Host Hotels & Resorts, Inc. Reports Strong Second Quarter

BETHESDA, Md., Aug. 03, 2022 (GLOBE NEWSWIRE) — Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging actual property funding belief (“REIT”), in the present day introduced outcomes for second quarter of 2022.

Operating Results
(unaudited, in hundreds of thousands, besides per share and resort statistics)

		Quarter ended June 30,								Percent Change				Percent Change				Year-to-date ended June 30,								Percent Change				Percent Change
		2022				2021				vs. Q2 2021				vs. Q2 2019⁽²⁾				2022				2021				vs. 2021				vs. 2019⁽²⁾
Revenues		$	1,381			$	649				112.8	%			(6.9	)%		$	2,455			$	1,048				134.3	%			(14.5	)%
All Owned Hotel revenues ⁽¹⁾			1,373				657				109.0	%			3.7	%			2,426				1,088				123.0	%			(6.6	)%
All Owned Hotel Total RevPAR ⁽¹⁾			355.88				171.23				107.8	%			2.7	%			315.94				142.57				121.6	%			(7.6	)%
All Owned Hotel RevPAR ⁽¹⁾			219.30				110.65				98.2	%			3.7	%			193.26				91.58				111.0	%			(7.1	)%
Net earnings (loss)		$	260			$	(61	)		N/M								$	378			$	(214	)		N/M
EBITDAre⁽¹⁾			506				111				355.9	%							812				116				600.0	%
Adjusted EBITDAre⁽¹⁾			500				110				354.5	%							806				113				613.3	%
Diluted earnings (loss) per widespread share			0.36				(0.09	)		N/M									0.52				(0.30	)		N/M
NAREIT FFO per diluted share⁽¹⁾			0.58				0.12				383.3	%							0.97				0.13				646.2	%
Adjusted FFO per diluted share⁽¹⁾			0.58				0.12				383.3	%							0.97				0.13				646.2	%

* Additional element on the Company’s outcomes, together with information for 22 home markets, is accessible within the Second Quarter 2022 Supplemental Financial Information out there on the Company’s web site at www.hosthotels.com.

James F. Risoleo, President and Chief Executive Officer, mentioned, “The operational recovery in the lodging sector continued to play out over the first half of the year. During the second quarter, RevPAR was $219 representing a 3.7% increase over the second quarter of 2019, and the first time our quarterly RevPAR exceeded 2019 levels since the onset of the pandemic. We saw significant improvements across markets and business mix during the quarter, driven by an increase in business travel and improvement in group revenues. While macroeconomic concerns are now competing with the lodging recovery, we believe we are very well positioned to continue our strong operating performance in the second half of the year given our portfolio diversification, our reinvestment in our assets, and our investment grade balance sheet.”

_____________________

(1)	NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and All Owned Hotel revenues are non-GAAP (U.S. usually accepted accounting rules) monetary measures throughout the that means of the principles of the Securities and Exchange Commission (“SEC”). See the Notes to Financial Information on why the Company believes these supplemental measures are helpful, reconciliations to probably the most straight comparable GAAP measure, and the constraints on the usage of these supplemental measures. Additionally, All Owned Hotel outcomes and statistics embrace changes for inclinations and acquisitions. See Hotel Operating Data for RevPAR outcomes of the portfolio based mostly on the Company’s possession interval, with out these changes.
(2)	Presentation contains comparisons to 2019 working outcomes to be able to enable buyers to raised perceive the trajectory and timing of any restoration from the COVID-19 impacts on resort operations.
N/M = Not Meaningful

Highlights:

• All Owned Hotel Total RevPAR was $355.88 and All Owned Hotel RevPAR was $219.30 within the second quarter, reflecting continued sequential enchancment. Improvements have been pushed by leisure journey, which drove robust charges at resort properties resulting in common room charges of $296.91 in addition to vital enhancements in meals and beverage and different revenues. At the identical time, restoration on the Company’s city markets accelerated, fueled by a rise in group demand in comparison with the primary quarter of 2022.
• Generated GAAP internet earnings of $260 million within the second quarter, a rise of $142 million from the primary quarter, pushed by the development in operations. GAAP working revenue margin for the quarter was 23.7%, an enchancment of 480 foundation factors in comparison with the second quarter of 2019.
• Achieved All Owned Hotel EBITDA of $510 million and Adjusted EBITDAre of $500 million, each of which exceeded 2019 second quarter outcomes, benefiting from continued constructive quarterly sequential enhancements in RevPAR and operations.
• The robust enhancements in price mixed with a discount in resort bills in comparison with 2019 led to All Owned Hotel EBITDA margin of 37.1% for the second quarter, exceeding the second quarter 2019 margin by 480 foundation factors.
• As beforehand introduced, bought the Sheraton New York Times Square Hotel in April for $373 million, which features a $250 million bridge mortgage offered by the Company to the customer, with an preliminary time period of six months and three potential six-month extensions. Also bought YVE Hotel Miami for $50 million, together with $1 million of FF&E funds.
• Preliminary forecast All Owned Hotel RevPAR for July is anticipated to be roughly flat to 2019 with RevPAR of roughly $195, reflecting regular seasonality.

Balance Sheet

The Company maintains a sturdy steadiness sheet, with the next balances at June 30, 2022:

• Total property of $12.0 billion.
• Debt steadiness of $4.2 billion, with a mean maturity of 5 years, a mean rate of interest of three.7%, and no vital maturities till 2024.
• Total out there liquidity of roughly $2.4 billion, together with furnishings fixtures & gear (“FF&E”) escrow reserves of $179 million and $1.5 billion out there beneath the revolver portion of the credit score facility.

Dividend and Share Repurchase Program

The Company paid a second quarter money dividend of $0.06 per share on its widespread inventory on July 15, 2022 to stockholders of file on June 30, 2022. On August 3, 2022, the Board of Directors licensed a daily quarterly money dividend of $0.12 per share on its widespread inventory. The dividend will likely be paid on October 17, 2022 to stockholders of file on September 30, 2022. All future dividends are topic to approval by the Company’s Board of Directors.

On August 3, 2022, the Board of Directors licensed a rise within the Company’s share repurchase program from the present $371 million remaining beneath the prior Board authorization to $1 billion. The widespread inventory could also be bought within the open market or by different means now and again relying upon market situations. No shares have been repurchased in the course of the second quarter.

Operating Results

• All Owned Hotel RevPAR improved 31% in comparison with the primary quarter of 2022 and surpassed second quarter 2019 RevPAR for the primary time. Strong leisure demand for resorts and resorts positioned within the Company’s Sunbelt markets and Hawaii continued, whereas outcomes additionally benefited from accelerated enchancment on the Company’s city markets in comparison with first quarter of 2022. Hotels in New York, Washington, D.C. and San Francisco/San Jose skilled marked enchancment in RevPAR in comparison with the primary quarter, pushed by enhancements in group and transient business.
• All Owned Hotel common room charges continued to carry robust, surpassing 2019 charges all through the quarter, and common occupancy continued to shut the hole to 2019.
• Food and beverage revenues for the Company’s present portfolio improved roughly 37%, in comparison with the primary quarter. Banquet and Catering revenues improved as group room nights have been down solely 8.5% to 2019, in comparison with being down 42% to 2019 within the first quarter of 2022.
• Hiring tempo improved within the second quarter in comparison with the primary quarter, however continues to lag demand. The Company expects resort working prices to extend as hiring tempo catches up with demand.

Hotel Business Mix Update

The Company’s prospects fall into three broad teams: transient, group and contract business, which accounted for about 61%, 35%, and 4%, respectively, of its 2019 room gross sales.

While leisure demand continued to contribute to enhancements within the second quarter in comparison with the primary quarter of 2022, a resurgence in group demand additionally helped shift the second quarter mixture of business nearer to 2019 ranges. The following are the sequential outcomes for transient, group and contract business compared to 2019 efficiency, for the Company’s present portfolio:

		Quarter ended June 30, 2022												Quarter ended March 31, 2022
		Transient				Group				Contract				Transient				Group				Contract
Room nights (in 1000’s)			1,592				1,118				138				1,278				682				123
Percentage change in room nights    vs. identical interval in 2019			(10.3	)%			(8.5	)%			12.4	%			(19.1	)%			(42.0	)%			(1.4	)%
Rooms Revenues (in hundreds of thousands)		$	531			$	288			$	26			$	432			$	184			$	21
Percentage change in revenues vs.    identical interval in 2019			9.6	%			(2.9	)%			2.1	%			(3.2	)%			(39.2	)%			(12.7	)%

Capital Expenditures

The following presents the Company’s capital expenditures spend for the second quarter and the forecast for full 12 months 2022 (in hundreds of thousands):

		Year-to-date ended June 30, 2022				2022 Full Year Forecast
		Actual				Low-end of vary				High-end of vary
ROI – Marriott Transformational Capital Program		$	46			$	90			$	115
ROI – All different ROI tasks			116				230				240
Total ROI mission spend			162				320				355
Renewals and Replacements			78				180				220
Total Capital Expenditures		$	240			$	500			$	575

The Company invested closely in capital expenditures within the early phases of restoration to be able to reduce future disruption and believes these renovations will place these resorts to seize extra income in the course of the lodging restoration. In 2022, the Company expects to finish renovations to 4,400 guestrooms, roughly 49,000 sq. ft of assembly area and roughly 123,000 sq. ft of public area. The Company acquired $3 million of working revenue ensures within the second quarter and $7 million year-to-date and expects to obtain roughly $11 million in whole working revenue ensures in 2022 beneath the Marriott Transformational Capital Program. The program is anticipated to be considerably full by the top of 2022.

2022 Outlook

The Company anticipates its full 12 months 2022 working outcomes, as in comparison with 2021 and 2019, will likely be within the following vary:

	Full Year 2022 Guidance
	Low-end of vary				High-end of vary				Change vs. 2021		Change vs. 2019
All Owned Hotel Total RevPAR	$	307			$	314			66.6% to 70.4%		(5.5)% to (3.3)%
All Owned Hotel RevPAR		191				195			62.5% to 65.9%		(4.5)% to (2.5)%
Total revenues beneath GAAP		4,781				4,889			65.4% to 69.2%		(12.6)% to (10.6)%
Operating revenue margin beneath GAAP		15.1	%			16.1	%		2,380 bps to 2,480 bps		50 bps to 150 bps
All Owned Hotel EBITDA margin		31.5	%			32.1	%		810 bps to 870 bps		190 bps to 250 bps

Based upon the above parameters, the Company estimates its full 12 months 2022 steering as follows:

	Full Year 2022 Guidance
	Low-end of vary				High-end of vary
Net earnings (in hundreds of thousands)	$	588			$	652
Adjusted EBITDAre (in hundreds of thousands)		1,445				1,510
Diluted earnings per widespread share		0.81				0.90
NAREIT FFO per diluted share		1.71				1.80
Adjusted FFO per diluted share		1.71				1.80

See the 2022 Full Year Forecast Schedule and the Notes to Financial Information for objects which will have an effect on forecast outcomes.

