Maintains Midpoint of Full Year RevPAR Growth Guidance

Repurchases $100 Million of Common Shares in Quarter

Announces Hyatt Transformational Capital Program

BETHESDA, Md., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ:HST) (the "Company"), the nation's largest lodging real estate investment trust ("REIT"), today announced results for third quarter of 2023.

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

	Quarter ended September 30,						Year-to-date ended September 30,
		2023		2022	Percent Change			2023		2022	Percent Change
Revenues	$	1,214	$	1,189	2.1	%	$	3,988	$	3,644	9.4	%
Comparable hotel revenues⁽¹⁾		1,181		1,188	(0.6	%)		3,909		3,522	11.0	%
Comparable hotel Total RevPAR⁽¹⁾		312.35		314.25	(0.6	%)		348.41		313.90	11.0	%
Comparable hotel RevPAR⁽¹⁾		201.32		197.76	1.8	%		214.67		194.49	10.4	%

Net income	$	113	$	116	(2.6	%)	$	618	$	494	25.1	%
EBITDAre⁽¹⁾		361		328	10.1	%		1,251		1,140	9.7	%
Adjusted EBITDAre⁽¹⁾		361		328	10.1	%		1,251		1,134	10.3	%

Diluted earnings per common share		0.16		0.16	—	%		0.85		0.68	25.0	%
NAREIT FFO per diluted share⁽¹⁾		0.41		0.38	7.9	%		1.48		1.35	9.6	%
Adjusted FFO per diluted share⁽¹⁾		0.41		0.38	7.9	%		1.48		1.35	9.6	%

_{* Additional detail on the Company's results, including data for 22 domestic markets, is available in the Third Quarter 2023 Supplemental Financial Information on the Company's website at www.hosthotels.com.}

James F. Risoleo, President and Chief Executive Officer, said, "Host delivered comparable hotel RevPAR growth of 1.8% over the third quarter of 2022, driven by improvements in group business, which were offset by moderating rates at our resort properties. We continued to see positive operating trends at our convention and downtown hotels leading to an increase in occupancy of 150 basis points for the quarter."

Risoleo continued, "We have also reached an agreement with Hyatt to complete transformational reinvestment capital projects at six properties as we build on our successful capital allocation strategy over the past few years. In addition, we repurchased approximately $100 million of our common stock and paid a third quarter dividend of $0.18 per share, a 20% increase over the second quarter dividend. Despite the impact of the wildfires in Maui, we maintained the midpoint of our previous full year comparable hotel RevPAR growth at 8% and tightened our full year guidance range to 7.25% to 8.75%, which remains relatively wide given the evolving nature of demand on Maui. We believe our strong balance sheet puts us in a position to execute on multiple fronts, and as a result, leaves Host well positioned for future growth."

_______________________________

_{(1) NAREIT Funds From Operations ("FFO") per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission ("SEC"). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.}

HIGHLIGHTS:

