Supplemental Financial Information DECEMBER 31, 2025 ANDAZ MAUI AT WAILEA RESORT TABLE OF CONTENTS | 3 | OVERVIEW | | | --- | --- | --- | | | About Host Hotels & Resorts | 4 | | | Analyst Coverage | 5 | | | Forward-Looking Statements | 6 | | | Non-GAAP Financial Measures | 6 | | 7 | PROPERTY LEVEL DATA AND CORPORATE MEASURES | | | | Comparable Hotel Results by Location | 8 | | | Top 40 Hotels by Total RevPAR | 16 | | | Historical Comparable Hotel Results | 18 | | | Comparable Hotel Results 2026 Forecast and ...

分组1 - Host Hotels (HST) reported quarterly funds from operations (FFO) of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.47 per share, and up from $0.44 per share a year ago, representing an FFO surprise of +8.28% [1] - The company achieved revenues of $1.6 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.86%, compared to $1.43 billion in the same quarter last year [2] - Host Hotels has consistently outperformed consensus FFO estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has increased approximately 12.9% since the beginning of the year, contrasting with the S&P 500's zero return [3] - The current consensus FFO estimate for the upcoming quarter is $0.61 on revenues of $1.61 billion, and for the current fiscal year, it is $2.05 on revenues of $6.12 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 32% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Performance - The market capitalization of Host Hotels & Resorts is $12.4 billion as of December 31, 2025[9]. - The enterprise value of Host Hotels & Resorts is $17.0 billion as of December 31, 2025[10]. - Total revenues for domestic properties amount to $1,438.6 million, with an average revenue per available room (RevPAR) of $230.56[24]. - Total revenues for the quarter ended December 31, 2025, reached $1,602.8 million, with a net income of $136.9 million[25]. - Total revenues for comparable hotels reached $394.6 million, with a hotel net income of $207.5 million, reflecting a strong performance across locations[35]. - Total revenues for comparable hotels reached $940.7 million, with an EBITDA of $1,693.6 million for the year ended December 31, 2025[44]. - Total revenues for the year ended December 31, 2025, reached $6,114 million, with comparable hotel revenues at $5,577 million[68]. - The hotel net income for all locations was reported at $707.4 million, with an EBITDA of $1,698.0 million[53]. - The company reported a net income of $776 million for the year, with depreciation and amortization expenses totaling $795 million[70]. - For the full year 2026, net income is projected to be $865 million, with an EBITDA of $1,905 million[81]. Operational Metrics - The average occupancy rate across domestic properties is 67.0%[24]. - Comparable hotel results showed an average occupancy rate of 66.9% across 76 properties, with a Revenue per Available Room (RevPAR) of $380.71[27]. - The average daily room rate for comparable hotels was $339.44, reflecting a 66.9% occupancy rate[27]. - The average occupancy rate for all locations was 67.1%, with an average room rate of $323.78[35]. - The average RevPAR (Revenue per Available Room) was $217.11, showcasing effective revenue management strategies[35]. - The average occupancy rate across all locations was 70.0%, with an average daily room rate of $327.54[44]. - The average room rate in Maui was $663.09, with an occupancy rate of 60.1%[47]. - The hotel net income for the New York location was $37.9 million, with an average room rate of $418.18 and an occupancy rate of 87.0%[39]. - The Miami location reported a hotel net income of $11.8 million, with an average room rate of $549.06 and an occupancy rate of 72.9%[39]. - The top-performing hotel, Alila Ventana Big Sur, achieved a RevPAR of $1,577.34 with an occupancy rate of 85.5%[56]. Debt and Capitalization - As of December 31, 2025, the company has a total debt of $5,077 million, with a weighted average interest rate of 4.8% and a weighted average debt maturity of 5.1 years[92]. - The company has a total capitalization of $16,674 million as of December 31, 2025, compared to $16,393 million as of September 30, 2025[89]. - The leverage ratio as of December 31, 2025, was 6.5x, below the maximum covenant requirement of 7.25x[104]. - The unsecured interest coverage ratio was reported at 3.3x, significantly above the minimum requirement of 1.75x[104]. - The consolidated fixed charge coverage ratio stood at 3.3x, exceeding the minimum covenant of 1.25x[104]. - The total debt as of December 31, 2025, was $5.077 billion, with net debt calculated at $4.410 billion[106]. - The company’s secured indebtedness was less than 1%, well below the maximum limit of 40%[106]. Strategic Plans and Guidance - The company plans to continue expanding its market presence and enhancing its portfolio through strategic acquisitions and property transactions[28]. - Future guidance indicates a focus on improving operational efficiency and increasing revenue streams through new product offerings and technology advancements[29]. - The company plans to continue expanding its portfolio, focusing on both domestic and international markets to enhance growth opportunities[36]. - The company plans to spend between $525 million and $625 million on capital expenditures in 2026[83]. - The company anticipates continued growth in RevPAR and occupancy rates as travel demand increases post-pandemic[54]. - The company expects comparable hotel RevPAR to increase by 2.75% compared to 2025, reflecting a continued recovery at its Maui properties[83]. Financial Measures and Adjustments - The company utilizes non-GAAP financial measures such as Funds From Operations (FFO) and EBITDA to assess performance[17]. - The company emphasizes the importance of NAREIT FFO as a measure of operating performance, excluding depreciation and amortization related to real estate assets[131]. - The company presents Adjusted FFO per diluted share to provide supplemental information regarding ongoing operating performance, excluding certain items such as gains and losses on debt extinguishment[133]. - The company adjusts financial measures to exclude non-cash stock-based compensation, aligning with the calculation of Adjusted EBITDA for financial covenants[144]. - Limitations on the use of NAREIT FFO and Adjusted FFO per diluted share are noted, emphasizing that these measures should not be considered alternatives to GAAP measures[145]. Property Transactions and Gains - Significant property transaction adjustments included a gain of $15.2 million from the sale of properties[45]. - The company sold 35 properties from January 1, 2018, to February 18, 2026, generating a total sales price of $6.391 billion[105]. - The total gain on the sale of property was $140.0 million, contributing positively to the financial results[59]. - The company reported a gain on the sale of property and corporate level income/expense adjustments totaling $(219.0) million[55].

