected to be received in 2024 related to Hurricane Ian and an estimated contribution from operations at The Ritz-Carlton, Naples, which is excluded from the comparable hotel set in 2024, of $12 million to net income and $60 million to Adjusted EBITDAre. The guidance range does not include any assumption for business interruption proceeds from the Maui wildfires, and any additional insurance receipts related to Hurricane Ian are still under discussion with insurance carriers, with the majority of the remaining proceeds expected to be related to property damages.
The Company anticipates its 2024 operating results as compared to 2023 will be in the following range:
Full Year 2024 Guidance
Low-end of rangeHigh-end of range
Change vs 2023
Comparable hotel Total RevPAR$355$365
2.9% to 5.8%
Comparable hotel RevPAR217223
2.5% to 5.5%
Total revenues under GAAP5,5895,743
5.2% to 8.1%
Operating profit margin under GAAP15.2%16.3%
(40) bps to 70 bps
Comparable hotel EBITDA margin28.9%29.7%
(120) bps to (40) bps
Based upon the above parameters, the Company estimates its 2024 guidance as follows:
Full Year 2024 Guidance
Low-end of rangeHigh-end of range
Net income (in millions)$708$794
Adjusted EBITDAre (in millions)1,5901,680
Diluted earnings per common share0.991.11
NAREIT FFO per diluted share1.922.04
Adjusted FFO per diluted share1.922.04
See the 2024 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Fourth Quarter 2023 Supplemental Financial Information for additional detail on the mid-point of full year 2024 guidance.
ABOUT HOST HOTELS & RESORTS
Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 72 properties in the United States and five properties internationally totaling approximately 42,000 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®,
© Host Hotels & Resorts, Inc.
PAGE 6 OF 25
HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 21, 2024
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 recovery of travel and the lodging industry, the impact of the Maui wildfires and 2024 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company’s annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of February 21, 2024, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
*This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.
*** Tables to Follow ***
© Host Hotels & Resorts, Inc.
PAGE 7 OF 25
HOST HOTELS & RESORTS, INC. NEWS RELEASE
February 21, 2024
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 December 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.
PAGE NO.
December 31, 2023 and 2022
Quarter and Year ended December 31, 2023 and 2022
Quarter and Year ended December 31, 2023 and 2022
Hotel Operating Data
© Host Hotels & Resorts, Inc.
PAGE 8 OF 25
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)


December 31, 2023December 31, 2022
ASSETS
Property and equipment, net $9,624 $9,748 
Right-of-use assets550 556 
Due from managers 128 94 
Advances to and investments in affiliates 126 132 
Furniture, fixtures and equipment replacement fund 217 200 
Notes receivable72 413 
Other 382 459 
Cash and cash equivalents1,144 667 
Total assets $12,243 $12,269 
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes$3,120 $3,115 
Credit facility, including the term loans of $997 and $998, respectively989 994 
Mortgage and other debt100 106 
Total debt4,209 4,215 
Lease liabilities563 568 
Accounts payable and accrued expenses 408 372 
Due to managers64 67 
Other 173 168 
Total liabilities 5,417 5,390 
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. 189 164 
Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized, 703.6 million shares and 713.4 million shares issued and outstanding, respectively7 7 
Additional paid-in capital 7,535 7,717 
Accumulated other comprehensive loss(70)(75)
Deficit (839)(939)
Total equity of Host Hotels & Resorts, Inc. stockholders 6,633 6,710 
Non-redeemable non-controlling interests—other consolidated partnerships4 5 
Total equity6,637 6,715 
Total liabilities, non-controlling interests and equity $12,243 $12,269 
__________
(1)Please see our Fourth Quarter 2023 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.
PAGE 9 OF 25
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)

Quarter ended December 31,
Year ended December 31,
2023202220232022
Revenues
Rooms$797 $763 $3,244 $3,014 
Food and beverage408 386 1,582 1,418 
Other118 114 485 475 
Total revenues 1,323 1,263 5,311 4,907 
Expenses
Rooms197 188 787 727 
Food and beverage269 253 1,042 928 
Other departmental and support expenses328 308 1,280 1,181 
Management fees64 67 249 217 
Other property-level expenses93 74 383 325 
Depreciation and amortization186 166 697 664 
Corporate and other expenses⁽¹⁾
42 30 132 107 
Gain on insurance settlements(29)— (86)(17)
Total operating costs and expenses1,150 1,086 4,484 4,132 
Operating profit173 177 827 775 
Interest income19 14 75 30 
Interest expense(49)(43)(191)(156)
Other gains (losses)1 (2)71 17 
Equity in earnings (losses) of affiliates(1)— 6 3 
Income before income taxes143 146 788 669 
Benefit (provision) for income taxes(9)3 (36)(26)
Net income134 149 752 643 
Less: Net income attributable to non-controlling interests(2)(2)(12)(10)
Net income attributable to Host Inc.$132 $147 $740 $633 
Basic earnings per common share$0.19 $0.21 $1.04 $0.89 
Diluted earnings per common share$0.19 $0.20 $1.04 $0.88 
___________
(1)Corporate and other expenses include the following items:
Quarter ended
December 31,
Year ended
December 31,
2023202220232022
General and administrative costs$24 $21 $85 $76 
Non-cash stock-based compensation expense11 7 30 26 
Litigation accruals7 2 17 5 
       Total $42 $30 $132 $107 
PAGE 10 OF 25
HOST HOTELS & RESORTS, INC.
Earnings per Common Share
(unaudited, in millions, except per share amounts)

Quarter ended December 31,Year ended December 31,
2023202220232022
Net income$134 $149 $752 $643 
Less: Net income attributable to non-controlling interests(2)(2)(12)(10)
Net income attributable to Host Inc.$132 $147 $740 $633 
Basic weighted average shares outstanding 704.5715.0709.7714.7
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market3.12.73.12.8
Diluted weighted average shares outstanding⁽¹⁾707.6 717.7 712.8 717.5 
Basic earnings per common share$0.19 $0.21 $1.04 $0.89 
Diluted earnings per common share$0.19 $0.20 $1.04 $0.88 
___________
(1)Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.
PAGE 11 OF 25
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels

Comparable Hotel Results by Location(1)
As of December 31, 2023
Quarter ended December 31, 2023Quarter ended December 31, 2022
LocationNo. of
Properties		No. of
Rooms		Average
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARAverage
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARPercent
Change in
RevPAR		Percent
Change in
Total RevPAR
Maui/Oahu42,006$538.69 68.2 %$367.34 $526.58 $566.33 70.7 %$400.27 $610.91 (8.2)%(13.8)%
Miami21,033519.42 70.1 %364.20 634.85 632.51 56.8 %359.45 600.78 1.3 %5.7 %
Jacksonville1446462.07 61.0 %282.04 667.98 503.06 52.8 %265.77 601.87 6.1 %11.0 %
New York22,486425.56 86.1 %366.52 521.48 400.42 84.6 %338.82 490.08 8.2 %6.4 %
Phoenix31,545394.12 70.6 %278.15 656.24 393.60 73.3 %288.65 676.69 (3.6 %)(3.0 %)
Florida Gulf Coast3941359.77 66.2 %238.22 502.10 367.97 73.9 %271.97 529.59 (12.4 %)(5.2 %)
Orlando22,448440.40 57.7 %253.96 484.34 458.37 62.1 %284.45 538.94 (10.7 %)(10.1 %)
Los Angeles/Orange County31,067291.79 78.7 %229.71 362.26 284.41 78.9 %224.39 353.32 2.4 %2.5 %
San Diego33,294266.67 70.1 %187.00 361.53 260.81 70.3 %183.47 356.03 1.9 %1.5 %
Boston21,496270.00 76.8 %207.42 286.74 239.76 61.6 %147.71 214.21 40.4 %33.9 %
Washington, D.C. (CBD)53,240276.09 66.5 %183.60 265.57 263.84 65.2 %171.95 254.52 6.8 %4.3 %
Philadelphia2810237.30 78.4 %186.01 297.12 236.57 83.0 %196.33 304.40 (5.3 %)(2.4 %)
Austin2767301.13 63.1 %189.87 317.18 303.76 67.3 %204.34 337.97 (7.1 %)(6.2 %)
Northern Virginia2916250.71 70.1 %175.77 306.43 230.54 66.5 %153.24 271.96 14.7 %12.7 %
Chicago31,562241.08 67.9 %163.77 234.57 247.44 65.8 %162.89 231.90 0.5 %1.1 %
San Francisco/San Jose64,162245.15 65.2 %159.91 238.77 231.97 62.7 %145.39 218.72 10.0 %9.2 %
Seattle21,315229.80 59.8 %137.51 194.01 214.72 57.4 %123.18 171.44 11.6 %13.2 %
Atlanta2810189.95 71.1 %135.11 217.58 183.46 72.3 %132.59 209.53 1.9 %3.8 %
Houston51,942199.88 65.5 %131.02 192.13 190.61 65.1 %123.99 181.23 5.7 %6.0 %
New Orleans11,333198.05 67.8 %134.37 202.90 211.90 68.7 %145.57 229.12 (7.7 %)(11.4 %)
San Antonio21,512209.83 58.4 %122.59 196.80 216.59 63.2 %136.97 218.39 (10.5 %)(9.9 %)
Denver31,340188.69 58.3 %109.97 184.52 178.57 56.1 %100.12 146.12 9.8 %26.3 %
Other103,061287.52 60.4 %173.53 270.49 287.36 60.5 %173.85 275.44 (0.2 %)(1.8 %)
Domestic7039,532306.03 67.5 %206.48 339.61 305.15 66.8 %203.71 337.63 1.4 %0.6 %
International51,499179.17 60.8 %108.98 168.78 169.63 59.7 %101.26 158.39 7.6 %6.6 %
All Locations7541,031$301.84 67.2 %$202.92 $333.43 $300.71 66.5 %$199.97 $331.14 1.5 %0.7 %
PAGE 12 OF 25
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Comparable Hotel Results by Location(1)
As of December 31, 2023
Year ended December 31, 2023Year ended December 31, 2022
LocationNo. of
Properties		No. of
Rooms		Average
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARAverage
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARPercent
Change in
RevPAR		Percent
Change in
Total RevPAR
Maui/Oahu42,006$576.75 71.9 %$414.84 $612.98 $560.86 74.7 %$418.70 $646.24 (0.9 %)(5.1 %)
Miami21,033533.31 66.9 %356.86 624.20 621.56 61.3 %380.89 635.56 (6.3 %)(1.8 %)
Jacksonville1446503.57 69.9 %351.80 784.10 527.16 65.3 %344.37 749.99 2.2 %4.5 %
New York22,486349.99 82.7 %289.53 412.23 333.65 72.8 %242.88 345.93 19.2 %19.2 %
Phoenix31,545399.79 71.5 %285.85 637.23 392.52 70.3 %275.96 625.68 3.6 %1.8 %
Florida Gulf Coast3941389.43 72.3 %281.40 593.72 394.84 73.7 %291.11 577.93 (3.3 %)2.7 %
Orlando22,448384.63 67.9 %261.32 521.26 410.76 63.8 %262.20 508.78 (0.3 %)2.5 %
Los Angeles/Orange County31,067300.29 81.7 %245.49 360.91 288.81 79.4 %229.44 337.54 7.0 %6.9 %
San Diego33,294282.20 78.4 %221.29 414.34 272.28 74.6 %203.24 371.28 8.9 %11.6 %
Boston21,496264.18 78.2 %206.66 275.90 244.35 58.5 %142.90 193.67 44.6 %42.5 %
Washington, D.C. (CBD)53,240276.74 70.1 %193.92 280.31 259.57 61.7 %160.13 230.71 21.1 %21.5 %
Philadelphia2810231.94 79.7 %184.83 288.44 218.52 80.6 %176.19 270.04 4.9 %6.8 %
Austin2767269.26 65.7 %176.88 311.25 271.65 69.5 %188.91 324.19 (6.4 %)(4.0 %)
Northern Virginia2916243.70 70.4 %171.48 268.97 219.41 65.6 %143.96 227.21 19.1 %18.4 %
Chicago31,562243.59 68.9 %167.80 238.73 240.66 65.1 %156.57 217.31 7.2 %9.9 %
San Francisco/San Jose64,162251.98 66.4 %167.25 244.44 230.88 63.0 %145.42 211.87 15.0 %15.4 %
Seattle21,315239.33 66.8 %159.81 218.64 229.92 62.4 %143.52 188.58 11.4 %15.9 %
Atlanta2810190.67 74.0 %141.12 227.52 181.81 72.2 %131.35 205.87 7.4 %10.5 %
Houston51,942201.17 69.4 %139.51 195.30 182.97 63.8 %116.73 163.85 19.5 %19.2 %
New Orleans11,333196.29 68.6 %134.72 203.93 200.59 66.2 %132.74 198.18 1.5 %2.9 %
San Antonio21,512215.77 61.4 %132.55 212.13 199.52 66.3 %132.30 206.09 0.2 %2.9 %
Denver31,340192.48 63.3 %121.90 181.72 182.33 61.9 %112.85 163.64 8.0 %11.1 %
Other103,061313.84 64.2 %201.47 308.08 320.85 60.7 %194.89 294.37 3.4 %4.7 %
Domestic7039,532304.48 70.7 %215.33 351.26 299.40 66.8 %199.90 325.31 7.7 %8.0 %
International51,499186.14 62.4 %116.16 168.42 162.33 55.1 %89.51 130.24 29.8 %29.3 %
All Locations7541,031$300.66 70.4 %$211.71 $344.63 $295.24 66.3 %$195.87 $318.25 8.1 %8.3 %
___________
(1)See the Notes to Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.
PAGE 13 OF 25
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Results by Location - actual, based on ownership period(1)
As of December 31,
20232022Quarter ended December 31, 2023Quarter ended December 31, 2022
LocationNo. of
Properties		No. of
Properties		Average
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARAverage
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARPercent
Change in
RevPAR		Percent
Change in
Total RevPAR
Maui/Oahu44$538.69 68.2 %$367.34 $526.58 $566.33 70.7 %$400.27 $610.91 (8.2)%(13.8)%
Miami22519.42 70.1 %364.20 634.85 632.51 56.8 %359.45 600.78 1.3 %5.7 %
Jacksonville11462.07 61.0 %282.04 667.98 503.06 52.8 %265.77 601.87 6.1 %11.0 %
New York22425.56 86.1 %366.52 521.48 400.42 84.6 %338.82 490.08 8.2 %6.4 %
Phoenix34394.12 70.6 %278.15 656.24 371.87 73.2 %272.22 617.02 2.2 %6.4 %
Florida Gulf Coast55434.92 66.5 %289.30 611.32 328.02 51.0 %167.44 318.80 72.8 %91.8 %
Orlando22440.40 57.7 %253.96 484.34 458.37 62.1 %284.45 538.94 (10.7 %)(10.1 %)
Los Angeles/Orange County33291.79 78.7 %229.71 362.26 284.41 78.9 %224.39 353.32 2.4 %2.5 %
San Diego33266.67 70.1 %187.00 361.53 260.81 70.3 %183.47 356.03 1.9 %1.5 %
Boston22270.00 76.8 %207.42 286.74 239.76 61.6 %147.71 214.21 40.4 %33.9 %
Washington, D.C. (CBD)55276.09 66.5 %183.60 265.57 263.84 65.2 %171.95 254.52 6.8 %4.3 %
Philadelphia22237.30 78.4 %186.01 297.12 236.57 83.0 %196.33 304.40 (5.3 %)(2.4 %)
Austin22301.13 63.1 %189.87 317.18 303.76 67.3 %204.34 337.97 (7.1 %)(6.2 %)
Northern Virginia22250.71 70.1 %175.77 306.43 230.54 66.5 %153.24 271.96 14.7 %12.7 %
Chicago33241.08 67.9 %163.77 234.57 247.44 65.8 %162.89 231.90 0.5 %1.1 %
San Francisco/San Jose66245.15 65.2 %159.91 238.77 231.97 62.7 %145.39 218.72 10.0 %9.2 %
Seattle22229.80 59.8 %137.51 194.01 214.72 57.4 %123.18 171.44 11.6 %13.2 %
Atlanta22189.95 71.1 %135.11 217.58 183.46 72.3 %132.59 209.53 1.9 %3.8 %
Houston55199.88 65.5 %131.02 192.13 190.61 65.1 %123.99 181.23 5.7 %6.0 %
New Orleans11198.05 67.8 %134.37 202.90 211.90 68.7 %145.57 229.12 (7.7 %)(11.4 %)
San Antonio22209.83 58.4 %122.59 196.80 216.59 63.2 %136.97 218.39 (10.5 %)(9.9 %)
Denver33188.69 58.3 %109.97 184.52 178.57 56.1 %100.12 146.12 9.8 %26.3 %
Other1010287.52 60.4 %173.53 270.49 279.55 60.7 %169.77 266.93 2.2 %1.3 %
Domestic7273310.69 67.5 %209.58 348.42 303.39 65.9 %200.06 331.42 4.8 %5.1 %
International55179.17 60.8 %108.98 168.78 169.63 59.7 %101.26 158.39 7.6 %6.6 %
All Locations7778$306.45 67.2 %$205.99 $342.06 $299.08 65.7 %$196.55 $325.33 4.8 %5.1 %
PAGE 14 OF 25
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Results by Location - actual, based on ownership period(1)
As of December 31,
20232022Year ended December 31, 2023Year ended December 31, 2022
LocationNo. of
Properties		No. of
Properties		Average
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARAverage
Room Rate		Average
Occupancy
Percentage		RevPARTotal RevPARPercent
Change in
RevPAR		Percent
Change in
Total RevPAR
Maui/Oahu44$576.75 71.9 %$414.84 $612.98 $560.86 74.7 %$418.70 $646.24 (0.9 %)(5.1 %)
Miami22533.31 66.9 %356.86 624.20 585.71 62.7 %367.36 607.26 (2.9 %)2.8 %
Jacksonville11503.57 69.9 %351.80 784.10 527.16 65.3 %344.37 749.99 2.2 %4.5 %
New York22349.99 82.7 %289.53 412.23 317.20 67.9 %215.38 305.31 34.4 %35.0 %
Phoenix34397.16 71.7 %284.75 628.10 368.20 70.1 %258.18 568.19 10.3 %10.5 %
Florida Gulf Coast55388.97 60.6 %235.74 497.91 418.86 62.2 %260.47 509.76 (9.5 %)(2.3 %)
Orlando22384.63 67.9 %261.32 521.26 410.76 63.8 %262.20 508.78 (0.3 %)2.5 %
Los Angeles/Orange County33300.29 81.7 %245.49 360.91 288.81 79.4 %229.44 337.54 7.0 %6.9 %
San Diego33282.20 78.4 %221.29 414.34 272.28 74.6 %203.24 371.28 8.9 %11.6 %
Boston22264.18 78.2 %206.66 275.90 240.63 56.9 %136.95 184.93 50.9 %49.2 %
Washington, D.C. (CBD)55276.74 70.1 %193.92 280.31 259.57 61.7 %160.13 230.71 21.1 %21.5 %
Philadelphia22231.94 79.7 %184.83 288.44 218.52 80.6 %176.19 270.04 4.9 %6.8 %
Austin22269.26 65.7 %176.88 311.25 271.65 69.5 %188.91 324.19 (6.4 %)(4.0 %)
Northern Virginia22243.70 70.4 %171.48 268.97 219.41 65.6 %143.96 227.21 19.1 %18.4 %
Chicago33243.59 68.9 %167.80 238.73 232.43 63.8 %148.19 204.51 13.2 %16.7 %
San Francisco/San Jose66251.98 66.4 %167.25 244.44 230.88 63.0 %145.42 211.87 15.0 %15.4 %
Seattle22239.33 66.8 %159.81 218.64 229.92 62.4 %143.52 188.58 11.4 %15.9 %
Atlanta22190.67 74.0 %141.12 227.52 181.81 72.2 %131.35 205.87 7.4 %10.5 %
Houston55201.17 69.4 %139.51 195.30 182.97 63.8 %116.73 163.85 19.5 %19.2 %
New Orleans11196.29 68.6 %134.72 203.93 200.59 66.2 %132.74 198.18 1.5 %2.9 %
San Antonio22215.77 61.4 %132.55 212.13 199.52 66.3 %132.30 206.09 0.2 %2.9 %
Denver33192.48 63.3 %121.90 181.72 182.33 61.9 %112.85 163.64 8.0 %11.1 %
Other1010313.84 64.2 %201.47 308.08 268.65 61.1 %164.13 242.02 22.7 %27.3 %
Domestic7273305.83 70.2 %214.78 352.38 296.15 66.1 %195.67 319.08 9.8 %10.4 %
International55186.14 62.4 %116.16 168.42 162.33 55.1 %89.51 130.24 29.8 %29.3 %
All Locations7778$302.03 69.9 %$211.27 $345.86 $292.23 65.7 %$191.97 $312.55 10.1 %10.7 %
___________
(1)Represents the results of the portfolio for the time period of our ownership, including the results of non-comparable properties, dispositions through their date of disposal and acquisitions beginning as of the date of acquisition.
PAGE 15 OF 25
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results (1)
(unaudited, in millions, except hotel statistics)