Comparable hotel RevPAR was $201.32 in the third quarter and $214.67 year-to-date, representing an increase of 1.8% and 10.4%, respectively, compared to the same periods in 2022, primarily driven by an increase in occupancy for the quarter and growth in both occupancy and rate year-to-date. Continued growth in city-center markets fueled by improvements in group business led to the overall improvement, offsetting moderating rates at resorts in comparison to the third quarter of 2022.
Comparable hotel Total RevPAR was $312.35 for the third quarter and $348.41 year-to-date, representing a decrease of 0.6% and an increase of 11.0%, respectively, compared to the same periods in 2022. The decrease for the quarter was driven by the impacts of the wildfires in Maui and lower attrition and cancelation fees and group spend in comparison to the third quarter of 2022.
Generated GAAP net income of $113 million in the third quarter, a slight decrease compared to the third quarter of 2022, while GAAP operating profit margin was 12.9% for the quarter, an increase of 50 basis points compared to the third quarter of 2022. For the quarter, business interruption gains of $54 million were offset by the decline in comparable hotel EBITDA, discussed below, and taxes related to the business interruption gains. Year-to-date, GAAP net income of $618 million reflected an increase compared to 2022, primarily due to an increase in operating profit and gain on asset sales, while GAAP operating profit margin remained static compared to 2022 at 16.4%.
Comparable hotel EBITDA was $314 million for the third quarter, representing a decline compared to third quarter 2022 results, and reflecting a decrease in comparable hotel EBITDA margin of 280 basis points to 26.6%. As expected, in addition to higher insurance and utility expenses, third quarter margin declines were driven by stabilized staffing levels in comparison to third quarter of 2022, and lower attrition and cancelation fees. Year-to-date, comparable hotel EBITDA was $1,202 million and comparable hotel EBITDA margin was 30.8%.
Adjusted EBITDAre was $361 million for the third quarter and $1,251 million year-to-date, both exceeding the same periods in 2022 and benefiting from the business interruption proceeds discussed below.
As of November 1, 2023, the Company has received insurance proceeds of $208 million out of the expected potential insurance recovery of approximately $310 million for covered costs related to damage and disruption caused by Hurricane Ian in September 2022. In the third quarter, $54 million of these proceeds were recognized as a gain on business interruption.
Following the August wildfires in Maui, Hawaii, the Company's three hotels in that region continue to provide food and shelter for employees, their families, and emergency response teams. The Hyatt Regency Maui Resort and Spa began welcoming back new guests on November 1. While there was not any reported property damage to the Company's hotels or golf courses, the Company estimates that net income and Adjusted EBITDAre from its Maui hotels and joint venture timeshare were impacted by approximately $7 million in the third quarter, RevPAR was impacted by 60 basis points and Total RevPAR was impacted by 120 basis points.
Reached an agreement with Hyatt to complete transformational reinvestment capital projects at six properties in the Company's portfolio, the Grand Hyatt Atlanta in Buckhead, Grand Hyatt Washington, Manchester Grand Hyatt San Diego, Hyatt Regency Austin, Hyatt Regency Washington on Capitol Hill, and Hyatt Regency Reston. These investments are intended to position the targeted hotels to compete better in their respective markets while seeking to enhance long-term performance. The total investment is expected to be approximately $550-$600 million, two-thirds of which the Company was planning to invest as part of its capital plan over the next few years. The Company expects to invest $125-$200 million per year over the next three to four years on this program. Hyatt has agreed to provide additional priority returns on the agreed upon investments and operating profit guarantees totaling $40 million to offset expected business disruptions.
Comparable hotel RevPAR for October is estimated to be $229, a 2.4% improvement over 2022.

BALANCE SHEET

The Company maintains a robust balance sheet, with the following balances at September 30, 2023:

Total assets of $12.3 billion.
Debt balance of $4.2 billion, with a weighted average maturity of 4.5 years, a weighted average interest rate of 4.6%, and a balanced maturity schedule with the next significant maturity of $400 million due in April 2024.
Total available liquidity of approximately $2.6 billion, including furniture, fixtures and equipment escrow reserves of $218 million and $1.5 billion available under the revolver portion of the credit facility.

During the third quarter of 2023, the $163 million loan to the buyer of the Sheraton Boston Hotel was repaid in full.

SHARE REPURCHASE PROGRAM AND DIVIDENDS

During the third quarter of 2023, the Company repurchased 6.3 million shares at an average price of $15.90 per share through its common share repurchase program for a total of $100 million. Year-to-date in 2023, the Company repurchased 9.5 million shares at an average price of $15.82 per share for a total of $150 million. The Company has approximately $823 million of remaining capacity under the repurchase program, pursuant to which its common stock may be purchased from time to time, depending upon market conditions.

The Company paid a third quarter common stock cash dividend of $0.18 per share, an increase of $0.03, or 20%, over its second quarter dividend, on October 16, 2023 to stockholders of record on September 30, 2023. All future dividends, including any special dividends, are subject to approval by the Company's Board of Directors.

HOTEL BUSINESS MIX UPDATE

The Company's customers fall into three broad groups: transient, group and contract business, which accounted for approximately 65%, 32%, and 3%, respectively, of its full year 2022 room sales.

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

	Quarter ended September 30, 2023									Year-to-date ended September 30, 2023
	Transient			Group			Contract			Transient			Group			Contract
Room nights (in thousands)		1,526			990			201			4,375			3,112			533
Percent change in room nights vs. same period in 2022		0.4	%		1.8	%		20.7	%		2.5	%		15.0	%		15.1	%
Rooms revenues (in millions)	$	472		$	252		$	37		$	1,465		$	844		$	99
Percent change in revenues vs. same period in 2022		(3.3	%)		9.8	%		24.9	%		3.0	%		23.7	%		28.2	%

CAPITAL EXPENDITURES

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

	Year-to-date ended September 30, 2023		2023 Full Year Forecast

	Actual		Low-end of range		High-end of range
ROI - Marriott Transformational Capital Program	$	22	$	25	$	30
All other return on investment ("ROI") projects		118		175		200
Total ROI Projects		140		200		230
Renewals and Replacements ("R&R")		194		265		290
R&R and ROI Capital expenditures		334		465		520
R&R - Insurable Reconstruction		138		150		175
Total Capital Expenditures	$	472	$	615	$	695

