Hospitality

Host Hotels & Resorts, Inc. Reports Strong Third Quarter

November 3, 2022

883

BETHESDA, Md., Nov. 02, 2022 (GLOBE NEWSWIRE) — Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging actual property funding belief (“REIT”), immediately introduced outcomes for third quarter of 2022.

Operating Results
(unaudited, in tens of millions, besides per share and lodge statistics)

	Quarter ended September 30,					Percent Change			Percent Change			Year-to-date ended September 30,					Percent Change			Percent Change
	2022		2021			vs. Q3 2021			vs. Q3 2019⁽²⁾			2022		2021			vs. 2021			vs. 2019⁽²⁾
Revenues	$	1,189	$	844			40.9	%		(5.8	)%	$	3,644	$	1,892			92.6	%		(11.9	)%
All Owned Hotel revenues ⁽¹⁾		1,187		798			48.7	%		4.9	%		3,609		1,884			91.6	%		(3.1	)%
All Owned Hotel Total RevPAR ⁽¹⁾		306.11		206.75			48.1	%		3.8	%		313.58		164.64			90.5	%		(4.1	)%
All Owned Hotel RevPAR ⁽¹⁾		192.06		135.28			42.0	%		1.4	%		193.38		106.56			81.5	%		(4.4	)%



Net revenue (loss)	$	116	$	(120	)	N/M						$	494	$	(334	)	N/M
EBITDAre⁽¹⁾		328		179			83.2	%					1,140		295			286.4	%
Adjusted EBITDAre⁽¹⁾		328		177			85.3	%					1,134		290			291.0	%

Diluted earnings (loss) per widespread share		0.16		(0.17	)	N/M							0.68		(0.47	)	N/M
NAREIT FFO per diluted share⁽¹⁾		0.38		0.20			90.0	%					1.35		0.33			309.1	%
Adjusted FFO per diluted share⁽¹⁾		0.38		0.20			90.0	%					1.35		0.33			309.1	%

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

James F. Risoleo, President and Chief Executive Officer, stated, “During the third quarter, we continued to see strong positive operating trends. RevPAR was $192 for the quarter, representing a 1.4% increase over the third quarter of 2019, the second consecutive quarter of improvement in comparison to 2019. Our results this quarter were driven by continued rate strength, with an increase of 15.8% compared to the same period in 2019, despite typical seasonality and shifting business and market mix.”

Risoleo continued, “In November, we completed another acquisition, buying the Four Seasons Resort and Residences Jackson Hole for $315 million. We are pleased to further diversify our portfolio with one of only a handful of ski-in/ski-out luxury resorts in the United States. The hotel is situated in close proximity to Yellowstone and Grand Teton National Parks in a year-round market with shrinking shoulder seasons, severely restricted supply and a history of strong RevPAR growth. This acquisition further demonstrates Host’s ability to utilize our strong balance sheet to improve the quality and EBITDA growth profile of our portfolio. As a result, we believe that Host is well-positioned for future growth.”

Highlights:

All Owned Hotel Total RevPAR was $306.11 and All Owned Hotel RevPAR was $192.06 within the third quarter, a 3.8% and 1.4% enhance, respectively, over third quarter of 2019. Average room charges have been 15.8% above third quarter 2019, pushed by continued robust leisure demand, whereas additionally benefiting from progress in city markets, pushed by elevated group and business journey.
Generated GAAP internet revenue of $116 million within the third quarter and GAAP working revenue margin for the quarter was 12.4%, an enchancment of 150 foundation factors in comparison with the third quarter of 2019.
Achieved All Owned Hotel EBITDA of $341 million and Adjusted EBITDAre of $328 million, each of which exceeded 2019 third quarter outcomes.
The robust enchancment in fee and extra normalized staffing ranges led to All Owned Hotel EBITDA margin of 28.7% for the third quarter, exceeding the third quarter 2019 margin by 250 foundation factors. GAAP working revenue margin and All Owned Hotel EBITDA margin benefited from receipt of business interruption insurance proceeds of $10 million associated to the Orlando World Center Marriott, which, internet of administration charges, elevated margins by 60 foundation factors.
During the third quarter, offered the Chicago Marriott Suites Downers Grove for $16 million, together with $2 million of furnishings fixtures & gear (“FF&E”) funds retained by the Company. The lodge was anticipated to have capital expenditures wants of roughly $15 million inside the subsequent 5 years.
Subsequent to quarter finish, acquired the 125-room Four Seasons Resort and Residences Jackson Hole for $315 million. The luxurious ski resort in Jackson Hole, Wyoming additionally options an extra 44 non-public residences, the homeowners of which can take part in a rental program by way of the resort. The resort, positioned steps from the gondola on the base of the Jackson Hole Mountain Resort, affords practically 9,000 sq. toes of indoor assembly house, three upscale meals and beverage shops plus a pool café, two shops and a 16-treatment room alpine spa.

Balance Sheet

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

Total belongings of $12.2 billion.
Debt steadiness of $4.2 billion, with a mean maturity of 4.8 years, a mean rate of interest of 4.1%, and no important maturities till 2024.
Total accessible liquidity of roughly $2.6 billion, together with FF&E escrow reserves of $187 million and $1.5 billion accessible below the revolver portion of the credit score facility. Following the money acquisition of the Four Seasons Resort and Residences Jackson Hole that was accomplished subsequent to quarter finish, the Company’s whole accessible liquidity was roughly $2.2 billion.

Dividend

The Company paid a 3rd quarter money dividend of $0.12 per share on its widespread inventory on October 17, 2022 to stockholders of report on September 30, 2022. All future dividends are topic to approval by the Company’s Board of Directors. During the third quarter, the Board of Directors approved a rise within the Company’s share repurchase program to $1 billion. No shares have been repurchased through the third quarter below this system.

Operating Results

All Owned Hotel RevPAR surpassed third quarter 2019 RevPAR, as robust leisure demand for resorts and resorts positioned within the Company’s Sunbelt markets and Hawaii continued. Results additionally benefited from group revenues surpassing third quarter 2019, as group demand improved quarter over quarter and charges exceeded 2019.
Food and beverage revenues for the Company’s present portfolio exceeded 2019 for the primary time because the onset of the pandemic, enhancing roughly 3.8%, in comparison with the third quarter of 2019. Banquet and Catering revenues improved 6% in comparison with 2019 pushed by increased contributions from group business, and outlet revenues additionally exceeded 2019.
Hiring tempo improved within the third quarter in comparison with the second quarter, resulting in staffing extra aligned with operators’ desired ranges.
While nearly all of the Company’s properties in Florida have been affected by Hurricane Ian in September, probably the most important harm sustained through the storm occurred at The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa. Due to evacuation mandates and/or lack of industrial energy, 5 of the Company’s properties in Florida have been briefly closed, three of which reopened inside days. Due to proximity of the occasion to quarter finish, working outcomes for the third quarter 2022 weren’t materially impacted, nevertheless the impression will carry into the fourth quarter in addition to into 2023, as The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa stay closed. The Company remains to be evaluating the whole property and business interruption impacts of the storm. Despite a quick lack of industrial energy and harm to the property’s grounds, swimming pools and facilities, the Hyatt Regency Coconut Point has remained open to first responders and the lodge is predicted to reopen to visitors in mid-November, as a phased reopening, with the waterpark reopening through the second quarter of 2023. The Ritz-Carlton, Naples is predicted to stay closed for the rest of the 12 months and into 2023, with a phased reopening technique being evaluated.

Hotel Business Mix Update

The Company’s clients 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 third quarter in comparison with 2019, group demand additionally moved nearer to 2019 ranges, whereas sustaining a powerful enhance in fee in comparison with the third quarter of 2019. The following are the sequential outcomes for transient, group and contract business compared to 2019 efficiency, for the Company’s present portfolio:

	Quarter ended September 30, 2022									Quarter ended June 30, 2022
	Transient			Group			Contract			Transient			Group			Contract
Room nights (in 1000’s)		1,557			991			151			1,581			1,116			138
Percentage change in room nights vs. identical interval in 2019		(18.4	)%		(2.6	)%		21.2	%		(10.3	)%		(8.4	)%		12.4	%
Rooms Revenues (in tens of millions)	$	487		$	229		$	28		$	529		$	289		$	26
Percentage change in revenues vs. identical interval in 2019		1.7	%		3.3	%		9.4	%		9.7	%		(2.9	)%		2.1	%

Capital Expenditures

The following presents the Company’s capital expenditures spend for the third quarter and the forecast for full 12 months 2022 (in tens of millions):

	Year-to-date ended September 30, 2022		2022 Full Year Forecast

	Actual		Low-end of vary		High-end of vary
ROI – Marriott Transformational Capital Program	$	70	$	90	$	115
ROI – All different ROI tasks		170		230		240
Total ROI mission spend		240		320		355
Renewals and Replacements		117		180		220
Total Capital Expenditures	$	357	$	500	$	575

The Company invested closely in capital expenditures within the early phases of restoration so as to decrease future disruption and believes these renovations will place these resorts to seize further income through the lodging restoration. In 2022, the Company expects to finish renovations to 4,000 guestrooms, roughly 33,000 sq. toes of assembly house and roughly 81,000 sq. toes of public house. The Company acquired $1 million of working revenue ensures within the third quarter and $8 million year-to-date and expects to obtain roughly $10 million in whole working revenue ensures in 2022 below the Marriott Transformational Capital Program. Fifteen of the 16 properties in this system are anticipated to be considerably full by the tip of 2022, with Washington Marriott at Metro Center anticipated to finish within the first half of 2023.