Quarter ended December 31,
Year ended
December 31,
2023202220232022
Number of hotels75 75 75 75 
Number of rooms41,031 41,031 41,031 41,031 
Change in comparable hotel Total RevPAR0.7 %— 8.3 %— 
Change in comparable hotel RevPAR1.5 %— 8.1 %— 
Operating profit margin⁽²⁾
13.1 %14.0 %15.6 %15.8 %
Comparable hotel EBITDA margin⁽²⁾
28.1 %29.9 %30.1 %31.8 %
Food and beverage profit margin⁽²⁾34.1 %34.5 %34.1 %34.6 %
Comparable hotel food and beverage profit margin⁽²⁾
34.1 %34.6 %34.5 %35.0 %
Net income$134 $149 $752 $643 
Depreciation and amortization186 166 697 664 
Interest expense49 43 191 156 
Provision (benefit) for income taxes9 (3)36 26 
Gain on sale of property and corporate level income/expense20 18 (23)51 
Severance expense at hotel properties— — — 2 
Property transaction adjustments⁽³⁾
— (1)(3)23 
Non-comparable hotel results, net⁽⁴⁾
(43)3 (93)(45)
Comparable hotel EBITDA⁽¹⁾
$355 $375 $1,557 $1,520 
___________
(1)See the Notes to Financial Information for a discussion of comparable hotel results, which are non-GAAP measures, and the limitations on their use. For additional information on comparable hotel EBITDA by location, see the Fourth Quarter 2023 Supplemental Financial Information posted on our website.
(2)Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:
Quarter ended December 31, 2023Quarter ended December 31, 2022
Adjustments Adjustments
GAAP Results Non-comparable hotel results,
net ⁽⁴⁾ 		Depreciation and corporate level
items 		Comparable Hotel Results GAAP Results Property transaction adjustments
⁽³⁾ 		Non-comparable hotel results,
net ⁽⁴⁾ 		Depreciation and corporate level
items 		Comparable Hotel Results
Revenues
Room$797 $(30)$— $767 $763 $(2)$(5)$— $756 
Food and beverage408 (27)— 381 386 (1)(4)— 381 
Other118 (6)— 112 114 — — — 114 
Total revenues1,323 (63)— 1,260 1,263 (3)(9)— 1,251 
Expenses
Room197 (6)— 191 188 — (1)— 187 
Food and beverage269 (18)— 251 253 — (4)— 249 
Other485 (22)— 463 449 (2)(7)— 440 
Depreciation and amortization186 — (186)— 166 — — (166)— 
Corporate and other expenses42 — (42)— 30 — — (30)— 
Gain on insurance settlements(29)26 3 — — — — — — 
Total expenses1,150 (20)(225)905 1,086 (2)(12)(196)876 
Operating Profit - Comparable hotel EBITDA$173 $(43)$225 $355 $177 $(1)$3 $196 $375 
PAGE 16 OF 25
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results (1) (cont.)
(unaudited, in millions, except hotel statistics)


Year ended December 31, 2023Year ended December 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$3,244 $(5)$(64)$— $3,175 $3,014 $— $— $(76)$— $2,938 
Food and beverage
1,582 (2)(58)— 1,522 1,418 — 3 (54)— 1,367 
Other485 — (13)— 472 475 — 9 (16)— 468 
Total revenues5,311 (7)(135)— 5,169 4,907 — 12 (146)— 4,773 
Expenses
Room787 (1)(16)— 770 727 — (10)(14)— 703 
Food and beverage
1,042 (1)(43)— 998 928 — (1)(38)— 889 
Other1,912 (2)(58)— 1,852 1,723 (2)— (49)— 1,672 
Depreciation and amortization
697 — — (697)— 664 — — — (664)— 
Corporate and other expenses
132 — — (132)— 107 — — — (107)— 
Gain on insurance settlements(86)— 75 3 (8)(17)— — — 6 (11)
Total expenses4,484 (4)(42)(826)3,612 4,132 (2)(11)(101)(765)3,253 
Operating Profit - Comparable hotel EBITDA$827 $(3)$(93)$826 $1,557 $775 $2 $23 $(45)$765 $1,520 
(3)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.
(4)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds relating to events that occurred while the hotels were classified as non-comparable. 
PAGE 17 OF 25
HOST HOTELS & RESORTS, INC.
Reconciliation of Net Income to
EBITDA, EBITDAre and Adjusted EBITDAre (1)
(unaudited, in millions)

 Quarter ended December 31,Year ended December 31,
 2023202220232022
Net income$134 $149 $752 $643 
Interest expense49 43 191 156 
Depreciation and amortization186 166 697 664 
Income taxes9 (3)36 26 
EBITDA378 355 1,676 1,489 
(Gain) loss on dispositions⁽²⁾(1)2 (70)(16)
Equity investment adjustments:
Equity in (earnings) losses of affiliates1 — (6)(3)
Pro rata EBITDAre of equity investments⁽³⁾
3 7 32 34 
EBITDAre
381 364 1,632 1,504 
Adjustments to EBITDAre:
Gain on property insurance settlement(3)— (3)(6)
Adjusted EBITDAre
$378 $364 $1,629 $1,498 
___________
(1)See the Notes to Financial Information for discussion of non-GAAP measures.
(2)Reflects the sale of one hotel in 2023 and four hotels in 2022.
(3)Unrealized gains of our unconsolidated investments are not recognized in our EBITDAre, Adjusted EBITDAre, NAREIT FFO or Adjusted FFO until they have been realized by the unconsolidated partnership.
PAGE 18 OF 25
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 December 31,Year ended December 31,
2023202220232022
Net income$134 $149 $752 $643 
Less: Net income attributable to non-controlling interests(2)(2)(12)(10)
Net income attributable to Host Inc.132 147 740 633 
Adjustments:
(Gain) loss on dispositions⁽²⁾(1)2 (70)(16)
Gain on property insurance settlement(3)— (3)(6)
Depreciation and amortization185 166 695 663 
Equity investment adjustments:
Equity in (earnings) losses of affiliates1 — (6)(3)
Pro rata FFO of equity investments⁽³⁾
— 4 20 25 
Consolidated partnership adjustments:
FFO adjustment for non-controlling
     partnerships
— — (1)(1)
FFO adjustments for non-controlling interests of Host L.P.(3)(3)(9)(9)
NAREIT FFO311 316 1,366 1,286 
Adjustments to NAREIT FFO:
Loss on debt extinguishment— — 4 — 
Adjusted FFO$311 $316 $1,370 $1,286 
For calculation on a per share basis:⁽⁴⁾
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO707.6717.7712.8717.5
Diluted earnings per common share$0.19 $0.20 $1.04 $0.88 
NAREIT FFO per diluted share$0.44 $0.44 $1.92 $1.79 
Adjusted FFO per diluted share$0.44 $0.44 $1.92 $1.79 
___________
(1-3)Refer to corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre.
(4)Diluted earnings per common share, NAREIT FFO per diluted share and Adjusted FFO per diluted share are adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP units held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP units. No effect is shown for securities if they are anti-dilutive.