2023 OUTLOOK

Despite the impact of the wildfires in Maui, which is expected to continue into the fourth quarter, and continued macroeconomic concerns, the Company maintained the midpoint of its previous full year expected comparable hotel RevPAR growth at 8%, tightening its full year comparable hotel RevPAR guidance range to 7.25% to 8.75% growth over 2022. At the midpoint of guidance, the Company's full year 2023 expected RevPAR is forecast to be 5.6% above 2019. The Company estimates that at the midpoint of guidance the wildfires in Maui will negatively impact its full year Total RevPAR by 70 basis points, RevPAR by 50 basis points, and net income and Adjusted EBITDAre by $30 million. For the fourth quarter, these impacts are expected to be a 160 basis points impact to Total RevPAR, a 150 basis point impact to RevPAR and a decrease to net income and Adjusted EBITDAre of $23 million.

In comparison to 2019, which the Company believes is the most relevant comparison, operating profit margins and comparable hotel EBITDA margins are expected to increase 110 basis points and 40 basis points, respectively, at the midpoint of guidance. However, as expected, margins for the full year are anticipated to decline in comparison to 2022, driven by closer to stable staffing levels, higher wages, insurance and utility expenses, lower attrition and cancelation fees, and occupancy below 2019 levels. The guidance range for net income and Adjusted EBITDAre includes an additional $26 million of gains from business interruption proceeds expected to be received in the fourth quarter related to Hurricane Ian, with any remaining proceeds expected to be received in 2024.

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

	Current Full Year 2023 Guidance	Current Full Year 2023 Guidance Change vs. 2022	Previous Full Year 2023 Guidance Change vs. 2022	Change in Full Year 2023 Guidance to the Mid-Point
Comparable hotel Total RevPAR	$341 to $345	7.1% to 8.5%	7.2% to 9.0%	(30) bps
Comparable hotel RevPAR	$210 to $213	7.25% to 8.75%	7.0% to 9.0%	0 bps
Total revenues under GAAP	$5,248 to $5,321	6.9% to 8.4%	6.9% to 8.8%	(10) bps
Operating profit margin under GAAP	15.4% to 16.0%	(40) bps to (20) bps	(170) bps to (100) bps	120 bps
Comparable hotel EBITDA margin	29.7% to 30.1%	(210) bps to (170) bps	(210) bps to (170) bps	0 bps

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

	Current Full Year 2023 Guidance	Previous Full Year 2023 Guidance	Change in Full Year 2023 Guidance to the Mid-Point
Net income (in millions)	$741 to $781	$700 to $748	$	36
Adjusted EBITDAre (in millions)	$1,600 to $1,640	$1,535 to $1,585	$	60
Diluted earnings per common share	$1.02 to $1.08	$0.97 to $1.03	$	0.05
NAREIT FFO per diluted share	$1.89 to $1.95	$1.82 to $1.88	$	0.07
Adjusted FFO per diluted share	$1.90 to $1.95	$1.82 to $1.89	$	0.06

See the 2023 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Third Quarter 2023 Supplemental Financial Information for additional detail on the mid-point of full year 2023 guidance.

ABOUT HOST HOTELS & RESORTS

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 72 properties in the United States and five properties internationally totaling approximately 42,000 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott^®, Ritz-Carlton^®, Westin^®, Sheraton^®, W^®, St. Regis^®, The Luxury Collection^®, Hyatt^®, Fairmont^®, Hilton^®, Four Seasons^®, Swissôtel^®, ibis^® and Novotel^®, as well as independent brands. For additional information, please visit the Company's website at www.hosthotels.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements which include, but may not be limited to, our expectations regarding the impact of the COVID-19 pandemic on our business, the recovery of travel and the lodging industry, the impact of Hurricane Ian and 2023 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company's annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of November 1, 2023 and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

_{* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.}

*** Tables to Follow ***

Host Hotels & Resorts, Inc., herein referred to as "we," "Host Inc.," or the "Company," is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. ("Host LP"), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of September 30, 2023, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our condensed consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.


HOST HOTELS & RESORTS, INC. Condensed Consolidated Balance Sheets (unaudited, in millions, except shares and per share amounts)

	September 30, 2023			December 31, 2022

ASSETS
Property and equipment, net	$	9,679		$	9,748
Right-of-use assets		553			556
Due from managers		78			94
Advances to and investments in affiliates		139			132
Furniture, fixtures and equipment replacement fund		218			200
Notes receivable		322			413
Other		387			459
Cash and cash equivalents		916			667
Total assets	$	12,292		$	12,269

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes	$	3,119		$	3,115
Credit facility, including the term loans of $997 and $998, respectively		988			994
Mortgage and other debt		105			106
Total debt		4,212			4,215
Lease liabilities		565			568
Accounts payable and accrued expenses		228			372
Due to managers		72			67
Other		184			168
Total liabilities		5,261			5,390