2022 Outlook

The Company estimates, primarily based on data presently accessible, that Hurricane Ian will negatively impression its full 12 months revenues by roughly $42 million, of which $36 million is within the fourth quarter, All Owned Hotel RevPAR by 70 foundation factors, however have a 250 foundation factors impression within the fourth quarter, and internet revenue and Adjusted EBITDAre by $20 million, of which $17 million is within the fourth quarter. Full Year 2022 Guidance for working revenue margin below GAAP and All Owned Hotel EBITDA margin have additionally been diminished by 30 foundation factors and 10 foundation factors, respectively, because of the estimated impression of Hurricane Ian. As a end result, the Company anticipates its full 12 months 2022 working outcomes, as in comparison with 2021 and 2019, shall be within the following vary:

	Full Year 2022 Guidance⁽¹⁾
	Low-end of vary			High-end of vary			Change vs. 2021	Change vs. 2019
All Owned Hotel Total RevPAR	$	313		$	316		70.0% to 71.7%	(4.0)% to (3.0)%
All Owned Hotel RevPAR		193			195		63.7% to 65.4%	(3.75)% to (2.75)%
Total revenues below GAAP		4,855			4,903		68.0% to 69.7%	(11.2)% to (10.3)%
Operating revenue margin below GAAP		15.3	%		15.8	%	2,400 bps to 2,450 bps	70 bps to 120 bps
All Owned Hotel EBITDA margin		31.6	%		31.9	%	820 bps to 850 bps	190 bps to 220 bps

___________
(1) All Owned Hotel steering doesn’t embrace the outcomes of the Four Seasons Resort and Residences Jackson Hole, acquired on November 1, 2022.

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 revenue (in tens of millions)	$	617	$	645
Adjusted EBITDAre (in tens of millions)		1,470		1,500
Diluted earnings per widespread share		0.85		0.89
NAREIT FFO per diluted share		1.75		1.79
Adjusted FFO per diluted share		1.75		1.79

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 biggest lodging actual property funding belief and one of many largest homeowners of luxurious and upper-upscale resorts. The Company presently owns 73 properties within the United States and 5 properties internationally totaling roughly 42,200 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 similar to Marriott^®, Ritz-Carlton^®, Westin^®, Sheraton^®, W^®, St. Regis^®, The Luxury Collection^®, Hyatt^®, Fairmont^®, Hilton^®, Four Seasons^®, Swissôtel^®, ibis^® and Novotel^®, in addition to unbiased manufacturers. For further data, please go to the Company’s web site at www.hosthotels.com.

Note: This press launch incorporates forward-looking statements inside the which means of federal securities laws. These forward-looking statements which embrace, however might not be restricted to, our expectations relating to the impression of the COVID-19 pandemic on our business, the restoration of journey and the lodging {industry}, the impression of Hurricane Ian and 2022 estimates with respect to our business are recognized by their use of phrases and phrases similar to “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and different related phrases and phrases, together with references to assumptions and forecasts of future outcomes. Forward-looking statements are usually not ensures of future efficiency and contain identified and unknown dangers, uncertainties and different elements 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 are usually not restricted to: the length and scope of the COVID-19 pandemic and its brief and longer-term impression 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 scale of gatherings; normal financial uncertainty in U.S. markets the place we personal resorts and a worsening of financial circumstances or low ranges of financial progress in these markets; different modifications (other than the COVID-19 pandemic) in nationwide and native financial and business circumstances and different elements similar to pure disasters and climate that may have an effect on occupancy charges at our resorts and the demand for lodge services and products; the impression of geopolitical developments outdoors the U.S. on lodging demand; volatility in world monetary and credit score markets; working dangers related to the lodge business; dangers and limitations in our working flexibility related to the extent of our indebtedness and our means to fulfill covenants in our debt agreements; dangers related to {our relationships} with property managers and three way partnership companions; our means to take care of our properties in a first-class method, together with assembly capital expenditure necessities; the results of lodge renovations on our lodge occupancy and monetary outcomes; our means to compete successfully in areas similar to entry, location, high quality of lodging and room fee constructions; dangers related to our means to finish acquisitions and develop new properties and the dangers that acquisitions and new developments could not carry out in accordance with our expectations; our means to proceed to fulfill complicated guidelines to ensure that us to stay a REIT for federal revenue tax functions; dangers related to our means to effectuate our dividend coverage, together with elements similar to working outcomes and the financial outlook influencing our board’s determination whether or not to pay additional dividends at ranges beforehand disclosed or to make use of accessible money to make particular dividends; and different dangers and uncertainties related to our business described within the Company’s annual report on Form 10-Okay, quarterly reviews on Form 10-Q and present reviews on Form 8-Okay filed with the SEC. Although the Company believes the expectations mirrored in such forward-looking statements are primarily based upon cheap assumptions, it may give no assurance that the expectations shall be attained or that any deviation is not going to be materials. All data on this launch is as of November 2, 2022 and the Company undertakes no obligation to replace any forward-looking assertion to adapt the assertion to precise outcomes or modifications within the Company’s expectations.

* This press launch incorporates registered logos which might be the unique property of their respective homeowners. None of the homeowners of those logos 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 lodge properties. We conduct our operations as an umbrella partnership REIT by way of an working partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we’re the only real normal accomplice. When distinguishing between Host Inc. and Host LP, the first distinction is roughly 1% of the partnership pursuits in Host LP held by outdoors companions as of September 30, 2022, that are non-controlling pursuits in Host LP in our consolidated steadiness sheets and are included in internet (revenue) loss attributable to non-controlling pursuits in our consolidated statements of operations. Readers are inspired to seek out additional element relating to our organizational construction in our annual report on Form 10-Okay.

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

	September 30, 2022			December 31, 2021

ASSETS
Property and gear, internet	$	9,481		$	9,994
Right-of-use belongings		558			551
Assets held on the market		—			270
Due from managers		118			113
Advances to and investments in associates		138			42
Furniture, fixtures and gear alternative fund		187			144
Notes receivable		413			—
Other		389			431
Cash and money equivalents		883			807
Total belongings	$	12,167		$	12,352

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes	$	3,113		$	3,109
Credit facility, together with the time period loans of $998 and $997, respectively		993			1,673
Mortgage and different debt		108			109
Total debt		4,214			4,891
Lease liabilities		570			564
Accounts payable and accrued bills		162			85
Due to managers		74			42
Other		165			198
Total liabilities		5,185			5,780

Redeemable non-controlling pursuits – Host Hotels & Resorts, L.P.		165			126

Host Hotels & Resorts, Inc. stockholders’ fairness:
Common inventory, par worth $0.01, 1,050 million shares approved, 714.9 million shares and 714.1 million shares issued and excellent, respectively		7			7
Additional paid-in capital		7,738			7,702
Accumulated different complete loss		(77	)		(76	)
Deficit		(856	)		(1,192	)
Total fairness of Host Hotels & Resorts, Inc. stockholders		6,812			6,441
Non-redeemable non-controlling pursuits—different consolidated partnerships		5			5
Total fairness		6,817			6,446
Total liabilities, non-controlling pursuits and fairness	$	12,167		$	12,352

___________

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

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

	Quarter ended September 30,						Year-to-date ended September 30,
	2022			2021			2022			2021
Revenues
Rooms	$	746		$	557		$	2,251		$	1,237
Food and beverage		330			191			1,032			405
Other		113			96			361			250
Total revenues		1,189			844			3,644			1,892
Expenses
Rooms		190			150			539			324
Food and beverage		230			146			675			313
Other departmental and assist bills		300			252			873			621
Management charges		48			27			150			59
Other property-level bills		90			82			252			239
Depreciation and amortization		164			263			498			597
Corporate and different bills⁽¹⁾		29			24			77			73
Gain on insurance and business interruption settlements		(10	)		(5	)		(17	)		(5	)
Total working prices and bills		1,041			939			3,047			2,221
Operating revenue (loss)		148			(95	)		597			(329	)
Interest revenue		10			1			17			2
Interest expense		(40	)		(43	)		(113	)		(128	)
Other good points		5			2			19			4
Equity in earnings (losses) of associates		(1	)		2			3			36
Income (loss) earlier than revenue taxes		122			(133	)		523			(415	)
Benefit (provision) for revenue taxes		(6	)		13			(29	)		81
Net revenue (loss)		116			(120	)		494			(334	)
Less: Net (revenue) loss attributable to non- controlling pursuits		(2	)		1			(8	)		3
Net revenue (loss) attributable to Host Inc.	$	114		$	(119	)	$	486		$	(331	)
Basic and diluted earnings (loss) per widespread share	$	0.16		$	(0.17	)	$	0.68		$	(0.47	)

___________

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

	Quarter ended September 30,				Year-to-date ended September 30,
	2022		2021		2022		2021

General and administrative prices	$	20	$	20	$	58	$	60
Non-cash stock-based compensation expense		9		4		19		13
Total	$	29	$	24	$	77	$	73