PAGE 19 OF 25
HOST HOTELS & RESORTS, INC.
Reconciliation of Net Income to
EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to
NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2024 Forecasts (1)
(unaudited, in millions)

Full Year 2024
Low-end of range High-end of range
Net income$708 $794 
Interest expense174 174 
Depreciation and amortization699 699 
Income taxes21 25 
EBITDA1,602 1,692 
Equity investment adjustments:
Equity in earnings of affiliates(12)(13)
Pro rata EBITDAre of equity investments40 41 
EBITDAre1,630 1,720 
Adjustments to EBITDAre:
Gain on property insurance settlement(40)(40)
Adjusted EBITDAre$1,590 $1,680 
Full Year 2024
Low-end of range High-end of range
Net income $708 $794 
Less: Net income attributable to non-controlling interests (11)(12)
Net income attributable to Host Inc. 697 782 
Adjustments:
Gain on property insurance settlement(40)(40)
Depreciation and amortization 697 697 
Equity investment adjustments:
Equity in earnings of affiliates (12)(13)
Pro rata FFO of equity investments 25 26 
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships (1)(1)
FFO adjustment for non-controlling interests of Host LP (9)(9)
NAREIT and Adjusted FFO $1,357 $1,442 
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO707.3707.3
Diluted earnings per common share $0.99 $1.11 
NAREIT FFO per diluted share $1.92 $2.04 
Adjusted FFO per diluted share $1.92 $2.04 

_______________
(1)The Forecasts are based on the below assumptions:
•Comparable hotel RevPAR will increase 2.5% to 5.5% compared to 2023 for the low and high end of the forecast range.
•Comparable hotel EBITDA margins will decrease 120 basis points to 40 basis points compared to 2023 for the low and high ends of the forecasted comparable hotel RevPAR range, respectively.
•We expect to spend approximately $500 million to $605 million on capital expenditures.
•Assumes no acquisitions and no dispositions during the year.
•Assumes $10 million of gains from business interruption proceeds expected to be received in 2024 related to Hurricane Ian. Also includes an additional $40 million of expected insurance proceeds that would result in a gain on property insurance settlement.
For a discussion of items that may affect forecast results, see the Notes to Financial Information.
PAGE 20 OF 25
HOST HOTELS & RESORTS, INC.
Schedule of Comparable Hotel Results for Full Year 2024 Forecasts (1)
(unaudited, in millions)

Full Year 2024
Low-end of range High-end of range
Operating profit margin(2)
15.2 %16.3 %
Comparable hotel EBITDA margin(2)
28.9 %29.7 %
Net income$708 $794 
Depreciation and amortization699 699 
Interest expense174 174 
Provision for income taxes21 25 
Gain on sale of property and corporate level income/expense24 22 
Non-comparable hotel results, net⁽3⁾
(63)(65)
Comparable hotel EBITDA(1)
$1,563 $1,649 
___________
(1)See "Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2024 Forecasts" for other forecast assumptions. Forecast comparable hotel results include 76 hotels (of our 77 hotels owned at December 31, 2023) that we have assumed will be classified as comparable as of December 31, 2024.
(2)Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:
Low-end of range High-end of range
Adjustments Adjustments
GAAP Results Non-comparable hotel
results, net 		Depreciation and
corporate level items 		Comparable hotel
Results 		GAAP Results Non-comparable hotel
results, net 		Depreciation and
corporate level items 		Comparable hotel
Results
Revenues
Rooms$3,388 $(92)$— $3,296 $3,487 $(94)$— $3,393 
Food and beverage1,686 (72)— 1,614 1,732 (74)— 1,658 
Other515 (19)— 496 524 (20)— 504 
Total revenues5,589 (183)— 5,406 5,743 (188)— 5,555 
Expenses
Hotel expenses3,973 (130)— 3,843 4,039 (133)— 3,906 
Depreciation and amortization699 — (699)— 699 — (699)— 
Corporate and other expenses117 — (117)— 117 — (117)— 
Gain on insurance settlements(50)10 40 — (50)10 40 — 
Total expenses4,739 (120)(776)3,843 4,805 (123)(776)3,906 
Operating Profit - Comparable hotel EBITDA$850 $(63)$776 $1,563 $938 $(65)$776 $1,649 
(3)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds relating to events that occurred while the hotels were classified as non-comparable. The following are expected to be non-comparable for full year 2024:
•The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023); and
•Sales and marketing expenses related to the development and sale of condominium units on a development parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort.
PAGE 21 OF 25
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 that was used while the COVID-19 pandemic disrupted operations, limiting the usefulness of year-over-year comparisons, 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 insurance 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 December 31, 2023, 75 have been classified as comparable hotels. The operating results of the following properties that we owned as of December 31, 2023 are excluded from comparable hotel results for these periods:
•Hyatt Regency Coconut Point Resort & Spa (business disruption due to Hurricane Ian beginning in September 2022, reopened in November 2022);
•The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023); and
•Sales and marketing expenses related to the development and sale of condominium units on a development parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort.
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
PAGE 22 OF 25
HOST HOTELS & RESORTS, INC.
Notes to Financial Information (cont.)
as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre, and (iv) Comparable Hotel Operating Statistics and Results. The following discussion defines these measures and presents why we believe they are useful supplemental measures of our performance.
NAREIT FFO AND NAREIT FFO PER DILUTED SHARE
We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. As noted 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 diluted earnings per share, provides beneficial information to investors. By excluding the effect of real estate depreciation, amortization, impairment expense and gains and losses from sales of depreciable real estate, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. As noted by NAREIT in its Funds From Operations White Paper – 2018 Restatement, the primary purpose for including FFO as a supplemental measure of operating performance of a REIT is to address the artificial nature of historical cost depreciation and amortization of real estate and real estate-related assets mandated by GAAP. For these reasons, NAREIT adopted the FFO metric in order to promote a uniform industry-wide measure of REIT operating performance.
Adjusted FFO per Diluted Share
We also present Adjusted FFO per diluted share when evaluating our performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the adjustments detailed below in evaluating our performance, in our annual budget process and for our compensation programs. We believe that the presentation of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of diluted earnings per share and FFO per diluted share as defined by NAREIT, provides useful supplemental information that is beneficial to an investor’s understanding of our operating performance. We adjust NAREIT FFO per diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share:
•Gains and Losses on the Extinguishment of Debt – We exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of the write-off of deferred financing costs from the original issuance of the debt being redeemed or retired and incremental interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs.
•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.
•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
•Severance Expense –In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.
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,
PAGE 23 OF 25
HOST HOTELS & RESORTS, INC.
Notes to Financial Information (cont.)
2017 and recorded a one-time adjustment to reduce our deferred tax assets and to increase the provision for income taxes by approximately $11 million. We do not consider this adjustment to be reflective of our ongoing operating performance and, therefore, we excluded this item from Adjusted FFO.
EBITDA
Earnings before Interest Expense, Income Taxes, Depreciation and Amortization (“EBITDA”) is a commonly used measure of performance in many industries. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel owners that are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO and Adjusted FFO per diluted share, it is widely used by management in the annual budget process and for our compensation programs.
EBITDAre and Adjusted EBITDAre
We present EBITDAre in accordance with NAREIT guidelines, as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate,” to provide an additional performance measure to facilitate the evaluation and comparison of the Company’s results with other REITs. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment expense for depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates.
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s understanding of our operating performance. Adjusted EBITDAre also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDAre for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre:
•Property Insurance Gains – We exclude the effect of property insurance gains reflected in our consolidated statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection with the calculation of the property insurance gain often does not reflect the market value of real estate assets.
•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.
•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.
In unusual circumstances, we also may adjust EBITDAre for gains or losses that management believes are not representative of the Company’s current operating performance. The last adjustment of this nature was a 2013 exclusion of a gain from an eminent domain claim.
Limitations on the Use of NAREIT FFO per Diluted Share, Adjusted FFO per Diluted Share, EBITDA, EBITDAre and Adjusted EBITDAre
We calculate EBITDAre and NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures calculated by other companies that do not use the NAREIT definition of EBITDAre and FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. In addition, although EBITDAre and FFO per diluted share are 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 measures 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
PAGE 24 OF 25
HOST HOTELS & RESORTS, INC.
Notes to Financial Information (cont.)
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 measures 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 measures 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 35 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 unaffiliated limited partners and a 15% interest held by an unaffiliated limited partner 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 25 OF 25
hst-exx992
FOUR SEASONS RESORT AND RESIDENCES JACKSON HOLE Supplemental Financial Information DECEMBER 31, 2023 Exhibit 99.2

 
TABLE OF CONTENTS The Phoenician, a luxury collection resort PROPERTY LEVEL DATA CAPITALIZATION FINANCIAL COVENANTS NOTES TO SUPPLEMENTAL INFORMATION 3 OVERVIEW About Host Hotels & Resorts 4 Analyst Coverage 5 Forward-Looking Statements 6 Non-GAAP Financial Measures 6 7 PROPERTY LEVEL DATA Comparable Hotel Results by Location 8 Top 40 Hotels by Total RevPAR 16 Historical Comparable Hotel Results 18 Comparable Hotel Results 2024 Forecast 20 Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2024 Forecasts 22 Ground Lease Summary as of December 31, 2023 23 24 CAPITALIZATION Comparative Capitalization 25 Consolidated Debt Summary as of December 31, 2023 and December 31, 2022 26 Consolidated Debt Maturity as of December 31, 2023 27 28 FINANCIAL COVENANTS Credit Facility and Senior Notes Financial Performance Tests 29 Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio 30 Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio 31 Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio 32 Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test 33 Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test 34 Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio 35 Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test 36 37 NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION Forecast 38 Comparable Hotel Operating Statistics and Results 38 Non-GAAP Financial Measures 39

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

 
4 © Host Hotels & Resorts, Inc. (1) Based on market cap as of December 31, 2023. See Comparative Capitalization for calculation. (2) At December 31, 2023. About Host Hotels & Resorts S&P 500 COMPANY $13.9 BILLION MARKET CAP(1) $17.2 BILLION ENTERPRISE VALUE(1) 77 HOTELS 42,000 ROOMS 20 TOP U.S. MARKETS BAKER'S CAY RESORT KEY LARGO, CURIO COLLECTION BY HILTON PREMIER U.S. LODGING REIT LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2)

 
5© Host Hotels & Resorts, Inc. BAIRD Mike Bellisario 414-298-6130 mbellisario@rwbaird.com EVERCORE ISI Duane Pfennigwerth 212-497-0817 duane.pfennigwerth@evercoreisi.com 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 STIFEL, NICOLAUS & CO. Simon Yarmak 443-224-1345 yarmaks@stifel.com BARCLAYS CAPITAL Anthony Powell 212-526-8768 anthony.powell@barclays.com HSBC SECURITIES (USA) INC. Meredith Jensen 415-250-8225 meredith.jensen@us.hsbc.com TRUIST C. Patrick Scholes 212-319-3915 patrick.scholes@suntrust.com BMO CAPITAL MARKETS Ari Klein 212-885-4103 ari.klein@bmo.com JEFFERIES David Katz 212-323-3355 dkatz@jefferies.com UBS SECURITIES LLC Robin Farley 212-713-2060 robin.farley@ubs.com CITI INVESTMENT RESEARCH Smedes Rose 212-816-6243 smedes.rose@citi.com J.P. MORGAN SECURITIES Joe Greff 212-622-0548 joseph.greff@jpmorgan.com WELLS FARGO SECURITIES LLC Dori Kesten 617-603-4233 dori.kesten@wellsfargo.com COMPASS POINT RESEARCH & TRADING, LLC Floris van Dijkum 646-757-2621 fvandijkum@compasspointllc.com MORGAN STANLEY & CO. Stephen Grambling 212-761-1010 stephen.grambling@morganstanley.com WEDBUSH SECURITIES Richard Anderson 212-938-9949 richard.anderson@wedbush.com DEUTSCHE BANK SECURITIES Chris Woronka 212-250-9376 chris.woronka@db.com OPPENHEIMER & CO. INC. Tyler Batory 212-667-7230 tyler.batory@opco.com WOLFE RESEARCH Keegan Carl 646-582-9251 kcarl@wolferesearch.com Analyst Coverage The Company is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of the Company or its management. The Company does not by its reference above imply its endorsement of or concurrence with any of such analysts’ information, conclusions or recommendations.