About Host Hotels & Resorts

Host Hotels & Resorts, Inc. is an S&P 500 firm and is the most important lodging actual property funding belief and one of many largest homeowners of luxurious and upper-upscale resorts. The Company at present owns 73 properties within the United States and 5 properties internationally totaling roughly 42,300 rooms. The Company additionally holds non-controlling pursuits in seven home and one worldwide joint ventures. Guided by a disciplined method to capital allocation and aggressive asset administration, the Company companions with premium manufacturers akin to Marriott^®, Ritz-Carlton^®, Westin^®, Sheraton^®, W^®, St. Regis^®, The Luxury Collection^®, Hyatt^®, Fairmont^®, Hilton^®, Four Seasons^®, Swissôtel^®, ibis^® and Novotel^®, in addition to impartial manufacturers. For extra data, please go to the Company’s web site at www.hosthotels.com.

Note: This press launch comprises forward-looking statements throughout the that means of federal securities laws. These forward-looking statements which embrace, however might not be restricted to, our expectations relating to the affect of the COVID-19 pandemic on our business, the restoration of journey and the lodging {industry} and 2022 estimates with respect to our business, are recognized by their use of phrases and phrases akin to “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and different comparable phrases and phrases, together with references to assumptions and forecasts of future outcomes. Forward-looking statements aren’t ensures of future efficiency and contain identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes to vary materially from these anticipated on the time the forward-looking statements are made. These dangers embrace, however aren’t restricted to: the period and scope of the COVID-19 pandemic and its quick and longer-term affect on the demand for journey, transient and group business, and ranges of shopper confidence; actions governments, companies and people soak up response to the pandemic, together with limiting journey or the dimensions of gatherings; basic financial uncertainty in U.S. markets the place we personal resorts and a worsening of financial situations or low ranges of financial development in these markets; different adjustments (other than the COVID-19 pandemic) in nationwide and native financial and business situations and different components akin to pure disasters and climate that can have an effect on occupancy charges at our resorts and the demand for resort services and products; the affect of geopolitical developments exterior the U.S. on lodging demand; volatility in international monetary and credit score markets; working dangers related to the resort business; dangers and limitations in our working flexibility related to the extent of our indebtedness and our skill to fulfill covenants in our debt agreements; dangers related to {our relationships} with property managers and three way partnership companions; our skill to keep up our properties in a first-class method, together with assembly capital expenditure necessities; the results of resort renovations on our resort occupancy and monetary outcomes; our skill to compete successfully in areas akin to entry, location, high quality of lodging and room price constructions; dangers related to our skill to finish acquisitions and develop new properties and the dangers that acquisitions and new developments might not carry out in accordance with our expectations; our skill to proceed to fulfill advanced guidelines to ensure that us to stay a REIT for federal earnings tax functions; dangers related to our skill to effectuate our dividend coverage, together with components akin to working outcomes and the financial outlook influencing our board’s resolution whether or not to pay additional dividends at ranges beforehand disclosed or to make use of out there money to make particular dividends; and different dangers and uncertainties related to our business described within the Company’s annual report on Form 10-Ok, quarterly experiences on Form 10-Q and present experiences on Form 8-Ok filed with the SEC. Although the Company believes the expectations mirrored in such forward-looking statements are based mostly upon cheap assumptions, it can provide no assurance that the expectations will likely be attained or that any deviation won’t be materials. All data on this launch is as of August 3, 2022 and the Company undertakes no obligation to replace any forward-looking assertion to adapt the assertion to precise outcomes or adjustments within the Company’s expectations.

* This press launch comprises registered emblems which can be the unique property of their respective homeowners. None of the homeowners of those emblems has any accountability or legal responsibility for any data contained on this press launch.

*** Tables to Follow ***

Host Hotels & Resorts, Inc., herein known as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered actual property funding belief that owns resort properties. We conduct our operations as an umbrella partnership REIT by means of an working partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we’re the only real basic companion. When distinguishing between Host Inc. and Host LP, the first distinction is roughly 1% of the partnership pursuits in Host LP held by exterior companions as of June 30, 2022, that are non-controlling pursuits in Host LP in our consolidated steadiness sheets and is included in internet (earnings) loss attributable to non-controlling pursuits in our consolidated statements of operations. Readers are inspired to search out additional element relating to our organizational construction in our annual report on Form 10-Ok.

    

HOST HOTELS & RESORTS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in hundreds of thousands, besides shares and per share quantities)

		June 30, 2022				December 31, 2021
ASSETS
Property and gear, internet		$	9,538			$	9,994
Right-of-use property			560				551
Assets held on the market			—				270
Due from managers			164				113
Advances to and investments in associates			126				42
Furniture, fixtures and gear substitute fund			179				144
Notes receivable			413				—
Other			365				431
Cash and money equivalents			699				807
Total property		$	12,044			$	12,352
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes		$	3,112			$	3,109
Credit facility, together with the time period loans of $998 and $997, respectively			992				1,673
Mortgage and different debt			108				109
Total debt			4,212				4,891
Lease liabilities			572				564
Accounts payable and accrued bills			113				85
Due to managers			35				42
Other			167				198
Total liabilities			5,099				5,780
Redeemable non-controlling pursuits – Host Hotels & Resorts, L.P.			163				126
Host Hotels & Resorts, Inc. stockholders’ fairness:
Common inventory, par worth $0.01, 1,050 million shares licensed, 714.9 million shares and 714.1 million shares issued and excellent, respectively			7				7
Additional paid-in capital			7,729				7,702
Accumulated different complete loss			(74	)			(76	)
Deficit			(885	)			(1,192	)
Total fairness of Host Hotels & Resorts, Inc. stockholders			6,777				6,441
Non-redeemable non-controlling pursuits—different consolidated partnerships			5				5
Total fairness			6,782				6,446
Total liabilities, non-controlling pursuits and fairness		$	12,044			$	12,352

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^{(1)   Please see our Second Quarter 2022 Supplemental Financial Information for extra element on our debt balances and monetary covenant ratios beneath our credit score facility and senior notes indentures.}

HOST HOTELS & RESORTS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in hundreds of thousands, besides per share quantities)

		Quarter ended June 30,								Year-to-date ended June 30,
		2022				2021				2022				2021
Revenues
Rooms		$	850			$	423			$	1,505			$	680
Food and beverage			405				137				702				214
Other			126				89				248				154
Total revenues			1,381				649				2,455				1,048
Expenses
Rooms			189				109				349				174
Food and beverage			245				105				445				167
Other departmental and assist bills			300				209				573				369
Management charges			62				21				102				32
Other property-level bills			78				79				162				157
Depreciation and amortization			162				169				334				334
Corporate and different bills⁽¹⁾			25				25				48				49
Gain on insurance and business interruption settlements			(7	)			—				(7	)			—
Total working prices and bills			1,054				717				2,006				1,282
Operating revenue (loss)			327				(68	)			449				(234	)
Interest earnings			6				—				7				1
Interest expense			(37	)			(43	)			(73	)			(85	)
Other beneficial properties			1				3				14				2
Equity in earnings of associates			2				25				4				34
Income (loss) earlier than earnings taxes			299				(83	)			401				(282	)
Benefit (provision) for earnings taxes			(39	)			22				(23	)			68
Net earnings (loss)			260				(61	)			378				(214	)
Less: Net (earnings) loss attributable to non- controlling pursuits			(4	)			1				(6	)			2
Net earnings (loss) attributable to Host Inc.		$	256			$	(60	)		$	372			$	(212	)
Basic and diluted earnings (loss) per widespread share		$	0.36			$	(0.09	)		$	0.52			$	(0.30	)

___________

^{(1)   Corporate and different bills embrace the next objects:}

		Quarter ended June 30,								Year-to-date ended June 30,
		2022				2021				2022				2021
General and administrative prices		$	20			$	20			$	38			$	40
Non-cash stock-based compensation expense			5				5				10				9
Total		$	25			$	25			$	48			$	49

HOST HOTELS & RESORTS, INC.
Earnings (Loss) per Common Share
(unaudited, in hundreds of thousands, besides per share quantities)

		Quarter ended June 30,								Year-to-date ended June 30,
		2022				2021				2022				2021
Net earnings (loss)		$	260			$	(61	)		$	378			$	(214	)
Less: Net (earnings) loss attributable to non-    controlling pursuits			(4	)			1				(6	)			2
Net earnings (loss) attributable to Host Inc.		$	256			$	(60	)		$	372			$	(212	)
Basic weighted common shares excellent			714.8				707.6				714.6				706.6
Assuming distribution of widespread shares granted beneath the great inventory plans,    much less shares assumed bought at market			2.2				—				2.2				—
Diluted weighted common shares excellent⁽¹⁾			717.0				707.6				716.8				706.6
Basic and diluted earnings (loss) per widespread share		$	0.36			$	(0.09	)		$	0.52			$	(0.30	)

___________
^{(1)   Dilutive securities might embrace shares granted beneath complete inventory plans, most well-liked working partnership items (“OP Units”) held by minority companions and different non-controlling pursuits which have the choice to transform their restricted partnership pursuits to widespread OP Units. No impact is proven for any securities that have been anti-dilutive for the interval.}

HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels⁽¹⁾⁽²⁾

All Owned Hotel Results by Location Compared to 2021

	As of June 30, 2022						Quarter ended June 30, 2022												Quarter ended June 30, 2021
Location	No. of Properties			No. of Rooms			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Percent Change in RevPAR			Percent Change in Total RevPAR
Miami		2			1,033		$	618.60			67.4	%	$	416.89		$	697.72		$	574.38			60.9	%	$	349.81		$	550.03			19.2	%		26.9	%
Maui/Oahu		4			2,007			567.20			78.0			442.56			690.02			457.70			78.5			359.35			543.98			23.2			26.8
Jacksonville		1			446			572.46			81.1			463.99			974.04			559.42			68.9			385.55			730.42			20.3			33.4
Florida Gulf Coast		5			1,850			411.67			70.2			288.94			596.48			404.15			66.5			268.58			506.14			7.6			17.8
Phoenix		4			1,822			367.35			75.5			277.29			612.01			311.33			61.6			191.85			382.50			44.5			60.0
Orlando		2			2,448			402.61			73.8			297.06			580.59			427.88			27.0			115.67			204.69			156.8			183.6
Los Angeles/ Orange County		3			1,067			278.61			87.4			243.48			354.78			210.29			57.0			119.76			164.13			103.3			116.2
Austin		2			767			272.13			80.7			219.57			383.03			200.85			56.9			114.34			174.39			92.0			119.6
San Diego		3			3,288			271.84			81.0			220.07			391.37			194.88			46.0			89.63			134.93			145.5			190.1
New York		2			2,486			326.39			80.3			261.97			385.41			181.25			38.5			69.86			79.52			275.0			384.7
Philadelphia		2			810			229.82			86.6			199.08			303.95			160.86			59.6			95.82			147.30			107.8			106.4
Washington, D.C. (CBD)		5			3,238			286.32			77.0			220.58			312.13			152.55			40.4			61.69			68.15			257.6			358.0
New Orleans		1			1,333			219.22			76.4			167.55			237.37			125.59			44.8			56.27			77.37			197.8			206.8
Northern Virginia		2			916			228.38			75.8			173.05			266.99			178.08			42.2			75.16			112.17			130.2			138.0
San Antonio		2			1,512			202.69			70.3			142.44			213.86			154.53			39.2			60.58			87.18			135.1			145.3
San Francisco/ San Jose		6			4,162			237.03			72.7			172.26			236.43			147.45			30.6			45.12			59.89			281.8			294.7
Atlanta		2			810			186.06			77.5			144.28			236.30			154.11			55.3			85.28			114.63			69.2			106.1
Boston		2			1,495			277.40			60.7			168.38			223.59			145.54			37.1			53.93			70.34			212.2			217.9
Chicago		4			1,816			240.04			71.8			172.32			237.59			149.79			33.2			49.78			59.22			246.2			301.2
Houston		5			1,942			184.11			67.1			123.53			175.70			141.99			61.3			87.08			117.76			41.9			49.2
Seattle		2			1,315			228.80			74.6			170.62			218.92			166.90			22.2			37.13			45.54			359.6			380.7
Denver		3			1,340			188.02			69.4			130.52			189.86			133.42			43.3			57.76			74.07			126.0			156.3
Other		9			2,936			262.88			69.1			181.67			265.61			250.31			47.6			119.18			172.74			52.4			53.8
Domestic		73			40,839			301.01			74.4			223.98			363.76			249.31			45.8			114.26			176.81			96.0			105.7
International		5			1,499			155.80			59.0			91.91			140.79			66.34			19.2			12.75			19.99			620.8			604.4
All Locations		78			42,338			296.91			73.9			219.30			355.88			246.52			44.9			110.65			171.23			98.2			107.8

All Owned Hotel Results by Location Compared to 2019

	As of June 30, 2022						Quarter ended June 30, 2022												Quarter ended June 30, 2019
Location	No. of Properties			No. of Rooms			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Percent Change in RevPAR			Percent Change in Total RevPAR
Miami		2			1,033		$	618.60			67.4	%	$	416.89		$	697.72		$	339.61			80.5	%	$	273.24		$	450.92			52.6	%		54.7	%
Maui/Oahu		4			2,007			567.20			78.0			442.56			690.02			384.31			92.3			354.62			577.55			24.8			19.5
Jacksonville		1			446			572.46			81.1			463.99			974.04			414.11			84.1			348.40			753.61			33.2			29.2
Florida Gulf Coast		5			1,850			411.67			70.2			288.94			596.48			313.53			73.9			231.56			496.76			24.8			20.1
Phoenix		4			1,822			367.35			75.5			277.29			612.01			277.88			74.6			207.40			488.38			33.7			25.3
Orlando		2			2,448			402.61			73.8			297.06			580.59			280.14			72.2			202.14			411.47			47.0			41.1
Los Angeles/ Orange County		3			1,067			278.61			87.4			243.48			354.78			255.87			84.6			216.50			326.84			12.5			8.5
Austin		2			767			272.13			80.7			219.57			383.03			248.55			91.2			226.69			382.10			(3.1	)		0.2
San Diego		3			3,288			271.84			81.0			220.07			391.37			257.34			83.0			213.66			394.65			3.0			(0.8	)
New York		2			2,486			326.39			80.3			261.97			385.41			317.33			82.7			262.29			420.05			(0.1	)		(8.2	)
Philadelphia		2			810			229.82			86.6			199.08			303.95			247.35			89.7			221.94			366.74			(10.3	)		(17.1	)
Washington, D.C. (CBD)		5			3,238			286.32			77.0			220.58			312.13			278.76			91.5			255.04			367.23			(13.5	)		(15.0	)
New Orleans		1			1,333			219.22			76.4			167.55			237.37			196.98			81.0			159.65			233.90			5.0			1.5
Northern Virginia		2			916			228.38			75.8			173.05			266.99			224.95			80.6			181.28			299.04			(4.5	)		(10.7	)
San Antonio		2			1,512			202.69			70.3			142.44			213.86			186.37			75.1			139.94			200.21			1.8			6.8
San Francisco/ San Jose		6			4,162			237.03			72.7			172.26			236.43			272.24			83.4			227.04			321.62			(24.1	)		(26.5	)
Atlanta		2			810			186.06			77.5			144.28			236.30			180.64			82.7			149.41			248.11			(3.4	)		(4.8	)
Boston		2			1,495			277.40			60.7			168.38			223.59			277.53			87.6			243.15			342.58			(30.8	)		(34.7	)
Chicago		4			1,816			240.04			71.8			172.32			237.59			237.05			82.5			195.46			278.10			(11.8	)		(14.6	)
Houston		5			1,942			184.11			67.1			123.53			175.70			181.69			74.6			135.49			193.31			(8.8	)		(9.1	)
Seattle		2			1,315			228.80			74.6			170.62			218.92			234.35			85.1			199.47			271.52			(14.5	)		(19.4	)
Denver		3			1,340			188.02			69.4			130.52			189.86			176.07			79.4			139.88			210.69			(6.7	)		(9.9	)
Other		9			2,936			262.88			69.1			181.67			265.61			196.30			81.4			159.88			238.44			13.6			11.4
Domestic		73			40,839			301.01			74.4			223.98			363.76			261.79			82.2			215.26			353.07			4.1			3.0
International		5			1,499			155.80			59.0			91.91			140.79			158.97			69.7			110.79			169.04			(17.0	)		(16.7	)
All Locations		78			42,338			296.91			73.9			219.30			355.88			258.66			81.8			211.52			346.49			3.7			2.7

HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels⁽¹⁾⁽²⁾ (cont.)

All Owned Hotel Results by Location Compared to 2021

	As of June 30, 2022						Year-to-date ended June 30, 2022												Year-to-date ended June 30, 2021
Location	No. of Properties			No. of Rooms			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Percent Change in RevPAR			Percent Change in Total RevPAR
Miami		2			1,033		$	677.26			69.1	%	$	468.18		$	758.30		$	618.08			57.7	%	$	356.49		$	554.37			31.3	%		36.8	%
Maui/Oahu		4			2,007			556.16			77.2			429.37			665.43			440.07			59.4			261.61			401.86			64.1			65.6
Jacksonville		1			446			555.35			70.8			393.31			846.75			534.27			52.3			279.35			539.18			40.8			57.0
Florida Gulf Coast		5			1,850			485.09			72.1			349.66			687.58			455.98			59.7			272.11			497.88			28.5			38.1
Phoenix		4			1,822			412.40			74.7			307.94			643.07			330.65			55.8			184.62			359.23			66.8			79.0
Orlando		2			2,448			427.24			66.0			281.89			534.73			454.91			22.2			101.17			180.02			178.6			197.0
Los Angeles/ Orange County		3			1,067			282.52			76.2			215.25			310.70			206.74			39.4			81.50			111.51			164.1			178.6
Austin		2			767			274.92			71.3			196.03			334.68			177.66			48.8			86.61			134.48			126.3			148.9
San Diego		3			3,288			265.79			71.3			189.62			343.77			184.52			31.6			58.33			91.91			225.1			274.0
New York		2			2,486			303.32			61.0			184.91			269.63			169.79			29.1			49.48			58.28			273.7			362.6
Philadelphia		2			810			206.81			76.7			158.68			244.18			151.04			48.3			72.98			108.91			117.4			124.2
Washington, D.C. (CBD)		5			3,238			269.82			57.9			156.21			222.15			152.25			44.9			68.30			73.29			128.7			203.1
New Orleans		1			1,333			212.83			66.2			140.90			202.78			121.54			29.1			35.40			52.52			298.0			286.1
Northern Virginia		2			916			216.27			64.4			139.18			208.25			170.43			38.5			65.58			96.09			112.2			116.7
San Antonio		2			1,512			195.73			68.8			134.67			205.78			142.95			33.2			47.42			67.74			184.0			203.8
San Francisco/ San Jose		6			4,162			221.94			58.9			130.72			187.71			144.98			21.9			31.82			42.11			310.8			345.7
Atlanta		2			810			180.13			72.0			129.60			207.01			145.54			49.3			71.70			94.90			80.8			118.1
Boston		2			1,495			235.57			54.2			127.70			168.31			137.77			25.8			35.60			46.33			258.7			263.3
Chicago		4			1,816			210.41			56.0			117.93			161.24			138.56			24.7			34.28			41.10			244.0			292.4
Houston		5			1,942			182.12			64.0			116.60			162.56			134.73			56.1			75.63			102.44			54.2			58.7
Seattle		2			1,315			211.55			55.1			116.53			153.56			162.69			14.8			24.06			30.12			384.4			409.9
Denver		3			1,340			173.91			57.4			99.84			146.61			127.52			30.3			38.66			49.03			158.3			199.1
Other		9			2,936			266.94			60.0			160.20			229.80			238.33			40.2			95.81			137.29			67.2			67.4
Domestic		73			40,839			305.26			64.8			197.94			323.87			252.11			37.5			94.51			147.17			109.4			120.1
International		5			1,499			133.14			49.3			65.66			99.56			75.57			16.1			12.19			17.74			438.6			461.2
All Locations		78			42,338			300.59			64.3			193.26			315.94			249.34			36.7			91.58			142.57			111.0			121.6