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

	Quarter ended September 30,						Year-to-date ended September 30,
	2022			2021			2022			2021
Net revenue (loss)	$	116		$	(120	)	$	494		$	(334	)
Less: Net (revenue) loss attributable to non- controlling pursuits		(2	)		1			(8	)		3
Net revenue (loss) attributable to Host Inc.	$	114		$	(119	)	$	486		$	(331	)

Basic weighted common shares excellent		714.9			713.9			714.7			709.0
Assuming distribution of widespread shares granted below the excellent inventory plans, much less shares assumed bought at market		2.7			—			2.7			—
Diluted weighted common shares excellent⁽¹⁾		717.6			713.9			717.4			709.0
Basic and diluted earnings (loss) per widespread share	$	0.16		$	(0.17	)	$	0.68		$	(0.47	)

___________
^{(1) Dilutive securities could embrace shares granted below 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 September 30, 2022				Quarter ended September 30, 2022									Quarter ended September 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
Maui/Oahu		4		2,007	$	565.30		73.6	%	$	416.12	$	643.06	$	514.34		82.8	%	$	425.86	$	635.28		(2.3	)%		1.2	%
Miami		2		1,033		457.43		50.2			229.66		427.55		424.80		53.9			229.17		390.19		0.2			9.6
Jacksonville		1		446		487.53		67.0			326.67		707.75		465.60		68.7			319.90		683.35		2.1			3.6
Florida Gulf Coast		5		1,850		330.56		53.9			178.01		340.62		314.16		45.2			141.93		286.62		25.4			18.8
Orlando		2		2,448		327.78		61.4			201.23		427.58		332.90		37.4			124.35		228.19		61.8			87.4
Phoenix		4		1,822		251.77		58.1			146.25		372.05		245.88		57.7			141.92		321.83		3.0			15.6
Los Angeles/ Orange County		3		1,067		303.74		86.4			262.42		372.72		263.40		72.4			190.80		263.83		37.5			41.3
New York		2		2,486		309.77		84.3			260.99		351.90		238.23		45.3			107.97		138.91		141.7			153.3
San Diego		3		3,288		292.38		85.4			249.83		440.67		247.61		72.1			178.55		281.14		39.9			56.7
Austin		2		767		233.32		68.3			159.46		289.77		210.96		58.1			122.67		207.76		30.0			39.5
Philadelphia		2		810		221.65		85.9			190.48		286.56		191.85		79.1			151.74		223.07		25.5			28.5
Washington, D.C. (CBD)		5		3,238		237.56		65.7			156.01		223.72		185.06		37.1			68.65		96.94		127.3			130.8
Chicago		3		1,562		263.27		79.3			208.86		286.41		200.33		63.2			126.61		159.82		65.0			79.2
Seattle		2		1,315		264.88		81.9			216.97		274.62		202.49		53.5			108.25		130.03		100.4			111.2
San Francisco/ San Jose		6		4,162		244.45		71.3			174.35		249.76		165.10		50.0			82.54		105.04		111.2			137.8
Boston		2		1,495		263.46		63.8			167.99		223.00		202.75		60.3			122.31		149.10		37.3			49.6
Northern Virginia		2		916		214.33		67.2			144.06		219.78		187.15		58.9			110.22		162.40		30.7			35.3
Atlanta		2		810		183.46		72.8			133.57		199.97		163.07		64.8			105.67		146.59		26.4			36.4
San Antonio		2		1,512		190.72		64.5			122.96		194.39		181.30		55.8			101.18		149.13		21.5			30.3
New Orleans		1		1,333		163.33		63.6			103.87		158.20		136.76		54.3			74.30		91.66		39.8			72.6
Denver		3		1,340		197.50		76.5			151.18		214.65		169.25		65.4			110.75		141.64		36.5			51.5
Houston		5		1,942		176.72		62.1			109.74		149.01		149.60		66.6			99.67		133.88		10.1			11.3
Other		9		2,936		261.04		63.6			166.04		240.26		250.39		55.3			138.36		193.81		20.0			24.0
Domestic		72		40,585		278.18		69.9			194.55		311.41		244.92		56.6			138.57		211.96		40.4			46.9

International		5		1,499		200.98		62.0			124.66		162.44		90.99		51.4			46.77		66.43		166.5			144.5
All Locations		77		42,084		275.73		69.7			192.06		306.11		239.89		56.4			135.28		206.75		42.0			48.1

All Owned Hotel Results by Location Compared to 2019

	As of September 30, 2022				Quarter ended September 30, 2022									Quarter ended September 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
Maui/Oahu		4		2,007	$	565.30		73.6	%	$	416.12	$	643.06	$	385.51		91.5	%	$	352.78	$	554.15		18.0	%		16.0	%
Miami		2		1,033		457.43		50.2			229.66		427.55		259.69		76.2			197.80		341.68		16.1			25.1
Jacksonville		1		446		487.53		67.0			326.67		707.75		363.69		69.0			251.05		516.90		30.1			36.9
Florida Gulf Coast		5		1,850		330.56		53.9			178.01		340.62		242.93		61.6			149.63		302.07		19.0			12.8
Orlando		2		2,448		327.78		61.4			201.23		427.58		250.13		61.0			152.55		315.38		31.9			35.6
Phoenix		4		1,822		251.77		58.1			146.25		372.05		197.07		57.9			114.19		287.59		28.1			29.4
Los Angeles/ Orange County		3		1,067		303.74		86.4			262.42		372.72		271.42		86.6			235.06		344.41		11.6			8.2
New York		2		2,486		309.77		84.3			260.99		351.90		291.70		92.3			269.15		381.03		(3.0	)		(7.6	)
San Diego		3		3,288		292.38		85.4			249.83		440.67		256.92		83.5			214.41		372.78		16.5			18.2
Austin		2		767		233.32		68.3			159.46		289.77		213.65		84.4			180.39		304.72		(11.6	)		(4.9	)
Philadelphia		2		810		221.65		85.9			190.48		286.56		207.13		88.2			182.60		295.52		4.3			(3.0	)
Washington, D.C. (CBD)		5		3,238		237.56		65.7			156.01		223.72		211.15		84.4			178.19		254.63		(12.4	)		(12.1	)
Chicago		3		1,562		263.27		79.3			208.86		286.41		232.68		87.4			203.30		288.11		2.7			(0.6	)
Seattle		2		1,315		264.88		81.9			216.97		274.62		260.45		90.2			234.96		291.64		(7.7	)		(5.8	)
San Francisco/ San Jose		6		4,162		244.45		71.3			174.35		249.76		270.46		84.9			229.73		308.58		(24.1	)		(19.1	)
Boston		2		1,495		263.46		63.8			167.99		223.00		246.21		89.9			221.40		302.19		(24.1	)		(26.2	)
Northern Virginia		2		916		214.33		67.2			144.06		219.78		213.63		76.6			163.58		237.84		(11.9	)		(7.6	)
Atlanta		2		810		183.46		72.8			133.57		199.97		165.72		83.6			138.47		222.85		(3.5	)		(10.3	)
San Antonio		2		1,512		190.72		64.5			122.96		194.39		165.01		66.6			109.84		155.81		11.9			24.8
New Orleans		1		1,333		163.33		63.6			103.87		158.20		156.82		77.0			120.78		175.05		(14.0	)		(9.6	)
Denver		3		1,340		197.50		76.5			151.18		214.65		184.28		84.5			155.64		218.16		(2.9	)		(1.6	)
Houston		5		1,942		176.72		62.1			109.74		149.01		170.32		67.0			114.07		159.84		(3.8	)		(6.8	)
Other		9		2,936		261.04		63.6			166.04		240.26		198.34		79.1			156.91		241.19		5.8			(0.4	)
Domestic		72		40,585		278.18		69.9			194.55		311.41		240.95		79.7			191.95		299.74		1.4			3.9

International		5		1,499		200.98		62.0			124.66		162.44		159.14		75.9			120.86		166.88		3.1			(2.7	)
All Locations		77		42,084		275.73		69.7			192.06		306.11		238.14		79.5			189.39		294.96		1.4			3.8