 
6© Host Hotels & Resorts, Inc. ABOUT HOST HOTELS & RESORTS Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of December 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 recovery of travel and the lodging industry, the impact of the Maui wildfires and 2024 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company's annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this supplemental presentation is as of February 21, 2024, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. 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 (U.S. generally accepted accounting principles), within the meaning of applicable SEC rules. They are as follows: : (i) Funds From Operations (“FFO”) and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA (for both the Company and hotel level), (iii) EBITDAre and Adjusted EBITDAre, and (iv) Comparable Hotel Operating Statistics and Results. Also included are reconciliations to the most directly comparable GAAP measures. See the Notes to Supplemental Financial Information for definitions of these measures, why we believe these measures are useful and limitations on their use. Also included in this supplemental information is our leverage ratio, unsecured interest coverage ratio and fixed charge coverage ratio, calculated in accordance with our credit facility, along with our EBITDA to interest coverage ratio, indenture indebtedness test, indenture secured indebtedness test, and indenture unencumbered assets to unsecured indebtedness test, calculated in accordance with our senior notes indenture covenants. Included with these ratios are reconciliations calculated in accordance with GAAP. See the Notes to Supplemental Financial Information for information on how these supplemental measures are calculated, why we believe they are useful and limitations on their use. Overview

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

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) (1) RevPAR is the product of the average daily room rate charged and the average daily occupancy achieved. (2) Total Revenues per Available Room (“Total RevPAR”) is a summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period. It includes ancillary revenues not included within RevPAR. (3) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (4) See the Notes to Supplemental Financial Information for a discussion of non-GAAP measures and the calculation of comparable hotel results. CBD refers to the central business district. (5) Certain Items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location. 8 Quarter ended December 31, 2023 Location No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR (1) Total revenues Total Revenues per Available Room (2) Hotel Net Income (Loss) Hotel EBITDA Maui/Oahu 4 2,006 $538.69 68.2% $367.34 $ 97.2 $526.58 $ 12.7 $ 30.7 Miami 2 1,033 519.42 70.1% 364.20 62.3 634.85 9.8 17.9 Jacksonville 1 446 462.07 61.0% 282.04 27.4 667.98 4.6 7.6 New York 2 2,486 425.56 86.1% 366.52 119.3 521.48 24.9 36.9 Phoenix 3 1,545 394.12 70.6% 278.15 93.3 656.24 25.7 35.5 Florida Gulf Coast 3 941 359.77 66.2% 238.22 43.4 502.10 6.3 11.8 Orlando 2 2,448 440.40 57.7% 253.96 109.1 484.34 15.5 29.0 Los Angeles/Orange County 3 1,067 291.79 78.7% 229.71 35.6 362.26 4.8 7.8 San Diego 3 3,294 266.67 70.1% 187.00 109.6 361.53 15.6 31.0 Boston 2 1,496 270.00 76.8% 207.42 39.5 286.74 8.1 12.7 Washington, D.C. (CBD) 5 3,240 276.09 66.5% 183.60 79.2 265.57 12.0 20.6 Philadelphia 2 810 237.30 78.4% 186.01 22.0 297.12 5.3 7.8 Austin 2 767 301.13 63.1% 189.87 22.4 317.18 4.2 8.5 Northern Virginia 2 916 250.71 70.1% 175.77 25.8 306.43 5.0 7.6 Chicago 3 1,562 241.08 67.9% 163.77 33.7 234.57 6.8 11.1 San Francisco/San Jose 6 4,162 245.15 65.2% 159.91 91.4 238.77 (3.1) 13.4 Seattle 2 1,315 229.80 59.8% 137.51 23.5 194.01 (1.5) 1.6 Atlanta 2 810 189.95 71.1% 135.11 16.2 217.58 2.2 4.4 Houston 5 1,942 199.88 65.5% 131.02 34.2 192.13 4.8 11.4 New Orleans 1 1,333 198.05 67.8% 134.37 24.9 202.90 4.9 7.0 San Antonio 2 1,512 209.83 58.4% 122.59 27.4 196.80 4.9 9.2 Denver 3 1,340 188.69 58.3% 109.97 22.6 184.52 2.6 6.4 Other 10 3,061 287.52 60.4% 173.53 76.9 270.49 6.8 16.7 Other property level (3) 0.2 1.7 1.7 Domestic 70 39,532 306.03 67.5% 206.48 1,237.1 339.61 184.6 348.3 International 5 1,499 179.17 60.8% 108.98 23.3 168.78 4.2 6.3 All Locations - comparable hotels (4) 75 41,031 $301.84 67.2% $202.92 $ 1,260.4 $333.43 $ 188.8 $ 354.6 Non-comparable hotels 2 936 62.6 22.1 42.8 Gain on sale of property and corporate level income/expense (5) — (76.9) (19.5) Total 77 41,967 — — — $ 1,323.0 — $ 134.0 $ 377.9

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 9 (1) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (2) Certain Items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate level income/expense.” Quarter ended December 31, 2023 Location No. of Properties No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Equals: Hotel EBITDA Maui/Oahu 4 2,006 $ 12.7 $ 18.0 $ — $ — $ 30.7 Miami 2 1,033 9.8 8.1 — — 17.9 Jacksonville 1 446 4.6 3.0 — — 7.6 New York 2 2,486 24.9 12.0 — — 36.9 Phoenix 3 1,545 25.7 9.8 — — 35.5 Florida Gulf Coast 3 941 6.3 5.5 — — 11.8 Orlando 2 2,448 15.5 13.5 — — 29.0 Los Angeles/Orange County 3 1,067 4.8 3.0 — — 7.8 San Diego 3 3,294 15.6 15.4 — — 31.0 Boston 2 1,496 8.1 4.6 — — 12.7 Washington, D.C. (CBD) 5 3,240 12.0 8.6 — — 20.6 Philadelphia 2 810 5.3 2.5 — — 7.8 Austin 2 767 4.2 3.2 1.1 — 8.5 Northern Virginia 2 916 5.0 2.6 — — 7.6 Chicago 3 1,562 6.8 4.3 — — 11.1 San Francisco/San Jose 6 4,162 (3.1) 16.5 — — 13.4 Seattle 2 1,315 (1.5) 3.1 — — 1.6 Atlanta 2 810 2.2 2.2 — — 4.4 Houston 5 1,942 4.8 6.6 — — 11.4 New Orleans 1 1,333 4.9 2.1 — — 7.0 San Antonio 2 1,512 4.9 4.3 — — 9.2 Denver 3 1,340 2.6 3.8 — — 6.4 Other 10 3,061 6.8 9.9 — — 16.7 Other property level (1) 1.7 — — — 1.7 Domestic 70 39,532 184.6 162.6 1.1 — 348.3 International 5 1,499 4.2 2.1 — — 6.3 All Locations - comparable hotels 75 41,031 $ 188.8 $ 164.7 $ 1.1 $ — $ 354.6 Non-comparable hotels 2 936 22.1 20.7 — — 42.8 Gain on sale of property and corporate level income/expense (2) $ (76.9) $ 0.2 $ 48.0 $ 9.2 $ (19.5) Total 77 41,967 $ 134.0 $ 185.6 $ 49.1 $ 9.2 $ 377.9

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) (1) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (2) Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. (3) Certain Items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location. 10 Quarter ended December 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 (Loss) Hotel EBITDA Maui/Oahu 4 2,006 $ 566.33 70.7% $ 400.27 $ 112.9 $ 610.91 $ 23.3 $ 38.4 Miami 2 1,033 632.51 56.8% 359.45 59.0 600.78 10.5 17.2 Jacksonville 1 446 503.06 52.8% 265.77 24.7 601.87 4.4 7.4 New York 2 2,486 400.42 84.6% 338.82 112.1 490.08 23.0 35.5 Phoenix 3 1,545 393.60 73.3% 288.65 96.0 676.69 27.5 36.6 Florida Gulf Coast 3 941 367.97 73.9% 271.97 45.7 529.59 8.4 14.0 Orlando 2 2,448 458.37 62.1% 284.45 121.4 538.94 25.2 38.5 Los Angeles/Orange County 3 1,067 284.41 78.9% 224.39 34.7 353.32 4.6 7.8 San Diego 3 3,294 260.81 70.3% 183.47 107.7 356.03 18.7 34.1 Boston 2 1,496 239.76 61.6% 147.71 29.5 214.21 4.3 8.5 Washington, D.C. (CBD) 5 3,240 263.84 65.2% 171.95 75.9 254.52 13.9 22.3 Philadelphia 2 810 236.57 83.0% 196.33 22.6 304.40 4.8 7.3 Austin 2 767 303.76 67.3% 204.34 23.9 337.97 3.3 7.7 Northern Virginia 2 916 230.54 66.5% 153.24 23.0 271.96 4.1 6.6 Chicago 3 1,562 247.44 65.8% 162.89 33.2 231.90 6.6 11.2 San Francisco/San Jose 6 4,162 231.97 62.7% 145.39 83.8 218.72 (1.9) 14.5 Seattle 2 1,315 214.72 57.4% 123.18 20.7 171.44 (2.7) 0.5 Atlanta 2 810 183.46 72.3% 132.59 15.6 209.53 2.3 4.4 Houston 5 1,942 190.61 65.1% 123.99 32.3 181.23 5.8 11.3 New Orleans 1 1,333 211.90 68.7% 145.57 28.1 229.12 7.3 9.6 San Antonio 2 1,512 216.59 63.2% 136.97 30.3 218.39 6.5 10.7 Denver 3 1,340 178.57 56.1% 100.12 18.0 146.12 1.7 4.4 Other 10 3,061 287.36 60.5% 173.85 78.2 275.44 10.3 19.4 Other property level (1) 0.2 0.7 0.7 Domestic 70 39,532 305.15 66.8% 203.71 1,229.5 337.63 212.6 368.6 International 5 1,499 169.63 59.7% 101.26 21.9 158.39 3.8 6.0 All Locations - comparable hotels 75 41,031 $ 300.71 66.5% $ 199.97 $ 1,251.4 $ 331.14 $ 216.4 $ 374.6 Non-comparable hotels 2 936 8.9 (10.1) (2.9) Property transaction adjustments (2) 3.1 — 1.4 Gain on sale of property and corporate level income/expense (3) — (57.0) (17.8) Total 77 41,967 — — — $ 1,263.4 — $ 149.3 $ 355.3

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 11 Quarter ended December 31, 2022 Location No. of Properties No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Plus: Property Transaction Adjustments Equals: Hotel EBITDA Maui/Oahu 4 2,006 $ 23.3 $ 15.1 $ — $ — $ — $ 38.4 Miami 2 1,033 10.5 6.7 — — — 17.2 Jacksonville 1 446 4.4 3.0 — — — 7.4 New York 2 2,486 23.0 12.5 — — — 35.5 Phoenix 3 1,545 27.5 10.7 — — (1.6) 36.6 Florida Gulf Coast 3 941 8.4 5.6 — — — 14.0 Orlando 2 2,448 25.2 13.3 — — — 38.5 Los Angeles/Orange County 3 1,067 4.6 3.2 — — — 7.8 San Diego 3 3,294 18.7 15.4 — — — 34.1 Boston 2 1,496 4.3 4.2 — — — 8.5 Washington, D.C. (CBD) 5 3,240 13.9 8.4 — — — 22.3 Philadelphia 2 810 4.8 2.5 — — — 7.3 Austin 2 767 3.3 3.2 1.2 — — 7.7 Northern Virginia 2 916 4.1 2.5 — — — 6.6 Chicago 3 1,562 6.6 4.6 — — — 11.2 San Francisco/San Jose 6 4,162 (1.9) 16.4 — — — 14.5 Seattle 2 1,315 (2.7) 3.2 — — — 0.5 Atlanta 2 810 2.3 2.1 — — — 4.4 Houston 5 1,942 5.8 5.5 — — — 11.3 New Orleans 1 1,333 7.3 2.3 — — — 9.6 San Antonio 2 1,512 6.5 4.2 — — — 10.7 Denver 3 1,340 1.7 2.7 — — — 4.4 Other 10 3,061 10.3 8.9 — — 0.2 19.4 Other property level (1) 0.7 — — — — 0.7 Domestic 70 39,532 212.6 156.2 1.2 — (1.4) 368.6 International 5 1,499 3.8 2.2 — — — 6.0 All Locations - comparable hotels 75 41,031 216.4 158.4 1.2 — (1.4) 374.6 Non-comparable hotels 2 936 (10.1) 7.2 — — — (2.9) Property transaction adjustments (2) — — — — 1.4 1.4 Gain on sale of property and corporate level income/expense (3) (57.0) 0.3 42.2 (3.3) — (17.8) Total 77 41,967 $ 149.3 $ 165.9 $ 43.4 $ (3.3) $ — $ 355.3 (1) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (2) Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. (3) Certain Items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate level income/expense.”