All Owned Hotel Results by Location Compared to 2019

	As of June 30, 2022						Year-to-date ended June 30, 2022												Year-to-date ended June 30, 2019
Location	No. of Properties			No. of Rooms			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Percent Change in RevPAR			Percent Change in Total RevPAR
Miami		2			1,033		$	677.26			69.1	%	$	468.18		$	758.30		$	402.26			82.9	%	$	333.47		$	524.52			40.4	%		44.6	%
Maui/Oahu		4			2,007			556.16			77.2			429.37			665.43			410.35			90.6			371.89			589.24			15.5			12.9
Jacksonville		1			446			555.35			70.8			393.31			846.75			391.86			81.4			318.88			722.04			23.3			17.3
Florida Gulf Coast		5			1,850			485.09			72.1			349.66			687.58			379.76			78.4			297.90			612.66			17.4			12.2
Phoenix		4			1,822			412.40			74.7			307.94			643.07			327.86			78.6			257.82			566.03			19.4			13.6
Orlando		2			2,448			427.24			66.0			281.89			534.73			299.99			75.6			226.78			461.20			24.3			15.9
Los Angeles/ Orange County		3			1,067			282.52			76.2			215.25			310.70			257.81			83.8			215.95			330.77			(0.3	)		(6.1	)
Austin		2			767			274.92			71.3			196.03			334.68			262.77			87.8			230.62			390.95			(15.0	)		(14.4	)
San Diego		3			3,288			265.79			71.3			189.62			343.77			255.23			80.0			204.18			372.23			(7.1	)		(7.6	)
New York		2			2,486			303.32			61.0			184.91			269.63			290.28			77.3			224.37			362.87			(17.6	)		(25.7	)
Philadelphia		2			810			206.81			76.7			158.68			244.18			220.90			83.9			185.41			304.83			(14.4	)		(19.9	)
Washington, D.C. (CBD)		5			3,238			269.82			57.9			156.21			222.15			265.11			82.5			218.62			312.73			(28.5	)		(29.0	)
New Orleans		1			1,333			212.83			66.2			140.90			202.78			203.37			81.3			165.38			241.84			(14.8	)		(16.2	)
Northern Virginia		2			916			216.27			64.4			139.18			208.25			223.51			76.4			170.75			279.04			(18.5	)		(25.4	)
San Antonio		2			1,512			195.73			68.8			134.67			205.78			191.24			76.2			145.81			215.02			(7.6	)		(4.3	)
San Francisco/ San Jose		6			4,162			221.94			58.9			130.72			187.71			291.25			80.8			235.43			330.93			(44.5	)		(43.3	)
Atlanta		2			810			180.13			72.0			129.60			207.01			198.45			84.2			167.15			275.94			(22.5	)		(25.0	)
Boston		2			1,495			235.57			54.2			127.70			168.31			240.24			80.6			193.67			283.11			(34.1	)		(40.5	)
Chicago		4			1,816			210.41			56.0			117.93			161.24			199.76			71.5			142.77			203.93			(17.4	)		(20.9	)
Houston		5			1,942			182.12			64.0			116.60			162.56			182.15			75.2			136.92			197.16			(14.8	)		(17.5	)
Seattle		2			1,315			211.55			55.1			116.53			153.56			215.31			81.3			174.95			237.90			(33.4	)		(35.5	)
Denver		3			1,340			173.91			57.4			99.84			146.61			169.71			72.1			122.41			184.62			(18.4	)		(20.6	)
Other		9			2,936			266.94			60.0			160.20			229.80			191.01			75.2			143.57			212.39			11.6			8.2
Domestic		73			40,839			305.26			64.8			197.94			323.87			266.87			79.4			211.99			348.75			(6.6	)		(7.1	)
International		5			1,499			133.14			49.3			65.66			99.56			151.58			68.7			104.09			155.00			(36.9	)		(35.8	)
All Locations		78			42,338			300.59			64.3			193.26			315.94			263.29			79.1			208.13			341.83			(7.1	)		(7.6	)

___________

^{(1)   To facilitate a quarter-to-quarter comparability of our operations, we usually current sure working statistics and working outcomes for the durations included on this presentation on a comparable resort foundation. However, as a result of COVID-19 pandemic and its results on operations there’s little comparability between durations. For this cause, we quickly are suspending our comparable resort presentation and as a substitute current resort working outcomes for all consolidated resorts and, to facilitate comparisons between durations, we’re presenting in these tables statistics which embrace the next changes: (1) working outcomes are offered for all consolidated properties owned as of June 30, 2022 however don’t embrace the outcomes of operations for properties bought or held-for-sale as of the reporting date; and (2) working outcomes for acquisitions as of June 30, 2022 are mirrored for full calendar years, to incorporate outcomes for durations previous to our possession. For these resorts, because the year-over-year comparability contains durations previous to our possession, the adjustments won’t essentially correspond to adjustments in our precise outcomes. See the Notes to Financial Information – All Owned Hotel Operating Statistics and Results for additional data on these statistics. See the tables that comply with for the Company’s precise working statistics with out these changes. The AC Hotel Scottsdale North is a brand new growth resort that opened in January 2021 and The Laura Hotel in Houston re-opened beneath new administration in November 2021. Therefore, no changes have been made for outcomes of those resorts for durations previous to their openings. CBD of a location refers back to the central business district.
(2)   Hotel RevPAR is calculated as room revenues divided by the out there room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, meals and beverage and different revenues by the out there room nights.
N/M = Not significant}

HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Results by Location Compared to 2021 – precise, based mostly on possession interval⁽¹⁾

	As of June 30,
	2022			2021			Quarter ended June 30, 2022												Quarter ended June 30, 2021
Location	No. of Properties			No. of Properties			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Percent Change in RevPAR			Percent Change in Total RevPAR
Miami		2			3		$	596.12			68.2	%	$	406.35		$	676.00		$	496.88			61.3	%	$	304.64		$	469.79			33.4	%		43.9	%
Maui/Oahu		4			4			567.20			78.0			442.56			690.02			457.70			78.5			359.35			543.98			23.2			26.8
Jacksonville		1			1			572.46			81.1			463.99			974.04			559.42			68.9			385.55			730.42			20.3			33.4
Florida Gulf Coast		5			5			411.67			70.2			288.94			596.48			404.15			66.5			268.58			506.14			7.6			17.8
Phoenix		4			4			367.35			75.5			277.29			612.01			311.33			61.6			191.85			382.50			44.5			60.0
Orlando		2			2			402.61			73.8			297.06			580.59			354.97			26.3			93.22			171.52			218.7			238.5
Los Angeles/ Orange County		3			5			278.61			87.4			243.48			354.78			171.25			63.5			108.66			147.12			124.1			141.2
Austin		2			1			272.13			80.7			219.57			383.03			182.04			58.2			105.99			149.09			107.2			156.9
San Diego		3			3			271.84			81.0			220.07			391.37			194.88			46.0			89.63			134.93			145.5			190.1
New York		2			3			313.84			78.3			245.88			361.64			172.42			32.6			56.16			63.98			337.8			465.3
Philadelphia		2			2			229.82			86.6			199.08			303.95			160.86			59.6			95.82			147.30			107.8			106.4
Washington, D.C. (CBD)		5			5			286.32			77.0			220.58			312.13			152.55			40.4			61.69			68.15			257.6			358.0
New Orleans		1			1			219.22			76.4			167.55			237.37			125.59			44.8			56.27			77.37			197.8			206.8
Northern Virginia		2			3			228.38			75.8			173.05			266.99			157.97			42.4			67.01			101.80			158.2			162.3
San Antonio		2			2			202.69			70.3			142.44			213.86			154.53			39.2			60.58			87.18			135.1			145.3
San Francisco/ San Jose		6			7			237.03			72.7			172.26			236.43			145.03			30.8			44.69			59.49			285.4			297.5
Atlanta		2			4			186.06			77.5			144.28			236.30			172.58			49.5			85.50			115.83			68.8			104.0
Boston		2			3			277.40			60.7			168.38			223.59			145.54			20.4			29.70			38.73			467.0			477.2
Chicago		4			4			240.04			71.8			172.32			237.59			149.79			33.2			49.78			59.22			246.2			301.2
Houston		5			4			184.11			67.1			123.53			175.70			141.99			61.3			87.08			117.76			41.9			49.2
Seattle		2			2			228.80			74.6			170.62			218.92			166.90			22.2			37.13			45.54			359.6			380.7
Denver		3			3			188.02			69.4			130.52			189.86			133.42			43.3			57.76			74.07			126.0			156.3
Other		9			6			262.88			69.1			181.67			265.61			145.72			40.7			59.29			78.10			206.4			240.1
Domestic		73			77			300.15			74.3			223.13			362.11			231.73			43.8			101.54			155.37			119.8			133.1
International		5			5			155.80			59.0			91.91			140.79			66.34			19.2			12.75			19.99			620.8			604.4
All Locations		78			82			296.11			73.8			218.53			354.36			229.38			43.0			98.71			151.06			121.4			134.6

Results by Location Compared to 2019 – precise, based mostly on possession interval⁽¹⁾

	As of June 30,
	2022			2019			Quarter ended June 30, 2022												Quarter ended June 30, 2019
Location	No. of Properties			No. of Properties			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Percent Change in RevPAR			Percent Change in Total RevPAR
Miami		2			3		$	596.12			68.2	%	$	406.35		$	676.00		$	299.54			80.6	%	$	241.56		$	390.25			68.2	%		73.2	%
Maui/Oahu		4			4			567.20			78.0			442.56			690.02			384.31			92.3			354.62			563.56			24.8			22.4
Jacksonville		1			1			572.46			81.1			463.99			974.04			414.11			84.1			348.40			753.61			33.2			29.2
Florida Gulf Coast		5			5			411.67			70.2			288.94			596.48			313.53			73.9			231.56			496.76			24.8			20.1
Phoenix		4			5			367.35			75.5			277.29			612.01			249.43			76.0			189.69			415.48			46.2			47.3
Orlando		2			1			402.61			73.8			297.06			580.59			177.39			70.7			125.33			295.11			137.0			96.7
Los Angeles/ Orange County		3			7			278.61			87.4			243.48			354.78			208.87			84.8			177.09			266.80			37.5			33.0
Austin		2			—			272.13			80.7			219.57			383.03			—			—			—			—			—			—
San Diego		3			4			271.84			81.0			220.07			391.37			239.00			82.2			196.35			358.12			12.1			9.3
New York		2			3			313.84			78.3			245.88			361.64			292.59			84.9			248.42			378.93			(1.0	)		(4.6	)
Philadelphia		2			2			229.82			86.6			199.08			303.95			247.35			89.7			221.94			366.74			(10.3	)		(17.1	)
Washington, D.C. (CBD)		5			5			286.32			77.0			220.58			312.13			278.76			91.5			255.04			367.23			(13.5	)		(15.0	)
New Orleans		1			1			219.22			76.4			167.55			237.37			196.98			81.0			159.65			233.90			5.0			1.5
Northern Virginia		2			4			228.38			75.8			173.05			266.99			204.14			81.8			166.91			253.29			3.7			5.4
San Antonio		2			2			202.69			70.3			142.44			213.86			186.37			75.1			139.94			200.21			1.8			6.8
San Francisco/ San Jose		6			7			237.03			72.7			172.26			236.43			267.87			82.7			221.55			313.95			(22.3	)		(24.7	)
Atlanta		2			5			186.06			77.5			144.28			236.30			187.76			76.8			144.13			224.53			0.1			5.2
Boston		2			4			277.40			60.7			168.38			223.59			269.77			87.9			237.25			323.53			(29.0	)		(30.9	)
Chicago		4			6			240.04			71.8			172.32			237.59			224.69			83.8			188.34			257.40			(8.5	)		(7.7	)
Houston		5			4			184.11			67.1			123.53			175.70			181.69			74.6			135.49			193.31			(8.8	)		(9.1	)
Seattle		2			2			228.80			74.6			170.62			218.92			234.35			85.1			199.47			271.52			(14.5	)		(19.4	)
Denver		3			3			188.02			69.4			130.52			189.86			176.07			79.4			139.88			210.69			(6.7	)		(9.9	)
Other		9			7			262.88			69.1			181.67			265.61			174.42			80.8			140.93			200.82			28.9			32.3
Domestic		73			85			300.15			74.3			223.13			362.11			246.13			82.3			202.61			322.61			10.1			12.2
International		5			5			155.80			59.0			91.91			140.79			158.97			69.7			110.79			169.04			(17.0	)		(16.7	)
All Locations		78			90			296.11			73.8			218.53			354.36			243.96			82.0			199.93			318.12			9.3			11.4