Redeemable non-controlling interests - Host Hotels & Resorts, L.P.		157			164

Host Hotels & Resorts, Inc. stockholders' equity:
Common stock, par value $0.01, 1,050 million shares authorized, 705.4 million shares and 713.4 million shares issued and outstanding, respectively		7			7
Additional paid-in capital		7,588			7,717
Accumulated other comprehensive loss		(73	)		(75	)
Deficit		(652	)		(939	)
Total equity of Host Hotels & Resorts, Inc. stockholders		6,870			6,710
Non-redeemable non-controlling interests—other consolidated partnerships		4			5
Total equity		6,874			6,715
Total liabilities, non-controlling interests and equity	$	12,292		$	12,269

__________

_{(1) Please see our Third Quarter 2023 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.}


HOST HOTELS & RESORTS, INC. Condensed Consolidated Statements of Operations (unaudited, in millions, except per share amounts)

	Quarter ended September 30,						Year-to-date ended September 30,
		2023			2022			2023			2022
Revenues
Rooms	$	777		$	746		$	2,447		$	2,251
Food and beverage		328			330			1,174			1,032
Other		109			113			367			361
Total revenues		1,214			1,189			3,988			3,644
Expenses
Rooms		196			190			590			539
Food and beverage		241			230			773			675
Other departmental and support expenses		314			300			952			873
Management fees		51			48			185			150
Other property-level expenses		106			90			290			252
Depreciation and amortization		174			164			511			498
Corporate and other expenses⁽¹⁾		29			29			90			77
Gain on insurance and business interruption settlements		(54	)		(10	)		(57	)		(17	)
Total operating costs and expenses		1,057			1,041			3,334			3,047
Operating profit		157			148			654			597
Interest income		22			10			56			17
Interest expense		(48	)		(40	)		(142	)		(113	)
Other gains		1			5			70			19
Equity in earnings (losses) of affiliates		(4	)		(1	)		7			3
Income before income taxes		128			122			645			523
Provision for income taxes		(15	)		(6	)		(27	)		(29	)
Net income		113			116			618			494
Less: Net income attributable to non-controlling interests		(2	)		(2	)		(10	)		(8	)
Net income attributable to Host Inc.	$	111		$	114		$	608		$	486
Basic and diluted earnings per common share	$	0.16		$	0.16		$	0.85		$	0.68

___________

_{(1) Corporate and other expenses include the following items:}

	Quarter ended September 30,				Year-to-date ended September 30,
		2023		2022		2023		2022
General and administrative costs	$	20	$	20	$	61	$	58
Non-cash stock-based compensation expense		6		9		19		19
Litigation accruals		3		—		10		—
Total	$	29	$	29	$	90	$	77


HOST HOTELS & RESORTS, INC. Earnings per Common Share (unaudited, in millions, except per share amounts)

	Quarter ended September 30,						Year-to-date ended September 30,
		2023			2022			2023			2022
Net income	$	113		$	116		$	618		$	494
Less: Net income attributable to non-controlling interests		(2	)		(2	)		(10	)		(8	)
Net income attributable to Host Inc.	$	111		$	114		$	608		$	486

Basic weighted average shares outstanding		709.7			714.9			711.4			714.7
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market		2.2			2.7			2.2			2.7
Diluted weighted average shares outstanding⁽¹⁾		711.9			717.6			713.6			717.4
Basic and diluted earnings per common share	$	0.16		$	0.16		$	0.85		$	0.68

___________

_{(1) Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units ("OP Units") held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.}