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 12 Year ended December 31, 2023 Location No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total revenues Total Revenues per Available Room Hotel Net Income (Loss) Hotel EBITDA Maui/Oahu 4 2,006 $ 576.75 71.9% $ 414.84 $ 448.9 $ 612.98 $ 85.3 $ 152.9 Miami 2 1,033 533.31 66.9% 356.86 242.9 624.20 44.2 74.2 Jacksonville 1 446 503.57 69.9% 351.80 127.6 784.10 34.1 46.2 New York 2 2,486 349.99 82.7% 289.53 374.1 412.23 43.2 92.4 Phoenix 3 1,545 399.79 71.5% 285.85 359.4 637.23 102.3 139.0 Florida Gulf Coast 3 941 389.43 72.3% 281.40 203.9 593.72 48.8 71.1 Orlando 2 2,448 384.63 67.9% 261.32 465.8 521.26 90.5 143.3 Los Angeles/Orange County 3 1,067 300.29 81.7% 245.49 140.6 360.91 19.5 31.9 San Diego 3 3,294 282.20 78.4% 221.29 498.1 414.34 105.5 167.5 Boston 2 1,496 264.18 78.2% 206.66 150.7 275.90 32.9 51.2 Washington, D.C. (CBD) 5 3,240 276.74 70.1% 193.92 331.4 280.31 66.8 100.9 Philadelphia 2 810 231.94 79.7% 184.83 85.2 288.44 17.4 27.1 Austin 2 767 269.26 65.7% 176.88 87.1 311.25 10.0 26.9 Northern Virginia 2 916 243.70 70.4% 171.48 89.9 268.97 15.5 25.3 Chicago 3 1,562 243.59 68.9% 167.80 136.1 238.73 24.0 41.3 San Francisco/San Jose 6 4,162 251.98 66.4% 167.25 371.3 244.44 2.5 67.6 Seattle 2 1,315 239.33 66.8% 159.81 104.9 218.64 6.1 18.5 Atlanta 2 810 190.67 74.0% 141.12 67.3 227.52 12.0 20.5 Houston 5 1,942 201.17 69.4% 139.51 138.4 195.30 16.6 41.6 New Orleans 1 1,333 196.29 68.6% 134.72 99.2 203.93 25.4 34.0 San Antonio 2 1,512 215.77 61.4% 132.55 117.1 212.13 18.6 35.1 Denver 3 1,340 192.48 63.3% 121.90 88.9 181.72 13.9 27.5 Other 10 3,061 313.84 64.2% 201.47 347.6 308.08 52.4 92.8 Other property level (1) 0.6 0.3 0.3 Domestic 70 39,532 304.48 70.7% 215.33 5,077.0 351.26 887.8 1,529.1 International 5 1,499 186.14 62.4% 116.16 92.1 168.42 19.3 27.9 All Locations - comparable hotels 75 41,031 $ 300.66 70.4% $ 211.71 $ 5,169.1 $ 344.63 $ 907.1 $ 1,557.0 Non-comparable hotels 2 936 134.8 45.8 92.5 Property transaction adjustments (2) 6.8 — 2.9 Gain on sale of property and corporate level income/expense (3) — (201.2) 23.4 Total 77 41,967 — — — $ 5,310.7 — $ 751.7 $ 1,675.8 (1) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (2) Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. (3) Certain Items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 13 Year ended December 31, 2023 Location No. of Properties No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Plus: Property Transaction Adjustments Equals: Hotel EBITDA Maui/Oahu 4 2,006 $ 85.3 $ 67.6 $ — $ — $ — $ 152.9 Miami 2 1,033 44.2 30.0 — — — 74.2 Jacksonville 1 446 34.1 12.1 — — — 46.2 New York 2 2,486 43.2 49.2 — — — 92.4 Phoenix 3 1,545 102.3 39.6 — — (2.9) 139.0 Florida Gulf Coast 3 941 48.8 22.3 — — — 71.1 Orlando 2 2,448 90.5 52.8 — — — 143.3 Los Angeles/Orange County 3 1,067 19.5 12.4 — — — 31.9 San Diego 3 3,294 105.5 62.0 — — — 167.5 Boston 2 1,496 32.9 18.3 — — — 51.2 Washington, D.C. (CBD) 5 3,240 66.8 34.1 — — — 100.9 Philadelphia 2 810 17.4 9.7 — — — 27.1 Austin 2 767 10.0 12.8 4.1 — — 26.9 Northern Virginia 2 916 15.5 9.8 — — — 25.3 Chicago 3 1,562 24.0 17.3 — — — 41.3 San Francisco/San Jose 6 4,162 2.5 65.1 — — — 67.6 Seattle 2 1,315 6.1 12.4 — — — 18.5 Atlanta 2 810 12.0 8.5 — — — 20.5 Houston 5 1,942 16.6 25.0 — — — 41.6 New Orleans 1 1,333 25.4 8.6 — — — 34.0 San Antonio 2 1,512 18.6 16.5 — — — 35.1 Denver 3 1,340 13.9 13.6 — — — 27.5 Other 10 3,061 52.4 40.4 — — — 92.8 Other property level (1) 0.3 — — — — 0.3 Domestic 70 39,532 887.8 640.1 4.1 — (2.9) 1,529.1 International 5 1,499 19.3 8.6 — — — 27.9 All Locations - comparable hotels 75 41,031 $ 907.1 $ 648.7 $ 4.1 $ — $ (2.9) $ 1,557.0 Non-comparable hotels 2 936 45.8 46.7 — — — 92.5 Property transaction adjustments (2) — — — — 2.9 2.9 Gain on sale of property and corporate level income/expense (3) (201.2) 1.2 187.1 36.3 — 23.4 Total 77 41,967 $ 751.7 $ 696.6 $ 191.2 $ 36.3 $ — $ 1,675.8 (1) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (2) Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. (3) Certain Items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate level income/expense."

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 14 Year ended December 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 (Loss) Hotel EBITDA Maui/Oahu 4 2,006 $ 560.86 74.7% $ 418.70 $ 473.4 $ 646.24 $ 112.1 $ 170.5 Miami 2 1,033 621.56 61.3% 380.89 248.0 635.56 66.2 88.6 Jacksonville 1 446 527.16 65.3% 344.37 122.1 749.99 33.5 45.8 New York 2 2,486 333.65 72.8% 242.88 313.9 345.93 (1.2) 72.8 Phoenix 3 1,545 392.52 70.3% 275.96 352.8 625.68 106.1 140.7 Florida Gulf Coast 3 941 394.84 73.7% 291.11 198.5 577.93 51.7 73.4 Orlando 2 2,448 410.76 63.8% 262.20 454.6 508.78 111.2 162.8 Los Angeles/Orange County 3 1,067 288.81 79.4% 229.44 131.5 337.54 17.8 30.7 San Diego 3 3,294 272.28 74.6% 203.24 445.6 371.28 97.1 158.2 Boston 2 1,496 244.35 58.5% 142.90 105.7 193.67 19.8 36.4 Washington, D.C. (CBD) 5 3,240 259.57 61.7% 160.13 272.7 230.71 46.7 81.5 Philadelphia 2 810 218.52 80.6% 176.19 79.8 270.04 14.1 24.3 Austin 2 767 271.65 69.5% 188.91 90.8 324.19 15.9 33.1 Northern Virginia 2 916 219.41 65.6% 143.96 76.0 227.21 10.5 20.1 Chicago 3 1,562 240.66 65.1% 156.57 123.9 217.31 15.6 34.1 San Francisco/San Jose 6 4,162 230.88 63.0% 145.42 321.9 211.87 (3.4) 62.7 Seattle 2 1,315 229.92 62.4% 143.52 90.5 188.58 2.6 16.0 Atlanta 2 810 181.81 72.2% 131.35 60.9 205.87 10.5 19.2 Houston 5 1,942 182.97 63.8% 116.73 116.1 163.85 13.1 34.1 New Orleans 1 1,333 200.59 66.2% 132.74 96.4 198.18 23.7 33.5 San Antonio 2 1,512 199.52 66.3% 132.30 113.7 206.09 19.2 36.1 Denver 3 1,340 182.33 61.9% 112.85 80.0 163.64 15.7 26.6 Other 10 3,061 320.85 60.7% 194.89 332.0 294.37 46.1 97.6 Other property level (1) 0.8 (0.2) (0.2) Domestic 70 39,532 299.40 66.8% 199.90 4,701.6 325.31 844.4 1,498.6 International 5 1,499 162.33 55.1% 89.51 71.3 130.24 12.1 20.9 All Locations - comparable hotels 75 41,031 $ 295.24 66.3% $ 195.87 $ 4,772.9 $ 318.25 $ 856.5 $ 1,519.5 Non-comparable hotels 2 936 146.2 15.5 44.5 Severance at hotel properties — — (1.7) Property transaction adjustments (2) (11.7) — (22.8) Gain on sale of property and corporate level income/expense (3) — (229.0) (50.6) Total 77 41,967 — — — $ 4,907.4 — $ 643.0 $ 1,488.9 (1) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (2) Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. (3) Certain Items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

 
© Host Hotels & Resorts, Inc. Year ended December 31, 2022 Location No. of Properties No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Plus: Severance at hotel properties Plus: Property Transaction Adjustments Equals: Hotel EBITDA Maui/Oahu 4 2,006 $ 112.1 $ 58.3 $ — $ — $ 0.1 $ — $ 170.5 Miami 2 1,033 66.2 24.1 — — — (1.7) 88.6 Jacksonville 1 446 33.5 12.3 — — — — 45.8 New York 2 2,486 (1.2) 60.2 — — 1.6 12.2 72.8 Phoenix 3 1,545 106.1 43.2 — — — (8.6) 140.7 Florida Gulf Coast 3 941 51.7 21.7 — — — — 73.4 Orlando 2 2,448 111.2 51.6 — — — — 162.8 Los Angeles/Orange County 3 1,067 17.8 12.9 — — — — 30.7 San Diego 3 3,294 97.1 61.1 — — — — 158.2 Boston 2 1,496 19.8 14.8 — — — 1.8 36.4 Washington, D.C. (CBD) 5 3,240 46.7 34.8 — — — — 81.5 Philadelphia 2 810 14.1 10.2 — — — — 24.3 Austin 2 767 15.9 12.5 4.7 — — — 33.1 Northern Virginia 2 916 10.5 9.6 — — — — 20.1 Chicago 3 1,562 15.6 19.6 — — — (1.1) 34.1 San Francisco/San Jose 6 4,162 (3.4) 66.1 — — — — 62.7 Seattle 2 1,315 2.6 13.4 — — — — 16.0 Atlanta 2 810 10.5 8.7 — — — — 19.2 Houston 5 1,942 13.1 21.0 — — — — 34.1 New Orleans 1 1,333 23.7 9.8 — — — — 33.5 San Antonio 2 1,512 19.2 16.9 — — — — 36.1 Denver 3 1,340 15.7 10.9 — — — — 26.6 Other 10 3,061 46.1 31.3 — — — 20.2 97.6 Other property level (1) (0.2) — — — — — (0.2) Domestic 70 39,532 844.4 625.0 4.7 — 1.7 22.8 1,498.6 International 5 1,499 12.1 8.8 — — — — 20.9 All Locations - comparable hotels 75 41,031 $ 856.5 $ 633.8 $ 4.7 $ — $ 1.7 $ 22.8 $ 1,519.5 Non-comparable hotels 2 936 15.5 29.0 — — — — 44.5 Severance at hotel properties — — — — (1.7) — (1.7) Property transaction adjustments (2) — — — — — (22.8) (22.8) Gain on sale of property and corporate level income/expense (3) (229.0) 1.3 151.4 25.7 — — (50.6) Total 77 41,967 $ 643.0 $ 664.1 $ 156.1 $ 25.7 $ — $ — $ 1,488.9 Comparable Hotel Results by Location (unaudited, in millions, except hotel statistics and per room basis) 15 (1) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (2) Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. (3) Certain Items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate level income/expense.”

 
© Host Hotels & Resorts, Inc. Top 40 Hotels by Total RevPAR for Year Ended December 31, 2023 (unaudited, in millions, except hotel statistics and per room basis) 16 Year ended December 31, 2023 Hotel Location No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total revenues Total Revenues per Available Room Hotel Net Income (Loss) Hotel EBITDA (1) 1 Alila Ventana Big Sur Other Domestic 59 $ 1,763.45 87.2 % $ 1,537.36 $ 45.1 $ 2,288.92 $ 9.5 $ 14.7 2 Four Seasons Resort and Residences Jackson Hole Other Domestic 125 1,571.33 53.6 % 841.59 81.7 1,443.63 8.5 20.2 3 Four Seasons Resort Orlando at Walt Disney World® Resort Orlando 444 1,251.15 60.5 % 757.13 193.7 1,195.32 34.2 54.5 4 1 Hotel South Beach Miami 433 916.63 68.8 % 630.40 194.6 1,143.88 39.9 60.3 5 Andaz Maui at Wailea Resort Maui/Oahu 320 896.04 62.6 % 561.16 100.2 857.65 16.1 28.6 6 The Phoenician, A Luxury Collection Resort, Scottsdale Phoenix 645 524.82 70.2 % 368.19 198.4 842.94 49.3 73.9 7 The Ritz-Carlton, Amelia Island Jacksonville 446 503.57 69.9 % 351.80 127.6 784.10 34.1 46.2 8 Fairmont Kea Lani, Maui Maui/Oahu 450 962.45 54.2 % 521.86 121.7 741.06 18.4 43.5 9 The Don Cesar Florida Gulf Coast 348 438.05 73.3 % 321.03 81.3 639.70 21.3 33.9 10 The Ritz-Carlton Naples, Tiburón Florida Gulf Coast 295 537.70 61.6 % 331.16 69.6 646.65 13.6 20.6 11 Hyatt Regency Maui Resort and Spa Maui/Oahu 810 546.16 76.5 % 417.96 182.4 616.85 46.2 70.3 12 Baker's Cay Resort Key Largo, Curio Collection by Hilton Other Domestic 200 446.36 81.9 % 365.59 42.2 577.65 9.6 14.5 13 The Westin Kierland Resort & Spa Phoenix 735 330.62 71.5 % 236.31 148.7 554.32 45.5 58.3 14 The Ritz-Carlton, Marina del Rey Los Angeles/Orange County 304 415.37 82.3 % 341.82 60.2 542.38 10.0 13.2 15 Marriott Marquis San Diego Marina San Diego 1,366 294.44 80.0 % 235.56 227.0 455.53 49.1 79.1 16 New York Marriott Marquis New York 1,971 359.07 85.2 % 305.78 322.9 448.85 39.4 81.2 17 Coronado Island Marriott Resort & Spa San Diego 300 317.88 78.8 % 250.36 46.7 426.12 7.9 13.7 18 Hyatt Regency Coconut Point Resort and Spa(3) Florida Gulf Coast 462 269.04 69.5 % 186.90 68.9 408.66 14.1 27.1 19 The Ritz-Carlton, Naples(3) Florida Gulf Coast 474 685.99 27.9 % 191.45 65.9 391.68 32.7 66.4 20 Manchester Grand Hyatt San Diego San Diego 1,628 264.80 77.0 % 203.97 224.4 377.62 48.5 74.7 21 Orlando World Center Marriott Orlando 2,004 217.68 69.6 % 151.48 272.0 371.91 56.2 88.7 22 The Ritz-Carlton, Tysons Corner Northern Virginia 398 295.72 73.1 % 216.11 53.8 370.62 5.6 11.8 23 JW Marriott Washington, D.C. Washington, D.C. (CBD) 777 311.25 80.7 % 251.11 102.9 362.74 28.3 34.6 24 The Alida, Savannah, a Tribute Portfolio Hotel Other Domestic 173 264.88 76.2 % 201.91 22.5 354.91 1.8 5.4 25 The Logan Philadelphia, Curio Collection by Hilton Philadelphia 391 249.67 74.4 % 185.74 50.2 351.26 9.3 16.6 26 Marina del Rey Marriott Los Angeles/Orange County 370 283.69 86.4 % 245.11 44.1 326.91 7.8 13.0 27 San Francisco Marriott Marquis San Francisco/San Jose 1,500 297.41 68.5 % 203.69 177.1 323.44 15.3 43.9 28 Hotel Van Zandt Austin 319 303.54 57.7 % 175.23 36.5 313.55 (1.8) 9.6 29 Hyatt Regency Austin Austin 448 249.51 71.4 % 178.05 50.6 309.62 11.7 17.3 30 Boston Marriott Copley Place Boston 1,145 273.71 83.0 % 227.20 125.2 299.55 26.7 42.1 31 Grand Hyatt Washington Washington, D.C. (CBD) 897 262.23 71.9 % 188.47 97.9 298.98 18.3 31.3 32 The Westin Chicago River North Chicago 445 287.06 69.9 % 200.63 45.1 277.88 5.3 11.8 33 New York Marriott Downtown New York 515 309.65 73.4 % 227.34 51.1 272.10 3.9 11.3 34 Tampa Airport Marriott Florida Gulf Coast 298 227.71 81.6 % 185.88 27.9 256.42 5.3 6.6 35 The St. Regis Houston Houston 232 336.87 47.5 % 160.14 21.4 252.57 2.7 4.4 36 The Westin South Coast Plaza, Costa Mesa Los Angeles/Orange County 393 222.64 76.9 % 171.32 36.2 252.54 1.6 5.7 37 Marriott Downtown at CF Toronto Eaton Centre International 461 248.20 75.7 % 187.97 41.8 248.69 11.7 14.8 38 San Francisco Marriott Fisherman's Wharf San Francisco/San Jose 285 224.78 83.6 % 187.93 25.2 242.36 (1.5) 0.9 39 Swissôtel Chicago Chicago 662 217.76 64.0 % 139.41 57.7 238.75 12.2 19.1 40 Hyatt Regency Washington on Capitol Hill Washington, D.C. (CBD) 838 259.86 60.4 % 156.83 72.5 237.11 11.8 19.4 Total Top 40 24,366 364.33 72.4 % 263.84 4,014.9 450.63 780.1 1,303.2 Remaining 37 hotels 17,601 207.87 66.5 % 138.25 1,288.4 200.48 170.2 346.0 Other Property Level (2) 0.6 0.3 0.3 Gain on sale of property, sold property operations and corporate level income/expense 6.8 (198.9) (17.9) Total 41,967 — — — $ 5,310.7 — $ 751.7 $ 1,631.6 (1) 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 below in “gain on sale of property, sold property operations and corporate level income/expense”. Refer to the table below for a reconciliation of net income (loss) to Hotel EBITDA. The total represents the Company's EBITDAre, as defined in the Notes to Supplemental Financial Information. (2) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (3) 2023 Hotel EBITDA for the Hyatt Regency Coconut Point and Spa and The Ritz-Carlton, Naples include $9 million and $66 million of business interruption proceeds, respectively.