Results by Location Compared to 2021 – precise, based mostly on possession interval⁽¹⁾

	As of June 30,
	2022			2021			Year-to-date ended June 30, 2022												Year-to-date ended June 30, 2021
Location	No. of Properties			No. of Properties			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Percent Change in RevPAR			Percent Change in Total RevPAR
Miami		2			3		$	609.44			70.9	%	$	432.20		$	690.16		$	525.00			58.5	%	$	306.95		$	470.12			40.8	%		46.8	%
Maui/Oahu		4			4			556.16			77.2			429.37			665.43			440.07			59.4			261.61			394.93			64.1			68.5
Jacksonville		1			1			555.35			70.8			393.31			846.75			534.27			52.3			279.35			539.18			40.8			57.0
Florida Gulf Coast		5			5			485.09			72.1			349.66			687.58			455.98			59.7			272.11			497.88			28.5			38.1
Phoenix		4			4			412.40			74.7			307.94			643.07			330.65			55.8			184.62			359.23			66.8			79.0
Orlando		2			2			427.24			66.0			281.89			534.73			293.63			20.2			59.36			116.46			374.9			359.1
Los Angeles/ Orange County		3			5			282.52			76.2			215.25			310.70			167.63			44.0			73.73			98.96			191.9			214.0
Austin		2			1			274.92			71.3			196.03			334.68			181.24			59.9			108.65			151.16			80.4			121.4
San Diego		3			3			265.79			71.3			189.62			343.77			184.52			31.6			58.33			91.91			225.1			274.0
New York		2			3			276.49			56.1			155.17			222.91			162.82			24.3			39.56			46.67			292.2			377.7
Philadelphia		2			2			206.81			76.7			158.68			244.18			151.04			48.3			72.98			108.91			117.4			124.2
Washington, D.C. (CBD)		5			5			269.82			57.9			156.21			222.15			152.25			44.9			68.30			73.29			128.7			203.1
New Orleans		1			1			212.83			66.2			140.90			202.78			121.54			29.1			35.40			52.52			298.0			286.1
Northern Virginia		2			3			216.27			64.4			139.18			208.25			154.95			36.0			55.79			82.65			149.5			152.0
San Antonio		2			2			195.73			68.8			134.67			205.78			142.95			33.2			47.42			67.74			184.0			203.8
San Francisco/ San Jose		6			7			221.94			58.9			130.72			187.71			142.47			22.1			31.47			41.73			315.4			349.8
Atlanta		2			4			180.13			72.0			129.60			207.01			165.27			43.6			72.11			95.56			79.7			116.6
Boston		2			3			228.61			51.8			118.39			155.01			137.77			14.2			19.61			25.51			503.9			507.6
Chicago		4			4			210.41			56.0			117.93			161.24			138.56			24.7			34.28			41.10			244.0			292.4
Houston		5			4			182.12			64.0			116.60			162.56			134.73			56.1			75.63			102.44			54.2			58.7
Seattle		2			2			211.55			55.1			116.53			153.56			162.69			14.8			24.06			30.12			384.4			409.9
Denver		3			3			173.91			57.4			99.84			146.61			127.52			30.3			38.66			49.03			158.3			199.1
Other		9			6			266.94			60.0			160.20			229.80			141.77			34.0			48.19			63.11			232.5			264.1
Domestic		73			77			302.36			64.3			194.28			316.79			232.76			35.5			82.63			126.99			135.1			149.5
International		5			5			133.14			49.3			65.66			99.56			75.57			16.1			12.19			17.74			438.6			461.2
All Locations		78			82			297.88			63.7			189.88			309.35			230.43			34.9			80.37			123.48			136.2			150.5

Results by Location Compared to 2019 – precise, based mostly on possession interval⁽¹⁾

	As of June 30,
	2022			2019			Year-to-date ended June 30, 2022												Year-to-date ended June 30, 2019
Location	No. of Properties			No. of Properties			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Average Room Rate			Average Occupancy Percentage			RevPAR			Total RevPAR			Percent Change in RevPAR			Percent Change in Total RevPAR
Miami		2			3		$	609.44			70.9	%	$	432.20		$	690.16		$	322.71			83.1	%	$	268.20		$	407.70			61.2	%		69.3	%
Maui/Oahu		4			4			556.16			77.2			429.37			665.43			410.35			90.6			371.89			573.91			15.5			15.9
Jacksonville		1			1			555.35			70.8			393.31			846.75			391.86			81.4			318.88			722.04			23.3			17.3
Florida Gulf Coast		5			5			485.09			72.1			349.66			687.58			379.76			78.4			297.90			612.66			17.4			12.2
Phoenix		4			5			412.40			74.7			307.94			643.07			296.68			80.1			237.53			486.65			29.6			32.1
Orlando		2			1			427.24			66.0			281.89			534.73			193.57			74.8			144.76			339.92			94.7			57.3
Los Angeles/ Orange County		3			7			282.52			76.2			215.25			310.70			209.76			83.7			175.65			265.93			22.5			16.8
Austin		2			—			274.92			71.3			196.03			334.68			—			—			—			—			—			—
San Diego		3			4			265.79			71.3			189.62			343.77			237.09			79.8			189.18			344.22			0.2			(0.1	)
New York		2			3			276.49			56.1			155.17			222.91			266.36			78.3			208.64			321.80			(25.6	)		(30.7	)
Philadelphia		2			2			206.81			76.7			158.68			244.18			220.90			83.9			185.41			304.83			(14.4	)		(19.9	)
Washington, D.C. (CBD)		5			5			269.82			57.9			156.21			222.15			265.11			82.5			218.62			312.73			(28.5	)		(29.0	)
New Orleans		1			1			212.83			66.2			140.90			202.78			203.37			81.3			165.38			241.84			(14.8	)		(16.2	)
Northern Virginia		2			4			216.27			64.4			139.18			208.25			197.37			75.6			149.16			228.98			(6.7	)		(9.1	)
San Antonio		2			2			195.73			68.8			134.67			205.78			191.24			76.2			145.81			215.02			(7.6	)		(4.3	)
San Francisco/ San Jose		6			7			221.94			58.9			130.72			187.71			286.10			80.0			228.99			322.35			(42.9	)		(41.8	)
Atlanta		2			5			180.13			72.0			129.60			207.01			206.28			77.3			159.48			244.63			(18.7	)		(15.4	)
Boston		2			4			228.61			51.8			118.39			155.01			233.09			78.2			182.20			256.05			(35.0	)		(39.5	)
Chicago		4			6			210.41			56.0			117.93			161.24			189.47			73.2			138.60			191.07			(14.9	)		(15.6	)
Houston		5			4			182.12			64.0			116.60			162.56			182.15			75.2			136.92			197.16			(14.8	)		(17.5	)
Seattle		2			2			211.55			55.1			116.53			153.56			215.31			81.3			174.95			237.90			(33.4	)		(35.5	)
Denver		3			3			173.91			57.4			99.84			146.61			169.71			72.1			122.41			184.62			(18.4	)		(20.6	)
Other		9			7			266.94			60.0			160.20			229.80			174.23			75.2			131.09			198.06			22.2			16.0
Domestic		73			85			302.36			64.3			194.28			316.79			246.29			79.1			194.79			312.95			(0.3	)		1.2
International		5			5			133.14			49.3			65.66			99.56			151.58			68.7			104.09			155.00			(36.9	)		(35.8	)
All Locations		78			90			297.88			63.7			189.88			309.35			243.88			78.8			192.15			308.34			(1.2	)		0.3

^{(1) Represents the outcomes of the portfolio for the time interval of our possession, together with inclinations by means of their date of disposal and acquisitions starting as of the date of acquisition.}

HOST HOTELS & RESORTS, INC.
Schedule of All Owned Hotel Results ⁽¹⁾
(unaudited, in hundreds of thousands, besides resort statistics)

		Quarter ended June 30,												Year-to-date ended June 30,
		2022				2021				2019				2022				2021				2019
Number of resorts			78				77				76				78				77				76
Number of rooms			42,338				42,115				41,950				42,338				42,115				41,950
Change in All Owned Hotel Total RevPAR			107.8	%			—				—				121.6	%			—				—
Change in All Owned Hotel RevPAR			98.2	%			—				—				111.0	%			—				—
Operating revenue (loss) margin⁽²⁾			23.7	%			(10.5	)%			18.9	%			18.3	%			(22.3	)%			17.3	%
All Owned Hotel EBITDA margin⁽²⁾			37.1	%			23.0	%			32.3	%			34.6	%			18.4	%			31.9	%
Food and beverage revenue margin⁽²⁾			39.5	%			23.4	%			35.4	%			36.6	%			22.0	%			34.8	%
All Owned Hotel meals and beverage    revenue margin⁽²⁾			39.7	%			24.6	%			36.5	%			37.3	%			22.4	%			36.3	%
Net earnings (loss)		$	260			$	(61	)		$	290			$	378			$	(214	)		$	479
Depreciation and amortization			162				169				166				334				334				336
Interest expense			37				43				43				73				85				86
Provision (profit) for earnings taxes			39				(22	)			16				23				(68	)			18
Gain on sale of property and    company degree    earnings/expense			10				(3	)			(44	)			17				12				(33	)
Severance expense (reversal) at    resort properties			—				(1	)			—				2				(3	)			—
All Owned Hotel changes⁽¹⁾			2				26				(44	)			12				54				(58	)
All Owned Hotel EBITDA⁽¹⁾		$	510			$	151			$	427			$	839			$	200			$	828

___________
^{(1)   See the Notes to Financial Information for a dialogue of non-GAAP measures and the constraints on their use. All Owned Hotel changes signify the next objects: (i) the elimination of outcomes of operations of our resorts bought or held-for-sale as of June 30, 2022, which operations are included in our unaudited condensed consolidated statements of operations as persevering with operations and (ii) the addition of outcomes for durations previous to our possession for resorts acquired as of June 30, 2022. All Owned Hotel outcomes additionally embrace the outcomes of our leased workplace buildings and different non-hotel income and expense objects. The AC Hotel Scottsdale North is a brand new growth resort that opened in January 2021 and The Laura Hotel in Houston re-opened beneath new administration in November 2021. Therefore, no changes have been made for outcomes of those resorts for durations previous to their openings.
(2)   Profit margins are calculated by dividing the relevant working revenue by the associated income quantity. GAAP revenue margins are calculated utilizing quantities offered within the unaudited condensed consolidated statements of operations. All Owned Hotel margins are calculated utilizing quantities offered within the following tables, which embrace reconciliations to the relevant GAAP outcomes:}