Core Insights - Host Hotels & Resorts, Inc. reported a full year comparable hotel Total RevPAR growth of 4.2% and a comparable hotel RevPAR growth of 3.8% for 2025, driven by increased transient demand and improvements in food and beverage revenues [1][5] - The company completed two asset sales in 2025 and has four additional assets sold or under contract in early 2026, indicating a strategic focus on capital allocation [1][4] - For 2026, the company provided guidance for comparable hotel Total RevPAR growth in the range of 2.5% to 4.0% [1][17] Financial Performance - Total revenues for the fourth quarter of 2025 were $1.603 billion, a 12.3% increase from $1.428 billion in the fourth quarter of 2024, and full year revenues reached $6.114 billion, up 7.6% from $5.684 billion [3][27] - Net income for the fourth quarter was $137 million, a 25.7% increase compared to $109 million in the same quarter of 2024, while full year net income was $776 million, up 9.8% from $707 million [3][5] - The company reported a diluted earnings per common share of $0.20 for the fourth quarter and $1.10 for the full year, reflecting increases of 33.3% and 11.1% respectively compared to the previous year [3][29] Asset Management and Capital Allocation - In 2025, the company sold $1.4 billion of real estate across five properties and reinvested $644 million in capital expenditures and resiliency investments [4][5] - The company returned $859 million to shareholders through dividends and share repurchases, demonstrating a commitment to shareholder value [4][5] - The company has a robust balance sheet with total assets of $13.0 billion and a debt balance of $5.1 billion, maintaining a balanced maturity schedule [9][13] Operational Highlights - Comparable hotel Total RevPAR for the fourth quarter of 2025 was $380.71, a 5.4% increase from the same period in 2024, driven by improvements in room revenues and ancillary spending [3][13] - The company’s comparable hotel EBITDA for the fourth quarter was $411 million, a 4.1% increase year-over-year, while the comparable hotel EBITDA margin declined slightly to 28.0% [3][13] - The company’s customer mix for 2025 included approximately 61% transient, 34% group, and 5% contract business, with group room nights down year-over-year due to planned renovations [11][12] 2026 Outlook - The company anticipates stable operating conditions in 2026, with guidance for comparable hotel Total RevPAR growth between $382 and $388, and net income expected to range from $836 million to $891 million [15][17] - The guidance reflects a modest improvement in short-term group booking trends and continued strength in leisure transient demand, bolstered by events such as the FIFA World Cup [15][16] - The company expects to maintain its investment-grade balance sheet and significant liquidity to capitalize on future opportunities [4][15]

Completed the Previously Announced Sale of the St. Regis HoustonBETHESDA, Md., Feb. 18, 2026 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the "Company"), the nation's largest lodging real estate investment trust, today announced it has sold the 444-room Four Seasons Resort Orlando at Walt Disney World® Resort in Orlando, Florida and the 125-room Four Seasons Resort and Residences Jackson Hole in Teton Village, Wyoming, for a sale price of $1.1 billion. The Company purchased the hotels in 2 ...