 
© Host Hotels & Resorts, Inc. Year ended December 31, 2023 Location Location No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Less: Gain on dispositions Plus: Equity Investment Equals: Hotel EBITDA 1 Alila Ventana Big Sur Other Domestic 59 $ 9.5 $ 5.2 $ — $ — $ — $ — $ 14.7 2 Four Seasons Resort and Residences Jackson Hole Other Domestic 125 8.5 11.7 — — — — 20.2 3 Four Seasons Resort Orlando at Walt Disney World® Resort Orlando 444 34.2 20.3 — — — — 54.5 4 1 Hotel South Beach Miami 433 39.9 20.4 — — — — 60.3 5 Andaz Maui at Wailea Resort Maui/Oahu 320 16.1 12.5 — — — — 28.6 6 The Phoenician, A Luxury Collection Resort, Scottsdale Phoenix 645 49.3 24.6 — — — — 73.9 7 The Ritz-Carlton, Amelia Island Jacksonville 446 34.1 12.1 — — — — 46.2 8 Fairmont Kea Lani, Maui Maui/Oahu 450 18.4 25.1 — — — — 43.5 9 The Don Cesar Florida Gulf Coast 348 21.3 12.6 — — — — 33.9 10 The Ritz-Carlton Naples, Tiburón Florida Gulf Coast 295 13.6 7.0 — — — — 20.6 11 Hyatt Regency Maui Resort and Spa Maui/Oahu 810 46.2 24.1 — — — — 70.3 12 Baker's Cay Resort Key Largo, Curio Collection by Hilton Other Domestic 200 9.6 4.9 — — — — 14.5 13 The Westin Kierland Resort & Spa Phoenix 735 45.5 12.8 — — — — 58.3 14 The Ritz-Carlton, Marina del Rey Los Angeles/Orange County 304 10.0 3.2 — — — — 13.2 15 Marriott Marquis San Diego Marina San Diego 1,366 49.1 30.0 — — — — 79.1 16 New York Marriott Marquis New York 1,971 39.4 41.8 — — — — 81.2 17 Coronado Island Marriott Resort & Spa San Diego 300 7.9 5.8 — — — — 13.7 18 Hyatt Regency Coconut Point Resort and Spa(2) Florida Gulf Coast 462 14.1 13.0 — — — — 27.1 19 The Ritz-Carlton, Naples(2) Florida Gulf Coast 474 32.7 33.7 — — — — 66.4 20 Manchester Grand Hyatt San Diego San Diego 1,628 48.5 26.2 — — — — 74.7 21 Orlando World Center Marriott Orlando 2,004 56.2 32.5 — — — — 88.7 22 The Ritz-Carlton, Tysons Corner Northern Virginia 398 5.6 6.2 — — — — 11.8 23 JW Marriott Washington, D.C. Washington, D.C. (CBD) 777 28.3 6.3 — — — — 34.6 24 The Alida, Savannah, a Tribute Portfolio Hotel Other Domestic 173 1.8 3.6 — — — — 5.4 25 The Logan Philadelphia, Curio Collection by Hilton Philadelphia 391 9.3 7.3 — — — — 16.6 26 Marina del Rey Marriott Los Angeles/Orange County 370 7.8 5.2 — — — — 13.0 27 San Francisco Marriott Marquis San Francisco/San Jose 1,500 15.3 28.6 — — — — 43.9 28 Hotel Van Zandt Austin 319 (1.8) 7.3 4.1 — — — 9.6 29 Hyatt Regency Austin Austin 448 11.7 5.6 — — — — 17.3 30 Boston Marriott Copley Place Boston 1,145 26.7 15.4 — — — — 42.1 31 Grand Hyatt Washington Washington, D.C. (CBD) 897 18.3 13.0 — — — — 31.3 32 The Westin Chicago River North Chicago 445 5.3 6.5 — — — — 11.8 33 New York Marriott Downtown New York 515 3.9 7.4 — — — — 11.3 34 Tampa Airport Marriott Florida Gulf Coast 298 5.3 1.3 — — — — 6.6 35 The St. Regis Houston Houston 232 2.7 1.7 — — — — 4.4 36 The Westin South Coast Plaza, Costa Mesa Los Angeles/Orange County 393 1.6 4.1 — — — — 5.7 37 Marriott Downtown at CF Toronto Eaton Centre International 461 11.7 3.1 — — — — 14.8 38 San Francisco Marriott Fisherman's Wharf San Francisco/San Jose 285 (1.5) 2.4 — — — — 0.9 39 Swissôtel Chicago Chicago 662 12.2 6.9 — — — — 19.1 40 Hyatt Regency Washington on Capitol Hill Washington, D.C. (CBD) 838 11.8 7.6 — — — — 19.4 Total Top 40 24,366 780.1 519.0 4.1 — — — 1,303.2 Remaining 37 hotels 17,601 170.2 175.8 — — — — 346.0 Other Property Level (1) 0.3 — — — — — 0.3 Gain on sale of property, sold property operations and corporate level income/expense (198.9) 1.8 187.1 36.3 (70.4) 26.2 (17.9) Total 41,967 $ 751.7 $ 696.6 $ 191.2 $ 36.3 $ (70.4) $ 26.2 $ 1,631.6 Top 40 Hotels by Total RevPAR Reconciliation from Hotel Net Income (Loss) to Hotel EBITDA and EBITDAre (unaudited, in millions, except hotel statistics and per room basis) 17 (1) Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases. (2) 2023 Hotel EBITDA for the Hyatt Regency Coconut Point and Spa and The Ritz-Carlton, Naples include $9 million and $66 million of business interruption proceeds, respectively.

 
© Host Hotels & Resorts, Inc. Historical Comparable Hotel Results (unaudited, in millions, except hotel statistics) 18 Historical Comparable Hotel Metrics (1) Historical Comparable Hotel Revenues (1)(2) Three Months Ended Full Year Three Months Ended Full Year Three Months Ended Full Year March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 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 75 75 75 75 73 73 73 73 73 Number of rooms 41,031 41,031 41,031 41,031 41,031 41,031 41,031 41,031 41,031 41,031 40,643 40,643 40,643 40,643 40,643 Comparable hotel RevPAR $ 217.77 $ 225.12 $ 201.32 $ 202.92 $ 211.71 $ 166.12 $ 219.23 $ 197.76 $ 199.97 $ 195.87 $ 202.83 $ 211.88 $ 192.81 $ 194.32 $ 200.42 Comparable hotel occupancy 68.4% 74.2% 71.8% 67.2% 70.4% 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 $ 303.29 $ 280.24 $ 301.84 $ 300.66 $ 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 Three Months Ended Full Year March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 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 $ 1,393 $ 1,214 $ 1,323 $ 5,311 $ 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) — — — (7) (32) (15) (6) (7) (60) (230) (251) (205) (180) (866) Less: Revenues from non- comparable hotels (21) (18) (33) (63) $ (135) (66) (46) (25) (9) (146) (74) (48) (28) (48) (198) Comparable hotel revenues $ 1,353 $ 1,375 $ 1,181 $ 1,260 $ 5,169 $ 1,010 $ 1,324 $ 1,188 $ 1,251 $ 4,773 $ 1,214 $ 1,275 $ 1,119 $ 1,198 $ 4,806

 
© Host Hotels & Resorts, Inc. Historical Comparable Hotel Results (unaudited, in millions, except hotel statistics) 19 Three Months Ended Full Year Three Months Ended Full Year Three Months Ended Full Year March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 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 (loss) $ 291 $ 214 $ 113 $ 134 $ 752 $ 118 $ 260 $ 116 $ 149 $ 643 $ 189 $ 290 $ 372 $ 81 $ 932 Depreciation and amortization 169 168 174 186 697 172 162 164 166 664 170 166 165 175 676 Interest expense 49 45 48 49 191 36 37 40 43 156 43 43 46 90 222 Provision (benefit) for income taxes (2) 14 15 9 36 (16) 39 6 (3) 26 2 16 4 8 30 Gain on sale of property and corporate level income/ expense (59) 6 10 20 (23) 7 10 15 18 51 11 (44) (263) 13 (283) Severance expense at hotel properties — — — — — 2 — — — 2 — — — — — Property transaction adjustments (3) — — — (3) 19 (3) 8 (1) 23 (10) (46) (25) (15) (96) Non- comparable hotel results, net (6) 2 (46) (43) (93) (33) (15) — 3 (45) (32) (13) (2) (15) (62) Comparable hotel EBITDA $ 439 $ 449 $ 314 $ 355 $ 1,557 $ 305 $ 490 $ 349 $ 375 $ 1,520 $ 373 $ 412 $ 297 $ 337 $ 1,419 Historical Comparable Hotel EBITDA (1) (2) (1) Comparable hotel results represent adjustments for the following items: (i) to remove the results of operations of our hotels sold or held-for-sale as of December 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 December 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.  (2) Comparable hotel revenues and comparable hotel EBITDA are non-GAAP financial  measures within the meaning of the rules of the Securities and Exchange commission. See the Notes to Supplemental Financial Information for discussion of these non-GAAP measures.