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels

Comparable Hotel Results by Location⁽¹⁾

	As of September 30, 2023		Quarter ended September 30, 2023								Quarter ended September 30, 2022
Location	No. of Properties	No. of Rooms	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui/Oahu	4	2,006	$	565.03	69.7	%	$	393.67	$	549.52	$	565.30	73.6	%	$	416.12	$	643.57	(5.4	)%	(14.6	)%
Jacksonville	1	446		479.33	69.2			331.47		726.78		487.53	67.0			326.67		707.75	1.5		2.7
Miami	2	1,033		377.39	50.3			189.66		358.25		457.43	50.2			229.66		427.55	(17.4	)	(16.2	)
Florida Gulf Coast	3	941		309.76	62.7			194.17		381.17		327.19	62.2			203.68		386.66	(4.7	)	(1.4	)
Phoenix	3	1,545		263.79	59.6			157.18		368.20		264.31	58.4			154.24		408.94	1.9		(10.0	)
Orlando	2	2,448		309.53	64.9			200.78		419.73		327.78	61.4			201.23		427.58	(0.2	)	(1.8	)
New York	2	2,486		334.84	87.0			291.33		387.71		309.77	84.3			260.99		351.90	11.6		10.2
Los Angeles/Orange County	3	1,067		314.25	85.9			269.85		375.29		303.74	86.4			262.42		373.36	2.8		0.5
San Diego	3	3,294		295.59	83.5			246.81		441.94		292.38	85.4			249.83		440.67	(1.2	)	0.3
Boston	2	1,496		273.06	83.8			228.75		291.12		263.46	63.8			167.99		223.00	36.2		30.5
Washington, D.C. (CBD)	5	3,240		244.50	71.5			174.94		248.36		237.56	65.7			156.01		223.72	12.1		11.0
Philadelphia	2	810		231.09	82.6			190.83		288.59		221.65	85.9			190.48		286.56	0.2		0.7
Austin	2	767		225.87	59.0			133.29		242.58		233.32	68.3			159.46		289.77	(16.4	)	(16.3	)
Northern Virginia	2	916		233.30	72.0			168.00		250.70		214.33	67.2			144.06		219.78	16.6		14.1
San Francisco/San Jose	6	4,162		241.34	72.8			175.71		241.07		244.45	71.3			174.35		250.97	0.8		(3.9	)
Chicago	3	1,562		253.34	79.5			201.35		280.27		263.27	79.3			208.86		286.41	(3.6	)	(2.1	)
Seattle	2	1,315		271.12	81.0			219.56		285.88		264.88	81.9			216.97		274.62	1.2		4.1
Atlanta	2	810		182.03	75.0			136.49		210.62		183.46	72.8			133.57		199.97	2.2		5.3
Houston	5	1,942		191.21	66.3			126.73		172.15		176.72	62.1			109.74		149.01	15.5		15.5
San Antonio	2	1,512		194.04	53.5			103.87		167.34		190.72	64.5			122.96		194.39	(15.5	)	(13.9	)
New Orleans	1	1,333		147.45	58.9			86.87		133.83		163.33	63.6			103.87		158.20	(16.4	)	(15.4	)
Denver	3	1,340		204.48	79.9			163.34		235.48		197.50	76.5			151.18		214.65	8.0		9.7
Other	10	3,061		326.91	68.5			223.86		333.59		347.16	64.3			223.09		332.55	0.3		0.3
Domestic	70	39,532		283.04	72.1			203.98		317.54		283.94	70.6			200.53		319.95	1.7		(0.8	)

International	5	1,499		199.27	65.7			130.95		174.16		200.98	62.0			124.66		162.44	5.0		7.2
All Locations	75	41,031		280.24	71.8			201.32		312.35		281.27	70.3			197.76		314.25	1.8		(0.6	)

Comparable Hotel Results by Location⁽¹⁾

	As of September 30, 2023		Year-to-date ended September 30, 2023								Year-to-date ended September 30, 2022
Location	No. of Properties	No. of Rooms	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui/Oahu	4	2,006	$	588.70	73.2	%	$	430.85	$	642.10	$	559.15	76.0	%	$	424.91	$	658.15	1.4	%	(2.4	%)
Jacksonville	1	446		515.29	72.8			375.31		823.23		533.33	69.5			370.85		799.91	1.2		2.9
Miami	2	1,033		538.29	65.8			354.38		620.61		618.23	62.8			388.09		647.24	(8.7	)	(4.1	)
Florida Gulf Coast	3	941		398.34	74.3			295.96		624.60		403.93	73.7			297.56		594.22	(0.5	)	5.1
Phoenix	3	1,545		401.67	71.8			288.45		630.82		392.14	69.3			271.69		608.49	6.2		3.7
Orlando	2	2,448		369.46	71.4			263.81		533.70		395.30	64.4			254.71		498.62	3.6		7.0
New York	2	2,486		323.10	81.6			263.58		375.42		305.98	68.8			210.55		297.35	25.2		26.3
Los Angeles/Orange County	3	1,067		303.01	82.8			250.80		360.45		290.28	79.6			231.14		332.23	8.5		8.5
San Diego	3	3,294		286.71	81.2			232.85		432.14		275.85	76.1			209.91		376.43	10.9		14.8
Boston	2	1,496		262.27	78.7			206.41		272.25		246.01	57.4			141.27		186.74	46.1		45.8
Washington, D.C. (CBD)	5	3,240		276.94	71.3			197.40		285.28		258.02	60.5			156.14		222.68	26.4		28.1
Philadelphia	2	810		230.17	80.1			184.43		285.52		212.19	79.8			169.40		258.46	8.9		10.5
Austin	2	767		259.09	66.6			172.50		309.26		261.29	70.3			183.71		319.55	(6.1	)	(3.2	)
Northern Virginia	2	916		241.35	70.5			170.04		256.35		215.60	65.3			140.83		212.13	20.7		20.8
San Francisco/San Jose	6	4,162		254.24	66.8			169.73		246.35		230.51	63.1			145.43		209.56	16.7		17.6
Chicago	3	1,562		244.43	69.2			169.15		240.13		238.34	64.8			154.44		212.39	9.5		13.1
Seattle	2	1,315		242.11	69.1			167.33		226.93		234.51	64.1			150.37		194.36	11.3		16.8
Atlanta	2	810		190.91	75.0			143.15		230.87		181.26	72.2			130.94		204.64	9.3		12.8
Houston	5	1,942		201.57	70.6			142.37		196.37		180.33	63.4			114.29		158.00	24.6		24.3
San Antonio	2	1,512		217.64	62.4			135.91		217.29		194.11	67.3			130.73		201.94	4.0		7.6
New Orleans	1	1,333		195.70	68.9			134.85		204.28		196.59	65.3			128.42		187.76	5.0		8.8
Denver	3	1,340		193.63	65.0			125.92		180.78		183.44	63.9			117.14		169.54	7.5		6.6
Other	10	3,061		322.01	65.5			210.89		320.75		332.09	60.8			201.98		300.75	4.4		6.6
Domestic	70	39,532		303.99	71.8			218.31		355.19		297.46	66.8			198.61		321.16	9.9		10.6

International	5	1,499		188.41	62.9			118.58		168.30		159.59	53.6			85.55		120.75	38.6		39.4
All Locations	75	41,031		300.28	71.5			214.67		348.41		293.40	66.3			194.49		313.90	10.4		11.0

___________

_{(1) See the Notes to Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.}

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

	As of September 30,
	2023	2022	Quarter ended September 30, 2023								Quarter ended September 30, 2022
Location	No. of Properties	No. of Properties	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui/Oahu	4	4	$	565.03	69.7	%	$	393.67	$	549.52	$	565.30	73.6	%	$	416.12	$	643.57	(5.4	)%	(14.6	)%
Jacksonville	1	1		479.33	69.2			331.47		726.78		487.53	67.0			326.67		707.75	1.5		2.7
Miami	2	2		377.39	50.3			189.66		358.25		457.43	50.2			229.66		427.55	(17.4	)	(16.2	)
Florida Gulf Coast	5	5		328.97	58.5			192.44		384.90		330.56	53.9			178.01		344.04	8.1		11.9
Phoenix	3	4		263.79	59.6			157.18		368.20		251.77	58.1			146.25		372.05	7.5		(1.0	)
Orlando	2	2		309.53	64.9			200.78		419.73		327.78	61.4			201.23		427.58	(0.2	)	(1.8	)
New York	2	2		334.84	87.0			291.33		387.71		309.77	84.3			260.99		351.90	11.6		10.2
Los Angeles/Orange County	3	3		314.25	85.9			269.85		375.29		303.74	86.4			262.42		373.36	2.8		0.5
San Diego	3	3		295.59	83.5			246.81		441.94		292.38	85.4			249.83		440.67	(1.2	)	0.3
Boston	2	2		273.06	83.8			228.75		291.12		263.46	63.8			167.99		223.00	36.2		30.5
Washington, D.C. (CBD)	5	5		244.50	71.5			174.94		248.36		237.56	65.7			156.01		223.72	12.1		11.0
Philadelphia	2	2		231.09	82.6			190.83		288.59		221.65	85.9			190.48		286.56	0.2		0.7
Austin	2	2		225.87	59.0			133.29		242.58		233.32	68.3			159.46		289.77	(16.4	)	(16.3	)
Northern Virginia	2	2		233.30	72.0			168.00		250.70		214.33	67.2			144.06		219.78	16.6		14.1
San Francisco/San Jose	6	6		241.34	72.8			175.71		241.07		244.45	71.3			174.35		250.97	0.8		(3.9	)
Chicago	3	3		253.34	79.5			201.35		280.27		253.75	77.8			197.54		269.26	1.9		4.1
Seattle	2	2		271.12	81.0			219.56		285.88		264.88	81.9			216.97		274.62	1.2		4.1
Atlanta	2	2		182.03	75.0			136.49		210.62		183.46	72.8			133.57		199.97	2.2		5.3
Houston	5	5		191.21	66.3			126.73		172.15		176.72	62.1			109.74		149.01	15.5		15.5
San Antonio	2	2		194.04	53.5			103.87		167.34		190.72	64.5			122.96		194.39	(15.5	)	(13.9	)
New Orleans	1	1		147.45	58.9			86.87		133.83		163.33	63.6			103.87		158.20	(16.4	)	(15.4	)
Denver	3	3		204.48	79.9			163.34		235.48		197.50	76.5			151.18		214.65	8.0		9.7
Other	10	9		326.91	68.5			223.86		333.59		261.04	63.6			166.04		240.26	34.8		38.8
Domestic	72	72		284.23	71.7			203.67		319.19		277.68	69.9			194.13		310.91	4.9		2.7

International	5	5		199.27	65.7			130.95		174.16		200.98	62.0			124.66		162.44	5.0		7.2
All Locations	77	77		281.45	71.4			201.08		314.05		275.25	69.6			191.66		305.69	4.9		2.7

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

	As of September 30,
	2023	2022	Year-to-date ended September 30, 2023								Year-to-date ended September 30, 2022
Location	No. of Properties	No. of Properties	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui/Oahu	4	4	$	588.70	73.2	%	$	430.85	$	642.10	$	559.15	76.0	%	$	424.91	$	658.15	1.4	%	(2.4	%)
Jacksonville	1	1		515.29	72.8			375.31		823.23		533.33	69.5			370.85		799.91	1.2		2.9
Miami	2	2		538.29	65.8			354.38		620.61		573.01	64.5			369.80		609.25	(4.2	)	1.9
Florida Gulf Coast	5	5		371.22	58.6			217.52		459.32		442.56	65.9			291.82		574.12	(25.5	)	(20.0	)
Phoenix	3	4		398.12	72.1			286.88		619.02		366.88	69.1			253.45		551.73	13.2		12.2
Orlando	2	2		369.46	71.4			263.81		533.70		395.30	64.4			254.71		498.62	3.6		7.0
New York	2	2		323.10	81.6			263.58		375.42		288.08	63.5			182.96		256.78	44.1		46.2
Los Angeles/Orange County	3	3		303.01	82.8			250.80		360.45		290.28	79.6			231.14		332.23	8.5		8.5
San Diego	3	3		286.71	81.2			232.85		432.14		275.85	76.1			209.91		376.43	10.9		14.8
Boston	2	2		262.27	78.7			206.41		272.25		240.93	55.5			133.65		175.93	54.4		54.8
Washington, D.C. (CBD)	5	5		276.94	71.3			197.40		285.28		258.02	60.5			156.14		222.68	26.4		28.1
Philadelphia	2	2		230.17	80.1			184.43		285.52		212.19	79.8			169.40		258.46	8.9		10.5
Austin	2	2		259.09	66.6			172.50		309.26		261.29	70.3			183.71		319.55	(6.1	)	(3.2	)
Northern Virginia	2	2		241.35	70.5			170.04		256.35		215.60	65.3			140.83		212.13	20.7		20.8
San Francisco/San Jose	6	6		254.24	66.8			169.73		246.35		230.51	63.1			145.43		209.56	16.7		17.6
Chicago	3	3		244.43	69.2			169.15		240.13		227.82	63.1			143.86		196.43	17.6		22.2
Seattle	2	2		242.11	69.1			167.33		226.93		234.51	64.1			150.37		194.36	11.3		16.8
Atlanta	2	2		190.91	75.0			143.15		230.87		181.26	72.2			130.94		204.64	9.3		12.8
Houston	5	5		201.57	70.6			142.37		196.37		180.33	63.4			114.29		158.00	24.6		24.3
San Antonio	2	2		217.64	62.4			135.91		217.29		194.11	67.3			130.73		201.94	4.0		7.6
New Orleans	1	1		195.70	68.9			134.85		204.28		196.59	65.3			128.42		187.76	5.0		8.8
Denver	3	3		193.63	65.0			125.92		180.78		183.44	63.9			117.14		169.54	7.5		6.6
Other	10	9		322.01	65.5			210.89		320.75		264.87	61.2			162.17		233.33	30.0		37.5
Domestic	72	72		304.28	71.2			216.53		353.71		293.77	66.1			194.23		315.02	11.5		12.3

International	5	5		188.41	62.9			118.58		168.30		159.59	53.6			85.55		120.75	38.6		39.4
All Locations	77	77		300.61	70.9			213.04		347.14		289.98	65.7			190.46		308.35	11.9		12.6

___________

_{(1) Represents the results of the portfolio for the time period of our ownership, including the results of non-comparable properties, dispositions through their date of disposal and acquisitions beginning as of the date of acquisition.}


HOST HOTELS & RESORTS, INC. Schedule of Comparable Hotel Results ⁽¹⁾ (unaudited, in millions, except hotel statistics)