Core Viewpoint - Host Hotels & Resorts Inc. (HST) has outperformed the lodging industry with a 13.9% share price increase over the past three months, while the industry experienced a decline of 1.2% [1][8] Group 1: Demand and Revenue Growth - Continuous improvement in group and transient demand is expected to enhance occupancy levels and RevPAR growth [2] - The company anticipates comparable hotel RevPAR growth of approximately 3% in 2025, driven by strong demand from small and medium-sized businesses [4] Group 2: Capital Management and Financial Health - Host Hotels has a robust capital-recycling program, having disposed of $1.8 billion in non-strategic assets from 2021 to November 2025, and invested $3.3 billion in premium properties [6][9] - The company reported $2.2 billion in total available liquidity as of September 30, 2025, and holds an investment-grade rating, allowing access to debt markets at favorable costs [10] Group 3: Dividend Policy - Host Hotels announced a special dividend of 15 cents per share, in addition to a quarterly cash dividend of 20 cents per share, reflecting a commitment to solid dividend payouts [11] - The company has increased its dividend nine times over the last five years, maintaining a payout ratio of 40%, which boosts investor confidence [11] Group 4: Analyst Sentiment - Analysts maintain a positive outlook on Host Hotels, with a Zacks Rank of 3 (Hold) and upward revisions in the consensus estimates for FFO per share for 2025 and 2026 [3]

Company Overview - Host Hotels & Resorts, Inc. (HST) is a lodging real estate investment trust with a market cap of $12.8 billion, owning a diversified portfolio of luxury and upper-upscale hotels [1] Earnings Expectations - HST is scheduled to announce its fiscal Q4 earnings for 2025 on February 18, with analysts expecting an FFO of $0.47 per share, a 6.8% increase from $0.44 per share in the same quarter last year [2] - For the current fiscal year ending in December, analysts project an FFO of $2.06 per share, up 4.6% from $1.97 per share in fiscal 2024, while EPS is expected to decline by 1% year-over-year to $2.04 in fiscal 2026 [3] Recent Performance - HST's stock has gained 10.9% over the past 52 weeks, underperforming the S&P 500 Index's 13.7% return but outperforming the State Street Real Estate Select Sector SPDR ETF's 1% increase during the same period [4] - The company reported Q3 results on November 5, with revenue growing to $1.3 billion, aligning with consensus estimates, while adjusted FFO declined 2.8% year-over-year to $0.35, exceeding analyst expectations of $0.33 [5] Analyst Ratings - Wall Street analysts have a "Moderate Buy" rating on HST, with nine recommending "Strong Buy," one suggesting "Moderate Buy," and nine advising "Hold," with a mean price target of $19.91 indicating marginal potential upside [6]

Core Insights - Albert Anthony is a Croatian-American business author and analyst contributing to Seeking Alpha with over 1,000 followers [1] - He has authored a book titled "Real Estate Investment Trusts (REITs): A Fundamental Analysis (2026 Edition)" available on Amazon [1] - Anthony has a background in business and information systems, having worked at Charles Schwab in the IT department [1] - He operates his own equities research firm, Albert Anthony & Company, remotely from Texas [1] - The author has participated in numerous business and innovation conferences and has hosted a program for Online Live TV Croatia [1] - He holds a B.A. in Political Science and various certifications including Microsoft Fundamentals and Risk Management specialization from CFI [1] - Anthony is also active on YouTube discussing REITs and is an investor in REIT stocks [1] Company and Industry Summary - Albert Anthony & Company is a Texas-registered boutique equities research firm managed entirely by Anthony [1] - The firm focuses on providing general market commentary and research based on publicly available data [1] - The author does not engage with non-publicly traded companies, small cap stocks, or startup CEOs [1] - The company does not provide personalized financial advisory services or manage client funds [1]

Core Viewpoint - The article compares Host Hotels (HST) and Extra Space Storage (EXR) to determine which stock is more attractive to value investors [1] Group 1: Zacks Rank and Earnings Estimates - Host Hotels has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while Extra Space Storage has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank emphasizes companies with positive earnings estimate revisions, suggesting HST is likely experiencing a more favorable earnings outlook [3] Group 2: Valuation Metrics - HST has a forward P/E ratio of 8.92, significantly lower than EXR's forward P/E of 17.27, indicating HST may be undervalued [5] - HST's PEG ratio is 2.15, while EXR's PEG ratio is 2.68, suggesting HST has a better growth-to-price ratio [5] - HST's P/B ratio is 1.88 compared to EXR's P/B of 2.12, further supporting HST's valuation attractiveness [6] - HST's overall Value grade is A, while EXR's Value grade is D, indicating a stronger value proposition for HST [6]

Core Viewpoint - Host Hotels & Resorts, Inc. is a significant entity in the lodging REIT sector, recognized for its strong financial performance and potential for growth, with a recent price target increase from Deutsche Bank indicating positive market sentiment [1][6]. Financial Performance - Host Hotels exhibits strong financial metrics, including a high return on equity (ROE) and robust cash flow, positioning it favorably among peers like Arista Networks and Corning Incorporated [2][6]. - The current stock price of HST is $18.34, reflecting a slight decrease of 0.54%, with a market capitalization of approximately $12.61 billion [5]. Market Context - The broader equity markets are performing well, supported by positive economic indicators such as an increase of 50,000 nonfarm payrolls and a decrease in the unemployment rate to 4.4%, which has fostered optimism about potential interest rate cuts in 2026 [3]. Investment Analysis - Zacks Investment Research is assessing whether Host Hotels may be undervalued, utilizing the Zacks Rank system to analyze earnings estimates and revisions, and highlighting HST as a potential value stock [4][6].