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results 2024 Forecast (unaudited, in millions, except hotel statistics) 20 (1) See "Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2024 Forecasts" for other forecast assumptions. Forecast presented assumes the midpoint of our comparable hotel RevPAR guidance of a 4% increase to 2023. Forecast comparable hotel results include 76 hotels (of our 77 hotels owned at December 31, 2023) that we have assumed will be classified as comparable as of December 31, 2024. 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 2024. (2) Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of December 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 December 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. (3) Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds relating to events that occurred while the hotels were classified as non-comparable.  The following are expected to be non- comparable for full year 2024: • The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023). • Sales and marketing expenses related to the development and sale of condominium units on a development parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. (4) Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results: 2024 Comparable Hotel Set 2024 Forecast(1) 2023 2019 Number of hotels 76 76 74 Number of rooms 41,500 41,500 41,112 Comparable hotel Total RevPAR $ 360.22 $ 345.35 $ 324.26 Comparable hotel RevPAR $ 219.89 $ 211.44 $ 200.07 Operating profit margin⁽⁴⁾ 15.8% 15.6% 14.6% Comparable hotel EBITDA margin⁽⁴⁾ 29.3% 30.1% 29.5% Food and beverage profit margin⁽⁴⁾ 34.3% 34.1% 32.0% Comparable hotel food and beverage profit margin⁽⁴⁾ 34.6% 34.5% 33.4% Net income $ 751 $ 752 $ 932 Depreciation and amortization 699 697 676 Interest expense 174 191 222 Provision for income taxes 23 36 30 Gain on sale of property and corporate level income/expense 22 (23) (283) Property transaction adjustments⁽²⁾ — (3) (96) Non-comparable hotel results, net⁽³⁾ (64) (74) (45) Comparable hotel EBITDA $ 1,605 $ 1,576 $ 1,436

 
© Host Hotels & Resorts, Inc. Comparable Hotel Results 2024 Forecast (cont.) (unaudited, in millions) 21 Forecast Year ended December 31, 2024 Year ended December 31, 2023 Year ended December 31, 2019 Adjustments Adjustments Adjustments GAAP Results 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 GAAP Results Property transaction adjustments Non- comparable hotel results, net Depreciation and corporate level items Comparable hotel Results Revenues Room $ 3,437 $ (93) $ — $ 3,344 $ 3,244 $ (5) $ (32) $ — $ 3,207 $ 3,431 $ (363) $ (66) $ — $ 3,002 Food and beverage 1,709 (73) — 1,636 1,582 (2) (27) — 1,553 1,647 (95) (55) — 1,497 Other 518 (19) — 499 485 — (7) — 478 391 (7) (17) — 367 Total revenues 5,664 (185) — 5,479 5,311 (7) (66) — 5,238 5,469 (465) (138) — $ 4,866 Expenses Room 834 (17) — 817 787 (1) (9) — 777 873 (125) (13) — 735 Food and beverage 1,122 (52) — 1,070 1,042 (1) (24) — 1,017 1,120 (84) (40) — 996 Other 2,049 (62) — 1,987 1,912 (2) (34) — 1,876 1,899 (160) (40) — 1,699 Depreciation and amortization 699 — (699) — 697 — — (697) — 676 — — (676) — Corporate and other expenses 117 — (117) — 132 — — (132) — 107 — — (107) — Gain on insurance settlements (50) 10 40 — (86) — 75 3 (8) (5) — — 5 — Total expenses 4,771 (121) (776) 3,874 4,484 (4) 8 (826) 3,662 4,670 (369) (93) (778) 3,430 Operating Profit - Comparable hotel EBITDA $ 893 $ (64) $ 776 $ 1,605 $ 827 $ (3) $ (74) $ 826 $ 1,576 $ 799 $ (96) $ (45) $ 778 $ 1,436 Net Income Plus: Depreciation Plus: Interest Expense Plus: Income Tax Equals: Hotel EBITDA $ 12 $ 48 $ — $ — $ 60 Forecast non-comparable hotel results, net includes the results of The Ritz-Carlton, Naples. The following table reconciles net income to Hotel EBITDA based on the expected 2024 results of the property (in millions):

 
© Host Hotels & Resorts, Inc. Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2024 Forecasts (1) (unaudited, in millions, except per share amounts) 22 (1) The Forecasts are based on the below assumptions: • Comparable hotel RevPAR will increase at the midpoint of our guidance of 4% compared to 2023. • Comparable hotel EBITDA margins will decrease 80 basis points compared to 2023. • We expect to spend approximately $500 million to $605 million on capital expenditures. • Assumes no acquisitions and no dispositions during the year. • Assumes $10 million of gains from business interruption proceeds expected to be received in 2024 related to Hurricane Ian. Also includes an additional $40 million of expected insurance proceeds that would result in a gain on property insurance settlement. For a discussion of items that may affect forecast results, see the Notes to Supplemental Financial Information. Full Year 2024 Mid-point Net income $ 751 Less: Net income attributable to non-controlling interests (11) Net income attributable to Host Inc. 740 Adjustments: Gain on property insurance settlement (40) Depreciation and amortization 697 Equity investment adjustments: Equity in earnings of affiliates (12) Pro rata FFO of equity investments 25 Consolidated partnership adjustments: FFO adjustment for non-controlling partnerships (1) FFO adjustment for non-controlling interests of Host LP (9) NAREIT and Adjusted FFO $ 1,400 Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO 707.3 Diluted earnings per common share $ 1.05 NAREIT and Adjusted FFO per diluted share $ 1.98 Full Year 2024 Mid-point Net income $ 751 Interest expense 174 Depreciation and amortization 699 Income taxes 23 EBITDA 1,647 Equity investment adjustments: Equity in earnings of affiliates (12) Pro rata EBITDAre of equity investments 40 EBITDAre 1,675 Adjustments to EBITDAre: Gain on property insurance settlement (40) Adjusted EBITDAre $ 1,635

 
© Host Hotels & Resorts, Inc. Ground Lease Summary as of December 31, 2023 23 As of December 31, 2023 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 377,550 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 1,460,676 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 100,025 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) 50 years Percentage of leases (based on room count) with Public/Private/Non-Profit lessors 71%/22%/7% (1) Exercise of Host’s option to extend is subject to certain conditions, including the existence of no defaults and subject to any applicable rent escalation or rent re-negotiation provisions. (2) All rental payments have been previously paid and no further rental payments are required for the remainder of the lease term.  (3) No renewal term in the event the Lessor determines to discontinue use of building as a hotel.

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

 
© Host Hotels & Resorts, Inc. Comparative Capitalization (in millions, except security pricing and per share amounts) 25 (1) Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022, there were 9.5 million, 9.6 million, 9.8 million, 9.9 million, and 10.0 million in common OP Units, respectively, held by non-controlling interests. (2) Share prices are the closing price as reported by the NASDAQ. (3) Market value of common equity is calculated as the number of common shares outstanding including assumption of conversion of OP units multiplied the closing share price on that day. As of As of As of As of As of December 31, September 30, June 30, March 31, December 31, Shares/Units 2023 2023 2023 2023 2022 Common shares outstanding 703.6 705.4 711.4 711.2 713.4 Common shares outstanding assuming conversion of OP Units (1) 713.3 715.2 721.4 721.3 723.6 Preferred OP Units outstanding 0.01 0.01 0.01 0.01 0.01 Security pricing Common stock at end of quarter (2) $ 19.47 $ 16.07 $ 16.83 $ 16.49 $ 16.05 High during quarter 20.17 18.40 17.83 19.23 18.94 Low during quarter 15.05 15.44 15.80 14.86 15.81 Capitalization Market value of common equity (3) $ 13,888 $ 11,493 $ 12,141 $ 11,894 $ 11,614 Consolidated debt 4,209 4,212 4,210 4,208 4,215 Less: Cash (1,144) (916) (802) (563) (667) Consolidated total capitalization 16,953 14,789 15,549 15,539 15,162 Plus: Share of debt in unconsolidated investments 208 202 183 199 205 Pro rata total capitalization $ 17,161 14,991 15,732 15,738 15,367 Quarter ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Dividends declared per common share $ 0.45 $ 0.18 $ 0.15 $ 0.12 $ 0.32

 
© Host Hotels & Resorts, Inc. Consolidated Debt Summary 26 (in millions) (1) There are no outstanding credit facility borrowings at December 31, 2023 and 2022. Amount shown represents deferred financing costs related to the credit facility revolver. (2) In accordance with GAAP, total debt includes the debt of entities that we consolidate, but of which we do not own 100%, and excludes the debt of entities that we do not consolidate, but of which we have a non-controlling ownership interest and record our investment therein under the equity method of accounting. As of December 31, 2023, our share of debt in unconsolidated investments is $208 million and none of our debt is attributable to non-controlling interests. (3) Total debt as of December 31, 2023 and December 31, 2022, includes net discounts and deferred financing costs of $39 million and $40 million, respectively. Debt Senior debt Rate Maturity date December 31, 2023 December 31, 2022 Series E 4% 6/2025 $ 499 $ 499 Series F 4 ½% 2/2026 399 399 Series G 3 ⅞% 4/2024 400 399 Series H 3 ⅜% 12/2029 643 642 Series I 3 ½% 9/2030 738 736 Series J 2.9% 12/2031 441 440 2027 Credit facility term loan 6.4% 1/2027 499 499 2028 Credit facility term loan 6.4% 1/2028 498 499 Credit facility revolver (1) —% 1/2027 (8) (4) 4,109 4,109 Mortgage and other debt Mortgage and other debt 4.67% 11/2027 100 106 Total debt(2)(3) $ 4,209 $ 4,215 Percentage of fixed rate debt 76% 76% Weighted average interest rate 4.5% 4.4% Weighted average debt maturity 4.2 years 5.2 years Credit Facility Total capacity $ 1,500 Available capacity 1,495 Consolidated assets encumbered by mortgage debt 1

 
© Host Hotels & Resorts, Inc. Consolidated Debt Maturity as of December 31, 2023 27 (1) The first term loan under our credit facility that is due in 2027 has an extension option that would extend maturity of the instrument to 2028, subject to meeting certain conditions, including payment of a fee. The second term loan tranche that is due in 2028 does not have an extension option. (2) Mortgage and other debt excludes principal amortization of $2 million each year from 2024-2027 for the mortgage loan that matures in 2027. D eb t B al an ce (i n M ill io ns ) 400 500 400 650 750 450 500 500 90 Senior Notes Term Loan (1) Mortgage and Other Debt (2) 2024 2025 2026 2027 2028 2029 2030 2031 $0 $250 $500 $750 $1,000

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

 
© Host Hotels & Resorts, Inc. Financial Covenants: Credit Facility and Senior Notes Financial Performance Tests 29 (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 as of: (1) If the leverage ratio is greater than 7.0x, then the unsecured interest coverage ratio minimum will decrease to 1.50x. (2) The GAAP ratio is based on net income, while the covenant ratio is based on EBITDA. See subsequent pages for a reconciliation of net income to EBITDA. On January 4, 2023, we amended our Credit Facility agreement. The covenant requirements are consistent with previous amendment covenant levels: Leverage Ratio Maximum 7.25x Fixed Charge Coverage Ratio Minimum 1.25x Unsecured Interest Coverage Ratio Minimum 1.75x (1) December 31, 2023 Credit Facility Financial Performance Tests Permitted GAAP Ratio Covenant Ratio Leverage Ratio Maximum 7.25x 5.6x 1.9x Unsecured Interest Coverage Ratio Minimum 1.75x(1) 3.9x 8.8x Consolidated Fixed Charge Coverage Ratio Minimum 1.25x 3.9x 6.7x December 31, 2023 Bond Compliance Financial Performance Tests Permitted GAAP Ratio Covenant Ratio Indebtedness Test Maximum 65% 34% 20% Secured Indebtedness Test Maximum 40% <1% <1% EBITDA-to-interest Coverage ratio (2) Minimum 1.5x 3.9x 8.6x Ratio of Unencumbered Assets to Unsecured Indebtedness Minimum 150% 291% 496%

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio 30 (unaudited, in millions, except ratios) (1) The following presents the reconciliation of debt to net debt per our credit facility definition: (2) The following presents the reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted EBITDA per our credit facility definition in determining leverage ratio: The following tables present the calculation of our leverage ratio using GAAP measures and as used in the financial covenants of the credit facility: GAAP Leverage Ratio Year ended December 31, 2023 Debt $ 4,209 Net income 752 GAAP Leverage Ratio 5.6x Leverage Ratio per Credit Facility Year ended December 31, 2023 Net debt (1) $ 3,166 Adjusted Credit Facility EBITDA (2) 1,629 Leverage Ratio 1.9x December 31, 2023 Debt $ 4,209 Less: Unrestricted cash over $100 million (1,043) Net debt per credit facility definition $ 3,166 Year ended December 31, 2023 Net income $ 752 Interest expense 191 Depreciation and amortization 697 Income taxes 36 EBITDA 1,676 Gain on dispositions (70) Equity in earnings of affiliates (6) Pro rata EBITDAre of equity investments 32 EBITDAre 1,632 Gain on property insurance settlement (3) Adjusted EBITDAre 1,629 Pro forma EBITDA - Dispositions (28) Restricted stock expense and other non-cash items 31 Non-cash partnership adjustments (3) Adjusted Credit Facility EBITDA $ 1,629

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio 31 (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 Year ended December 31, 2023 Net income $ 752 Interest expense 191 GAAP Interest Coverage Ratio 3.9x Unsecured Interest Coverage per Credit Facility Ratio Year ended December 31, 2023 Unencumbered consolidated EBITDA per credit facility definition (1) $ 1,620 Adjusted Credit Facility unsecured interest expense (2) 184 Unsecured Interest Coverage Ratio 8.8x Year ended December 31, 2023 Adjusted Credit Facility EBITDA $ 1,629 Less: Encumbered EBITDA (10) Corporate overhead allocated to encumbered assets 1 Unencumbered Consolidated EBITDA per credit facility definition $ 1,620 Year ended December 31, 2023 GAAP Interest expense $ 191 Interest on secured debt (5) Debt extinguishment costs (4) Deferred financing cost amortization (7) Capitalized interest 10 Pro forma interest adjustments (1) Adjusted Credit Facility Unsecured Interest Expense $ 184

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio 32 (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 Year ended December 31, 2023 Net income $ 752 Interest expense 191 GAAP Fixed Charge Coverage Ratio 3.9x Credit Facility Fixed Charge Coverage Ratio Year ended December 31, 2023 Credit Facility Fixed Charge Coverage Ratio EBITDA (1) $ 1,360 Fixed charges (2) 202 Credit Facility Fixed Charge Coverage Ratio 6.7x Year ended December 31, 2023 Adjusted Credit Facility EBITDA $ 1,629 Less: 5% of hotel property gross revenue (268) Less: 3% of revenues from other real estate (1) Credit Facility Fixed Charge Coverage Ratio EBITDA $ 1,360 Year ended December 31, 2023 Adjusted Credit Facility Unsecured Interest Expense $ 184 Interest on secured debt 4 Adjusted Credit Facility Interest Expense 188 Scheduled principal payments 2 Cash taxes on ordinary income 12 Fixed Charges $ 202