All Owned Hotel Results by Location Compared to 2021

	As of September 30, 2022				Year-to-date ended September 30, 2022									Year-to-date ended September 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
Maui/Oahu		4		2,007	$	559.15		76.0	%	$	424.91	$	657.89	$	470.97		67.4	%	$	317.20	$	480.87		34.0	%		36.8	%
Miami		2		1,033		618.23		62.8			388.09		647.24		555.80		56.4			313.58		499.04		23.8			29.7
Jacksonville		1		446		533.33		69.5			370.85		799.91		506.77		57.8			293.02		587.76		26.6			36.1
Florida Gulf Coast		5		1,850		442.56		65.9			291.82		570.66		416.57		54.8			228.24		426.68		27.9			33.7
Orlando		2		2,448		395.30		64.4			254.71		498.62		398.72		27.3			108.98		196.25		133.7			154.1
Phoenix		4		1,822		366.88		69.1			253.45		551.73		301.23		56.5			170.12		346.53		49.0			59.2
Los Angeles/ Orange County		3		1,067		290.28		79.6			231.14		331.60		234.10		50.5			118.33		162.84		95.3			103.6
New York		2		2,486		305.98		68.8			210.55		297.35		200.01		34.6			69.19		85.45		204.3			248.0
San Diego		3		3,288		275.85		76.1			209.91		376.43		218.39		45.3			98.85		155.68		112.4			141.8
Austin		2		767		261.29		70.3			183.71		319.55		190.23		51.9			98.76		159.17		86.0			100.8
Philadelphia		2		810		212.19		79.8			169.40		258.46		169.58		58.7			99.52		147.38		70.2			75.4
Washington, D.C. (CBD)		5		3,238		258.02		60.5			156.14		222.68		161.96		42.2			68.41		81.26		128.2			174.0
Chicago		3		1,562		238.34		64.8			154.44		212.39		176.19		37.4			65.84		81.71		134.6			159.9
Seattle		2		1,315		234.51		64.1			150.37		194.36		188.47		27.8			52.43		63.79		186.8			204.7
San Francisco/ San Jose		6		4,162		230.51		63.1			145.43		208.62		155.78		31.4			48.92		63.32		197.3			229.5
Boston		2		1,495		246.01		57.4			141.27		186.74		173.03		37.5			64.82		80.96		117.9			130.6
Northern Virginia		2		916		215.60		65.3			140.83		212.13		177.75		45.4			80.62		118.44		74.7			79.1
Atlanta		2		810		181.26		72.2			130.94		204.64		152.57		54.5			83.14		112.32		57.5			82.2
San Antonio		2		1,512		194.11		67.3			130.73		201.94		160.63		40.8			65.54		95.17		99.5			112.2
New Orleans		1		1,333		196.59		65.3			128.42		187.76		128.95		37.6			48.51		65.71		164.7			185.7
Denver		3		1,340		183.44		63.9			117.14		169.54		149.35		42.1			62.95		80.24		86.1			111.3
Houston		5		1,942		180.33		63.4			114.29		158.00		140.32		59.7			83.73		113.03		36.5			39.8
Other		9		2,936		264.87		61.2			162.17		233.33		243.29		45.3			110.15		156.34		47.2			49.2
Domestic		72		40,585		296.19		66.6			197.36		320.69		249.37		44.0			109.63		169.48		80.0			89.2

International		5		1,499		159.59		53.6			85.55		120.75		85.10		28.0			23.85		34.15		258.8			253.6
All Locations		77		42,084		292.25		66.2			193.38		313.58		245.57		43.4			106.56		164.64		81.5			90.5

All Owned Hotel Results by Location Compared to 2019

	As of September 30, 2022				Year-to-date ended September 30, 2022									Year-to-date ended September 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
Maui/Oahu		4		2,007	$	559.15		76.0	%	$	424.91	$	657.89	$	401.92		90.9	%	$	365.45	$	577.41		16.3	%		13.9	%
Miami		2		1,033		618.23		62.8			388.09		647.24		356.95		80.6			287.82		463.01		34.8			39.8
Jacksonville		1		446		533.33		69.5			370.85		799.91		383.37		77.2			296.02		652.91		25.3			22.5
Florida Gulf Coast		5		1,850		442.56		65.9			291.82		570.66		340.73		72.8			247.94		507.99		17.7			12.3
Orlando		2		2,448		395.30		64.4			254.71		498.62		285.49		70.7			201.76		412.06		26.2			21.0
Phoenix		4		1,822		366.88		69.1			253.45		551.73		292.22		71.7			209.42		472.19		21.0			16.8
Los Angeles/ Orange County		3		1,067		290.28		79.6			231.14		331.60		262.50		84.7			222.39		335.37		3.9			(1.1	)
New York		2		2,486		305.98		68.8			210.55		297.35		290.81		82.3			239.46		368.99		(12.1	)		(19.4	)
San Diego		3		3,288		275.85		76.1			209.91		376.43		255.81		81.2			207.62		372.41		1.1			1.1
Austin		2		767		261.29		70.3			183.71		319.55		246.64		86.6			213.69		361.89		(14.0	)		(11.7	)
Philadelphia		2		810		212.19		79.8			169.40		258.46		216.10		85.4			184.46		301.70		(8.2	)		(14.3	)
Washington, D.C. (CBD)		5		3,238		258.02		60.5			156.14		222.68		246.65		83.1			204.99		293.15		(23.8	)		(24.0	)
Chicago		3		1,562		238.34		64.8			154.44		212.39		218.02		77.8			169.55		243.43		(8.9	)		(12.8	)
Seattle		2		1,315		234.51		64.1			150.37		194.36		231.59		84.3			195.17		256.01		(23.0	)		(24.1	)
San Francisco/ San Jose		6		4,162		230.51		63.1			145.43		208.62		284.01		82.2			233.51		323.40		(37.7	)		(35.5	)
Boston		2		1,495		246.01		57.4			141.27		186.74		242.40		83.8			203.01		289.54		(30.4	)		(35.5	)
Northern Virginia		2		916		215.60		65.3			140.83		212.13		220.18		76.5			168.33		265.16		(16.3	)		(20.0	)
Atlanta		2		810		181.26		72.2			130.94		204.64		187.48		84.0			157.49		258.05		(16.9	)		(20.7	)
San Antonio		2		1,512		194.11		67.3			130.73		201.94		183.18		73.0			133.69		195.06		(2.2	)		3.5
New Orleans		1		1,333		196.59		65.3			128.42		187.76		188.24		79.9			150.35		219.33		(14.6	)		(14.4	)
Denver		3		1,340		183.44		63.9			117.14		169.54		175.15		76.3			133.61		195.92		(12.3	)		(13.5	)
Houston		5		1,942		180.33		63.4			114.29		158.00		178.46		72.4			129.22		184.58		(11.6	)		(14.4	)
Other		9		2,936		264.87		61.2			162.17		233.33		193.56		76.5			148.07		222.10		9.5			5.1
Domestic		72		40,585		296.19		66.6			197.36		320.69		258.57		79.6			205.77		333.27		(4.1	)		(3.8	)

International		5		1,499		159.59		53.6			85.55		120.75		154.30		71.1			109.74		159.00		(22.0	)		(24.1	)
All Locations		77		42,084		292.25		66.2			193.38		313.58		255.20		79.3			202.32		327.00		(4.4	)		(4.1	)

___________

^{(1) To facilitate a quarter-to-quarter comparability of our operations, we sometimes current sure working statistics and working outcomes for the intervals included on this presentation on a comparable lodge foundation. However, because of the COVID-19 pandemic and its results on operations there may be little comparability between intervals. For this purpose, we briefly are suspending our comparable lodge presentation and as a substitute current lodge working outcomes for all consolidated resorts and, to facilitate comparisons between intervals, we’re presenting in these tables statistics which embrace the next changes: (1) working outcomes are introduced for all consolidated properties owned as of September 30, 2022 however don’t embrace the outcomes of operations for properties offered or held-for-sale as of the reporting date; and (2) working outcomes for acquisitions as of September 30, 2022 are mirrored for full calendar years, to incorporate outcomes for intervals previous to our possession. For these resorts, because the year-over-year comparability consists of intervals previous to our possession, the modifications is not going to essentially correspond to modifications 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 improvement lodge that opened in January 2021 and The Laura Hotel in Houston re-opened below new administration in November 2021. Therefore, no changes have been made for outcomes of those resorts for intervals 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 accessible room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, meals and beverage and different revenues by the accessible room nights.}

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

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

	As of September 30,
	2022		2021		Quarter ended September 30, 2022									Quarter ended September 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
Maui/Oahu		4		4	$	565.30		73.6	%	$	416.12	$	643.06	$	514.34		82.8	%	$	425.86	$	635.28		(2.3	)%		1.2	%
Miami		2		3		457.43		50.2			229.66		427.55		364.54		55.2			201.40		333.79		14.0			28.1
Jacksonville		1		1		487.53		67.0			326.67		707.75		465.60		68.7			319.90		683.35		2.1			3.6
Florida Gulf Coast		5		5		330.56		53.9			178.01		340.62		314.16		45.2			141.93		286.62		25.4			18.8
Orlando		2		2		327.78		61.4			201.23		427.58		332.90		37.4			124.35		228.19		61.8			87.4
Phoenix		4		4		251.77		58.1			146.25		372.05		245.88		57.7			141.92		321.83		3.0			15.6
Los Angeles/ Orange County		3		5		303.74		86.4			262.42		372.72		218.60		71.1			155.40		216.04		68.9			72.5
New York		2		3		309.77		84.3			260.99		351.90		217.90		46.2			100.72		130.88		159.1			168.9
San Diego		3		3		292.38		85.4			249.83		440.67		247.61		72.1			178.55		281.14		39.9			56.7
Austin		2		1		233.32		68.3			159.46		289.77		181.59		57.2			103.84		162.10		53.6			78.8
Philadelphia		2		2		221.65		85.9			190.48		286.56		191.85		79.1			151.74		223.07		25.5			28.5
Washington, D.C. (CBD)		5		5		237.56		65.7			156.01		223.72		185.06		37.1			68.65		96.94		127.3			130.8
Chicago		3		4		253.75		77.8			197.54		269.26		191.01		62.4			119.27		149.38		65.6			80.3
Seattle		2		2		264.88		81.9			216.97		274.62		202.49		53.5			108.25		130.03		100.4			111.2
San Francisco/ San Jose		6		7		244.45		71.3			174.35		249.76		163.42		50.0			81.72		104.30		113.4			139.5
Boston		2		3		263.46		63.8			167.99		223.00		204.56		48.1			98.46		117.58		70.6			89.7
Northern Virginia		2		3		214.33		67.2			144.06		219.78		169.41		60.6			102.70		156.44		40.3			40.5
Atlanta		2		4		183.46		72.8			133.57		199.97		178.31		56.6			100.94		142.30		32.3			40.5
San Antonio		2		2		190.72		64.5			122.96		194.39		181.30		55.8			101.18		149.13		21.5			30.3
New Orleans		1		1		163.33		63.6			103.87		158.20		136.76		54.3			74.30		91.66		39.8			72.6
Denver		3		3		197.50		76.5			151.18		214.65		169.25		65.4			110.75		141.64		36.5			51.5
Houston		5		4		176.72		62.1			109.74		149.01		149.60		66.6			99.67		133.88		10.1			11.3
Other		9		8		261.04		63.6			166.04		240.26		203.77		53.2			108.38		150.97		53.2			59.1
Domestic		72		79		277.68		69.9			194.13		310.58		233.85		55.7			130.18		196.75		49.1			57.9