	Quarter ended June 30, 2022																Quarter ended June 30, 2021
					Adjustments																Adjustments
	GAAP Results				All Owned Hotel changes				Depreciation and company degree objects				All Owned Hotel Results				GAAP Results				Severance at resort properties				All Owned Hotel changes				Depreciation and company degree objects				All Owned Hotel Results
Revenues
Room	$	850			$	(5	)		$	—			$	845			$	423			$	—			$	1			$	—			$	424
Food and beverage		405				(2	)			—				403				137				—				5				—				142
Other		126				(1	)			—				125				89				—				2				—				91
Total revenues		1,381				(8	)			—				1,373				649				—				8				—				657
Expenses
Room		189				(3	)			—				186				109				—				(7	)			—				102
Food and beverage		245				(2	)			—				243				105				—				2				—				107
Other		440				(5	)			—				435				309				1				(13	)			—				297
Depreciation and amortization		162				—				(162	)			—				169				—				—				(169	)			—
Corporate and different bills		25				—				(25	)			—				25				—				—				(25	)			—
Gain on insurance and business interruption settlements		(7	)			—				6				(1	)			—				—				—				—				—
Total bills		1,054				(10	)			(181	)			863				717				1				(18	)			(194	)			506
Operating Profit – All Owned Hotel EBITDA	$	327			$	2			$	181			$	510			$	(68	)		$	(1	)		$	26			$	194			$	151

		Quarter ended June 30, 2022																Quarter ended June 30, 2019
						Adjustments																Adjustments
		GAAP Results				All Owned Hotel changes				Depreciation and company degree objects				All Owned Hotel Results				GAAP Results				All Owned Hotel changes				Depreciation and company degree objects				All Owned Hotel Results
Revenues
Room		$	850			$	(5	)		$	—			$	845			$	931			$	(124	)		$	—			$	807
Food and beverage			405				(2	)			—				403				449				(30	)			—				419
Other			126				(1	)			—				125				103				(5	)			—				98
Total revenues			1,381				(8	)			—				1,373				1,483				(159	)			—				1,324
Expenses
Room			189				(3	)			—				186				226				(37	)			—				189
Food and beverage			245				(2	)			—				243				290				(24	)			—				266
Other			440				(5	)			—				435				496				(54	)			—				442
Depreciation and amortization			162				—				(162	)			—				166				—				(166	)			—
Corporate and different bills			25				—				(25	)			—				25				—				(25	)			—
Gain on insurance and business interruption settlements			(7	)			—				6				(1	)			—				—				—				—
Total bills			1,054				(10	)			(181	)			863				1,203				(115	)			(191	)			897
Operating Profit – All Owned Hotel EBITDA		$	327			$	2			$	181			$	510			$	280			$	(44	)		$	191			$	427

		Year-to-date ended June 30, 2022																				Year-to-date ended June 30, 2021
						Adjustments																				Adjustments
		GAAP Results				Severance at resort properties				All Owned Hotel changes				Depreciation and company degree objects				All Owned Hotel Results				GAAP Results				Severance at resort properties				All Owned Hotel changes				Depreciation and company degree objects				All Owned Hotel Results
Revenues
Room		$	1,505			$	—			$	(23	)		$	—			$	1,482			$	680			$	—			$	18			$	—			$	698
Food and beverage			702				—				(5	)			—				697				214				—				14				—				228
Other			248				—				(1	)			—				247				154				—				8				—				162
Total revenues			2,455				—				(29	)			—				2,426				1,048				—				40				—				1,088
Expenses
Room			349				—				(14	)			—				335				174				—				(7	)			—				167
Food and beverage			445				—				(8	)			—				437				167				—				10				—				177
Other			837				(2	)			(19	)			—				816				558				3				(17	)			—				544
Depreciation and amortization			334				—				—				(334	)			—				334				—				—				(334	)			—
Corporate and different bills			48				—				—				(48	)			—				49				—				—				(49	)			—
Gain on insurance and business interruption settlements			(7	)			—				—				6				(1	)			—				—				—				—				—
Total bills			2,006				(2	)			(41	)			(376	)			1,587				1,282				3				(14	)			(383	)			888
Operating Profit – All Owned Hotel EBITDA		$	449			$	2			$	12			$	376			$	839			$	(234	)		$	(3	)		$	54			$	383			$	200

		Year-to-date ended June 30, 2022																				Year-to-date ended June 30, 2019
						Adjustments																				Adjustments
		GAAP Results				Severance at resort properties				All Owned Hotel changes				Depreciation and company degree objects				All Owned Hotel Results				GAAP Results				All Owned Hotel changes				Depreciation and company degree objects				All Owned Hotel Results
Revenues
Room		$	1,505			$	—			$	(23	)		$	—			$	1,482			$	1,788			$	(208	)		$	—			$	1,580
Food and beverage			702				—				(5	)			—				697				882				(57	)			—				825
Other			248				—				(1	)			—				247				203				(11	)			—				192
Total revenues			2,455				—				(29	)			—				2,426				2,873				(276	)			—				2,597
Expenses
Room			349				—				(14	)			—				335				443				(70	)			—				373
Food and beverage			445				—				(8	)			—				437				575				(49	)			—				526
Other			837				(2	)			(19	)			—				816				969				(99	)			—				870
Depreciation and amortization			334				—				—				(334	)			—				336				—				(336	)			—
Corporate and different bills			48				—				—				(48	)			—				54				—				(54	)			—
Gain on insurance and business interruption settlements			(7	)			—				—				6				(1	)			—				—				—				—
Total bills			2,006				(2	)			(41	)			(376	)			1,587				2,377				(218	)			(390	)			1,769
Operating Profit – All Owned Hotel EBITDA		$	449			$	2			$	12			$	376			$	839			$	496			$	(58	)		$	390			$	828

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

		Quarter ended June 30,								Year-to-date ended June 30,
		2022				2021				2022				2021
Net earnings (loss)		$	260			$	(61	)		$	378			$	(214	)
Interest expense			37				43				73				85
Depreciation and amortization			162				169				334				334
Income taxes			39				(22	)			23				(68	)
EBITDA			498				129				808				137
Gain on inclinations⁽²⁾			(1	)			—				(13	)			—
Equity funding changes:
Equity in earnings of associates			(2	)			(25	)			(4	)			(34	)
Pro rata EBITDAre of fairness investments⁽³⁾			11				7				21				13
EBITDAre			506				111				812				116
Adjustments to EBITDAre:
Gain on property insurance settlement			(6	)			—				(6	)			—
Severance expense (reversal) at resort properties			—				(1	)			—				(3	)
Adjusted EBITDAre		$	500			$	110			$	806			$	113

___________
^{(1)   See the Notes to Financial Information for dialogue of non-GAAP measures.
(2)   Reflects the sale of three resorts in 2022.
(3)   Pro rata EBITDAre of fairness investments and professional rata FFO of fairness investments for the quarter and year-to-date ended June 30, 2021 embrace a realized acquire of roughly $3 million associated to fairness securities held by one in every of our unconsolidated partnerships, Fifth Wall Ventures, L.P. Unrealized beneficial properties of our unconsolidated investments aren’t acknowledged in our EBITDAre, Adjusted EBITDAre, NAREIT FFO or Adjusted FFO till they’ve been realized by the unconsolidated partnership.}

HOST HOTELS & RESORTS, INC.
Reconciliation of Diluted Earnings (Loss) per Common Share to
NAREIT and Adjusted Funds From Operations per Diluted Share ⁽¹⁾
(unaudited, in hundreds of thousands, besides per share quantities)

		Quarter ended June 30,								Year-to-date ended June 30,
		2022				2021				2022				2021
Net earnings (loss)		$	260			$	(61	)		$	378			$	(214	)
Less: Net (earnings) loss attributable to non- controlling pursuits			(4	)			1				(6	)			2
Net earnings (loss) attributable to Host Inc.			256				(60	)			372				(212	)
Adjustments:
Gain on inclinations⁽²⁾			(1	)			—				(13	)			—
Gain on property insurance settlement			(6	)			—				(6	)			—
Depreciation and amortization			162				168				333				333
Equity funding changes:
Equity in earnings of associates			(2	)			(25	)			(4	)			(34	)
Pro rata FFO of fairness investments⁽³⁾			8				6				17				10
Consolidated partnership changes:
FFO adjustment for non-controlling partnerships			—				(1	)			—				(1	)
FFO changes for non-controlling pursuits of Host L.P.			(1	)			(2	)			(4	)			(3	)
NAREIT FFO			416				86				695				93
Adjustments to NAREIT FFO:
Severance expense (reversal) at resort properties			—				(1	)			—				(3	)
Adjusted FFO		$	416			$	85			$	695			$	90
For calculation on a per share foundation:⁽⁴⁾
Diluted weighted common shares excellent – EPS			717.0				707.6				716.8				706.6
Assuming issuance of widespread shares granted beneath the great inventory plans			—				1.6				—				1.6
Diluted weighted common shares excellent – NAREIT FFO and Adjusted FFO			717.0				709.2				716.8				708.2
Diluted earnings (loss) per widespread share		$	0.36			$	(0.09	)		$	0.52			$	(0.30	)
NAREIT FFO per diluted share		$	0.58			$	0.12			$	0.97			$	0.13
Adjusted FFO per diluted share		$	0.58			$	0.12			$	0.97			$	0.13

___________
^{(1-3) Refer to corresponding footnote on the Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre.
(4)   Diluted earnings (loss) per widespread share, NAREIT FFO per diluted share and Adjusted FFO per diluted share are adjusted for the results of dilutive securities. Dilutive securities might embrace shares granted beneath complete inventory plans, most well-liked OP items held by non-controlling companions and different non-controlling pursuits which have the choice to transform their restricted partnership pursuits to widespread OP items. No impact is proven for securities if they’re anti-dilutive.}

HOST HOTELS & RESORTS, INC.
Reconciliation of Net Income to
EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to
NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2022 Forecasts ⁽¹⁾
(unaudited, in hundreds of thousands)

		Full Year 2022
		Low-end of vary				High-end of vary
Net earnings		$	588			$	652
Interest expense			159				159
Depreciation and amortization			662				662
Income taxes			32				33
EBITDA			1,441				1,506
Gain on inclinations			(13	)			(13	)
Equity funding changes:
Equity in earnings of associates			(9	)			(10	)
Pro rata EBITDAre of fairness investments			32				33
EBITDAre			1,451				1,516
Adjustments to EBITDAre:
Gain on property insurance settlement			(6	)			(6	)
Adjusted EBITDAre		$	1,445			$	1,510

		Full Year 2022
		Low-end of vary				High-end of vary
Net earnings		$	588			$	652
Less: Net earnings attributable to non-controlling pursuits			(9	)			(10	)
Net earnings attributable to Host Inc.			579				642
Adjustments:
Gain on inclinations			(13	)			(13	)
Gain on property insurance settlement			(6	)			(6	)
Depreciation and amortization			661				661
Equity funding changes:
Equity in earnings of associates			(9	)			(10	)
Pro rata FFO of fairness investments			25				26
Consolidated partnership changes:
FFO adjustment for non-controlling partnerships			(1	)			(1	)
FFO adjustment for non-controlling pursuits of Host LP			(9	)			(9	)
NAREIT FFO and Adjusted FFO		$	1,227			$	1,290
Diluted weighted common shares excellent – EPS, NAREIT FFO and Adjusted FFO			717.0				717.0
Diluted earnings per widespread share		$	0.81			$	0.90
NAREIT and Adjusted FFO per diluted share		$	1.71			$	1.80

___________

^{(1)   The Forecasts are based mostly on the beneath assumptions:}

• ^{All Owned Hotel RevPAR will improve 62.5% to 65.9% in comparison with 2021 for the high and low finish of the forecast vary.}
• ^{All Owned Hotel EBITDA margins will improve 810 to 870 foundation factors for the high and low ends of the forecasted All Owned Hotel RevPAR vary, respectively.}
• ^{We anticipate to spend roughly $500 million to $575 million on capital expenditures.}
• ^{There will likely be no extra resort acquisitions or inclinations in 2022.}

^{For a dialogue of things which will have an effect on forecast outcomes, see the Notes to Financial Information.}

HOST HOTELS & RESORTS, INC.
Schedule of All Owned Hotel Results for Full Year 2022 Forecasts ⁽¹⁾
(unaudited, in hundreds of thousands)

		Full Year 2022
		Low-end of vary				High-end of vary
Operating revenue margin (2)			15.1	%			16.1	%
All Owned Hotel EBITDA margin (2)			31.5	%			32.1	%
Net earnings		$	588			$	652
Depreciation and amortization			662				662
Interest expense			159				159
Provision for earnings taxes			32				33
Gain on sale of property and company degree earnings/expense			42				40
Severance expense at resort properties			2				2
All Owned Hotel changes (1)			12				12
All Owned Hotel EBITDA (1)		$	1,497			$	1,560

___________

^{(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 2022 Forecasts” for different forecast assumptions. All Owned Hotel changes signify the next objects: (i) the elimination of outcomes of operations of our resorts bought or held-for-sale as of June 30, 2022, which operations are included in our unaudited condensed consolidated statements of operations as persevering with operations and (ii) the addition of outcomes for durations previous to our possession for resorts acquired as of June 30, 2022. All Owned Hotel outcomes additionally embrace the outcomes of our leased workplace buildings and different non-hotel income and expense objects.
(2)   Profit margins are calculated by dividing the relevant working revenue by the associated income quantity. GAAP revenue margins are calculated utilizing quantities offered within the unaudited condensed consolidated statements of operations. All Owned Hotel margins are calculated utilizing quantities offered within the following tables, which embrace reconciliations to the relevant GAAP outcomes:}

	Low-end of vary																High-end of vary
				Adjustments																Adjustments
	GAAP Results			Severance at resort properties			All Owned Hotel changes			Depreciation and company degree objects			All Owned Hotel Results				GAAP Results			Severance at resort properties			All Owned Hotel changes			Depreciation and company degree objects			All Owned Hotel Results
Revenues
Rooms	$	2,973		$	—		$	(23	)	$	—		$	2,950			$	3,035		$	—		$	(23	)	$	—		$	3,012
Food and beverage		1,360			—			(5	)		—			1,355				1,403			—			(5	)		—			1,398
Other		448			—			(1	)		—			447				451			—			(1	)		—			450
Total revenues		4,781			—			(29	)		—			4,752				4,889			—			(29	)		—			4,860
Expenses
Hotel bills		3,308			(2	)		(41	)		—			3,265				3,353			(2	)		(41	)		—			3,310
Depreciation		662			—			—			(662	)		—				662			—			—			(662	)		—
Corporate and different bills		105			—			—			(105	)		—				105			—			—			(105	)		—
Gain on insurance and business interruption settlements		(16	)		—			—			6			(10	)			(16	)		—			—			6			(10	)
Total bills		4,059			(2	)		(41	)		(761	)		3,255				4,104			(2	)		(41	)		(761	)		3,300
Operating Profit – All Owned Hotel EBITDA	$	722		$	2		$	12		$	761		$	1,497			$	785		$	2		$	12		$	761		$	1,560

HOST HOTELS & RESORTS, INC.
Notes to Financial Information

Forecasts   

Our forecast of internet earnings, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and All Owned Hotel outcomes are forward-looking statements and aren’t ensures of future efficiency and contain identified and unknown dangers, uncertainties and different components which can trigger precise outcomes and efficiency to vary materially from these expressed or implied by these forecasts. Although we imagine the expectations mirrored within the forecasts are based mostly upon cheap assumptions, we can provide no assurance that the expectations will likely be attained or that the outcomes won’t be materially totally different. Risks which will have an effect on these assumptions and forecasts embrace the next: potential adjustments in general financial outlook make it inherently troublesome to forecast the extent of RevPAR; the quantity and timing of debt funds might change considerably based mostly on market situations, which is able to straight have an effect on the extent of curiosity expense and internet earnings; the quantity and timing of transactions involving shares of our widespread inventory might change based mostly on market situations; and different dangers and uncertainties related to our business described herein and in our annual report on Form 10-Ok, quarterly experiences on Form 10-Q and present experiences on Form 8-Ok filed with the SEC.

All Owned Hotel Operating Statistics and Results

To facilitate a quarter-to-quarter comparability of our operations, we usually current sure working statistics (i.e., Total RevPAR, RevPAR, common each day price and common occupancy) and working outcomes (revenues, bills, resort EBITDA and related margins) for the durations included on this presentation on a comparable resort foundation to be able to allow our buyers to raised consider our working efficiency (mentioned in “Hotel Property Level Operating Results” beneath). However, as a result of COVID-19 pandemic and its results on operations, there’s little comparability between durations. For this cause, we quickly are suspending our comparable resort presentation and as a substitute current resort working outcomes for all consolidated resorts and, to facilitate comparisons between durations, we’re presenting outcomes, known as “All Owned Hotel”, which embrace the next changes: (1) working outcomes are offered for all consolidated resorts owned as of June 30, 2022, however don’t embrace the outcomes of operations for properties bought or held-for-sale as of the reporting date; and (2) working outcomes for acquisitions as of June 30, 2022 are mirrored for full calendar years, to incorporate outcomes for durations previous to our possession. For these resorts, because the year-over-year comparability contains durations previous to our possession, the adjustments won’t essentially correspond to adjustments in our precise outcomes.

Foreign Currency Translation

Operating outcomes denominated in foreign currency echange are translated utilizing the prevailing alternate charges on the date of the transaction, or month-to-month based mostly on the weighted common alternate price for the interval. Therefore, resort statistics and outcomes for non-U.S. properties embrace the impact of foreign money fluctuations, in step with our monetary assertion presentation.

Non-GAAP Financial Measures

Included on this press launch are sure “non-GAAP financial measures,” that are measures of our historic or future monetary efficiency that aren’t calculated and offered in accordance with GAAP, throughout the that means of relevant SEC guidelines. They are as follows: (i) FFO and FFO per diluted share (each NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre, and (iv) All Owned Hotel Operating Statistics and Results. The following dialogue defines these measures and presents why we imagine they’re helpful supplemental measures of our efficiency.

NAREIT FFO and NAREIT FFO per Diluted Share

We current NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our efficiency along with our earnings per share (calculated in accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (outlined as set forth beneath) for a given working interval, as adjusted for the impact of dilutive securities, divided by the variety of totally diluted shares excellent throughout such interval, in accordance with NAREIT pointers. Effective January 1, 2019, we adopted NAREIT’s definition of FFO included in NAREIT’s Funds From Operations White Paper – 2018 Restatement. NAREIT defines FFO as internet earnings (calculated in accordance with GAAP) excluding depreciation and amortization associated to actual property, beneficial properties and losses from the sale of sure actual property property, beneficial properties and losses from change in management, impairment expense of sure actual property property and investments and changes for consolidated partially-owned entities and unconsolidated associates. Adjustments for consolidated partially-owned entities and unconsolidated associates are calculated to replicate our professional rata share of the FFO of these entities on the identical foundation.

We imagine that NAREIT FFO per diluted share is a helpful supplemental measure of our working efficiency and that the presentation of NAREIT FFO per diluted share, when mixed with the first GAAP presentation of earnings per share, supplies useful data to buyers. By excluding the impact of actual property depreciation, amortization, impairment expense and beneficial properties and losses from gross sales of depreciable actual property, all of that are based mostly on historic price accounting and which can be of lesser significance in evaluating present efficiency, we imagine that such measures can facilitate comparisons of working efficiency between durations and with different REITs, though NAREIT FFO per diluted share doesn’t signify an quantity that accrues on to holders of our widespread inventory. Historical price accounting for actual property property implicitly assumes that the worth of actual property property diminishes predictably over time. As famous by NAREIT in its Funds From Operations White Paper – 2018 Restatement, the first goal for together with FFO as a supplemental measure of working efficiency of a REIT is to handle the unreal nature of historic price depreciation and amortization of actual property and actual estate-related property mandated by GAAP. For these causes, NAREIT adopted the FFO metric to be able to promote a uniform industry-wide measure of REIT working efficiency.

Adjusted FFO per Diluted Share

We additionally current Adjusted FFO per diluted share when evaluating our efficiency as a result of administration believes that the exclusion of sure extra objects described beneath supplies helpful supplemental data to buyers relating to our ongoing working efficiency. Management traditionally has made the changes detailed beneath in evaluating our efficiency, in our annual funds course of and for our compensation applications. We imagine that the presentation of Adjusted FFO per diluted share, when mixed with each the first GAAP presentation of diluted earnings per share and FFO per diluted share as outlined by NAREIT, supplies helpful supplemental data that’s useful to an investor’s understanding of our working efficiency. We regulate NAREIT FFO per diluted share for the next objects, which can happen in any interval, and consult with this measure as Adjusted FFO per diluted share:

• Gains and Losses on the Extinguishment of Debt – We exclude the impact of finance expenses and premiums related to the extinguishment of debt, together with the acceleration of the write-off of deferred financing prices from the unique issuance of the debt being redeemed or retired and incremental curiosity expense incurred in the course of the refinancing interval. We additionally exclude the beneficial properties on debt repurchases and the unique issuance prices related to the retirement of most well-liked inventory. We imagine that these things aren’t reflective of our ongoing finance prices.
• Acquisition Costs – Under GAAP, prices related to accomplished property acquisitions which can be thought-about business mixtures are expensed within the 12 months incurred. We exclude the impact of those prices as a result of we imagine they aren’t reflective of the continuing efficiency of the Company.
• Litigation Gains and Losses – We exclude the impact of beneficial properties or losses related to litigation recorded beneath GAAP that we contemplate exterior the abnormal course of business. We imagine that together with these things isn’t in step with our ongoing working efficiency.
• Severance Expense –In sure circumstances, we’ll add again hotel-level severance bills when we don’t imagine that such bills are reflective of the continuing operation of our properties. Situations that may lead to a severance add-back embrace, however aren’t restricted to, (i) prices incurred as a part of a broad-based reconfiguration of the working mannequin with the particular resort operator for a portfolio of resorts and (ii) prices incurred at a selected resort as a consequence of a broad-based and vital reconfiguration of a resort and/or its workforce. We don’t add again corporate-level severance prices or severance prices at a person resort that we contemplate to be incurred within the regular course of business.

In uncommon circumstances, we additionally might regulate NAREIT FFO for beneficial properties or losses that administration believes aren’t consultant of the Company’s present working efficiency. For instance, in 2017, on account of the discount of the U.S. federal company earnings tax price from 35% to 21% by the Tax Cuts and Jobs Act, we remeasured our home deferred tax property as of December 31, 2017 and recorded a one-time adjustment to scale back our deferred tax property and to extend the supply for earnings taxes by roughly $11 million. We don’t contemplate this adjustment to be reflective of our on-going working efficiency and, subsequently, we excluded this merchandise from Adjusted FFO.

EBITDA

Earnings earlier than Interest Expense, Income Taxes, Depreciation and Amortization (“EBITDA”) is a generally used measure of efficiency in lots of industries. Management believes EBITDA supplies helpful data to buyers relating to our outcomes of operations as a result of it helps us and our buyers consider the continuing working efficiency of our properties after eradicating the affect of the Company’s capital construction (primarily curiosity expense) and its asset base (primarily depreciation and amortization). Management additionally believes the usage of EBITDA facilitates comparisons between us and different lodging REITs, resort homeowners that aren’t REITs and different capital-intensive corporations. Management makes use of EBITDA to judge property-level outcomes and as one measure in figuring out the worth of acquisitions and inclinations and, like FFO and Adjusted FFO per diluted share, it’s extensively utilized by administration within the annual funds course of and for our compensation applications.

EBITDAre and Adjusted EBITDAre

We current EBITDAre in accordance with NAREIT pointers, as outlined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate,” to supply a further efficiency measure to facilitate the analysis and comparability of the Company’s outcomes with different REITs. NAREIT defines EBITDAre as internet earnings (calculated in accordance with GAAP) excluding curiosity expense, earnings tax, depreciation and amortization, beneficial properties or losses on disposition of depreciated property (together with beneficial properties or losses on change of management), impairment expense of depreciated property and of investments in unconsolidated associates attributable to a lower in worth of depreciated property within the affiliate, and changes to replicate the entity’s professional rata share of EBITDAre of unconsolidated associates.

We make extra changes to EBITDAre when evaluating our efficiency as a result of we imagine that the exclusion of sure extra objects described beneath supplies helpful supplemental data to buyers relating to our ongoing working efficiency. We imagine that the presentation of Adjusted EBITDAre, when mixed with the first GAAP presentation of internet earnings, is useful to an investor’s understanding of our working efficiency. Adjusted EBITDAre is also just like the measure used to calculate sure credit score ratios for our credit score facility and senior notes. We regulate EBITDAre for the next objects, which can happen in any interval, and consult with this measure as Adjusted EBITDAre:

• Property Insurance Gains – We exclude the impact of property insurance beneficial properties mirrored in our consolidated statements of operations as a result of we imagine that together with them in Adjusted EBITDAre isn’t in step with reflecting the continuing efficiency of our property. In addition, property insurance beneficial properties might be much less vital to buyers provided that the depreciated asset guide worth written off in reference to the calculation of the property insurance acquire typically doesn’t replicate the market worth of actual property property.
• Acquisition Costs – Under GAAP, prices related to accomplished property acquisitions which can be thought-about business mixtures are expensed within the 12 months incurred. We exclude the impact of those prices as a result of we imagine they aren’t reflective of the continuing efficiency of the Company.
• Litigation Gains and Losses – We exclude the impact of beneficial properties or losses related to litigation recorded beneath GAAP that we contemplate exterior the abnormal course of business. We imagine that together with these things isn’t in step with our ongoing working efficiency.
• Severance Expense – In sure circumstances, we’ll add again hotel-level severance bills when we don’t imagine that such bills are reflective of the continuing operation of our properties. Situations that may lead to a severance add-back embrace, however aren’t restricted to, (i) prices incurred as a part of a broad-based reconfiguration of the working mannequin with the particular resort operator for a portfolio of resorts and (ii) prices incurred at a selected resort as a consequence of a broad-based and vital reconfiguration of a resort and/or its workforce. We don’t add again corporate-level severance prices or severance prices at a person resort that we contemplate to be incurred within the regular course of business.

In uncommon circumstances, we additionally might regulate EBITDAre for beneficial properties or losses that administration believes aren’t consultant of the Company’s present working efficiency. The final adjustment of this nature was a 2013 exclusion of a acquire from an eminent area declare.

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 requirements established by NAREIT, which might not be akin to measures calculated by different corporations that don’t use the NAREIT definition of EBITDAre and FFO or don’t calculate FFO per diluted share in accordance with NAREIT steering. In addition, though EBITDAre and FFO per diluted share are helpful measures when evaluating our outcomes to different REITs, they might not be useful to buyers when evaluating us to non-REITs. We additionally calculate Adjusted FFO per diluted share and Adjusted EBITDAre, which aren’t in accordance with NAREIT steering and might not be akin to measures calculated by different REITs or by different corporations. This data shouldn’t be thought-about as a substitute for internet earnings, working revenue, money from operations or every other working efficiency measure calculated in accordance with GAAP. Cash expenditures for numerous long-term property (akin to renewal and substitute capital expenditures), curiosity expense (for EBITDA, EBITDAre and Adjusted EBITDAre functions solely), severance expense associated to vital property-level reconfiguration and different objects have been, and will likely be, made and aren’t mirrored within the EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share displays. Management compensates for these limitations by individually contemplating the affect of those excluded objects to the extent they’re materials to working choices or assessments of our working efficiency. Our consolidated statements of operations and consolidated statements of money flows within the Company’s annual report on Form 10-Ok and quarterly experiences on Form 10-Q embrace curiosity expense, capital expenditures, and different excluded objects, all of which needs to be thought-about when evaluating our efficiency, in addition to the usefulness of our non-GAAP monetary measures. Additionally, NAREIT FFO per diluted share, Adjusted FFO per diluted share, EBITDA, EBITDAre and Adjusted EBITDAre shouldn’t be thought-about as a measure of our liquidity or indicative of funds out there to fund our money wants, together with our skill to make money distributions. In addition, NAREIT FFO per diluted share and Adjusted FFO per diluted share don’t measure, and shouldn’t be used as a measure of, quantities that accrue on to stockholders’ profit.

Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share embrace changes for the professional rata share of our fairness investments and NAREIT FFO and Adjusted FFO per diluted share embrace changes for the professional rata share of non-controlling companions in consolidated partnerships. Our fairness investments include pursuits starting from 11% to 67% in eight home and worldwide partnerships that personal a complete of 10 properties and a trip possession growth. Due to the voting rights of the surface homeowners, we don’t management and, subsequently, don’t consolidate these entities. The non-controlling companions in consolidated partnerships primarily include the approximate 1% curiosity in Host LP held by exterior companions, and a 15% curiosity held by exterior companions in a partnership proudly owning one resort for which we do management the entity and, subsequently, consolidate its operations. These professional rata outcomes for NAREIT FFO and Adjusted FFO per diluted share, EBITDAre and Adjusted EBITDAre have been calculated as set forth within the definitions above. Readers needs to be cautioned that the professional rata outcomes offered in these measures for consolidated partnerships (for NAREIT FFO and Adjusted FFO per diluted share) and fairness investments might not precisely depict the authorized and financial implications of our investments in these entities.

Hotel Property Level Operating Results

We current sure working outcomes for our resorts, akin to resort revenues, bills, meals and beverage revenue, and EBITDA (and the associated margins), on a hotel-level foundation as supplemental data for our buyers. Our resort outcomes replicate the working outcomes of our resorts as mentioned in “All Owned Hotel Operating Statistics and Results” above. We current All Owned Hotel EBITDA to assist us and our buyers consider the continuing working efficiency of our resorts after eradicating the affect of the Company’s capital construction (primarily curiosity expense) and its asset base (primarily depreciation and amortization expense). Corporate-level prices and bills are also eliminated to reach at property-level outcomes. We imagine these property-level outcomes present buyers with supplemental details about the continuing working efficiency of our resorts. All Owned Hotel outcomes are offered each by location and for the Company’s properties within the combination. We get rid of from our resort degree working outcomes severance prices associated to broad-based and vital property-level reconfiguration that isn’t thought-about to be throughout the regular course of business, as we imagine this elimination supplies helpful supplemental data that’s useful to an investor’s understanding of our ongoing working efficiency. We additionally get rid of depreciation and amortization expense as a result of, though depreciation and amortization expense are property-level bills, these non-cash bills, that are based mostly on historic price accounting for actual property property, implicitly assume that the worth of actual property property diminishes predictably over time. As famous earlier, as a result of actual property values traditionally have risen or fallen with market situations, many actual property {industry} buyers have thought-about presentation of historic price accounting for working outcomes to be inadequate.

Because of the elimination of corporate-level prices and bills, beneficial properties or losses on disposition, sure severance bills and depreciation and amortization expense, the resort working outcomes we current don’t signify our whole revenues, bills, working revenue or internet earnings and shouldn’t be used to judge our efficiency as an entire. Management compensates for these limitations by individually contemplating the affect of those excluded objects to the extent they’re materials to working choices or assessments of our working efficiency. Our consolidated statements of operations embrace such quantities, all of which needs to be thought-about by buyers when evaluating our efficiency.

While administration believes that presentation of All Owned Hotel outcomes is a supplemental measure that gives helpful data in evaluating our ongoing efficiency, this measure isn’t used to allocate assets or to evaluate the working efficiency of every of our resorts, as these choices are based mostly on information for particular person resorts and aren’t based mostly on All Owned Hotel leads to the combination. For these causes, we imagine All Owned Hotel working outcomes, when mixed with the presentation of GAAP working revenue, revenues and bills, present helpful data to buyers and administration.

SOURAV GHOSH Chief Financial Officer (240) 744-5267

JAIME MARCUS Investor Relations (240) 744-5117 [email protected]

A PDF accompanying this announcement is accessible at: http://ml.globenewswire.com/Resource/Download/5cfc4a8c-90dc-4e4c-a0e6-44dec10901ef