	Quarter ended September 30,						Year-to-date ended September 30,
		2023			2022			2023			2022
Number of hotels		75			75			75			75
Number of rooms		41,031			41,031			41,031			41,031
Change in comparable hotel Total RevPAR		(0.6	%)		—			11.0	%		—
Change in comparable hotel RevPAR		1.8	%		—			10.4	%		—
Operating profit margin⁽²⁾		12.9	%		12.4	%		16.4	%		16.4	%
Comparable hotel EBITDA margin⁽²⁾		26.6	%		29.4	%		30.8	%		32.5	%
Food and beverage profit margin⁽²⁾		26.5	%		30.3	%		34.2	%		34.6	%
Comparable hotel food and beverage profit margin⁽²⁾		27.6	%		31.0	%		34.6	%		35.1	%

Net income	$	113		$	116		$	618		$	494
Depreciation and amortization		174			164			511			498
Interest expense		48			40			142			113
Provision for income taxes		15			6			27			29
Gain on sale of property and corporate level income/expense		10			15			(43	)		32
Severance expense at hotel properties		—			—			—			2
Property transaction adjustments⁽³⁾		—			8			(3	)		24
Non-comparable hotel results, net⁽⁴⁾		(46	)		—			(50	)		(48	)
Comparable hotel EBITDA⁽¹⁾	$	314		$	349		$	1,202		$	1,144

___________

_{(1) See the Notes to Financial Information for a discussion of comparable hotel results, which are non-GAAP measures, and the limitations on their use. For additional information on comparable hotel EBITDA by location, see the Third Quarter 2023 Supplemental Financial Information posted on our website.}

_{(2) Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:}

	Quarter ended September 30, 2023												Quarter ended September 30, 2022
				Adjustments												Adjustments
	GAAP Results			Non-comparable hotel results, net ⁽⁴⁾			Depreciation and corporate level items			Comparable Hotel Results			GAAP Results			Property transaction adjustments ⁽³⁾		Non-comparable hotel results, net ⁽⁴⁾			Depreciation and corporate level items			Comparable Hotel Results
Revenues
Room	$	777		$	(16	)	$	—		$	761		$	746		$	15	$	(13	)	$	—		$	748
Food and beverage		328			(13	)		—			315			330			5		(9	)		—			326
Other		109			(4	)		—			105			113			4		(3	)		—			114
Total revenues		1,214			(33	)		—			1,181			1,189			24		(25	)		—			1,188
Expenses
Room		196			(5	)		—			191			190			2		(4	)		—			188
Food and beverage		241			(13	)		—			228			230			4		(9	)		—			225
Other		471			(18	)		—			453			438			10		(12	)		—			436
Depreciation and amortization		174			—			(174	)		—			164			—		—			(164	)		—
Corporate and other expenses		29			—			(29	)		—			29			—		—			(29	)		—
Gain on insurance and business interruption settlements		(54	)		49			—			(5	)		(10	)		—		—			—			(10	)
Total expenses		1,057			13			(203	)		867			1,041			16		(25	)		(193	)		839
Operating Profit - Comparable hotel EBITDA	$	157		$	(46	)	$	203		$	314		$	148		$	8	$	—		$	193		$	349

	Year-to-date ended September 30, 2023															Year-to-date ended September 30, 2022
				Adjustments															Adjustments
	GAAP Results			Property transaction adjustments ⁽³⁾			Non-comparable hotel results, net ⁽⁴⁾			Depreciation and corporate level items			Comparable hotel Results			GAAP Results			Severance at hotel properties			Property transaction adjustments ⁽³⁾			Non-comparable hotel results, net ⁽⁴⁾			Depreciation and corporate level items			Comparable hotel Results
Revenues
Room	$	2,447		$	(5	)	$	(34	)	$	—		$	2,408		$	2,251		$	—		$	2		$	(71	)	$	—		$	2,182
Food and beverage		1,174			(2	)		(31	)		—			1,141			1,032			—			5			(51	)		—			986
Other		367			—			(7	)		—			360			361			—			8			(15	)		—			354
Total revenues		3,988			(7	)		(72	)		—			3,909			3,644			—			15			(137	)		—			3,522
Expenses
Room		590			(1	)		(9	)		—			580			539			—			(10	)		(13	)		—			516
Food and beverage		773			(1	)		(26	)		—			746			675			—			(1	)		(34	)		—			640
Other		1,427			(2	)		(36	)		—			1,389			1,275			(2	)		2			(42	)		—			1,233
Depreciation and amortization		511			—			—			(511	)		—			498			—			—			—			(498	)		—
Corporate and other expenses		90			—			—			(90	)		—			77			—			—			—			(77	)		—
Gain on insurance and business interruption settlements		(57	)		—			49			—			(8	)		(17	)		—			—			—			6			(11	)
Total expenses

Host Hotels & Resorts, Inc. Reports Third Quarter 2023 Results