International		5		5		200.98		62.0			124.66		162.44		90.99		51.4			46.77		66.43		166.5			144.5
All Locations		77		84		275.25		69.6			191.66		305.33		229.68		55.5			127.54		192.63		50.3			58.5

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

	As of September 30,
	2022		2019		Quarter ended September 30, 2022									Quarter ended September 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
Maui/Oahu		4		4	$	565.30		73.6	%	$	416.12	$	643.06	$	385.51		91.5	%	$	352.78	$	543.42		18.0	%		18.3	%
Miami		2		3		457.43		50.2			229.66		427.55		235.65		73.9			174.18		294.09		31.8			45.4
Jacksonville		1		1		487.53		67.0			326.67		707.75		363.69		69.0			251.05		516.90		30.1			36.9
Florida Gulf Coast		5		5		330.56		53.9			178.01		340.62		242.93		61.6			149.63		302.07		19.0			12.8
Orlando		2		1		327.78		61.4			201.23		427.58		155.29		59.2			91.97		231.78		118.8			84.5
Phoenix		4		3		251.77		58.1			146.25		372.05		187.65		58.4			109.56		266.45		33.5			39.6
Los Angeles/ Orange County		3		6		303.74		86.4			262.42		372.72		226.14		85.8			194.13		288.91		35.2			29.0
New York		2		3		309.77		84.3			260.99		351.90		271.11		92.0			249.40		341.59		4.6			3.0
San Diego		3		4		292.38		85.4			249.83		440.67		235.94		84.9			200.22		347.13		24.8			26.9
Austin		2		—		233.32		68.3			159.46		289.77		—		—			—		—		—			—
Philadelphia		2		2		221.65		85.9			190.48		286.56		207.13		88.2			182.60		295.52		4.3			(3.0	)
Washington, D.C. (CBD)		5		5		237.56		65.7			156.01		223.72		211.15		84.4			178.19		254.63		(12.4	)		(12.1	)
Chicago		3		4		253.75		77.8			197.54		269.26		217.96		85.2			185.76		259.62		6.3			3.7
Seattle		2		2		264.88		81.9			216.97		274.62		260.45		90.2			234.96		291.64		(7.7	)		(5.8	)
San Francisco/ San Jose		6		7		244.45		71.3			174.35		249.76		266.18		84.2			224.20		301.99		(22.2	)		(17.3	)
Boston		2		4		263.46		63.8			167.99		223.00		243.62		91.4			222.58		293.17		(24.5	)		(23.9	)
Northern Virginia		2		3		214.33		67.2			144.06		219.78		199.70		72.7			145.09		217.46		(0.7	)		1.1
Atlanta		2		4		183.46		72.8			133.57		199.97		168.45		85.0			143.25		215.95		(6.8	)		(7.4	)
San Antonio		2		2		190.72		64.5			122.96		194.39		165.01		66.6			109.84		155.81		11.9			24.8
New Orleans		1		1		163.33		63.6			103.87		158.20		156.82		77.0			120.78		175.05		(14.0	)		(9.6	)
Denver		3		3		197.50		76.5			151.18		214.65		184.28		84.5			155.64		218.16		(2.9	)		(1.6	)
Houston		5		4		176.72		62.1			109.74		149.01		170.32		67.0			114.07		159.84		(3.8	)		(6.8	)
Other		9		6		261.04		63.6			166.04		240.26		172.44		80.7			139.19		195.48		19.3			22.9
Domestic		72		77		277.68		69.9			194.13		310.58		229.97		80.9			186.05		283.16		4.3			9.7

International		5		5		200.98		62.0			124.66		162.44		159.14		75.9			120.86		166.88		3.1			(2.7	)
All Locations		77		82		275.25		69.6			191.66		305.33		227.93		80.8			184.06		279.60		4.1			9.2

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

	As of September 30,
	2022		2021		Year-to-date ended September 30, 2022									Year-to-date ended September 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
Maui/Oahu		4		4	$	559.15		76.0	%	$	424.91	$	657.89	$	470.97		67.4	%	$	317.20	$	476.28		34.0	%		38.1	%
Miami		2		3		573.01		64.5			369.80		609.25		472.94		57.4			271.38		424.17		36.3			43.6
Jacksonville		1		1		533.33		69.5			370.85		799.91		506.77		57.8			293.02		587.76		26.6			36.1
Florida Gulf Coast		5		5		442.56		65.9			291.82		570.66		416.57		54.8			228.24		426.68		27.9			33.7
Orlando		2		2		395.30		64.4			254.71		498.62		313.90		26.5			83.14		157.35		206.4			216.9
Phoenix		4		4		366.88		69.1			253.45		551.73		301.23		56.5			170.12		346.53		49.0			59.2
Los Angeles/ Orange County		3		5		290.28		79.6			231.14		331.60		190.62		53.1			101.25		138.42		128.3			139.6
New York		2		3		288.08		63.5			182.96		256.78		189.90		31.7			60.17		75.05		204.1			242.2
San Diego		3		3		275.85		76.1			209.91		376.43		218.39		45.3			98.85		155.68		112.4			141.8
Austin		2		1		261.29		70.3			183.71		319.55		181.39		58.7			106.44		156.20		72.6			104.6
Philadelphia		2		2		212.19		79.8			169.40		258.46		169.58		58.7			99.52		147.38		70.2			75.4
Washington, D.C. (CBD)		5		5		258.02		60.5			156.14		222.68		161.96		42.2			68.41		81.26		128.2			174.0
Chicago		3		4		227.82		63.1			143.86		196.43		168.03		37.4			62.92		77.59		128.6			153.2
Seattle		2		2		234.51		64.1			150.37		194.36		188.47		27.8			52.43		63.79		186.8			204.7
San Francisco/ San Jose		6		7		230.51		63.1			145.43		208.62		153.68		31.5			48.40		62.82		200.4			232.1
Boston		2		3		240.93		55.5			133.65		175.93		180.00		25.7			46.18		56.54		189.4			211.2
Northern Virginia		2		3		215.60		65.3			140.83		212.13		161.62		44.3			71.60		107.52		96.7			97.3
Atlanta		2		4		181.26		72.2			130.94		204.64		170.45		48.0			81.83		111.31		60.0			83.8
San Antonio		2		2		194.11		67.3			130.73		201.94		160.63		40.8			65.54		95.17		99.5			112.2
New Orleans		1		1		196.59		65.3			128.42		187.76		128.95		37.6			48.51		65.71		164.7			185.7
Denver		3		3		183.44		63.9			117.14		169.54		149.35		42.1			62.95		80.24		86.1			111.3
Houston		5		4		180.33		63.4			114.29		158.00		140.32		59.7			83.73		113.03		36.5			39.8
Other		9		8		264.87		61.2			162.17		233.33		170.49		40.8			69.58		94.34		133.1			147.3
Domestic		72		79		293.77		66.1			194.23		314.75		233.25		42.4			98.82		150.74		96.5			108.8

International		5		5		159.59		53.6			85.55		120.75		85.10		28.0			23.85		34.15		258.8			253.6
All Locations		77		84		289.98		65.7			190.46		308.03		230.09		41.9			96.43		147.02		97.5			109.5

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

	As of September 30,
	2022		2019		Year-to-date ended September 30, 2022									Year-to-date ended September 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
Maui/Oahu		4		4	$	559.15		76.0	%	$	424.91	$	657.89	$	401.92		90.9	%	$	365.45	$	563.64		16.3	%		16.7	%
Miami		2		3		573.01		64.5			369.80		609.25		293.90		79.8			234.60		367.10		57.6			66.0
Jacksonville		1		1		533.33		69.5			370.85		799.91		383.37		77.2			296.02		652.91		25.3			22.5
Florida Gulf Coast		5		5		442.56		65.9			291.82		570.66		340.73		72.8			247.94		507.99		17.7			12.3
Orlando		2		1		395.30		64.4			254.71		498.62		182.58		69.5			126.97		303.48		100.6			64.3
Phoenix		4		3		366.88		69.1			253.45		551.73		270.22		73.4			198.47		419.43		27.7			31.5
Los Angeles/ Orange County		3		6		290.28		79.6			231.14		331.60		214.91		84.4			181.37		273.04		27.4			21.5
New York		2		3		288.08		63.5			182.96		256.78		268.13		82.9			222.31		328.43		(17.7	)		(21.8	)
San Diego		3		4		275.85		76.1			209.91		376.43		236.69		81.5			192.90		345.20		8.8			9.0
Austin		2		—		261.29		70.3			183.71		319.55		—		—			—		—		—			—
Philadelphia		2		2		212.19		79.8			169.40		258.46		216.10		85.4			184.46		301.70		(8.2	)		(14.3	)
Washington, D.C. (CBD)		5		5		258.02		60.5			156.14		222.68		246.65		83.1			204.99		293.15		(23.8	)		(24.0	)
Chicago		3		4		227.82		63.1			143.86		196.43		198.58		76.6			152.16		210.78		(5.5	)		(6.8	)
Seattle		2		2		234.51		64.1			150.37		194.36		231.59		84.3			195.17		256.01		(23.0	)		(24.1	)
San Francisco/ San Jose		6		7		230.51		63.1			145.43		208.62		279.15		81.5			227.38		315.49		(36.0	)		(33.9	)
Boston		2		4		240.93		55.5			133.65		175.93		237.01		82.6			195.81		268.56		(31.7	)		(34.5	)
Northern Virginia		2		3		215.60		65.3			140.83		212.13		197.94		74.8			148.13		226.05		(4.9	)		(6.2	)
Atlanta		2		4		181.26		72.2			130.94		204.64		193.39		79.8			154.29		235.46		(15.1	)		(13.1	)
San Antonio		2		2		194.11		67.3			130.73		201.94		183.18		73.0			133.69		195.06		(2.2	)		3.5
New Orleans		1		1		196.59		65.3			128.42		187.76		188.24		79.9			150.35		219.33		(14.6	)		(14.4	)
Denver		3		3		183.44		63.9			117.14		169.54		175.15		76.3			133.61		195.92		(12.3	)		(13.5	)
Houston		5		4		180.33		63.4			114.29		158.00		178.46		72.4			129.22		184.58		(11.6	)		(14.4	)
Other		9		6		264.87		61.2			162.17		233.33		173.68		76.9			133.48		197.30		21.5			18.3
Domestic		72		77		293.77		66.1			194.23		314.75		240.89		79.7			191.94		303.24		1.2			3.8

International		5		5		159.59		53.6			85.55		120.75		154.30		71.1			109.74		159.00		(22.0	)		(24.1	)
All Locations		77		82		289.98		65.7			190.46		308.03		238.59		79.4			189.51		298.97		0.5			3.0

^{(1) Represents the outcomes of the portfolio for the time interval of our possession, together with tendencies by way 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 tens of millions, besides lodge statistics)

	Quarter ended September 30,									Year-to-date ended September 30,
	2022			2021			2019			2022			2021			2019
Number of resorts		77			76			75			77			76			75
Number of rooms		42,084			41,861			41,696			42,084			41,861			41,696
Change in All Owned Hotel Total RevPAR		48.1	%		—			—			90.5	%		—			—
Change in All Owned Hotel RevPAR		42.0	%		—			—			81.5	%		—			—
Operating revenue (loss) margin⁽²⁾		12.4	%		(11.3	)%		10.9	%		16.4	%		(17.4	)%		15.3	%
All Owned Hotel EBITDA margin⁽²⁾		28.7	%		24.9	%		26.2	%		32.7	%		21.1	%		30.2	%
Food and beverage revenue margin⁽²⁾		30.3	%		23.6	%		23.8	%		34.6	%		22.7	%		31.7	%
All Owned Hotel meals and beverage revenue margin⁽²⁾		30.3	%		24.3	%		25.2	%		35.1	%		23.2	%		33.2	%

Net revenue (loss)	$	116		$	(120	)	$	372		$	494		$	(334	)	$	851
Depreciation and amortization		164			263			165			498			597			501
Interest expense		40			43			46			113			128			132
Provision (profit) for revenue taxes		6			(13	)		4			29			(81	)		22
Gain on sale of property and company degree revenue/expense		15			19			(263	)		32			31			(296	)
Severance expense (reversal) at lodge properties		—			(2	)		—			2			(5	)		—
All Owned Hotel changes⁽¹⁾		—			8			(28	)		11			62			(87	)
All Owned Hotel EBITDA⁽¹⁾	$	341		$	198		$	296		$	1,179		$	398		$	1,123

___________
^{(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 offered or held-for-sale as of September 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 intervals previous to our possession for resorts acquired as of September 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 improvement lodge that opened in January 2021 and The Laura Hotel in Houston re-opened below new administration in November 2021. Therefore, no changes have been made for outcomes of those resorts for intervals 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 introduced within the unaudited condensed consolidated statements of operations. All Owned Hotel margins are calculated utilizing quantities introduced within the following tables, which embrace reconciliations to the relevant GAAP outcomes:}

	Quarter ended September 30, 2022												Quarter ended September 30, 2021
				Adjustments												Adjustments
	GAAP Results			All Owned Hotel changes			Depreciation and company degree objects			All Owned Hotel Results			GAAP Results			Severance at lodge properties			All Owned Hotel changes			Depreciation and company degree objects			All Owned Hotel Results
Revenues
Room	$	746		$	(2	)	$	—		$	744		$	557		$	—		$	(36	)	$	—		$	521
Food and beverage		330			—			—			330			191			—			(7	)		—			184
Other		113			—			—			113			96			—			(3	)		—			93
Total revenues		1,189			(2	)		—			1,187			844			—			(46	)		—			798
Expenses
Room		190			(1	)		—			189			150			1			(16	)		—			135
Food and beverage		230			—			—			230			146			1			(8	)		—			139
Other		438			(1	)		—			437			361			—			(30	)		—			331
Depreciation and amortization		164			—			(164	)		—			263			—			—			(263	)		—
Corporate and different bills		29			—			(29	)		—			24			—			—			(24	)		—
Gain on insurance and business interruption settlements		(10	)		—			—			(10	)		(5	)		—			—			—			(5	)
Total bills		1,041			(2	)		(193	)		846			939			2			(54	)		(287	)		600
Operating Profit – All Owned Hotel EBITDA	$	148		$	—		$	193		$	341		$	(95	)	$	(2	)	$	8		$	287		$	198

	Quarter ended September 30, 2022												Quarter ended September 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	$	746		$	(2	)	$	—		$	744		$	830		$	(104	)	$	—		$	726
Food and beverage		330			—			—			330			341			(23	)		—			318
Other		113			—			—			113			91			(3	)		—			88
Total revenues		1,189			(2	)		—			1,187			1,262			(130	)		—			1,132
Expenses
Room		190			(1	)		—			189			221			(34	)		—			187
Food and beverage		230			—			—			230			260			(22	)		—			238
Other		438			(1	)		—			437			457			(46	)		—			411
Depreciation and amortization		164			—			(164	)		—			165			—			(165	)		—
Corporate and different bills		29			—			(29	)		—			26			—			(26	)		—
Gain on insurance and business interruption settlements		(10	)		—			—			(10	)		(4	)		—			4			—
Total bills		1,041			(2	)		(193	)		846			1,125			(102	)		(187	)		836
Operating Profit – All Owned Hotel EBITDA	$	148		$	—		$	193		$	341		$	137		$	(28	)	$	187		$	296

	Year-to-date ended September 30, 2022															Year-to-date ended September 30, 2021
				Adjustments															Adjustments
	GAAP Results			Severance at lodge properties			All Owned Hotel changes			Depreciation and company degree objects			All Owned Hotel Results			GAAP Results			Severance at lodge properties			All Owned Hotel changes			Depreciation and company degree objects			All Owned Hotel Results
Revenues
Room	$	2,251		$	—		$	(28	)	$	—		$	2,223		$	1,237		$	—		$	(20	)	$	—		$	1,217
Food and beverage		1,032			—			(5	)		—			1,027			405			—			7			—			412
Other		361			—			(2	)		—			359			250			—			5			—			255
Total revenues		3,644			—			(35	)		—			3,609			1,892			—			(8	)		—			1,884
Expenses
Room		539			—			(16	)		—			523			324			1			(24	)		—			301
Food and beverage		675			—			(8	)		—			667			313			1			2			—			316
Other		1,275			(2	)		(22	)		—			1,251			919			3			(48	)		—			874
Depreciation and amortization		498			—			—			(498	)		—			597			—			—			(597	)		—
Corporate and different bills		77			—			—			(77	)		—			73			—			—			(73	)		—
Gain on insurance and business interruption settlements		(17	)		—			—			6			(11	)		(5	)		—			—			—			(5	)
Total bills		3,047			(2	)		(46	)		(569	)		2,430			2,221			5			(70	)		(670	)		1,486
Operating Profit – All Owned Hotel EBITDA	$	597		$	2		$	11		$	569		$	1,179		$	(329	)	$	(5	)	$	62		$	670		$	398

	Year-to-date ended September 30, 2022															Year-to-date ended September 30, 2019
				Adjustments															Adjustments
	GAAP Results			Severance at lodge 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	$	2,251		$	—		$	(28	)	$	—		$	2,223		$	2,618		$	(316	)	$	—		$	2,302
Food and beverage		1,032			—			(5	)		—			1,027			1,223			(80	)		—			1,143
Other		361			—			(2	)		—			359			294			(15	)		—			279
Total revenues		3,644			—			(35	)		—			3,609			4,135			(411	)		—			3,724
Expenses
Room		539			—			(16	)		—			523			664			(105	)		—			559
Food and beverage		675			—			(8	)		—			667			835			(72	)		—			763
Other		1,275			(2	)		(22	)		—			1,251			1,426			(147	)		—			1,279
Depreciation and amortization		498			—			—			(498	)		—			501			—			(501	)		—
Corporate and different bills		77			—			—			(77	)		—			80			—			(80	)		—
Gain on insurance and business interruption settlements		(17	)		—			—			6			(11	)		(4	)		—			4			—
Total bills		3,047			(2	)		(46	)		(569	)		2,430			3,502			(324	)		(577	)		2,601
Operating Profit – All Owned Hotel EBITDA	$	597		$	2		$	11		$	569		$	1,179		$	633		$	(87	)	$	577		$	1,123

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

	Quarter ended September 30,						Year-to-date ended September 30,
	2022			2021			2022			2021
Net revenue (loss)	$	116		$	(120	)	$	494		$	(334	)
Interest expense		40			43			113			128
Depreciation and amortization		164			171			498			505
Income taxes		6			(13	)		29			(81	)
EBITDA		326			81			1,134			218
Gain on tendencies⁽²⁾		(5	)		—			(18	)		—
Non-cash impairment expense		—			92			—			92
Equity funding changes:
Equity in (earnings) losses of associates		1			(2	)		(3	)		(36	)
Pro rata EBITDAre of fairness investments⁽³⁾		6			8			27			21
EBITDAre		328			179			1,140			295
Adjustments to EBITDAre:
Gain on property insurance settlement		—			—			(6	)		—
Severance expense (reversal) at lodge properties		—			(2	)		—			(5	)
Adjusted EBITDAre	$	328		$	177		$	1,134		$	290

___________
^{(1)   See the Notes to Financial Information for dialogue of non-GAAP measures.}
^{(2)   Reflects the sale of 4 resorts in 2022.}
^{(3)   Pro rata EBITDAre of fairness investments and professional rata FFO of fairness investments for the year-to-date ended September 30, 2021 embrace a realized achieve of roughly $3 million associated to fairness securities held by certainly one of our unconsolidated partnerships, Fifth Wall Ventures, L.P. Unrealized good points of our unconsolidated investments are usually not 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 tens of millions, besides per share quantities)

	Quarter ended September 30,						Year-to-date ended September 30,
	2022			2021			2022			2021
Net revenue (loss)	$	116		$	(120	)	$	494		$	(334	)
Less: Net (revenue) loss attributable to non- controlling pursuits		(2	)		1			(8	)		3
Net revenue (loss) attributable to Host Inc.		114			(119	)		486			(331	)
Adjustments:
Gain on tendencies⁽²⁾		(5	)		—			(18	)		—
Gain on property insurance settlement		—			—			(6	)		—
Depreciation and amortization		164			171			497			504
Non-cash impairment expense		—			92			—			92
Equity funding changes:
Equity in (earnings) losses of associates		1			(2	)		(3	)		(36	)
Pro rata FFO of fairness investments⁽³⁾		4			6			21			16
Consolidated partnership changes:
FFO adjustment for non-controlling partnerships		(1	)		—			(1	)		(1	)
FFO changes for non-controlling pursuits of Host L.P.		(2	)		(3	)		(6	)		(6	)
NAREIT FFO		275			145			970			238
Adjustments to NAREIT FFO:
Severance expense (reversal) at lodge properties		—			(2	)		—			(5	)
Adjusted FFO	$	275		$	143		$	970		$	233

For calculation on a per share foundation:⁽⁴⁾

Diluted weighted common shares excellent – EPS		717.6			713.9			717.4			709.0
Assuming issuance of widespread shares granted below the excellent inventory plans		—			1.6			—			1.6
Diluted weighted common shares excellent – NAREIT FFO and Adjusted FFO		717.6			715.5			717.4			710.6
Diluted earnings (loss) per widespread share	$	0.16		$	(0.17	)	$	0.68		$	(0.47	)
NAREIT FFO per diluted share	$	0.38		$	0.20		$	1.35		$	0.33
Adjusted FFO per diluted share	$	0.38		$	0.20		$	1.35		$	0.33

___________
^{(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 could embrace shares granted below 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 tens of millions)

	Full Year 2022
	Low-end of vary			High-end of vary
Net revenue	$	617		$	645
Interest expense		158			158
Depreciation and amortization		663			663
Income taxes		30			32
EBITDA		1,468			1,498
Gain on tendencies		(18	)		(18	)
Equity funding changes:
Equity in (earnings) losses of associates		(8	)		(8	)
Pro rata EBITDAre of fairness investments		34			34
EBITDAre		1,476			1,506
Adjustments to EBITDAre:
Gain on property insurance settlement		(6	)		(6	)
Adjusted EBITDAre	$	1,470		$	1,500

	Full Year 2022
	Low-end of vary			High-end of vary
Net revenue	$	617		$	645
Less: Net revenue attributable to non-controlling pursuits		(10	)		(10	)
Net revenue attributable to Host Inc.		607			635
Adjustments:
Gain on tendencies		(18	)		(18	)
Gain on property insurance settlement		(6	)		(6	)
Depreciation and amortization		662			662
Equity funding changes:
Equity in earnings of associates		(8	)		(8	)
Pro rata FFO of fairness investments		27			27
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	$	1,254		$	1,282

Diluted weighted common shares excellent – EPS, NAREIT FFO and Adjusted FFO		717.4			717.4
Diluted earnings per widespread share	$	0.85		$	0.89
NAREIT and Adjusted FFO per diluted share	$	1.75		$	1.79

___________

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

^{All Owned Hotel RevPAR will enhance 63.7% to 65.4% in comparison with 2021 for the high and low finish of the forecast vary.}
^{All Owned Hotel EBITDA margins will enhance 820 to 850 foundation factors in comparison with 2021 for the high and low ends of the forecasted All Owned Hotel RevPAR vary, respectively.}
^{We count on to spend roughly $500 million to $575 million on capital expenditures.}
^{There shall be no further lodge acquisitions or tendencies in 2022.}
^{The Ritz-Carlton, Naples will stay closed resulting from Hurricane Ian for the fourth quarter and Hyatt Regency Coconut Point Resort and Spa will stay closed for a part of the fourth quarter.}

^{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 tens of millions)

	Full Year 2022
	Low-end of vary			High-end of vary
Operating revenue margin ⁽²⁾		15.3	%		15.8	%
All Owned Hotel EBITDA margin ⁽²⁾		31.6	%		31.9	%

Net revenue	$	617		$	645
Depreciation and amortization		663			663
Interest expense		158			158
Provision for revenue taxes		30			32
Gain on sale of property and company degree revenue/expense		42			42
Severance expense at lodge properties		2			2
All Owned Hotel changes ⁽¹⁾		11			11
All Owned Hotel EBITDA⁽¹⁾	$	1,523		$	1,553

___________

^{(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 offered or held-for-sale as of September 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 intervals previous to our possession for resorts acquired as September 30, 2022. All Owned Hotel steering doesn’t embrace the outcomes of the Four Seasons Resort and Residences Jackson Hole, acquired on November 1, 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 introduced within the unaudited condensed consolidated statements of operations. All Owned Hotel margins are calculated utilizing quantities introduced 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 lodge properties			All Owned Hotel changes			Depreciation and company degree objects			All Owned Hotel Results			GAAP Results			Severance at lodge properties			All Owned Hotel changes			Depreciation and company degree objects			All Owned Hotel Results
Revenues
Rooms	$	2,993		$	—		$	(28	)	$	—		$	2,965		$	3,024		$	—		$	(28	)	$	—		$	2,996
Food and beverage		1,402			—			(5	)		—			1,397			1,415			—			(5	)		—			1,410
Other		460			—			(2	)		—			458			464			—			(2	)		—			462
Total revenues		4,855			—			(35	)		—			4,820			4,903			—			(35	)		—			4,868
Expenses
Hotel bills		3,356			(2	)		(46	)		—			3,308			3,374			(2	)		(46	)		—			3,326
Depreciation		663			—			—			(663	)		—			663			—			—			(663	)		—
Corporate and different bills		108			—			—			(108	)		—			108			—			—			(108	)		—
Gain on insurance and business interruption settlements		(17	)		—			—			6			(11	)		(17	)		—			—			6			(11	)
Total bills		4,110			(2	)		(46	)		(765	)		3,297			4,128			(2	)		(46	)		(765	)		3,315
Operating Profit – All Owned Hotel EBITDA	$	745		$	2		$	11		$	765		$	1,523		$	775		$	2		$	11		$	765		$	1,553

HOST HOTELS & RESORTS, INC.
Notes to Financial Information

Forecasts

Our forecast of internet revenue, 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 are usually not ensures of future efficiency and contain identified and unknown dangers, uncertainties and different elements which can trigger precise outcomes and efficiency to vary materially from these expressed or implied by these forecasts. Although we consider the expectations mirrored within the forecasts are primarily based upon cheap assumptions, we may give no assurance that the expectations shall be attained or that the outcomes is not going to be materially totally different. Risks which will have an effect on these assumptions and forecasts embrace the next: potential modifications in general financial outlook make it inherently troublesome to forecast the extent of RevPAR; the quantity and timing of debt funds could change considerably primarily based on market circumstances, which is able to instantly have an effect on the extent of curiosity expense and internet revenue; the quantity and timing of transactions involving shares of our widespread inventory could change primarily based on market circumstances; and different dangers and uncertainties related to our business described herein and in our annual report on Form 10-Okay, quarterly reviews on Form 10-Q and present reviews on Form 8-Okay filed with the SEC.

All Owned Hotel Operating Statistics and Results

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

Foreign Currency Translation

Operating outcomes denominated in foreign currency are translated utilizing the prevailing change charges on the date of the transaction, or month-to-month primarily based on the weighted common change fee for the interval. Therefore, lodge statistics and outcomes for non-U.S. properties embrace the impact of forex fluctuations, according to 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 introduced in accordance with GAAP, inside the which 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 consider 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 absolutely 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 revenue (calculated in accordance with GAAP) excluding depreciation and amortization associated to actual property, good points and losses from the sale of sure actual property belongings, good points and losses from change in management, impairment expense of sure actual property belongings 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 consider 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, gives useful data to buyers. By excluding the impact of actual property depreciation, amortization, impairment expense and good points and losses from gross sales of depreciable actual property, all of that are primarily based on historic price accounting and which can be of lesser significance in evaluating present efficiency, we consider that such measures can facilitate comparisons of working efficiency between intervals and with different REITs, regardless that 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 belongings implicitly assumes that the worth of actual property belongings 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 substitute nature of historic price depreciation and amortization of actual property and actual estate-related belongings mandated by GAAP. For these causes, NAREIT adopted the FFO metric so as 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 further objects described beneath gives 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 finances course of and for our compensation packages. We consider 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, gives helpful supplemental data that’s useful to an investor’s understanding of our working efficiency. We modify NAREIT FFO per diluted share for the next objects, which can happen in any interval, and discuss 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 through the refinancing interval. We additionally exclude the good points on debt repurchases and the unique issuance prices related to the retirement of most well-liked inventory. We consider that these things are usually not reflective of our ongoing finance prices.
Acquisition Costs – Under GAAP, prices related to accomplished property acquisitions which might be thought-about business mixtures are expensed within the 12 months incurred. We exclude the impact of those prices as a result of we consider they don’t seem to be reflective of the continued efficiency of the Company.
Litigation Gains and Losses – We exclude the impact of good points or losses related to litigation recorded below GAAP that we think about outdoors the abnormal course of business. We consider that together with these things shouldn’t be according to our ongoing working efficiency.
Severance Expense –In sure circumstances, we’ll add again hotel-level severance bills when we don’t consider that such bills are reflective of the continued operation of our properties. Situations that might lead to a severance add-back embrace, however are usually not restricted to, (i) prices incurred as a part of a broad-based reconfiguration of the working mannequin with the particular lodge operator for a portfolio of resorts and (ii) prices incurred at a selected lodge resulting from a broad-based and important reconfiguration of a lodge and/or its workforce. We don’t add again corporate-level severance prices or severance prices at a person lodge that we think about to be incurred within the regular course of business.

In uncommon circumstances, we additionally could modify NAREIT FFO for good points or losses that administration believes are usually not consultant of the Company’s present working efficiency. For instance, in 2017, because of the discount of the U.S. federal company revenue tax fee from 35% to 21% by the Tax Cuts and Jobs Act, we remeasured our home deferred tax belongings as of December 31, 2017 and recorded a one-time adjustment to scale back our deferred tax belongings and to extend the availability for revenue taxes by roughly $11 million. We don’t think about 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 gives helpful data to buyers relating to our outcomes of operations as a result of it helps us and our buyers consider the continued working efficiency of our properties after eradicating the impression of the Company’s capital construction (primarily curiosity expense) and its asset base (primarily depreciation and amortization). Management additionally believes using EBITDA facilitates comparisons between us and different lodging REITs, lodge 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 tendencies and, like FFO and Adjusted FFO per diluted share, it’s broadly utilized by administration within the annual finances course of and for our compensation packages.

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 an extra efficiency measure to facilitate the analysis and comparability of the Company’s outcomes with different REITs. NAREIT defines EBITDAre as internet revenue (calculated in accordance with GAAP) excluding curiosity expense, revenue tax, depreciation and amortization, good points or losses on disposition of depreciated property (together with good points 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 further changes to EBITDAre when evaluating our efficiency as a result of we consider that the exclusion of sure further objects described beneath gives helpful supplemental data to buyers relating to our ongoing working efficiency. We consider that the presentation of Adjusted EBITDAre, when mixed with the first GAAP presentation of internet revenue, is helpful to an investor’s understanding of our working efficiency. Adjusted EBITDAre is also much like the measure used to calculate sure credit score ratios for our credit score facility and senior notes. We modify EBITDAre for the next objects, which can happen in any interval, and discuss with this measure as Adjusted EBITDAre:

Property Insurance Gains – We exclude the impact of property insurance good points mirrored in our consolidated statements of operations as a result of we consider that together with them in Adjusted EBITDAre shouldn’t be according to reflecting the continued efficiency of our belongings. In addition, property insurance good points may very well be much less essential to buyers provided that the depreciated asset e book worth written off in reference to the calculation of the property insurance achieve typically doesn’t replicate the market worth of actual property belongings.
Acquisition Costs – Under GAAP, prices related to accomplished property acquisitions which might be thought-about business mixtures are expensed within the 12 months incurred. We exclude the impact of those prices as a result of we consider they don’t seem to be reflective of the continued efficiency of the Company.
Litigation Gains and Losses – We exclude the impact of good points or losses related to litigation recorded below GAAP that we think about outdoors the abnormal course of business. We consider that together with these things shouldn’t be according to our ongoing working efficiency.
Severance Expense – In sure circumstances, we’ll add again hotel-level severance bills when we don’t consider that such bills are reflective of the continued operation of our properties. Situations that might lead to a severance add-back embrace, however are usually not restricted to, (i) prices incurred as a part of a broad-based reconfiguration of the working mannequin with the particular lodge operator for a portfolio of resorts and (ii) prices incurred at a selected lodge resulting from a broad-based and important reconfiguration of a lodge and/or its workforce. We don’t add again corporate-level severance prices or severance prices at a person lodge that we think about to be incurred within the regular course of business.

In uncommon circumstances, we additionally could modify EBITDAre for good points or losses that administration believes are usually not consultant of the Company’s present working efficiency. The final adjustment of this nature was a 2013 exclusion of a achieve 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 similar 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 similar to measures calculated by different REITs or by different corporations. This data shouldn’t be thought-about as an alternative choice to internet revenue, working revenue, money from operations or every other working efficiency measure calculated in accordance with GAAP. Cash expenditures for numerous long-term belongings (similar to renewal and alternative capital expenditures), curiosity expense (for EBITDA, EBITDAre and Adjusted EBITDAre functions solely), severance expense associated to important property-level reconfiguration and different objects have been, and shall be, made and are usually not mirrored within the EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share shows. Management compensates for these limitations by individually contemplating the impression 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-Okay and quarterly reviews on Form 10-Q embrace curiosity expense, capital expenditures, and different excluded objects, all of which must 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 accessible to fund our money wants, together with our means 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 encompass pursuits starting from 11% to 67% in eight home and worldwide partnerships that personal a complete of 26 properties and a trip possession improvement. Due to the voting rights of the skin homeowners, we don’t management and, subsequently, don’t consolidate these entities. The non-controlling companions in consolidated partnerships primarily encompass the approximate 1% curiosity in Host LP held by outdoors companions, and a 15% curiosity held by outdoors companions in a partnership proudly owning one lodge 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 must be cautioned that the professional rata outcomes introduced in these measures for consolidated partnerships (for NAREIT FFO and Adjusted FFO per diluted share) and fairness investments could 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, similar to lodge revenues, bills, meals and beverage revenue, and EBITDA (and the associated margins), on a hotel-level foundation as supplemental data for our buyers. Our lodge 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 continued working efficiency of our resorts after eradicating the impression 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 consider these property-level outcomes present buyers with supplemental details about the continued working efficiency of our resorts. All Owned Hotel outcomes are introduced each by location and for the Company’s properties within the mixture. We remove from our lodge degree working outcomes severance prices associated to broad-based and important property-level reconfiguration that isn’t thought-about to be inside the regular course of business, as we consider this elimination gives helpful supplemental data that’s useful to an investor’s understanding of our ongoing working efficiency. We additionally remove depreciation and amortization expense as a result of, regardless that depreciation and amortization expense are property-level bills, these non-cash bills, that are primarily based on historic price accounting for actual property belongings, implicitly assume that the worth of actual property belongings diminishes predictably over time. As famous earlier, as a result of actual property values traditionally have risen or fallen with market circumstances, 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, good points or losses on disposition, sure severance bills and depreciation and amortization expense, the lodge working outcomes we current don’t signify our whole revenues, bills, working revenue or internet revenue and shouldn’t be used to judge our efficiency as an entire. Management compensates for these limitations by individually contemplating the impression 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 must 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 shouldn’t be used to allocate assets or to evaluate the working efficiency of every of our resorts, as these choices are primarily based on information for particular person resorts and are usually not primarily based on All Owned Hotel ends in the combination. For these causes, we consider 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]

PDF accessible: http://ml.globenewswire.com/Resource/Download/e6ff328e-0fec-4bff-9d7f-84c0e6f07d73

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