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test 33 (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 December 31, 2023 Debt $ 4,209 Total assets 12,243 GAAP Total Indebtedness to Total Assets 34% Total Indebtedness to Total Assets per Senior Notes Indenture December 31, 2023 Adjusted indebtedness (1) $ 4,232 Adjusted total assets (2) 20,882 Total Indebtedness to Total Assets 20% December 31, 2023 Debt $ 4,209 Add: Deferred financing costs 25 Less: Mark-to-market on assumed mortgage (2) Adjusted Indebtedness per Senior Notes Indenture $ 4,232 December 31, 2023 Total assets $ 12,243 Add: Accumulated depreciation 9,178 Add: Prior impairment of assets held 11 Add: Inventory impairment at unconsolidated investment 9 Less: Intangibles (9) Less: Right-of-use assets (550) Adjusted Total Assets per Senior Notes Indenture $ 20,882

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test 34 (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 December 31, 2023 Mortgage and other secured debt $ 100 Total assets 12,243 GAAP Secured Indebtedness to Total Assets <1% Secured Indebtedness per Senior Notes Indenture December 31, 2023 Secured indebtedness (1) $ 98 Adjusted total assets (2) 20,882 Secured Indebtedness to Total Assets <1% December 31, 2023 Mortgage and other secured debt $ 100 Less: Mark-to-market on assumed mortgage (2) Secured Indebtedness $ 98

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio 35 (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 Year ended December 31, 2023 Net income $ 752 Interest expense 191 GAAP Interest Coverage Ratio 3.9x EBITDA to Interest Coverage Ratio Year ended December 31, 2023 Adjusted Credit Facility EBITDA (1) $ 1,629 Non-controlling interest adjustment 1 Adjusted Senior Notes EBITDA 1,630 Adjusted Credit Facility Interest Expense (2) 188 Plus: Premium amortization on assumed mortgage 1 Adjusted Senior Notes Interest Expense $ 189 EBITDA to Interest Coverage Ratio 8.6x

 
© Host Hotels & Resorts, Inc. Financial Covenants: Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test 36 (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 December 31, 2023 Total assets $ 12,243 Total debt 4,209 GAAP Total Assets / Total Debt 291% Unencumbered Assets / Unsecured Debt per Senior Notes Indenture December 31, 2023 Unencumbered Assets (1) $ 20,493 Unsecured Debt (2) 4,134 Unencumbered Assets / Unsecured Debt 496% December 31, 2023 Adjusted total assets (a) $ 20,882 Less: Partnership adjustments (126) Less: Inventory impairment at unconsolidated investment (9) Less: Encumbered Assets (254) Unencumbered Assets $ 20,493 December 31, 2023 Adjusted indebtedness (b) $ 4,232 Less: Secured indebtedness (c) (98) Unsecured Debt $ 4,134

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

 
38© Host Hotels & Resorts, Inc. FORECASTS Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and comparable hotel results are forward- looking statements and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will not be materially different. Risks that may affect these assumptions and forecasts include the following: potential changes in overall economic outlook make it inherently difficult to forecast the level of RevPAR; the amount and timing of debt payments may change significantly based on market conditions, which will directly affect the level of interest expense and net income; the amount and timing of transactions involving shares of our common stock may change based on market conditions; and other risks and uncertainties associated with our business described herein and in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS Effective January 1, 2023, the Company ceased presentation of All Owned Hotel results that was used while the COVID-19 pandemic disrupted operations, limiting the usefulness of year-over-year comparisons, 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 insurance settlements on our consolidated statements of operations. Business interruption insurance gains related to a hotel that was excluded from our comparable hotel set also will be excluded from the comparable hotel results. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
39© Host Hotels & Resorts, Inc. COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS (continued) Of the 77 hotels that we owned as of December 31, 2023, 75 have been classified as comparable hotels. The operating results of the following properties that we owned as of December 31, 2023 are excluded from comparable hotel results for these periods: • Hyatt Regency Coconut Point Resort & Spa (business disruption due to Hurricane Ian beginning in September 2022, reopened in November 2022); • The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023); and • Sales and marketing expenses related to the development and sale of condominium units on a development parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. NON-GAAP FINANCIAL MEASURES Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre, (iv) Comparable Hotel Operating Statistics and Results, (v) Credit Facility Financial Performance Tests, and (vi) Senior Notes Financial Performance Tests. The following discussion defines these measures and presents why we believe they are useful supplemental measures of our performance. NAREIT FFO AND NAREIT FFO PER DILUTED SHARE We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. As noted 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

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

 
41© Host Hotels & Resorts, Inc. NON-GAAP FINANCIAL MEASURES (continued) In unusual circumstances, we also may adjust NAREIT FFO for gains or losses that management believes are not representative of the Company’s current operating performance. For example, in 2017, as a result of the reduction of the U.S. federal corporate income tax rate from 35% to 21% by the Tax Cuts and Jobs Act, we remeasured our domestic deferred tax assets as of December 31, 2017 and recorded a one-time adjustment to reduce our deferred tax assets and to increase the provision for income taxes by approximately $11 million. We do not consider this adjustment to be reflective of our ongoing operating performance and, therefore, we excluded this item from Adjusted FFO. EBITDA Earnings before Interest Expense, Income Taxes, Depreciation and Amortization (“EBITDA”) is a commonly used measure of performance in many industries. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel owners that are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and EBITDA multiples (calculated as sales price divided by EBITDA) as one measure in determining the value of acquisitions and dispositions and, like Funds From Operations (“FFO”) and Adjusted FFO per diluted share, it is widely used by management in the annual budget process and for our compensation programs. EBITDAre AND ADJUSTED EBITDAre We present EBITDAre in accordance with NAREIT guidelines, as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate,” to provide an additional performance measure to facilitate the evaluation and comparison of the Company’s results with other REITs. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment expense for depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates. We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s understanding of our operating performance. Adjusted EBITDAre also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDAre for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre: • Property Insurance Gains – We exclude the effect of property insurance gains reflected in our consolidated statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection with the calculation of the property insurance gain often does not reflect the market value of real estate assets. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
42© Host Hotels & Resorts, Inc. NON-GAAP FINANCIAL MEASURES (continued) • Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company. • Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance. • Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business. In unusual circumstances, we also may adjust EBITDAre for gains or losses that management believes are not representative of the Company’s current operating performance. The last adjustment of this nature was a 2013 exclusion of a gain from an eminent domain claim. LIMITATIONS ON THE USE OF NAREIT FFO PER DILUTED SHARE, ADJUSTED FFO PER DILUTED SHARE, EBITDA, EBITDAre AND ADJUSTED EBITDAre We calculate EBITDAre and NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures calculated by other companies that do not use the NAREIT definition of EBITDAre and FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. In addition, although EBITDAre and FFO per diluted share are useful measures when comparing our results to other REITs, they may not be helpful to investors when comparing us to non-REITs. We also calculate Adjusted FFO per diluted share and Adjusted EBITDAre, which measures 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 measures 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 measures of, amounts that accrue directly to stockholders’ benefit. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
43© Host Hotels & Resorts, Inc. NON-GAAP FINANCIAL MEASURES (continued) Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments, and NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of non-controlling partners in consolidated partnerships. Our equity investments consist of interests ranging from 11% to 67% in eight domestic and international partnerships that own a total of 35 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 unaffiliated limited partners and a 15% interest held by an unaffiliated limited partner in a partnership owning one hotel for which we do control the entity and, therefore, consolidate its operations. These pro rata results for NAREIT FFO and Adjusted FFO per diluted share, EBITDAre and Adjusted EBITDAre were calculated as set forth in the definitions above. Readers should be cautioned that the pro rata results presented in these measures for consolidated partnerships (for NAREIT FFO and Adjusted FFO per diluted share) and equity investments may not accurately depict the legal and economic implications of our investments in these entities. COMPARABLE HOTEL PROPERTY LEVEL OPERATING RESULTS We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a comparable hotel, or "same store," basis as supplemental information for our investors. Our comparable hotel results present operating results for our hotels without giving effect to dispositions or properties that experienced closures due to renovations or property damage, as discussed in “Comparable Hotel Operating Statistics and Results” above. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our comparable hotels after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization expense). Corporate-level costs and expenses also are removed to arrive at property-level results. We believe these property-level results provide investors with supplemental information about the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by location and for the Company’s properties in the aggregate. We eliminate from our comparable hotel level operating results severance costs related to broad-based and significant property-level reconfiguration that is not considered to be within the normal course of business, as we believe this elimination provides useful supplemental information that is beneficial to an investor’s understanding of our ongoing operating performance. We also eliminate depreciation and amortization expense because, even though depreciation and amortization expense are property-level expenses, these non-cash expenses, which are based on historical cost accounting for real estate assets, implicitly assume that the value of real estate assets diminishes predictably over time. As noted earlier, because real estate values historically have risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost accounting for operating results to be insufficient. Because of the elimination of corporate-level costs and expenses, gains or losses on disposition, certain severance expenses and depreciation and amortization expense, the comparable hotel operating results we present do not represent our total revenues, expenses, operating profit or net income and should not be used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our consolidated statements of operations include such amounts, all of which should be considered by investors when evaluating our performance. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
44© Host Hotels & Resorts, Inc. NON-GAAP FINANCIAL MEASURES (continued) We present these hotel operating results on a comparable hotel basis because we believe that doing so provides investors and management with useful information for evaluating the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at comparable hotels (which represent the vast majority of our portfolio) or from other factors. While management believes that presentation of comparable hotel results is a supplemental measure that provides useful information in evaluating our ongoing performance, this measure is not used to allocate resources or to assess the operating performance of each of our hotels, as these decisions are based on data for individual hotels and are not based on comparable hotel results in the aggregate. For these reasons, we believe comparable hotel operating results, when combined with the presentation of GAAP operating profit, revenues and expenses, provide useful information to investors and management. CREDIT FACILITY – LEVERAGE, UNSECURED INTEREST COVERAGE AND CONSOLIDATED FIXED CHARGE COVERAGE RATIOS Host’s credit facility contains certain financial covenants, including allowable leverage, unsecured interest coverage and fixed charge ratios, which are determined using EBITDA as calculated under the terms of our credit facility (“Adjusted Credit Facility EBITDA”). The leverage ratio is defined as net debt plus preferred equity to Adjusted Credit Facility EBITDA. The unsecured interest coverage ratio is defined as unencumbered Adjusted Credit Facility EBITDA to unsecured consolidated interest expense. The fixed charge coverage ratio is defined as Adjusted Credit Facility EBITDA divided by fixed charges, which include interest expense, required debt amortization payments, cash taxes and preferred stock payments. These calculations are based on pro forma results for the prior four fiscal quarters giving effect to transactions such as acquisitions, dispositions and financings as if they occurred at the beginning of the period. The credit facility also incorporates by reference the ratio of unencumbered assets to unsecured indebtedness test from our senior notes indentures, calculated in the same manner, and the covenant is discussed below with the senior notes covenants. Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100 million are deducted from our total debt balance. Management believes these financial ratios provide useful information to investors regarding our compliance with the covenants in our credit facility and our ability to access the capital markets, in particular debt financing. SENIOR NOTES INDENTURE – INDEBTEDNESS TEST, SECURED INDEBTEDNESS TO TOTAL ASSETS TEST, EBITDA-TO-INTEREST COVERAGE RATIO AND RATIO OF UNENCUMBERED ASSETS TO UNSECURED INDEBTEDNESS Host’s senior notes indentures contains certain financial covenants, including allowable indebtedness, secured indebtedness to total assets, EBITDA-to-interest coverage and unencumbered assets to unsecured indebtedness. The indebtedness test is defined as adjusted indebtedness, which includes total debt adjusted for deferred financing costs, divided by adjusted total assets, which includes undepreciated real estate book values (“Adjusted Total Assets”). The secured indebtedness to total assets is defined as secured indebtedness, which includes mortgage debt and finance leases, divided by Adjusted Total Assets. The EBITDA-to-interest coverage ratio is defined as EBITDA as calculated under our senior notes indenture (“Adjusted Senior Notes EBITDA”) to interest expense as defined by our senior notes indenture. The ratio of unencumbered assets to unsecured indebtedness is defined as unencumbered adjusted assets, which includes Adjusted Total Assets less encumbered assets, divided by unsecured debt, which includes the aggregate principal amount of outstanding unsecured indebtedness plus contingent obligations. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

 
45© Host Hotels & Resorts, Inc. NON-GAAP FINANCIAL MEASURES (continued) Under the terms of the senior notes indentures, interest expense excludes items such as the gains and losses on the extinguishment of debt, deferred financing charges related to the senior notes or the credit facility, amortization of debt premiums or discounts that were recorded at issuance of a loan to establish its fair value and non-cash interest expense, all of which are included in interest expense on our consolidated statement of operations. As with the credit facility covenants, management believes these financial ratios provide useful information to investors regarding our compliance with the covenants in our senior notes indentures and our ability to access the capital markets, in particular debt financing. LIMITATIONS ON CREDIT FACILITY AND SENIOR NOTES CREDIT RATIOS These metrics are useful in evaluating the Company’s compliance with the covenants contained in its credit facility and senior notes indentures. However, because of the various adjustments taken to the ratio components as a result of negotiations with the Company’s lenders and noteholders they should not be considered as an alternative to the same ratios determined in accordance with GAAP. For instance, interest expense as calculated under the credit facility and senior notes indenture excludes the items noted above such as deferred financing charges and amortization of debt premiums or discounts, all of which are included in interest expense on our consolidated statement of operations. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of performance. In addition, because the credit facility and indenture ratio components are also based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions and financings as if they occurred at the beginning of the period, they are not reflective of actual performance over the same period calculated in accordance with GAAP. NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION