Form 8-K

8-K — HOST HOTELS & RESORTS, INC.

Accession: 0001070750-26-000077

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001070750

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hst-20260506.htm (Primary)

EX-99.1 (hst-ex991.htm)

EX-99.2 (hst-supplementalfinanciali.htm)

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8-K

8-K (Primary)

Filename: hst-20260506.htm · Sequence: 1

hst-20260506

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________________________________________

FORM 8-K

_________________________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 6, 2026

_________________________________________________________

HOST HOTELS & RESORTS, INC.

(Exact Name of Registrant as Specified in Charter)

_________________________________________________________

Maryland (Host Hotels & Resorts, Inc.)

001-14625 53-0085950

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

4747 Bethesda Avenue, Suite 1300

Bethesda, Maryland

20814

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (240) 744-1000

_________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol Name of Each Exchange on

Which Registered

Common Stock, $.01 par value HST The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On May 6, 2026, Host Hotels & Resorts, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2026. The press release referred to supplemental financial information for the quarter that is available on the Company’s website at www.hosthotels.com. A copy of the press release and the supplemental financial information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report.

The information in this Report, including the exhibits, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information in this Report, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933 regardless of any general incorporation language in such filings.

Item 9.01. Financial Statements and Exhibits

(d)Exhibits

Exhibit No. Description

99.1

Host Hotels & Resorts, Inc.'s earning release for the first quarter 2026.

99.2

Host Hotels & Resorts, Inc. First Quarter 2026 Supplemental Financial Information.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

HOST HOTELS & RESORTS, INC.

Date: May 6, 2026

By:

/S/ JOSEPH C. OTTINGER

Name: Joseph C. Ottinger

Title: Senior Vice President and Corporate Controller

EX-99.1

Filename: hst-ex991.htm · Sequence: 2

Document

Exhibit 99.1

SOURAV GHOSH

Chief Financial Officer

(240) 744-5267

JAIME MARCUS

Investor Relations

(240) 744-5117

ir@hosthotels.com

Host Hotels & Resorts, Inc. Reports Results for the First Quarter 2026

Delivered Comparable Hotel Total RevPAR Growth of 4.6% and Comparable Hotel RevPAR Growth of 4.4%

Raises Full Year 2026 Comparable Hotel RevPAR Guidance Range to 3.0% to 4.5%

Announces $0.20 Quarterly Dividend and $0.72 Special Dividend

BETHESDA, Md; May 6, 2026 – Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for first quarter of 2026.

OPERATING RESULTS

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

Quarter ended March 31,

2026 2025 Percent Change

Revenues $ 1,645 $ 1,594 3.2 %

Comparable hotel revenues⁽¹⁾

1,544 1,474 4.7 %

Comparable hotel Total RevPAR⁽¹⁾

418.20 399.66 4.6 %

Comparable hotel RevPAR⁽¹⁾

244.11 233.77 4.4 %

Net income $ 501 $ 251 99.6 %

EBITDAre⁽¹⁾

537 508 5.7 %

Adjusted EBITDAre⁽¹⁾

543 514 5.6 %

Diluted earnings per common share $ 0.72 $ 0.35 105.7 %

NAREIT FFO per diluted share⁽¹⁾

0.66 0.63 4.8 %

Adjusted FFO per diluted share⁽¹⁾

0.67 0.64 4.7 %

*Additional detail on the Company’s results, including data for 24 domestic markets, is available in the First Quarter 2026 Supplemental Financial Information on the Company’s website at www.hosthotels.com.

James F. Risoleo, President and Chief Executive Officer, said, “Our first quarter results exceeded expectations with comparable hotel RevPAR growth of 4.4% over the first quarter of 2025 as strong leisure demand continued to drive higher room rates coupled with solid group demand. Comparable hotel Total RevPAR increased 4.6% over the same period last year due to strong transient demand and increased out-of-room spending."

Risoleo continued, “As evidenced by our results, affluent consumers are continuing to prioritize spending on travel, and group demand remains steady. As a result, we are increasing our 2026 comparable hotel RevPAR growth guidance range to 3.0% to 4.5% over 2025 and our comparable hotel Total RevPAR growth guidance range to 3.5% to 5.0% over last year. We believe Host's investment grade balance sheet, strong liquidity position, and continued reinvestment in our diversified portfolio uniquely position the Company to capture additional upside in the current environment.”

_______________________________

(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.

HOST HOTELS & RESORTS, INC. NEWS RELEASE

May 6, 2026

HIGHLIGHTS:

•Comparable hotel Total RevPAR was $418.20 for the first quarter of 2026, representing an increase of 4.6% compared to the first quarter of 2025, primarily due to improvements in room revenues from increased transient leisure demand and continued strength in out-of-room spending.

•Comparable hotel RevPAR was $244.11, representing an increase of 4.4% over the first quarter of 2025, driven primarily by an increase in room rates. This reflected robust leisure demand across the portfolio and an increase in group business, as well as strong performances in San Francisco around the Super Bowl, and in each of the Florida markets. These results were despite difficult comparisons to the first quarter of 2025 and reflect the impacts of the Kona Low rainstorm that affected the Company's Hawaii properties in March 2026.

•GAAP net income was $501 million, a 99.6% increase compared to the first quarter of 2025, primarily due to the gain on sale of assets in the first quarter of 2026. GAAP operating profit margin was 19.4%, an improvement of 150 basis points compared to the first quarter of 2025, reflecting the improved operations.

•Comparable hotel EBITDA was $505 million, an increase of 7.0% compared to the first quarter of 2025, leading to a comparable hotel EBITDA margin improvement of 70 basis points to 32.7%. The increase for the quarter was driven by rate improvements, which offset an increase in wage expenses.

•Adjusted EBITDAre was $543 million, an increase of 5.6% compared to the first quarter of 2025. Results benefited from improved operations and comparable hotel EBITDA margins. In addition, the sale of four condominium units at the development adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort contributed $4 million to net income and Adjusted EBITDAre.

•As previously announced, the Company sold the 444-room Four Seasons Resort Orlando at Walt Disney World® Resort and the 125-room Four Seasons Resort and Residences Jackson Hole in February 2026 for a sale price of $1.1 billion. The hotels were expected to have approximately $88 million of capital expenditures needs over the next five years. In addition, the Company sold the St. Regis Houston in January 2026 for $51 million, which was expected to have capital expenditures needs of approximately $49 million over the next five years. 1

•On May 6, 2026, the Board of Directors authorized a second quarter cash dividend of $0.92 per share on its common stock, consisting of a regular quarterly dividend of $0.20 per share and a special dividend of $0.72 per share, which represents the distribution of the approximately $500 million taxable gain resulting from the Four Seasons sales completed in the first quarter of 2026. The dividend will be paid on July 15, 2026 to stockholders of record on June 30, 2026.

•As previously reported, the Company received business interruption proceeds of $7 million in the first quarter of 2026 related to damage caused by Hurricanes Helene and Milton in 2024. To date, a total of $81 million of insurance proceeds have been received related to the claims, of which $31 million was related to business interruption proceeds.

BALANCE SHEET

The Company maintains a robust balance sheet, with the following balances at March 31, 2026:

•Total assets of $13.2 billion.

•Debt balance of $5.1 billion, with a weighted average maturity of 4.9 years and a weighted average interest rate of 4.8%, and no maturities in 2026.

•Total available liquidity of approximately $3.4 billion, including furniture, fixtures and equipment escrow reserves of $151 million and $1.5 billion available under the revolver portion of the credit facility. The payment of the first and second quarter regular dividend and the special dividend discussed above will reduce the cash balance by approximately $767 million.

1 The Four Seasons proceeds were net of $23 million for the buyer's acquisition of the furniture, fixture and equipment ("FF&E") reserves.

PAGE 2 OF 23

HOST HOTELS & RESORTS, INC. NEWS RELEASE

May 6, 2026

SHARE REPURCHASES AND DIVIDENDS

During the first quarter of 2026, the Company repurchased 4.0 million shares of common stock at an average price of $18.97 per share, exclusive of commissions, through its common share repurchase program for a total of $75 million. As of March 31, 2026, the Company had $405 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 first quarter common stock cash dividend of $0.20 per share on April 15, 2026 to stockholders of record on March 31, 2026. 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 61%, 34%, and 5%, respectively, of its full year 2025 room sales.

The following are the results for transient, group and contract business in comparison to 2025 performance, for the Company's current portfolio:

Quarter ended March 31, 2026

Transient Group Contract

Room nights (in thousands) 1,286 1,106 204

Percent change in room nights vs. same period in 2025 (0.6 %) 0.7 % 8.0 %

Rooms revenues (in millions) $ 498 $ 356 $ 47

Percent change in revenues vs. same period in 2025 5.5 % 2.4 % 10.4 %

CAPITAL EXPENDITURES

The following presents the Company’s capital expenditures spend through the first quarter of 2026 and the forecast for the full year 2026 (in millions):

Quarter ended March 31, 2026

2026 Full Year Forecast

Actual Low-end of range High-end of range

ROI - Marriott and Hyatt Transformational Capital Programs $ 34 $ 175 $ 210

All other return on investment ("ROI") projects 17 75 90

Total ROI Projects 51 250 300

Renewals and Replacements ("R&R") 71 275 325

R&R and ROI Capital expenditures 122 525 625

R&R - Property Damage Reconstruction — 20 30

Total Capital Expenditures $ 122 $ 545 $ 655

Inventory spend for condo development(1)

8 15 15

Total capital allocation $ 130 $ 560 $ 670

__________

(1)Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities.

The forecast property damage reconstruction includes estimated spend for damage caused by the Kona Low rainstorm to the Company's properties in Hawaii. Remediation efforts are substantially complete, and the hotels remained operational with isolated instances of water damage. The Company is still evaluating the complete property and business interruption impacts of the storm, but currently estimates the total property costs to be approximately $25 million to $35 million, which includes remediation costs of up to $5 million. The Company expects its insurance coverage to substantially cover the property damage in excess of the insurance deductible.

PAGE 3 OF 23

HOST HOTELS & RESORTS, INC. NEWS RELEASE

May 6, 2026

Under the Hyatt and Marriott Transformational Capital Programs, the Company received $3 million of operating guarantees in the first quarter of 2026 to offset expected business disruption. The Company expects to receive a total of $19 million of operating guarantees in 2026 under the two programs. The transformational renovation at the Hyatt Regency Reston was completed in the first quarter of 2026.

2026 OUTLOOK

First quarter of 2026 results exceeded expectations with strong leisure demand driving an increase in rates. Comparable hotel RevPAR for April also grew approximately 4.4% over 2025. The 2026 guidance range contemplates a continuation of this trend in a stable operating environment, with leisure transient strength bolstered by special events, such as the FIFA World Cup games, and modest improvements to short-term group booking trends. Full year operating profit margins and comparable hotel EBITDA margins are expected to increase slightly compared to 2025, as first quarter rate improvements offset increases in wage expense, while year-over-year comparisons are expected to moderate, particularly for the second half of the year, primarily due to lower room rate growth expectations.

In comparison to 2025, the guidance reflects a reduction in earnings due to the 2026 and 2025 dispositions. The guidance for net income and Adjusted EBITDAre also includes an estimated $20 million to $25 million net contribution for the year from total sales expected to close at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort. Additionally, the final determination on insurance claims related to Hurricanes Helene and Milton is expected in 2026, but no additional amounts from what was received in first quarter are included in guidance.

The Company anticipates its 2026 operating results as compared to 2025 will be in the following range:

Current Full Year 2026 Guidance

Current Full Year 2026 Guidance Change vs. 2025

Previous Full Year 2026 Guidance Change vs. 2025

Change in Full Year 2026 Guidance to the Mid-Point

Comparable hotel Total RevPAR $386 to $391 3.5% to 5.0% 2.5% to 4.0% 100 bps

Comparable hotel RevPAR $230 to $233 3.0% to 4.5% 2.0% to 3.5% 100 bps

Total revenues under GAAP (in millions)

$6,097 to $6,184 (0.3%) to 1.1% (1.4%) to 0.1% 100 bps

Operating profit margin under GAAP 14.4% to 15.1% 40 bps to 110 bps (10) bps to 60 bps 50 bps

Comparable hotel EBITDA margin 29.4% to 29.7% 20 bps to 50 bps (20) bps to 20 bps 30 bps

Based upon the above parameters, the Company estimates its 2026 guidance as follows:

Current Full Year 2026 Guidance

Previous Full Year 2026 Guidance

Change in Full Year 2026 Guidance to the Mid-Point

Net income (in millions) $908 to $955 $836 to $891 $67

Adjusted EBITDAre (in millions)

$1,785 to $1,835 $1,740 to $1,800 $40

Diluted earnings per common share $1.30 to $1.37 $1.19 to $1.27 $0.10

NAREIT FFO per diluted share $2.06 to $2.12 $1.99 to $2.07 $0.06

Adjusted FFO per diluted share $2.10 to $2.16 $2.03 to $2.11 $0.06

See the 2026 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the First Quarter 2026 Supplemental Financial Information for additional detail on the mid-point of full year 2026 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 71 properties in the United States and five properties internationally totaling approximately 41,700 rooms. The Company also holds non-controlling interests in seven domestic 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®, W®, The Luxury Collection®, Hyatt®, Fairmont®, 1 Hotels®, Hilton®, Swissôtel®,

PAGE 4 OF 23

HOST HOTELS & RESORTS, INC. NEWS RELEASE

May 6, 2026

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 include, but may not be limited to, our expectations regarding the strength of lodging demand, the continued recovery in Maui from the 2023 wildfires, and 2026 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 May 6, 2026, 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 have any responsibility or liability for any information contained in this press release.

*** Tables to Follow ***

PAGE 5 OF 23

HOST HOTELS & RESORTS, INC. NEWS RELEASE

May 6, 2026

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 March 31, 2026, 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.

2026 OPERATING RESULTS

PAGE NO.

Condensed Consolidated Balance Sheets (unaudited)

March 31, 2026 and December 31, 2025

Condensed Consolidated Statements of Operations (unaudited)

Quarter ended March 31, 2026 and 2025

Earnings per Common Share (unaudited)

Quarter ended March 31, 2026 and 2025

Hotel Operating Data

Hotel Operating Data for Consolidated Hotels (by Location)

Schedule of Comparable Hotel Results

Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre

Reconciliation of Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share

2026 FORECAST INFORMATION

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 2026 Forecasts

Schedule of Comparable Hotel Results for Full Year 2026 Forecasts

Notes to Financial Information

PAGE 6 OF 23

HOST HOTELS & RESORTS, INC.

Condensed Consolidated Balance Sheets

(unaudited, in millions, except shares and per share amounts)

March 31,

2026

December 31, 2025

ASSETS

Property and equipment, net $ 9,698 $ 10,636

Right-of-use assets 563 560

Assets held for sale 9 34

Due from managers 129 39

Advances to and investments in affiliates 284 259

Furniture, fixtures and equipment replacement fund 151 167

Notes receivable 114 114

Other 503 472

Cash and cash equivalents 1,703 768

Total assets $ 13,154 $ 13,049

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY

Debt⁽¹⁾

Senior notes $ 3,988 $ 3,986

Credit facility, including the term loans of $999

997 996

Mortgage and other debt 94 95

Total debt 5,079 5,077

Lease liabilities 566 563

Accounts payable and accrued expenses 246 355

Due to managers 4 76

Other 245 246

Total liabilities 6,140 6,317

Redeemable non-controlling interests - Host Hotels & Resorts, L.P. 184 171

Host Hotels & Resorts, Inc. stockholders’ equity:

Common stock, par value $0.01, 1,050 million shares authorized, 684.9 million shares and 687.8 million shares issued and outstanding, respectively

7 7

Additional paid-in capital 7,199 7,289

Accumulated other comprehensive loss (65) (68)

Deficit (314) (670)

Total equity of Host Hotels & Resorts, Inc. stockholders 6,827 6,558

Non-redeemable non-controlling interests—other consolidated partnerships 3 3

Total equity 6,830 6,561

Total liabilities, non-controlling interests and equity $ 13,154 $ 13,049

__________

(1)Please see our First Quarter 2026 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.

PAGE 7 OF 23

HOST HOTELS & RESORTS, INC.

Condensed Consolidated Statements of Operations

(unaudited, in millions, except per share amounts)

Quarter ended March 31,

2026 2025

Revenues

Rooms $ 943 $ 938

Food and beverage 517 503

Other 159 153

Condominium sales 26 —

Total revenues 1,645 1,594

Expenses

Rooms 224 225

Food and beverage 327 323

Other departmental and support expenses 373 364

Management fees 67 69

Other property-level expenses 103 111

Depreciation and amortization 190 196

Cost of goods sold 21 —

Corporate and other expenses⁽¹⁾

28 31

Net gain on insurance settlements (7) (10)

Total operating costs and expenses 1,326 1,309

Operating profit 319 285

Interest income 12 8

Interest expense (59) (57)

Other gains 242 4

Equity in earnings of affiliates 4 10

Income before income taxes 518 250

Benefit (provision) for income taxes (17) 1

Net income 501 251

Less: Net income attributable to non-controlling interests (7) (3)

Net income attributable to Host Inc. $ 494 $ 248

Basic and diluted earnings per common share $ 0.72 $ 0.35

___________

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

Quarter ended March 31,

2026 2025

General and administrative costs $ 22 $ 25

Non-cash stock-based compensation expense 6 6

Total $ 28 $ 31

PAGE 8 OF 23

HOST HOTELS & RESORTS, INC.

Earnings per Common Share

(unaudited, in millions, except per share amounts)

Quarter ended March 31,

2026 2025

Net income $ 501 $ 251

Less: Net income attributable to non-controlling interests (7) (3)

Net income attributable to Host Inc. $ 494 $ 248

Basic weighted average shares outstanding 687.5 697.8

Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 1.8 0.5

Diluted weighted average shares outstanding⁽¹⁾ 689.3 698.3

Basic and diluted earnings per common share $ 0.72 $ 0.35

___________

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

PAGE 9 OF 23

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels

Comparable Hotel Results by Location(1)

As of March 31, 2026

Quarter ended March 31, 2026 Quarter ended March 31, 2025

Location No. of

Properties No. of

Rooms Average

Room Rate Average

Occupancy

Percentage RevPAR Total RevPAR Average

Room Rate Average

Occupancy

Percentage RevPAR Total RevPAR Percent

Change in

RevPAR Percent

Change in

Total RevPAR

Miami 2 1,038 $ 723.32 87.2 % $ 630.77 $ 1,069.78 $ 652.77 84.1 % $ 548.88 $ 921.13 14.9 % 16.1 %

Florida Gulf Coast

4 1,529 693.90 79.2 % 549.46 1,158.45 637.22 81.6 % 519.77 1,103.93 5.7 % 4.9 %

Maui

3 1,580 668.13 78.0 % 520.91 800.88 683.78 75.0 % 513.04 788.61 1.5 % 1.6 %

Phoenix 3 1,565 528.97 83.2 % 439.93 922.54 500.68 81.3 % 407.28 890.19 8.0 % 3.6 %

Jacksonville 1 446 565.94 73.3 % 414.58 989.96 524.64 68.0 % 356.95 828.70 16.1 % 19.5 %

Oahu 2 876 495.26 76.7 % 379.96 571.86 483.66 83.8 % 405.20 625.53 (6.2 %) (8.6 %)

New York 3 2,720 343.81 80.5 % 276.66 418.04 327.97 79.0 % 258.99 382.34 6.8 % 9.3 %

Nashville 2 721 339.15 76.7 % 260.04 445.92 324.92 80.4 % 261.13 451.22 (0.4 %) (1.2 %)

Los Angeles/Orange County 3 1,067 314.80 78.6 % 247.31 364.97 311.12 79.2 % 246.38 368.36 0.4 % (0.9 %)

San Francisco/San Jose 6 4,162 344.91 69.6 % 239.89 346.89 300.24 63.6 % 191.05 285.73 25.6 % 21.4 %

San Diego 3 3,294 312.85 75.1 % 234.98 463.12 301.96 72.7 % 219.60 433.52 7.0 % 6.8 %

Orlando 1 2,004 268.46 76.2 % 204.64 508.55 260.42 74.9 % 195.13 488.25 4.9 % 4.2 %

Washington, D.C. (CBD) 4 2,788 304.15 62.9 % 191.30 291.68 333.42 67.2 % 223.90 328.62 (14.6 %) (11.2 %)

Northern Virginia 2 916 268.57 69.2 % 185.73 287.38 271.39 65.4 % 177.61 289.32 4.6 % (0.7 %)

Austin 2 769 271.16 67.6 % 183.24 330.58 267.21 67.4 % 180.05 324.90 1.8 % 1.7 %

Houston 4 1,710 229.11 74.7 % 171.25 235.94 220.34 74.3 % 163.72 233.72 4.6 % 0.9 %

Philadelphia 2 810 224.32 75.3 % 168.99 256.23 217.69 76.8 % 167.08 260.44 1.1 % (1.6 %)

San Antonio 2 1,512 241.61 65.1 % 157.18 266.06 229.79 66.3 % 152.40 252.38 3.1 % 5.4 %

Atlanta 2 810 222.75 68.3 % 152.14 272.12 222.74 67.3 % 149.83 256.93 1.5 % 5.9 %

Boston 2 1,496 241.81 59.4 % 143.75 224.63 235.02 64.9 % 152.52 223.00 (5.8 %) 0.7 %

New Orleans 1 1,333 204.42 64.0 % 130.89 218.92 256.20 71.4 % 182.91 278.00 (28.4 %) (21.3 %)

Seattle 2 1,315 210.15 55.3 % 116.32 165.55 212.06 54.7 % 116.05 159.55 0.2 % 3.8 %

Denver 3 1,342 188.23 55.4 % 104.22 166.69 183.68 55.6 % 102.11 159.71 2.1 % 4.4 %

Chicago 3 1,562 182.02 51.8 % 94.38 145.04 186.39 53.0 % 98.78 147.67 (4.5 %) (1.8 %)

Other 7 2,110 307.33 66.7 % 205.02 299.70 303.72 64.4 % 195.71 291.28 4.8 % 2.9 %

Domestic 69 39,475 352.13 70.7 % 248.82 427.75 339.59 70.3 % 238.66 409.58 4.3 % 4.4 %

International 5 1,499 197.46 60.8 % 120.02 165.34 172.01 61.0 % 104.88 136.91 14.4 % 20.8 %

All Locations 74 40,974 $ 347.24 70.3 % $ 244.11 $ 418.20 $ 334.24 69.9 % $ 233.77 $ 399.66 4.4 % 4.6 %

___________

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

PAGE 10 OF 23

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

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

As of March 31,

2026 2025 Quarter ended March 31, 2026 Quarter ended March 31, 2025

Location No. of

Properties No. of

Properties Average

Room Rate Average

Occupancy

Percentage RevPAR Total RevPAR Average

Room Rate Average

Occupancy

Percentage RevPAR Total RevPAR Percent

Change in

RevPAR Percent

Change in

Total RevPAR

Miami 2 2 $ 723.32 87.2 % $ 630.77 $ 1,069.78 $ 652.77 84.1 % $ 548.88 $ 921.13 14.9 % 16.1 %

Florida Gulf Coast 5 5 659.61 78.7 % 519.00 1,084.79 626.09 69.5 % 434.83 913.78 19.4 % 18.7 %

Maui 3 3 668.13 78.0 % 520.91 800.88 683.78 75.0 % 513.04 788.61 1.5 % 1.6 %

Phoenix 3 3 528.97 83.2 % 439.93 922.54 500.68 81.3 % 407.28 890.19 8.0 % 3.6 %

Jacksonville 1 1 565.94 73.3 % 414.58 989.96 524.64 68.0 % 356.95 828.70 16.1 % 19.5 %

Oahu 2 2 495.26 76.7 % 379.96 571.86 483.66 83.8 % 405.20 625.53 (6.2 %) (8.6 %)

New York 3 3 343.81 80.5 % 276.66 418.04 327.97 79.0 % 258.99 382.34 6.8 % 9.3 %

Nashville 2 2 339.15 76.7 % 260.04 445.92 324.92 80.4 % 261.13 451.22 (0.4 %) (1.2 %)

Los Angeles/Orange County 3 3 314.80 78.6 % 247.31 364.97 311.12 79.2 % 246.38 368.36 0.4 % (0.9 %)

San Francisco/San Jose 6 6 344.91 69.6 % 239.89 346.89 300.24 63.6 % 191.05 285.73 25.6 % 21.4 %

San Diego 3 3 312.85 75.1 % 234.98 463.12 301.96 72.7 % 219.60 433.52 7.0 % 6.8 %

Orlando 1 2 355.01 74.5 % 264.55 596.12 435.81 73.3 % 319.65 660.15 (17.2 %) (9.7 %)

Washington, D.C. (CBD) 4 5 304.15 62.9 % 191.30 291.68 328.11 68.0 % 223.24 322.78 (14.3 %) (9.6 %)

Northern Virginia 2 2 268.57 69.2 % 185.73 287.38 271.39 65.4 % 177.61 289.32 4.6 % (0.7 %)

Austin 2 2 271.16 67.6 % 183.24 330.58 267.21 67.4 % 180.05 324.90 1.8 % 1.7 %

Houston 4 5 229.31 74.3 % 170.36 234.91 232.08 71.7 % 166.43 238.70 2.4 % (1.6 %)

Philadelphia 2 2 224.32 75.3 % 168.99 256.23 217.69 76.8 % 167.08 260.44 1.1 % (1.6 %)

San Antonio 2 2 241.61 65.1 % 157.18 266.06 229.79 66.3 % 152.40 252.38 3.1 % 5.4 %

Atlanta 2 2 222.75 68.3 % 152.14 272.12 222.74 67.3 % 149.83 256.93 1.5 % 5.9 %

Boston 2 2 241.81 59.4 % 143.75 224.63 235.02 64.9 % 152.52 223.00 (5.8 %) 0.7 %

New Orleans 1 1 204.42 64.0 % 130.89 218.92 256.20 71.4 % 182.91 278.00 (28.4 %) (21.3 %)

Seattle 2 2 210.15 55.3 % 116.32 165.55 212.06 54.7 % 116.05 159.55 0.2 % 3.8 %

Denver 3 3 188.23 55.4 % 104.22 166.69 183.68 55.6 % 102.11 159.71 2.1 % 4.4 %

Chicago 3 3 182.02 51.8 % 94.38 145.04 186.39 53.0 % 98.78 147.67 (4.5 %) (1.8 %)

Other 8 10 357.25 63.4 % 226.37 345.16 371.12 60.7 % 225.44 350.98 0.4 % (1.7 %)

Domestic 71 76 360.68 70.4 % 253.83 437.23 352.99 69.3 % 244.68 417.24 3.7 % 4.8 %

International 5 5 197.46 60.8 % 120.02 165.34 172.01 61.0 % 104.88 136.91 14.4 % 20.8 %

All Locations 76 81 $ 355.63 70.0 % $ 249.07 $ 427.58 $ 347.48 69.0 % $ 239.86 $ 407.62 3.8 % 4.9 %

___________

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

PAGE 11 OF 23

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results (1)

(unaudited, in millions, except hotel statistics)

Quarter ended March 31,

2026 2025

Number of hotels 74 74

Number of rooms 40,974 40,974

Change in comparable hotel Total RevPAR 4.6 % —

Change in comparable hotel RevPAR 4.4 % —

Operating profit margin⁽²⁾

19.4 % 17.9 %

Comparable hotel EBITDA margin⁽²⁾

32.7 % 32.0 %

Food and beverage profit margin⁽²⁾ 36.8 % 35.8 %

Comparable hotel food and beverage profit margin⁽²⁾

37.2 % 36.5 %

Net income $ 501 $ 251

Depreciation and amortization 190 196

Interest expense 59 57

Provision (benefit) for income taxes 17 (1)

Gain on sale of property and corporate level income/expense (230) 9

Property transaction adjustments⁽³⁾

(11) (34)

Non-comparable hotel results, net⁽⁴⁾

(17) (6)

Condominium sales (5)

(4) —

Comparable hotel EBITDA⁽¹⁾

$ 505 $ 472

___________

(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 First Quarter 2026 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:

PAGE 12 OF 23

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results (1) (cont.)

(unaudited, in millions, except hotel statistics)

Quarter ended March 31, 2026 Quarter ended March 31, 2025

Adjustments Adjustments

GAAP Results Property transaction

adjustments ⁽³⁾ Non-comparable hotel

results, net ⁽⁴⁾

Condominium sales (5)

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 $ 943 $ (30) $ (12) $ — $ — $ 901 $ 938 $ (73) $ (3) $ — $ 862

Food and beverage

517 (15) (7) — — 495 503 (31) — — 472

Other 159 (7) (4) — — 148 153 (13) — — 140

Condominium sales 26 — — (26) — — — — — — —

Total revenues 1,645 (52) (23) (26) — 1,544 1,594 (117) (3) — 1,474

Expenses

Room 224 (6) (2) — — 216 225 (14) (1) — 210

Food and beverage

327 (11) (5) — — 311 323 (22) (1) — 300

Other 543 (24) (6) (1) — 512 544 (47) (5) — 492

Depreciation and amortization

190 — — — (190) — 196 — — (196) —

Cost of goods sold 21 — — (21) — — — — — — —

Corporate and other expenses

28 — — — (28) — 31 — — (31) —

Net gain on insurance settlements (7) — 7 — — — (10) — 10 — —

Total expenses 1,326 (41) (6) (22) (218) 1,039 1,309 (83) 3 (227) 1,002

Operating Profit - Comparable hotel EBITDA $ 319 $ (11) $ (17) $ (4) $ 218 $ 505 $ 285 $ (34) $ (6) $ 227 $ 472

(3)Property transaction adjustments represent the following items: (i) the elimination of results of operations of hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.

(4)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable.

(5)Includes revenues and costs, including marketing and administrative expenses of approximately $1 million in 2026, related to the development and sale of condominium units adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort.

PAGE 13 OF 23

HOST HOTELS & RESORTS, INC.

Reconciliation of Net Income to

EBITDA, EBITDAre and Adjusted EBITDAre (1)

(unaudited, in millions)

Quarter ended March 31,

2026 2025

Net income⁽²⁾ $ 501 $ 251

Interest expense 59 57

Depreciation and amortization 190 196

Income taxes 17 (1)

EBITDA⁽²⁾ 767 503

Gain on dispositions⁽³⁾ (242) —

Equity investment adjustments:

Equity in earnings of affiliates (4) (10)

Pro rata EBITDAre of equity investments⁽⁴⁾ 16 15

EBITDAre⁽²⁾ 537 508

Adjustments to EBITDAre:

Non-cash stock-based compensation expense 6 6

Adjusted EBITDAre⁽²⁾ $ 543 $ 514

___________

(1)See the Notes to Financial Information for discussion of non-GAAP measures.

(2)Net income, EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO for the quarter ended March 31, 2025 include a gain of $4 million from the sale of land adjacent to The Phoenician hotel.

(3)Reflects the sale of three hotels in the first quarter of 2026.

(4)Unrealized gains of our unconsolidated investments are not recognized in our EBITDAre, Adjusted EBITDAre, NAREIT FFO or Adjusted FFO until they have been realized by the unconsolidated partnership.

PAGE 14 OF 23

HOST HOTELS & RESORTS, INC.

Reconciliation of Diluted Earnings per Common Share to

NAREIT and Adjusted Funds From Operations per Diluted Share (1)

(unaudited, in millions, except per share amounts)

Quarter ended March 31,

2026 2025

Net income⁽²⁾ $ 501 $ 251

Less: Net income attributable to non-controlling interests (7) (3)

Net income attributable to Host Inc. 494 248

Adjustments:

Gain on dispositions⁽³⁾ (242) —

Tax on dispositions 5 —

Depreciation and amortization 189 195

Equity investment adjustments:

Equity in earnings of affiliates (4) (10)

Pro rata FFO of equity investments⁽⁴⁾ 11 10

Consolidated partnership adjustments:

FFO adjustment for non-controlling interests of Host L.P. 1 (3)

NAREIT FFO⁽²⁾ 454 440

Adjustments to NAREIT FFO:

Non-cash stock-based compensation expense 6 6

Adjusted FFO⁽²⁾ $ 460 $ 446

For calculation on a per share basis:⁽⁵⁾

Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO 689.3 698.3

Diluted earnings per common share $ 0.72 $ 0.35

NAREIT FFO per diluted share $ 0.66 $ 0.63

Adjusted FFO per diluted share $ 0.67 $ 0.64

___________

(1-4)Refer to the corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre.

(5)Diluted earnings per common share, NAREIT FFO per diluted share and Adjusted FFO per diluted share are adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP units held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partner interests to common OP units. No effect is shown for securities if they are anti-dilutive.

PAGE 15 OF 23

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 2026 Forecasts (1)(2)

(unaudited, in millions)

Full Year 2026

Low-end of range High-end of range

Net income $ 908 $ 955

Interest expense 242 242

Depreciation and amortization 756 756

Income taxes 51 54

EBITDA 1,957 2,007

Gain on dispositions (242) (242)

Equity investment adjustments:

Equity in earnings of affiliates (17) (18)

Pro rata EBITDAre of equity investments 61 62

EBITDAre 1,759 1,809

Adjustments to EBITDAre:

Non-cash stock-based compensation expense 26 26

Adjusted EBITDAre $ 1,785 $ 1,835

Full Year 2026

Low-end of range High-end of range

Net income $ 908 $ 955

Less: Net income attributable to non-controlling interests (14) (15)

Net income attributable to Host Inc. 894 940

Adjustments:

Gain on dispositions (242) (242)

Tax on dispositions 5 5

Depreciation and amortization 754 754

Equity investment adjustments:

Equity in earnings of affiliates (17) (18)

Pro rata FFO of equity investments 31 32

Consolidated partnership adjustments:

FFO adjustment for non-controlling partnerships (1) (1)

FFO adjustment for non-controlling interests of Host LP (7) (7)

NAREIT FFO 1,417 1,463

Adjustments to NAREIT FFO:

Non-cash stock-based compensation expense 26 26

Adjusted FFO $ 1,443 $ 1,489

Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO 688.6 688.6

Diluted earnings per common share $ 1.30 $ 1.37

NAREIT FFO per diluted share $ 2.06 $ 2.12

Adjusted FFO per diluted share $ 2.10 $ 2.16

_______________

(1)The Forecasts are based on the below assumptions:

•Comparable hotel RevPAR will increase 3.0% to 4.5% compared to 2025 for the low and high end of the forecast range. This forecast assumes a continued recovery at our Maui properties from the 2023 wildfires, however the timing of Maui's full recovery remains uncertain.

•Comparable hotel EBITDA margins will increase 20 basis points to 50 basis points compared to 2025 for the low and high end of the forecast comparable hotel RevPAR range, respectively.

•We expect to spend approximately $545 million to $655 million on capital expenditures.

•Assumes the disposition of Sheraton Parsippany during the year with no additional dispositions and no acquisitions during the year. There can be no assurances that the sale will be completed.

PAGE 16 OF 23

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 2026 Forecasts (1)(2) (cont.)

(unaudited, in millions)

•This forecast makes no assumptions on the use of the remaining proceeds from the Four Seasons sale, though we will weigh potential cash uses which may include, subject to market conditions, acquisitions, other investments in our portfolio, continued common stock repurchases or increased dividends, which dividends could be in excess of taxable income. Any additional special dividend will be subject to approval by Host Inc.’s Board of Directors.

•Assumes an approximate $20 million to $25 million contribution to net income and Adjusted EBITDAre from the sale of condominium units.

•Includes $7 million of gain from business interruption proceeds related to hurricane claims already received in 2026, but assumes no further business interruption proceeds during the year.

For a discussion of items that may affect forecast results, see the Notes to Financial Information.

PAGE 17 OF 23

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results for Full Year 2026 Forecasts (1)(2)

(unaudited, in millions)

Full Year 2026

Low-end of range High-end of range

Operating profit margin(3)

14.4 % 15.1 %

Comparable hotel EBITDA margin(3)

29.4 % 29.7 %

Net income $ 908 $ 955

Depreciation and amortization 756 756

Interest expense 242 242

Provision for income taxes 51 54

Gain on sale of property and corporate level income/expense (195) (195)

Property transaction adjustments(4)

(11) (11)

Non-comparable hotel results, net(5)

(35) (36)

Condominium sales (6)

(20) (25)

Comparable hotel EBITDA(1)

$ 1,696 $ 1,740

___________

(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 2026 Forecasts" for other forecast assumptions.

(2)Forecast comparable hotel results include 74 hotels (of our 76 hotels owned at March 31, 2026) that we have assumed will be classified as comparable as of December 31, 2026. See footnote (5) for details on our non-comparable hotel results.

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

Low-end of range High-end of range

Adjustments Adjustments

GAAP Results Property transaction adjustments Non-comparable hotel

results, net Condo-minium sales Depreciation and

corporate level items Comparable hotel

Results GAAP Results Property transaction adjustments Non-comparable hotel

results, net Condo-minium sales Depreciation and

corporate level items Comparable hotel

Results

Revenues

Rooms $ 3,514 $ (30) $ (39) $ — $ — $ 3,445 $ 3,563 $ (30) $ (39) $ — $ — $ 3,494

Food and beverage 1,819 (15) (28) — — 1,776 1,844 (15) (28) — — 1,801

Other 764 (7) (14) (188) — 555 777 (7) (14) (193) — 563

Total revenues 6,097 (52) (81) (188) — 5,776 6,184 (52) (81) (193) — 5,858

Expenses

Hotel expenses 4,180 (41) (53) (6) — 4,080 4,217 (41) (52) (6) — 4,118

Depreciation and amortization 756 — — — (756) — 756 — — — (756) —

Cost of goods sold 162 — — (162) — — 162 — — (162) — —

Corporate and other expenses 125 — — — (125) — 125 — — — (125) —

Net gain on insurance settlements (7) — 7 — — — (7) — 7 — — —

Total expenses 5,216 (41) (46) (168) (881) 4,080 5,253 (41) (45) (168) (881) 4,118

Operating Profit - Comparable hotel EBITDA $ 881 $ (11) $ (35) $ (20) $ 881 $ 1,696 $ 931 $ (11) $ (36) $ (25) $ 881 $ 1,740

(4)Property transaction adjustments represent the following items: (i) the elimination of results of operations of hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. Forecast data also eliminates results of hotels assumed to be sold during the year.

(5)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable. The following property that we own and that is not classified as held-for-sale, is expected to be non-comparable for full year 2026:

•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025)

(6) Includes revenues and costs, including marketing and administrative expenses of approximately $6 million, related to the development and sale of condominium units adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort.

PAGE 18 OF 23

HOST HOTELS & RESORTS, INC.

Notes to Financial Information

FORECASTS

Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and comparable hotel results are forward-looking statements and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will not be materially different. Risks that may affect these assumptions and forecasts include the following: potential changes in overall economic outlook make it inherently difficult to forecast the level of RevPAR, earnings and profitability; the amount and timing of debt payments may change significantly based on market conditions, which will directly affect the level of interest expense and net income; the amount and timing of transactions involving shares of our common stock may change based on market conditions; and other risks and uncertainties associated with our business described herein and in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC.

COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS

To facilitate a year-to-year comparison of our operations, we present certain operating statistics (i.e., Total RevPAR, RevPAR, average daily rate and average occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in our reports on a comparable hotel basis in order to enable our investors to better evaluate our operating performance. We define our comparable hotels as those that: (i) are owned or leased by us as of the reporting date and are not classified as held-for-sale; and (ii) have not sustained substantial property damage or business interruption, or undergone large-scale capital projects, in each case requiring closures lasting one month or longer (as further defined below), during the reporting periods being compared.

We make adjustments to include recent acquisitions to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. Additionally, operating results of hotels that we sell are excluded from the comparable hotel set once the transaction has closed or the hotel is classified as held-for-sale.

The hotel business is capital-intensive and renovations are a regular part of the business. Generally, hotels under renovation remain comparable hotels. A large-scale capital project would cause a hotel to be excluded from our comparable hotel set if it requires the entire property to be closed to hotel guests for one month or longer.

Similarly, hotels are excluded from our comparable hotel set from the date that they sustain substantial property damage or business interruption if it requires the property to be closed to hotel guests for one month or longer. In each case, these hotels are returned to the comparable hotel set when the operations of the hotel have been included in our consolidated results for one full calendar year after the hotel has reopened. Often, related to events that cause property damage and the closure of a hotel, we will collect business interruption insurance proceeds for the near-term loss of business. These proceeds are included in net gain on insurance settlements on our condensed consolidated statements of operations. Business interruption insurance gains covering lost revenues while the property was considered non-comparable also will be excluded from the comparable hotel results.

Of the 76 hotels that we owned as of March 31, 2026, 74 have been classified as comparable hotels. The operating results of the following properties that we owned, and that were not classified as held-for-sale, as of March 31, 2026 are excluded from comparable hotel results for these periods:

•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025); and

•Operations related to the development and sale of condominium units on a development parcel adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort.

At March 31, 2026, the Sheraton Parsippany Hotel was classified as held-for-sale. Therefore, the results of this hotel are also excluded from comparable hotel operating statistics and results.

FOREIGN CURRENCY TRANSLATION

Operating results denominated in foreign currencies are translated using the prevailing exchange rates on the date of the transaction, or monthly based on the weighted average exchange rate for the period. Therefore, hotel statistics and results for non-U.S. properties include the effect of currency fluctuations, consistent with our financial statement presentation.

NON-GAAP FINANCIAL MEASURES

Included in this press release are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, both at the hotel level and company-wide, (iii) EBITDAre and Adjusted EBITDAre, and (iv) Comparable Hotel Operating Statistics and Results. The following discussion defines these measures and presents why we believe they are useful supplemental measures of our performance.

PAGE 19 OF 23

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

NAREIT FFO AND NAREIT FFO PER DILUTED SHARE

We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. As noted in NAREIT’s Funds From Operations White Paper – 2018 Restatement, NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding depreciation and amortization related to certain real estate assets, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment expense of certain real estate assets and investments and adjustments for consolidated partially owned entities and unconsolidated affiliates. Adjustments for consolidated partially owned entities and unconsolidated affiliates are calculated to reflect our pro rata share of the FFO of those entities on the same basis.

We believe that NAREIT FFO per diluted share is a useful supplemental measure of our operating performance and that the presentation of NAREIT FFO per diluted share, when combined with the primary GAAP presentation of diluted earnings per share, provides beneficial information to investors. By excluding the effect of real estate depreciation, amortization, impairment expense and gains and losses from sales of depreciable real estate, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. As noted by NAREIT in its Funds From Operations White Paper – 2018 Restatement, the primary purpose for including FFO as a supplemental measure of operating performance of a REIT is to address the artificial nature of historical cost depreciation and amortization of real estate and real estate-related assets mandated by GAAP. For these reasons, NAREIT adopted the FFO metric in order to promote a uniform industry-wide measure of REIT operating performance.

Adjusted FFO per Diluted Share

We also present Adjusted FFO per diluted share when evaluating our performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the adjustments detailed below in evaluating our performance, in our annual budget process and for our compensation programs. We believe that the presentation of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of diluted earnings per share and FFO per diluted share as defined by NAREIT, provides useful supplemental information that is beneficial to an investor’s understanding of our operating performance. We adjust NAREIT FFO per diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share:

•Gains and Losses on the Extinguishment of Debt – We exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of the write-off of deferred financing costs from the original issuance of the debt being redeemed or retired and incremental interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs.

•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.

•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.

•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.

•Non-Cash Stock-Based Compensation - We exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash transaction and the add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior notes indentures and consistent with the presentation of Adjusted FFO per diluted share for the majority of other lodging REIT filers.

In unusual circumstances, we also may adjust NAREIT FFO for gains or losses that management believes are not representative of the Company’s current operating performance. For example, in 2017, as a result of the reduction of the U.S. federal corporate income tax rate from 35% to 21% by the Tax Cuts and Jobs Act, we remeasured our domestic deferred tax assets as of December 31,

PAGE 20 OF 23

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

2017 and recorded a one-time adjustment to reduce our deferred tax assets and to increase the provision for income taxes by approximately $11 million. We do not consider this adjustment to be reflective of our ongoing operating performance and, therefore, we excluded this item from Adjusted FFO.

EBITDA

Earnings before Interest Expense, Income Taxes, Depreciation and Amortization (“EBITDA”) is a commonly used measure of performance in many industries. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel owners that are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO and Adjusted FFO per diluted share, it is widely used by management in the annual budget process and for our compensation programs.

EBITDAre and Adjusted EBITDAre

We present EBITDAre in accordance with NAREIT guidelines, as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate,” to provide an additional performance measure to facilitate the evaluation and comparison of the Company’s results with other REITs. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment expense for depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates.

We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s understanding of our operating performance. Adjusted EBITDAre also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDAre for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre:

•Property Insurance Gains and Property Damage Losses – We exclude the effect of property insurance gains reflected in our condensed consolidated statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection with the calculation of the property insurance gain often does not reflect the market value of real estate assets. Similarly, losses from property damage or remediation costs that are not covered through insurance are excluded.

•Non-Cash Stock-Based Compensation - We exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash transaction and the add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior notes indentures and consistent with the presentation of Adjusted EBITDAre for the majority of other lodging REIT filers.

In unusual circumstances, we also may adjust EBITDAre for gains or losses that management believes are not representative of the Company’s current operating performance. The last adjustment of this nature was a 2013 exclusion of a gain from an eminent domain claim.

PAGE 21 OF 23

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

Limitations on the Use of NAREIT FFO per Diluted Share, Adjusted FFO per Diluted Share, EBITDA, EBITDAre and Adjusted EBITDAre

We calculate EBITDAre and NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures calculated by other companies that do not use the NAREIT definition of EBITDAre and FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. In addition, although EBITDAre and FFO per diluted share are useful measures when comparing our results to other REITs, they may not be helpful to investors when comparing us to non-REITs. We also calculate Adjusted FFO per diluted share and Adjusted EBITDAre, which measures are not in accordance with NAREIT guidance and may not be comparable to measures calculated by other REITs or by other companies. This information should not be considered as an alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP. Cash expenditures for various long-term assets (such as renewal and replacement capital expenditures), interest expense (for EBITDA, EBITDAre and Adjusted EBITDAre purposes only), severance expense related to significant property-level reconfiguration and other items have been, and will be, made and are not reflected in the EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share presentations. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our consolidated statements of operations and consolidated statements of cash flows in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures. Additionally, NAREIT FFO per diluted share, Adjusted FFO per diluted share, EBITDA, EBITDAre and Adjusted EBITDAre should not be considered as measures of our liquidity or indicative of funds available to fund our cash needs, including our ability to make cash distributions. In addition, NAREIT FFO per diluted share and Adjusted FFO per diluted share do not measure, and should not be used as measures of, amounts that accrue directly to stockholders’ benefit.

Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments, and NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of non-controlling partners in consolidated partnerships. Our equity investments consist of interests ranging from 11% to 67% in seven domestic partnerships that own a total of 105 properties and a vacation ownership development. Due to the voting rights of the outside owners, we do not control and, therefore, do not consolidate these entities. The non-controlling partners in consolidated partnerships primarily consist of the approximate 1% interest in Host LP held by unaffiliated limited partners and a 15% interest held by an unaffiliated limited partner in a partnership owning one hotel for which we do control the entity and, therefore, consolidate its operations. These pro rata results for NAREIT FFO and Adjusted FFO per diluted share, EBITDAre and Adjusted EBITDAre were calculated as set forth in the definitions above. Readers should be cautioned that the pro rata results presented in these measures for consolidated partnerships (for NAREIT FFO and Adjusted FFO per diluted share) and equity investments may not accurately depict the legal and economic implications of our investments in these entities.

Comparable Hotel Property Level Operating Results

We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a comparable hotel, or "same store," basis as supplemental information for our investors. Our comparable hotel results present operating results for our hotels without giving effect to dispositions or properties that experienced closures due to renovations or property damage, as discussed in “Comparable Hotel Operating Statistics and Results” above. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our comparable hotels after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization expense). Corporate-level costs and expenses also are removed to arrive at property-level results. We believe these property-level results provide investors with supplemental information about the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by location and for the Company’s properties in the aggregate. We eliminate from our comparable hotel level operating results severance costs related to broad-based and significant property-level reconfiguration that is not considered to be within the normal course of business, as we believe this elimination provides useful supplemental information that is beneficial to an investor’s understanding of our ongoing operating performance. We also eliminate depreciation and amortization expense because, even though depreciation and amortization expense are property-level expenses, these non-cash expenses, which are based on historical cost accounting for real estate assets, implicitly assume that the value of real estate assets diminishes predictably over time. As noted earlier, because real estate values historically have risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost accounting for operating results to be insufficient.

Because of the elimination of corporate-level costs and expenses, gains or losses on disposition, certain severance expenses and depreciation and amortization expense, the comparable hotel operating results we present do not represent our total revenues, expenses, operating profit or net income and should not be used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our condensed consolidated statements of operations include such amounts, all of which should be considered by investors when evaluating our performance.

We present these hotel operating results on a comparable hotel basis because we believe that doing so provides investors and management with useful information for evaluating the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at comparable hotels (which represent the vast majority of our portfolio) or from other factors. While management believes that presentation of comparable

PAGE 22 OF 23

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

hotel results is a supplemental measure that provides useful information in evaluating our ongoing performance, this measure is not used to allocate resources or to assess the operating performance of each of our hotels, as these decisions are based on data for individual hotels and are not based on comparable hotel results in the aggregate. For these reasons, we believe comparable hotel operating results, when combined with the presentation of GAAP operating profit, revenues and expenses, provide useful information to investors and management.

PAGE 23 OF 23

EX-99.2

Filename: hst-supplementalfinanciali.htm · Sequence: 3

HST-Supplemental Financial Information

Exhibit 99.2

Supplemental Financial Information

MARCH 31, 2026

ANDAZ MAUI AT WAILEA RESORT

TABLE OF CONTENTS

OVERVIEW

About Host Hotels & Resorts

Analyst Coverage

Forward-Looking Statements

Non-GAAP Financial Measures

PROPERTY LEVEL DATA AND CORPORATE MEASURES

Comparable Hotel Results by Location

Historical Comparable Hotel Results

Comparable Hotel Results 2026 Forecast and Full Year 2025

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 2026 Forecasts

Ground Lease Summary as of December 31, 2025

CAPITALIZATION

Comparative Capitalization

Consolidated Debt Summary

Consolidated Debt Maturity

FINANCIAL COVENANTS

Credit Facility and Senior Notes Financial Performance Tests

Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio

Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Unsecured Interest Coverage Ratio

Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio

Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test

Reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test

Reconciliation of GAAP Interest Coverage Ratio to Senior Notes Indenture EBITDA-to-Interest Coverage Ratio

Reconciliation of GAAP Assets to Indebtedness Test to Senior Notes Unencumbered Assets to Unsecured Indebtedness Test

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

Forecasts

Comparable Hotel Operating Statistics and Results

Non-GAAP Financial Measures

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

HOST HOTELS & RESORTS CORPORATE HEADQUARTERS

BAKER'S CAY RESORT KEY LARGO, CURIO COLLECTION BY HILTON

About Host Hotels & Resorts

PREMIER U.S. LODGING REIT

S&P

500

COMPANY

$13.3

BILLION

MARKET CAP(1)

$17.1

BILLION

ENTERPRISE VALUE(1)

LUXURY & UPPER UPSCALE CONSOLIDATED HOTELS PORTFOLIO(2)

HOTELS

41,700

ROOMS

TOP U.S. MARKETS

(1) Based on market cap as of March 31, 2026. See Comparative Capitalization for calculation.

(2) At May 6, 2026.

Analyst Coverage

BAIRD

Mike Bellisario

414-298-6130

mbellisario@rwbaird.com

DEUTSCHE BANK SECURITIES

Chris Woronka

212-250-9376

chris.woronka@db.com

MORGAN STANLEY & CO.

Stephen Grambling

212-761-1010

stephen.grambling@morganstanley.com

BARCLAYS

Rich Hightower

212-526-8768

richard.hightower@barclays.com

EVERCORE ISI

Duane Pfennigwerth

212-497-0817

duane.pfennigwerth@evercoreisi.com

RAYMOND JAMES & ASSOCIATES

RJ Milligan

727-567-2585

rjmilligan@raymondjames.com

BOFA SECURITIES, INC.

Shaun Kelley

646-855-1005

shaun.kelley@baml.com

GREEN STREET ADVISORS

Chris Darling

949-640-8780

cdarling@greenst.com

STIFEL, NICOLAUS & CO.

Simon Yarmak

443-224-1345

yarmaks@stifel.com

BMO CAPITAL MARKETS

Ari Klein

212-885-4103

ari.klein@bmo.com

JEFFERIES

David Katz

212-323-3355

dkatz@jefferies.com

TRUIST

C. Patrick Scholes

212-319-3915

patrick.scholes@suntrust.com

CANTOR FITZGERALD

Richard Anderson

929-441-6927

richard.anderson@cantor.com

JPMORGAN

Daniel Politzer

212-622-0110

daniel.politzer@jpmorgan.com

UBS SECURITIES LLC

Robin Farley

212-713-2060

robin.farley@ubs.com

CITI INVESTMENT RESEARCH

Smedes Rose

212-816-6243

smedes.rose@citi.com

KOLYITCS

David Abraham

+44 7527 493597

david.abraham@kolytics.com

WELLS FARGO SECURITIES LLC

Cooper Clark

212-214-1146

cooper.clark@wellsfargo.com

COMPASS POINT RESEARCH & TRADING, LLC

Ken Billingsley

202-534-1393

kbillingsley@compasspointllc.com

LADENBURG THALMANN & CO.

Floris Van Dijkum

212-409-2075

fvandijkum@ladenburg.com

WOLFE RESEARCH

Logan Epstein

646-582-9267

lepstein@wolferesearch.com

The Company is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of the Company or its

management. The Company does not by its reference above imply its endorsement of or concurrence with any of such analysts’ information, conclusions or recommendations.

Overview

ABOUT HOST HOTELS & RESORTS

Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that

owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of

which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership

interests in Host LP held by outside partners as of March 31, 2026, 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.

FORWARD-LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements

include, but may not be limited to, our expectations regarding the strength of lodging demand, the continued recovery in Maui from the 2023 wildfires, and 2026

estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not

guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially

from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company’s

annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are

based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in

this supplemental presentation is as of May 6, 2026, and the Company undertakes no obligation to update any forward-looking statement to conform the

statement to actual results or changes in the Company’s expectations.

NON-GAAP FINANCIAL MEASURES

Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that

are not calculated and presented in accordance with GAAP (U.S. generally accepted accounting principles), within the meaning of applicable SEC rules. They are

as follows: : (i) Funds From Operations (“FFO”) and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, both at hotel level and company-wide, (iii)

EBITDAre and Adjusted EBITDAre, (iv) Net Operating Income (NOI), (v) Comparable Hotel Operating Statistics and Results and (vi) measures derived from EBITDA

and NOI such as EBITDA multiples and capitalization rates. Also included are reconciliations to the most directly comparable GAAP measures. See the Notes to

Supplemental Financial Information for definitions of these measures, why we believe these measures are useful and limitations on their use.

Also included in this supplemental information is our leverage ratio, unsecured interest coverage ratio and fixed charge coverage ratio, calculated in accordance

with our credit facility, along with our EBITDA to interest coverage ratio, indenture indebtedness test, indenture secured indebtedness test, and indenture

unencumbered assets to unsecured indebtedness test, calculated in accordance with our senior notes indenture covenants. Included with these ratios are

reconciliations calculated in accordance with GAAP. See the Notes to Supplemental Financial Information for information on how these supplemental measures

are calculated, why we believe they are useful and limitations on their use.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

1 HOTEL NASHVILLE

Comparable Hotel Results by Location (1)

(unaudited, in millions, except hotel statistics and per room basis)

Quarter ended March 31, 2026

Location

No. of

Properties

No. of

Rooms

Average

Room Rate

Average

Occupancy

Percentage

RevPAR

Total revenues

Total Revenues

per Available

Room

Hotel Net

Income (Loss)

Hotel EBITDA

Miami

1,038

$723.32

87.2%

$630.77

$103.1

$1,069.78

$34.9

$43.6

Florida Gulf Coast

1,529

693.90

79.2%

549.46

159.4

1,158.45

52.4

73.2

Maui

1,580

668.13

78.0%

520.91

113.9

800.88

14.6

31.6

Phoenix

1,565

528.97

83.2%

439.93

129.9

922.54

50.3

61.5

Jacksonville

446

565.94

73.3%

414.58

39.7

989.96

11.7

14.9

Oahu

876

495.26

76.7%

379.96

45.8

571.86

1.8

8.3

New York

2,720

343.81

80.5%

276.66

102.3

418.04

11.4

20.3

Nashville

721

339.15

76.7%

260.04

28.9

445.92

4.0

10.4

Los Angeles/Orange County

1,067

314.80

78.6%

247.31

35.0

364.97

5.1

7.1

San Francisco/San Jose

4,162

344.91

69.6%

239.89

129.9

346.89

29.6

43.4

San Diego

3,294

312.85

75.1%

234.98

137.3

463.12

30.6

48.8

Orlando

2,004

268.46

76.2%

204.64

91.7

508.55

34.3

35.1

Washington, D.C. (CBD)

2,788

304.15

62.9%

191.30

73.2

291.68

7.0

19.2

Northern Virginia

916

268.57

69.2%

185.73

23.7

287.38

2.7

5.9

Austin

769

271.16

67.6%

183.24

22.9

330.58

2.1

7.9

Houston

1,710

229.11

74.7%

171.25

36.3

235.94

8.9

13.2

Philadelphia

810

224.32

75.3%

168.99

18.7

256.23

2.6

4.3

San Antonio

1,512

241.61

65.1%

157.18

36.2

266.06

9.3

12.9

Atlanta

810

222.75

68.3%

152.14

19.8

272.12

2.3

6.1

Boston

1,496

241.81

59.4%

143.75

30.2

224.63

1.7

6.3

New Orleans

1,333

204.42

64.0%

130.89

26.3

218.92

6.6

9.8

Seattle

1,315

210.15

55.3%

116.32

19.6

165.55

(4.1)

(1.2)

Denver

1,342

188.23

55.4%

104.22

20.1

166.69

2.9

6.4

Chicago

1,562

182.02

51.8%

94.38

20.4

145.04

(7.6)

(3.5)

Other

2,110

307.33

66.7%

205.02

56.9

299.70

13.5

15.7

Other property level (2)

0.1

(2.4)

Domestic

39,475

352.13

70.7%

248.82

1,521.3

427.75

326.2

498.8

International

1,499

197.46

60.8%

120.02

22.3

165.34

4.1

5.8

All Locations - comparable hotels

40,974

$347.24

70.3%

$244.11

$1,543.6

$418.20

$330.3

$504.6

Non-comparable hotels

348

23.4

12.2

16.9

Property transaction adjustments (3)

370

51.5

—

11.3

Gain on sale of property and corporate

level income/expense (4)

26.1

158.9

233.8

Total

41,692

—

$1,644.6

—

$501.4

$766.6

(1)See the Notes to Supplemental Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. RevPAR is the product of the average daily room rate charged and the average daily occupancy

achieved. Total Revenues per Available Room ("Total RevPAR") is a summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period. It includes

ancillary revenues not included with RevPAR.

(2)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

(3)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations

as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. As of March 31, 2026, this includes three hotels sold in the first quarter of 2026 and one hotel classified as held-for-sale.

(4)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate

level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

Comparable Hotel Results by Location

(unaudited, in millions, except hotel statistics and per room basis)

Quarter ended March 31, 2026

Location

No. of

Properties

No. of

Rooms

Hotel Net

Income (Loss)

Plus:

Depreciation

Plus: Interest

Expense

Plus: Income Tax

Plus: Property

Transaction

Adjustments

Equals: Hotel

EBITDA

Miami

1,038

$34.9

$8.7

$—

$43.6

Florida Gulf Coast

1,529

52.4

20.8

—

73.2

Maui

1,580

14.6

17.0

—

31.6

Phoenix

1,565

50.3

11.2

—

61.5

Jacksonville

446

11.7

3.2

—

14.9

Oahu

876

1.8

6.5

—

8.3

New York

2,720

11.4

8.9

—

20.3

Nashville

721

4.0

6.4

—

10.4

Los Angeles/Orange County

1,067

5.1

2.0

—

7.1

San Francisco/San Jose

4,162

29.6

13.8

—

43.4

San Diego

3,294

30.6

18.2

—

48.8

Orlando

2,004

34.3

7.7

—

(6.9)

35.1

Washington, D.C. (CBD)

2,788

7.0

12.2

—

19.2

Northern Virginia

916

2.7

3.2

—

5.9

Austin

769

2.1

4.8

1.0

—

7.9

Houston

1,710

8.9

3.7

—

0.6

13.2

Philadelphia

810

2.6

1.7

—

4.3

San Antonio

1,512

9.3

3.6

—

12.9

Atlanta

810

2.3

3.8

—

6.1

Boston

1,496

1.7

4.6

—

6.3

New Orleans

1,333

6.6

3.2

—

9.8

Seattle

1,315

(4.1)

2.9

—

(1.2)

Denver

1,342

2.9

3.5

—

6.4

Chicago

1,562

(7.6)

4.1

—

(3.5)

Other

2,110

13.5

7.2

—

(5.0)

15.7

Other property level (1)

(2.4)

—

(2.4)

Domestic

39,475

326.2

182.9

1.0

—

(11.3)

498.8

International

1,499

4.1

1.7

—

5.8

All Locations - comparable hotels

40,974

$330.3

$184.6

$1.0

$—

$(11.3)

$504.6

Non-comparable hotels

348

12.2

4.7

—

16.9

Property transaction adjustments (2)

370

—

11.3

Gain on sale of property and corporate

level income/expense (3)

158.9

0.4

57.6

16.9

—

233.8

Total

41,692

$501.4

$189.7

$58.6

$16.9

$—

$766.6

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

(2)Property transaction adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of the reporting date, which operations are included in our unaudited condensed consolidated statements of operations

as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.

(3)Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected in “gain on sale of property and corporate

level income/expense.”

Comparable Hotel Results by Location

(unaudited, in millions, except hotel statistics and per room basis)

Quarter ended March 31, 2025

Location

No. of

Properties

No. of

Rooms

Average

Room Rate

Average

Occupancy

Percentage

RevPAR

Total revenues

Total Revenues

per Available

Room

Hotel Net

Income (Loss)

Hotel EBITDA

Miami

1,038

$652.77

84.1%

$548.88

$88.5

$921.13

$28.6

$37.0

Florida Gulf Coast

1,529

637.22

81.6%

519.77

151.9

1,103.93

46.0

66.3

Maui

1,580

683.78

75.0%

513.04

112.1

788.61

20.4

36.8

Phoenix

1,565

500.68

81.3%

407.28

123.8

890.19

46.5

57.3

Jacksonville

446

524.64

68.0%

356.95

33.3

828.70

7.7

10.9

Oahu

876

483.66

83.8%

405.20

50.0

625.53

5.6

11.8

New York

2,720

327.97

79.0%

258.99

93.6

382.34

1.3

14.0

Nashville

721

324.92

80.4%

261.13

29.3

451.22

3.2

9.2

Los Angeles/Orange County

1,067

311.12

79.2%

246.38

35.4

368.36

4.8

7.7

San Francisco/San Jose

4,162

300.24

63.6%

191.05

107.0

285.73

11.1

25.2

San Diego

3,294

301.96

72.7%

219.60

128.5

433.52

29.0

44.2

Orlando

2,004

260.42

74.9%

195.13

88.0

488.25

38.2

34.4

Washington, D.C. (CBD)

2,788

333.42

67.2%

223.90

82.3

328.62

22.2

30.2

Northern Virginia

916

271.39

65.4%

177.61

23.9

289.32

4.3

6.7

Austin

769

267.21

67.4%

180.05

22.4

324.90

3.8

8.2

Houston

1,710

220.34

74.3%

163.72

36.0

233.72

9.1

13.0

Philadelphia

810

217.69

76.8%

167.08

19.0

260.44

2.2

4.7

San Antonio

1,512

229.79

66.3%

152.40

34.3

252.38

7.9

11.7

Atlanta

810

222.74

67.3%

149.83

18.7

256.93

2.5

5.8

Boston

1,496

235.02

64.9%

152.52

30.0

223.00

1.4

5.9

New Orleans

1,333

256.20

71.4%

182.91

33.4

278.00

10.5

13.0

Seattle

1,315

212.06

54.7%

116.05

18.9

159.55

(4.7)

(1.5)

Denver

1,342

183.68

55.6%

102.11

19.3

159.71

0.2

3.8

Chicago

1,562

186.39

53.0%

98.78

20.8

147.67

(7.0)

(2.8)

Other

2,110

303.72

64.4%

195.71

55.3

291.28

14.6

13.8

Other property level (1)

0.2

—

Domestic

39,475

339.59

70.3%

238.66

1,455.9

409.58

309.4

467.3

International

1,499

172.01

61.0%

104.88

18.5

136.91

2.6

4.4

All Locations - comparable hotels

40,974

$334.24

69.9%

$233.77

$1,474.4

$399.66

$312.0

$471.7

Non-comparable hotels

348

2.5

3.9

6.4

Property transaction adjustments (2)

370

117.4

—

34.1

Gain on sale of property and corporate

level income/expense (3)

—

(64.6)

(9.1)

Total

41,692

$—

—

$—

$1,594.3

$—

$251.3

$503.1

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. As of March 31, 2026, this includes two hotels sold in 2025, three hotels sold in 2026 and one hotel classified as held-for-sale.

level income/expense.” Refer to the table below for reconciliation of net income to EBITDA by location.

Comparable Hotel Results by Location

(unaudited, in millions, except hotel statistics and per room basis)

Quarter ended March 31, 2025

Location

No. of

Properties

No. of

Rooms

Hotel Net Income

(Loss)

Plus:

Depreciation

Plus: Interest

Expense

Plus: Income Tax

Plus: Property

Transaction

Adjustments

Equals: Hotel

EBITDA

Miami

1,038

$28.6

$8.4

$—

$37.0

Florida Gulf Coast

1,529

46.0

20.3

—

66.3

Maui

1,580

20.4

16.4

—

36.8

Phoenix

1,565

46.5

10.8

—

57.3

Jacksonville

446

7.7

3.2

—

10.9

Oahu

876

5.6

6.2

—

11.8

New York

2,720

1.3

12.7

—

14.0

Nashville

721

3.2

6.0

—

9.2

Los Angeles/Orange County

1,067

4.8

2.9

—

7.7

San Francisco/San Jose

4,162

11.1

14.1

—

25.2

San Diego

3,294

29.0

15.2

—

44.2

Orlando

2,004

38.2

13.8

—

(17.6)

34.4

Washington, D.C. (CBD)

2,788

22.2

11.4

—

(3.4)

30.2

Northern Virginia

916

4.3

2.4

—

6.7

Austin

769

3.8

3.4

1.0

—

8.2

Houston

1,710

9.1

5.3

—

(1.4)

13.0

Philadelphia

810

2.2

2.5

—

4.7

San Antonio

1,512

7.9

3.8

—

11.7

Atlanta

810

2.5

3.3

—

5.8

Boston

1,496

1.4

4.5

—

5.9

New Orleans

1,333

10.5

2.5

—

13.0

Seattle

1,315

(4.7)

3.2

—

(1.5)

Denver

1,342

0.2

3.6

—

3.8

Chicago

1,562

(7.0)

4.2

—

(2.8)

Other

2,110

14.6

10.9

—

(11.7)

13.8

Other property level (1)

—

Domestic

39,475

309.4

191.0

1.0

—

(34.1)

467.3

International

1,499

2.6

1.8

—

4.4

All Locations - comparable hotels

40,974

$312.0

$192.8

$1.0

$—

$(34.1)

$471.7

Non-comparable hotels

348

3.9

2.5

—

6.4

Property transaction adjustments (2)

370

—

34.1

Gain on sale of property and corporate

level income/expense (3)

(64.6)

0.4

56.1

(1.0)

—

(9.1)

Total

41,692

$251.3

$195.7

$57.1

$(1.0)

$—

$503.1

(1)Other property level includes certain ancillary revenues and related expenses, as well as non-income taxes on TRS leases.

as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date.

level income/expense.”

Historical Comparable Hotel Results with 2026 Comparable Hotel Set

(unaudited, in millions, except hotel statistics)

Historical Comparable Hotel Metrics (1)

2026 Comparable Hotel Set (3)

Three Months Ended

Year Ended

March 31, 2025

June 30, 2025

September 30, 2025

December 31, 2025

Number of hotels

Number of rooms

40,974

Comparable hotel RevPAR

$233.77

$235.05

$204.18

$220.73

$223.34

Comparable hotel occupancy

69.9%

74.1%

69.9%

67.0%

70.2%

Comparable hotel ADR

$334.24

$317.39

$292.11

$329.67

$318.14

Historical Comparable Hotel Revenues (1)(2)

2026 Comparable Hotel Set (3)

Three Months Ended

Year Ended

March 31, 2025

June 30, 2025

September 30, 2025

December 31, 2025

Total revenues

$1,594

$1,586

$1,331

$1,603

$6,114

Less: Revenues from asset

disposition

(117)

(99)

(79)

(93)

(388)

Less: Revenues from non-

comparable hotels

(3)

(16)

(14)

(17)

(50)

Less: Revenues from condominium

sales

—

(99)

Comparable hotel revenues

$1,474

$1,471

$1,238

$1,394

$5,577

Historical Comparable Hotel Results with 2026 Comparable Hotel Set (cont.)

(unaudited, in millions, except hotel statistics)

Historical Comparable Hotel EBITDA (1)(2)

2026 Comparable Hotel Set (3)

Three Months Ended

Year Ended

March 31, 2025

June 30, 2025

September 30, 2025

December 31, 2025

Net income

$251

$225

$163

$137

$776

Depreciation and amortization

196

195

196

208

795

Interest expense

235

Provision (benefit) for income taxes

(1)

Gain on sale of property and corporate

level income/expense

(8)

(104)

(74)

Property transaction adjustments

(34)

(24)

(13)

(27)

(98)

Non-comparable hotel results, net

(6)

(13)

(9)

(5)

(33)

Condominium sales

—

(19)

(17)

Comparable hotel EBITDA

$472

$461

$303

$390

$1,626

(1)Comparable hotel results represent adjustments for the following items: (i) to remove the results of operations of our hotels assumed to be sold or held-for-sale as of December 31, 2026, which

operations are included in our condensed consolidated statements of operations as continuing operations, (ii) to include the results for periods prior to our ownership for hotels acquired as of

March 31, 2026 and (iii) to remove the results of our non-comparable hotels.

(2)Comparable hotel revenues and comparable hotel EBITDA are non-GAAP financial measures within the meaning of the rules of the Securities and Exchange commission. See the Notes to

Supplemental Financial Information for discussion of these non-GAAP measures.

(3)Comparable hotel results include 74 hotels (of our 76 hotels owned at March 31, 2026) based on our forecast comparable hotel set as of December 31, 2026. No assurances can be made as to the

hotels that will be in the comparable hotel set for 2026. The following property that we own and that is not classified as held-for-sale, is expected to be non-comparable for full year 2026:

•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025).

Additionally, revenues and costs, including marketing and administrative expenses, related to the development and sale of condominium units adjacent to the Four Seasons Resort Orlando at

Walt Disney World® Resort are excluded from our comparable hotel results.

Comparable Hotel Results 2026 Forecast and Full Year 2025

(unaudited, in millions, except hotel statistics)

2026 Comparable Hotel Set

2026 Forecast(1)

2025

Number of hotels

Number of rooms

40,974

Comparable hotel Total RevPAR

$388.53

$372.75

Comparable hotel RevPAR

$231.73

$223.34

Operating profit margin(5)

14.8%

14.0%

Comparable hotel EBITDA margin(5)

29.5%

29.2%

Food and beverage profit margin(5)

34.0%

32.1%

Comparable hotel food and beverage profit margin(5)

34.0%

32.7%

Net income

$932

$776

Depreciation and amortization

756

795

Interest expense

242

235

Provision for income taxes

Gain on sale of property and corporate level income/expense

(195)

(74)

Property transaction adjustments⁽²⁾

(11)

(98)

Non-comparable hotel results, net⁽³⁾

(35)

(33)

Condominium sales ⁽⁴⁾

(23)

(17)

Comparable hotel EBITDA

$1,718

$1,626

(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 2026

Forecasts" for other forecast assumptions. Forecast presented assumes the midpoint of our comparable hotel RevPAR guidance of 3.75% growth over 2025. Forecast comparable hotel results include 74

hotels (of our 76 hotels owned at March 31, 2026) that we have assumed will be classified as comparable as of December 31, 2026. See “Comparable Hotel Operating Statistics and Results” in the Notes to

Supplemental Financial Information. No assurances can be made as to the hotels that will be in the comparable hotel set for 2026.

unaudited condensed consolidated statements of operations as continuing operations, and (ii) the addition of results for periods prior to our ownership for hotels acquired as of the reporting date. Forecast

data also eliminates results of hotels assumed to be sold during the year.

(3)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our consolidated statements of operations as

continuing operations, and (ii) gains on business interruption proceeds covering lost revenues while the property was considered non-comparable.  The following property that we own and that is not

classified as held-for-sale, is expected to be non-comparable for full year 2026:

•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in March 2025).

(4)Includes revenues and costs, including marketing and administrative expenses of approximately $6 million million and $2 million for the 2026 forecast and 2025, respectively, related to the development and

sale of condominium units adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort.

(5)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:

Comparable Hotel Results 2026 Forecast and Full Year 2025 (cont.)

(unaudited, in millions)

Forecast Year ended December 31, 2026

Year ended December 31, 2025

Adjustments

GAAP

Results

Property

Transaction

Adjustment

Non-comparable

hotel results, net

Condominium

sales

Depreciation

and corporate

level items

Comparable

hotel Results

GAAP

Results

Property

transaction

adjustments

Non-comparable

hotel results, net

Condominium

sales

Depreciation

and corporate

level items

Comparable

hotel Results

Revenues

Room

$3,538

$(30)

$(39)

$—

$3,469

$3,608

$(241)

$(25)

$—

$3,342

Food and beverage

1,832

(15)

(28)

—

1,789

1,803

(101)

(16)

—

1,686

Other

771

(7)

(14)

(191)

—

559

703

(46)

(9)

(99)

—

549

Total revenues

6,141

(52)

(81)

(191)

—

5,817

6,114

(388)

(50)

(99)

—

5,577

Expenses

Room

891

(6)

(9)

—

876

906

(52)

(6)

—

848

Food and beverage

1,210

(11)

(18)

—

1,181

1,224

(78)

(11)

—

1,135

Other

2,098

(24)

(26)

(6)

—

2,042

2,154

(160)

(24)

(2)

—

1,968

Depreciation and

amortization

756

—

(756)

—

795

—

(795)

—

Cost of goods sold

162

—

(162)

—

(80)

—

Corporate and other

expenses

125

—

(125)

—

124

—

(124)

—

Net gain on insurance

settlements

(7)

—

(24)

—

Total expenses

5,235

(41)

(46)

(168)

(881)

4,099

5,259

(290)

(17)

(82)

(919)

3,951

Operating Profit -

Comparable hotel

EBITDA

$906

$(11)

$(35)

$(23)

$881

$1,718

$855

$(98)

$(33)

$(17)

$919

$1,626

Comparable hotel results includes the results of our properties in Maui. The following table reconciles net income to Hotel EBITDA based on the expected 2026 results of these properties

(in millions); any changes to net income would be equal to the change in Hotel EBITDA:

Location

No. of Properties

Net Income (loss)

Plus: Depreciation

Equals: Hotel EBITDA

Maui

$55

$65

$120

Forecast non-comparable hotel results, net includes the results of The Don CeSar. The following table reconciles net income to Hotel EBITDA based on the expected 2026 results of the

property, excluding business interruption proceeds (in millions); any changes to net income would be equal to the change in Hotel EBITDA:

Hotel

Net Income (loss)

Plus: Depreciation

Equals: Hotel EBITDA

The Don CeSar

$11

$17

$28

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 2026 Forecasts(1)

(unaudited in millions, except per share amounts)

Full Year 2026

Mid-point

Net income

$932

Interest expense

242

Depreciation and amortization

756

Income taxes

EBITDA

1,982

Gain on dispositions

(242)

Equity investment adjustments:

Equity in earnings of affiliates

(17)

Pro rata EBITDAre of equity investments

EBITDAre

1,784

Adjustments to EBITDAre:

Non-cash stock-based compensation expense

Adjusted EBITDAre

$1,810

Full Year 2026

Mid-point

Net income

$932

Less: Net income attributable to non-controlling interests

(14)

Net income attributable to Host Inc.

918

Adjustments:

Gain on dispositions

(242)

Tax on dispositions

Depreciation and amortization

754

Equity investment adjustments:

Equity in earnings of affiliates

(17)

Pro rata FFO of equity investments

Consolidated partnership adjustments:

FFO adjustment for non-controlling partnerships

(1)

FFO adjustment for non-controlling interests of Host LP

(7)

NAREIT FFO

1,441

Adjustments to NAREIT FFO:

Non-cash stock-based compensation expense

Adjusted FFO

$1,467

Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO

688.6

Diluted earnings per common share

$1.33

NAREIT FFO per diluted share

$2.09

Adjusted FFO per diluted share

$2.13

See assumptions that follow.

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 2026 Forecasts (cont.)

(unaudited, in millions, except per share amounts)

(1)The Forecasts are based on the below assumptions:

•Comparable hotel RevPAR will increase at the midpoint of our guidance of 3.75% compared to 2025. This forecast assumes a continued recovery at our Maui

properties from the 2023 wildfires, however the timing of Maui's full recovery remains uncertain.

•Comparable hotel EBITDA margins will increase 30 basis points compared to 2025.

•We expect to spend approximately $545 million to $655 million on capital expenditures.

•Assumes the disposition of Sheraton Parsippany during the year with no additional dispositions and no acquisitions during the year. There can be no assurances that the

sale will be completed.

•This forecast makes no assumptions on the use of the remaining proceeds from the Four Seasons sale, though we will weigh potential cash uses which may

include, subject to market conditions, acquisitions, other investments in our portfolio, continued common stock repurchases or increased dividends, which

dividends could be in excess of taxable income. Any additional special dividend will be subject to approval by Host Inc.’s Board of Directors.

•Assumes an approximate $20 million to $25 million contribution to net income and Adjusted EBITDAre from the sale of condominium units.

•Includes $7 million of gain from business interruption proceeds related to hurricane claims already received in 2026, but assumes no further business interruption

proceeds during the year.

For a discussion of items that may affect forecast results, see the Notes to Supplemental Financial Information.

Ground Lease Summary as of December 31, 2025

As of December 31, 2025

No. of rooms

Lessor Institution

Type

Minimum rent

Current expiration

Expiration after all

potential options (1)

Boston Marriott Copley Place

1,145

Public

N/A⁽²⁾

12/31/2123

Coronado Island Marriott Resort & Spa

300

Public

1,565,770

10/31/2062

10/31/2078

Denver Marriott West

305

Private

160,000

12/28/2028

12/28/2058

Houston Airport Marriott at George Bush Intercontinental

573

Public

1,560,000

10/31/2053

Houston Marriott Medical Center/Museum District

398

Non-Profit

160,000

12/28/2029

12/28/2059

Manchester Grand Hyatt San Diego

1,628

Public

6,600,000

5/31/2067

5/31/2083

Marina del Rey Marriott

370

Public

2,082,082

3/31/2043

Marriott Downtown at CF Toronto Eaton Centre

461

Non-Profit

364,300

9/20/2082

Marriott Marquis San Diego Marina

1,366

Public

7,650,541

11/30/2061

11/30/2083

Newark Liberty International Airport Marriott

591

Public

2,676,119

12/31/2055

Philadelphia Airport Marriott

419

Public

1,509,994

6/29/2045

San Antonio Marriott Rivercenter

1,000

Private

700,000

12/31/2033

12/31/2063

San Francisco Marriott Marquis

1,500

Public

1,500,000

8/25/2046

8/25/2076

Santa Clara Marriott

766

Private

100,025

11/30/2028

11/30/2058

Tampa Airport Marriott

298

Public

1,545,291

12/31/2043

The Ritz-Carlton, Marina del Rey

304

Public

2,078,916

7/29/2067

The Ritz-Carlton, Tysons Corner

398

Private

1,043,459

6/30/2112

The Westin South Coast Plaza, Costa Mesa

393

Private

625,000

9/30/2059

Weighted average remaining lease term (assuming all extension options)

47 years

Percentage of leases (based on room count) with Public/Private/Non-Profit lessors

70% / 23% / 7%

(1)Exercise of Host’s option to extend is subject to certain conditions, including the existence of no defaults and subject to any applicable rent escalation or rent re-negotiation provisions.

(2)The lease was amended in 2024 resulting in extension of the term and an upfront payment for the extension. No further rental payments are required for the remainder of the lease term.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

SAN FRANCISCO MARRIOTT MARQUIS

Comparative Capitalization

(in millions, except security pricing and per share amounts)

As of

March 31,

December 31,

September 30,

June 30,

March 31,

Shares/Units

2026

2025

Common shares outstanding

684.9

687.8

687.7

687.5

693.7

Common shares outstanding assuming

conversion of OP Units (1)

694.4

697.4

696.4

703.0

Preferred OP Units outstanding

0.01

Security pricing

Common stock at end of quarter (2)

$19.16

$17.73

$17.02

$15.36

$14.21

High during quarter

20.40

18.64

17.68

16.07

17.45

Low during quarter

17.79

15.82

15.27

12.70

14.21

Capitalization

Market value of common equity (3)

$13,305

$12,365

$11,853

$10,697

$9,990

Consolidated debt

5,079

5,077

5,079

5,077

5,085

Less: Cash

(1,703)

(768)

(539)

(490)

(428)

Consolidated total capitalization

16,681

16,674

16,393

15,284

14,647

Plus: Share of debt in unconsolidated

investments

379

329

312

284

282

Pro rata total capitalization

$17,060

$17,003

16,705

15,568

14,929

Quarter ended

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

Dividends declared per common share

$0.20

$0.35

$0.20

(1)Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025,

there were 9.4 million, 9.4 million, 8.6 million, 8.7 million, and 9.2 million in common OP Units, respectively, held by non-controlling interests.

(2)Share prices are the closing price as reported by the NASDAQ.

(3)Market value of common equity is calculated as the number of common shares outstanding including assumption of conversion of OP units multiplied the closing share price on that day.

Consolidated Debt Summary

(in millions)

Debt

Senior debt

Rate

Maturity date

March 31, 2026

December 31, 2025

Series H

3 ⅜%

12/2029

646

645

Series I

3 ½%

9/2030

741

Series J

2.9%

12/2031

443

Series K

5.7%

7/2034

586

Series L

5.5%

4/2035

685

Series M

5.7%

6/2032

491

Series N

4.25%

12/2028

396

395

2027 Credit facility term loan

4.6%

1/2027

500

2028 Credit facility term loan

4.6%

1/2028

499

Credit facility revolver(1)

—%

1/2027

(2)

(3)

4,985

4,982

Mortgage and other debt

4.67%

11/2027

Total debt(2)(3)

$5,079

$5,077

Percentage of fixed rate debt

80%

Weighted average interest rate

4.8%

Weighted average debt maturity

4.9years

5.1years

Credit Facility

Total capacity

$1,500

Available capacity

1,500

Consolidated assets encumbered by mortgage debt

(1)There are no outstanding credit facility revolver borrowings at March 31, 2026 and December 31, 2025. Amount shown represents deferred financing costs related to the credit facility revolver.

(2)In accordance with GAAP, total debt includes the debt of entities that we consolidate, but of which we do not own 100%, and excludes the debt of entities that we do not consolidate, but of

which we have a non-controlling ownership interest and record our investment therein under the equity method of accounting. As of March 31, 2026, our share of debt in unconsolidated

investments is $379 million and none of our debt is attributable to non-controlling interests.

(3)Total debt as of March 31, 2026 and December 31, 2025, includes net discounts and deferred financing costs of $64 million and $67 million, respectively.

Consolidated Debt Maturity as of March 31, 2026

(in millions)

(1)The first term loan that is due in 2027 has an extension option that would extend maturity of the instrument to 2028, subject to meeting certain conditions, including payment of a fee. The

second term loan tranche that is due in 2028 does not have an extension option.

(2)Mortgage and other debt excludes principal amortization of $2 million each year from 2026-2027 for the mortgage loan that matures in 2027.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

1 HOTEL SOUTH BEACH

Financial Covenants: Credit Facility and Senior Notes Financial Performance Tests

(unaudited, in millions, except ratios)

On January 4, 2023, we amended our Credit Facility agreement. The covenant requirements are consistent with previous amendment covenant levels:

Leverage Ratio

Maximum 7.25x

Fixed Charge Coverage Ratio

Minimum 1.25x

Unsecured Interest Coverage Ratio

Minimum 1.75x (1)

Covenant ratios are calculated using Host’s credit facility and senior notes definitions. See the subsequent pages for a reconciliation of the equivalent GAAP

measure. The GAAP ratio is not relevant for the purpose of the financial covenants.

The following tables present the financial performance tests for our credit facility and senior notes as of:

March 31, 2026

Credit Facility Financial Performance Tests

Permitted

GAAP Ratio

Covenant Ratio

Leverage Ratio

Maximum 7.25x

5.0x

2.1x

Unsecured Interest Coverage Ratio

Minimum 1.75x(1)

4.3x

7.1x

Consolidated Fixed Charge Coverage Ratio

Minimum 1.25x

4.3x

5.5x

March 31, 2026

Bond Compliance Financial Performance Tests

Permitted

GAAP Ratio

Covenant Ratio

Indebtedness Test

Maximum 65%

39%

22%

Secured Indebtedness Test

Maximum 40%

<1%

EBITDA-to-interest Coverage ratio (2)

Minimum 1.5x

4.3x

7.0x

Ratio of Unencumbered Assets to Unsecured Indebtedness

Minimum 150%

259%

451%

(1)If the leverage ratio is greater than 7.0x, then the unsecured interest coverage ratio minimum will decrease to 1.50x.

(2)The GAAP ratio is based on net income, while the covenant ratio is based on EBITDA. See subsequent pages for a reconciliation of net income to EBITDA.

Financial Covenants: Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio

(unaudited, in millions, except ratios)

The following tables present the calculation of our leverage ratio using GAAP measures and as used in the financial covenants of the credit facility. In addition, for this

quarter, we are also presenting our leverage ratio as adjusted for estimated payments of common stock dividends declared in the first and second quarters of 2026,

including a special dividend, that are not part of the typical adjustments required under our credit facility definition (“Leverage Ratio per Credit Facility, as Adjusted”):

GAAP Leverage Ratio

Trailing Twelve Months

March 31, 2026

Debt

$5,079

Net income

1,026

GAAP Leverage Ratio

5.0x

Leverage Ratio per

Credit Facility

Leverage Ratio per Credit

Facility, as Adjusted

Trailing Twelve Months

As Adjusted

March 31, 2026

Net debt (1)

$3,477

$4,244

Adjusted Credit Facility EBITDA (2)

1,691

Leverage Ratio

2.1x

2.5x

(1)The following presents the reconciliation of debt to net debt per our credit facility definition, and as adjusted:

March 31, 2026

Debt

$5,079

Less: Unrestricted cash over $100 million

(1,602)

Net debt per credit facility definition

$3,477

Plus: Subsequent cash dividend payments

767

Net debt per credit facility definition, as adjusted

$4,244

(2)The following presents the reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, and Adjusted EBITDA per our credit facility definition in

determining leverage ratio:

Trailing Twelve Months

March 31, 2026

Net income

$1,026

Interest expense

237

Depreciation and amortization

781

Income taxes

EBITDA

2,104

Gain on dispositions

(385)

Non-cash impairment expense

Equity in earnings of affiliates

(12)

Pro rata EBITDAre of equity investments

EBITDAre

1,760

Non-cash stock-based compensation expense

Adjusted EBITDAre

1,786

Pro forma EBITDA - Dispositions

(73)

Non-cash partnership adjustments

(22)

Adjusted Credit Facility EBITDA

$1,691

Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit

Facility Unsecured Interest Coverage Ratio

(unaudited, in millions, except ratios)

The following tables present the calculation of our unsecured interest coverage ratio using GAAP measures and as used in the financial covenants of the credit facility:

Unsecured Interest

Coverage per Credit

Facility Ratio

Trailing Twelve Months

March 31, 2026

Unencumbered consolidated EBITDA per credit facility

definition (1)

$1,682

Adjusted Credit Facility unsecured interest expense (2)

238

Unsecured Interest Coverage Ratio

7.1x

GAAP Interest Coverage

Ratio

Trailing Twelve Months

March 31, 2026

Net income

$1,026

Interest expense

237

GAAP Interest Coverage Ratio

4.3x

(1)The following reconciles Adjusted Credit Facility EBITDA to Unencumbered Consolidated EBITDA per our credit facility definition. See Reconciliation of GAAP

Leverage Ratio to Credit Facility Leverage Ratio for calculation and reconciliation of net income to Adjusted Credit Facility EBITDA:

Trailing Twelve Months

March 31, 2026

Adjusted Credit Facility EBITDA

$1,691

Less: Encumbered EBITDA

(8)

Corporate overhead allocated to encumbered assets

(1)

Unencumbered Consolidated EBITDA per credit facility definition

$1,682

(2)The following reconciles GAAP interest expense to unsecured interest expense per our credit facility definition:

Trailing Twelve Months

March 31, 2026

GAAP Interest expense

$237

Interest on secured debt

(4)

Deferred financing cost amortization

(7)

Capitalized interest

Pro forma interest adjustments

(2)

Adjusted Credit Facility Unsecured Interest Expense

$238

Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Credit

Facility Fixed Charge Coverage Ratio

(unaudited, in millions, except ratios)

The following tables present the calculation of our GAAP Interest coverage ratio and our fixed charge coverage ratio as used in the financial covenants of the

credit facility:

GAAP Fixed Charge

Coverage Ratio

Trailing Twelve Months

March 31, 2026

Net income

$1,026

Interest expense

237

GAAP Fixed Charge Coverage Ratio

4.3x

Credit Facility Fixed

Charge Coverage Ratio

Trailing Twelve Months

March 31, 2026

Credit Facility Fixed Charge Coverage Ratio EBITDA (1)

$1,404

Fixed charges (2)

257

Credit Facility Fixed Charge Coverage Ratio

5.5x

(1)The following reconciles Adjusted Credit Facility EBITDA to Credit Facility Fixed Charge Coverage Ratio EBITDA. See Reconciliation of GAAP Leverage Ratio to

Credit Facility Leverage Ratio for calculation and reconciliation of Adjusted Credit Facility EBITDA:

Trailing Twelve Months

March 31, 2026

Adjusted Credit Facility EBITDA

$1,691

Less: 5% of hotel property gross revenue

(286)

Less: 3% of revenues from other real estate

(1)

Credit Facility Fixed Charge Coverage Ratio EBITDA

$1,404

(2)The following table calculates the fixed charges per our credit facility definition. See Reconciliation of GAAP Interest Coverage Ratio to Credit Facility

Unsecured Interest Coverage Ratio for reconciliation of GAAP interest expense to adjusted unsecured interest expense per our credit facility definition:

Trailing Twelve Months

March 31, 2026

Adjusted Credit Facility Unsecured Interest Expense

$238

Interest on secured debt

Adjusted Credit Facility Interest Expense

242

Scheduled principal payments

Cash taxes on ordinary income

Fixed Charges

$257

Financial Covenants: Reconciliation of GAAP Indebtedness Test to Senior Notes

Indenture Indebtedness Test

(unaudited, in millions, except ratios)

The following tables present the calculation of our total indebtedness to total assets using GAAP measures and as used in the financial covenants of our senior

notes indenture:

GAAP Total Indebtedness to Total Assets

March 31, 2026

Debt

$5,079

Total assets

13,154

GAAP Total Indebtedness to Total Assets

39%

Total Indebtedness to Total Assets per Senior Notes Indenture

March 31, 2026

Adjusted indebtedness (1)

$5,108

Adjusted total assets (2)

23,147

Total Indebtedness to Total Assets

22%

(1)The following reconciles our GAAP total indebtedness to our total indebtedness per our senior notes indenture:

March 31, 2026

Debt

$5,079

Add: Deferred financing costs

Less: Mark-to-market on assumed mortgage

(1)

Adjusted Indebtedness per Senior Notes Indenture

$5,108

(2)The following presents the reconciliation of total assets to adjusted total assets per the financial covenants of our senior notes indenture definition:

March 31, 2026

Total assets

$13,154

Add: Accumulated depreciation

10,529

Add: Prior impairment of assets held

Add: Inventory impairment at unconsolidated investment

Less: Intangibles

(5)

Less: Right-of-use assets

(563)

Adjusted Total Assets per Senior Notes Indenture

$23,147

Financial Covenants: Reconciliation of GAAP Secured Indebtedness Test to

Senior Notes Indenture Secured Indebtedness Test

(unaudited, in millions, except ratios)

The following table presents the calculation of our secured indebtedness using GAAP measures and as used in the financial covenants of our senior notes

indenture:

GAAP Secured Indebtedness

March 31, 2026

Mortgage and other secured debt

$94

Total assets

13,154

GAAP Secured Indebtedness to Total Assets

<1%

Secured Indebtedness per Senior Notes Indenture

March 31, 2026

Secured indebtedness (1)

$93

Adjusted total assets (2)

23,147

Secured Indebtedness to Total Assets

<1%

(1)The following presents the reconciliation of mortgage debt to secured indebtedness per the financial covenants of our senior notes indenture definition:

March 31, 2026

Mortgage and other secured debt

$94

Less: Mark-to-market on assumed mortgage

(1)

Secured Indebtedness

$93

(2)See Reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Assets to Adjusted Total Assets per

our senior notes indenture.

Financial Covenants: Reconciliation of GAAP Interest Coverage Ratio to Senior

Notes Indenture EBITDA-to-Interest Coverage Ratio

(unaudited, in millions, except ratios)

The following tables present the calculation of our interest coverage ratio using our GAAP measures and as used in the financial covenants of the senior notes

indenture:

GAAP Interest Coverage Ratio

Trailing Twelve Months

March 31, 2026

Net income

$1,026

Interest expense

237

GAAP Interest Coverage Ratio

4.3x

EBITDA to Interest Coverage Ratio

Trailing Twelve Months

March 31, 2026

Adjusted Credit Facility EBITDA (1)

$1,691

Non-controlling interest adjustment

Adjusted Senior Notes EBITDA

1,693

Adjusted Credit Facility Interest Expense (2) and Adjusted Senior Notes Interest Expense

242

EBITDA to Interest Coverage Ratio

7.0x

(1)See Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio for the calculation of Adjusted Credit Facility EBITDA and reconciliation to net

income.

(2)See Reconciliation of GAAP Interest Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio for the calculation of Adjusted Credit Facility interest

expense and reconciliation to GAAP interest expense.

Financial Covenants: Reconciliation of GAAP Assets to Indebtedness Test to

Senior Notes Unencumbered Assets to Unsecured Indebtedness Test

(unaudited, in millions, except ratios)

The following tables present the calculation of our total assets to total debt using GAAP measures and unencumbered assets to unsecured debt as used in the

financial covenants of our senior notes indenture:

GAAP Assets / Debt

March 31, 2026

Total assets

$13,154

Total debt

5,079

GAAP Total Assets / Total Debt

259%

Unencumbered Assets / Unsecured Debt per Senior Notes

Indenture

March 31, 2026

Unencumbered Assets (1)

$22,592

Unsecured Debt (2)

5,015

Unencumbered Assets / Unsecured Debt

451%

(1)The following presents the reconciliation of adjusted total assets to unencumbered assets per the financial covenants of our senior notes indenture definition:

March 31, 2026

Adjusted total assets (a)

$23,147

Less: Partnership adjustments

(284)

Less: Inventory impairment at unconsolidated investment

(13)

Less: Encumbered Assets

(258)

Unencumbered Assets

$22,592

(a)See reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Assets to Adjusted Total Assets per

our senior notes indenture.

(2)The following presents the reconciliation of total debt to unsecured debt per the financial covenants of our senior notes indenture definition:

March 31, 2026

Adjusted indebtedness (b)

$5,108

Less: Secured indebtedness (c)

(93)

Unsecured Debt

$5,015

(b)See reconciliation of GAAP Indebtedness Test to Senior Notes Indenture Indebtedness Test for reconciliation of GAAP Total Debt to Adjusted Indebtedness per

our senior notes indenture.

(c)See reconciliation of GAAP Secured Indebtedness Test to Senior Notes Indenture Secured Indebtedness Test for the reconciliation of mortgage and other

secured debt to senior notes secured indebtedness.

OVERVIEW

PROPERTY LEVEL DATA AND

CORPORATE MEASURES

CAPITALIZATION

FINANCIAL COVENANTS

NOTES TO SUPPLEMENTAL

FINANCIAL INFORMATION

GRAND HYATT WASHINGTON

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

FORECASTS

Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and comparable hotel

results are forward-looking statements and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors

which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations

reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will not be

materially different. Risks that may affect these assumptions and forecasts include the following: potential changes in overall economic outlook make it

inherently difficult to forecast the level of RevPAR, earnings and profitability; the amount and timing of debt payments may change significantly based on market

conditions, which will directly affect the level of interest expense and net income; the amount and timing of transactions involving shares of our common stock

may change based on market conditions; and other risks and uncertainties associated with our business described herein and in our annual report on Form 10-K,

quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC.

COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS

To facilitate a year-to-year comparison of our operations, we present certain operating statistics (i.e., Total RevPAR, RevPAR, average daily rate and average

occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in our reports on a comparable hotel basis

in order to enable our investors to better evaluate our operating performance. We define our comparable hotels as those that: (i) are owned or leased by us as of

the reporting date and are not classified as held-for-sale; and (ii) have not sustained substantial property damage or business interruption, or undergone large-

scale capital projects, in each case requiring closures lasting one month or longer (as further defined below), during the reporting periods being compared.

We make adjustments to include recent acquisitions to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison

includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. Additionally, operating results of hotels that

we sell are excluded from the comparable hotel set once the transaction has closed or the hotel is classified as held-for-sale.

The hotel business is capital-intensive and renovations are a regular part of the business. Generally, hotels under renovation remain comparable hotels. A large-

scale capital project would cause a hotel to be excluded from our comparable hotel set if it requires the entire property to be closed to hotel guests for one

month or longer.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

COMPARABLE HOTEL OPERATING STATISTICS AND RESULTS (continued)

Similarly, hotels are excluded from our comparable hotel set from the date that they sustain substantial property damage or business interruption if it requires

the property to be closed to hotel guests for one month or longer. In each case, these hotels are returned to the comparable hotel set when the operations of the

hotel have been included in our consolidated results for one full calendar year after the hotel has reopened. Often, related to events that cause property damage

and the closure of a hotel, we will collect business interruption insurance proceeds for the near-term loss of business. These proceeds are included in net gain on

insurance settlements on our condensed consolidated statements of operations. Business interruption insurance gains covering lost revenues while the property

was considered non-comparable also will be excluded from the comparable hotel results.

Of the 76 hotels that we owned as of March 31, 2026, 74 have been classified as comparable hotels. The operating results of the following properties that we

owned, and that were not classified as held-for-sale, as of March 31, 2026 are excluded from comparable hotel results for these periods:

•The Don CeSar (business disruption due to Hurricane Helene resulting in closure of the hotel beginning at the end of September 2024, reopened in

March 2025); and

•Operations related to the development and sale of condominium units on a development parcel adjacent to the Four Seasons Resort Orlando at Walt

Disney World® Resort.

At March 31, 2026, the Sheraton Parsippany Hotel was classified as held-for-sale. Therefore, the results of this hotel are also excluded from comparable hotel

operating statistics and results.

NON-GAAP FINANCIAL MEASURES

Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that

are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share

(both NAREIT and Adjusted), (ii) EBITDA, both at the hotel level and company-wide, (iii) EBITDAre and Adjusted EBITDAre, (iv) net operating income (NOI), (v)

Comparable Hotel Operating Statistics and Results, (vi) measures derived from EBITDA and NOI such as EBITDA multiples and capitalization rates, (vii) Credit

Facility Financial Performance Tests, and (viii) Senior Notes Financial Performance Tests. The following discussion defines these measures and presents why we

believe they are useful supplemental measures of our performance.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

NAREIT FFO AND NAREIT FFO PER DILUTED SHARE

We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in

accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for

the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. As noted in

NAREIT’s Funds From Operations White Paper – 2018 Restatement, NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding

depreciation and amortization related to certain real estate assets, gains and losses from the sale of certain real estate assets, gains and losses from change in

control, impairment expense of certain real estate assets and investments and adjustments for consolidated partially owned entities and unconsolidated

affiliates. Adjustments for consolidated partially owned entities and unconsolidated affiliates are calculated to reflect our pro rata share of the FFO of those

entities on the same basis.

We believe that NAREIT FFO per diluted share is a useful supplemental measure of our operating performance and that the presentation of NAREIT FFO per

diluted share, when combined with the primary GAAP presentation of diluted earnings per share, provides beneficial information to investors. By excluding the

effect of real estate depreciation, amortization, impairment expense and gains and losses from sales of depreciable real estate, all of which are based on

historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons

of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly

to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably

over time. As noted by NAREIT in its Funds From Operations White Paper – 2018 Restatement, the primary purpose for including FFO as a supplemental measure

of operating performance of a REIT is to address the artificial nature of historical cost depreciation and amortization of real estate and real estate-related assets

mandated by GAAP. For these reasons, NAREIT adopted the FFO metric in order to promote a uniform industry-wide measure of REIT operating performance.

ADJUSTED FFO PER DILUTED SHARE

We also present Adjusted FFO per diluted share when evaluating our performance because management believes that the exclusion of certain additional items

described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the

adjustments detailed below in evaluating our performance, in our annual budget process and for our compensation programs. We believe that the presentation

of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of diluted earnings per share and FFO per diluted share as defined

by NAREIT, provides useful supplemental information that is beneficial to an investor’s understanding of our operating performance. We adjust NAREIT FFO per

diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share:

•Gains and Losses on the Extinguishment of Debt – We exclude the effect of finance charges and premiums associated with the extinguishment of debt,

including the acceleration of the write-off of deferred financing costs from the original issuance of the debt being redeemed or retired and incremental

interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with

the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the

year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.

•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the

ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.

•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are

reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs

incurred as part of a broad- based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred

at a specific hotel due to a broad- based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance

costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.

•Non-Cash Stock-Based Compensation - We exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash

transaction and the add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior

notes indentures and consistent with the presentation of Adjusted FFO per diluted share for the majority of other lodging REIT filers.

In unusual circumstances, we also may adjust NAREIT FFO for gains or losses that management believes are not representative of the Company’s current

operating performance. For example, in 2017, as a result of the reduction of the U.S. federal corporate income tax rate from 35% to 21% by the Tax Cuts and Jobs

Act, we remeasured our domestic deferred tax assets as of December 31, 2017 and recorded a one-time adjustment to reduce our deferred tax assets and to

increase the provision for income taxes by approximately $11 million. We do not consider this adjustment to be reflective of our ongoing operating performance

and, therefore, we excluded this item from Adjusted FFO.

EBITDA AND NOI AND ASSOCIATED METRICS

Earnings before Interest Expense, Income Taxes, Depreciation and Amortization (“EBITDA”) is a commonly used measure of performance in many industries.

Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the

ongoing operating performance of our properties after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base

(primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel

owners that are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in

determining the value of acquisitions and dispositions and, like FFO and Adjusted FFO per diluted share, it is widely used by management in the annual budget

process and for our compensation programs. Management also uses EBITDA when calculating EBITDA multiples to evaluate acquisitions and dispositions.

EBITDA multiples are calculated as the sales price divided by hotel EBITDA. Management believes using EBITDA multiples allow for a consistent valuation

method in comparing the purchase or sale value of properties.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

For a specific hotel, NOI is calculated as the hotel or entity level EBITDA less an estimate for the annual contractual reserve requirements for renewal and

replacement expenditures. Management uses NOI when calculating capitalization rates (“Cap Rates”) to evaluate acquisitions and dispositions. Cap rates are

calculated as hotel NOI divided by sales price. As with EBITDA multiples, management believes using Cap Rates allows for a consistent valuation method in

comparing the purchase or sale value of properties.

EBITDAre AND ADJUSTED EBITDAre

We present EBITDAre in accordance with NAREIT guidelines, as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and

Amortization for Real Estate,” to provide an additional performance measure to facilitate the evaluation and comparison of the Company’s results with other

REITs. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization,

gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment expense for depreciated property and of

investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata

share of EBITDAre of unconsolidated affiliates.

We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described

below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted

EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s understanding of our operating performance.

Adjusted EBITDAre also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDAre for the

following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre:

•Property Insurance Gains and Property Damage Losses – We exclude the effect of property insurance gains reflected in our condensed consolidated

statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our

assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection

with the calculation of the property insurance gain often does not reflect the market value of real estate assets. Similarly, losses from property damage

or remediation costs that are not covered through insurance are excluded.

•Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the

year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.

•Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider to be outside the

ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.

•Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are

reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs

incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred

at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance

costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

•Non-Cash Stock-Based Compensation - We exclude the expense recorded for non-cash stock-based compensation, as it represents a non-cash

transaction and the add back is consistent with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility and senior

notes indentures and consistent with the presentation of Adjusted EBITDAre for the majority of other lodging REIT filers.

In unusual circumstances, we also may adjust EBITDAre for gains or losses that management believes are not representative of the Company’s current operating

performance. The last adjustment of this nature was a 2013 exclusion of a gain from an eminent domain claim.

LIMITATIONS ON THE USE OF NAREIT FFO PER DILUTED SHARE, ADJUSTED FFO PER DILUTED SHARE, EBITDA, EBITDAre AND ADJUSTED

EBITDAre

We calculate EBITDAre and NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures

calculated by other companies that do not use the NAREIT definition of EBITDAre and FFO or do not calculate FFO per diluted share in accordance with NAREIT

guidance. In addition, although EBITDAre and FFO per diluted share are useful measures when comparing our results to other REITs, they may not be helpful to

investors when comparing us to non-REITs. We also calculate Adjusted FFO per diluted share and Adjusted EBITDAre, which measures are not in accordance with

NAREIT guidance and may not be comparable to measures calculated by other REITs or by other companies. This information should not be considered as an

alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP. Cash

expenditures for various long-term assets (such as renewal and replacement capital expenditures, with the exception of NOI), interest expense (for EBITDA,

EBITDAre, Adjusted EBITDAre, and NOI purposes only), severance expense related to significant property-level reconfiguration and other items have been, and

will be, made and are not reflected in the presentations for EBITDA (and measures derived from EBITDA such as NOI, Cap Rates and EBITDA multiples), EBITDAre,

Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share. Management compensates for these limitations by separately considering

the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance.

Our consolidated statements of operations and consolidated statements of cash flows in the Company’s annual report on Form 10-K and quarterly reports on

Form 10-Q include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well

as the usefulness of our non-GAAP financial measures. Additionally, NAREIT FFO per diluted share, Adjusted FFO per diluted share, EBITDA, EBITDAre and

Adjusted EBITDAre should not be considered as measures of our liquidity or indicative of funds available to fund our cash needs, including our ability to make

cash distributions. In addition, NAREIT FFO per diluted share and Adjusted FFO per diluted share do not measure, and should not be used as measures of,

amounts that accrue directly to stockholders’ benefit.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments,

and NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of non-controlling partners in consolidated partnerships. Our

equity investments consist of interests ranging from 11% to 67% in seven domestic partnerships that own a total of 105 properties and a vacation ownership

development. Due to the voting rights of the outside owners, we do not control and, therefore, do not consolidate these entities. The non-controlling partners in

consolidated partnerships primarily consist of the approximate 1% interest in Host LP held by unaffiliated limited partners and a 15% interest held by an

unaffiliated limited partner in a partnership owning one hotel for which we do control the entity and, therefore, consolidate its operations. These pro rata results

for NAREIT FFO and Adjusted FFO per diluted share, EBITDAre and Adjusted EBITDAre were calculated as set forth in the definitions above. Readers should be

cautioned that the pro rata results presented in these measures for consolidated partnerships (for NAREIT FFO and Adjusted FFO per diluted share) and equity

investments may not accurately depict the legal and economic implications of our investments in these entities.

COMPARABLE HOTEL PROPERTY LEVEL OPERATING RESULTS

We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a

comparable hotel, or "same store," basis as supplemental information for our investors. Our comparable hotel results present operating results for our hotels

without giving effect to dispositions or properties that experienced closures due to renovations or property damage, as discussed in “Comparable Hotel

Operating Statistics and Results” above. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our

comparable hotels after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and

amortization expense). Corporate-level costs and expenses also are removed to arrive at property-level results. We believe these property-level results provide

investors with supplemental information about the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by

location and for the Company’s properties in the aggregate. We eliminate from our comparable hotel level operating results severance costs related to broad-

based and significant property-level reconfiguration that is not considered to be within the normal course of business, as we believe this elimination provides

useful supplemental information that is beneficial to an investor’s understanding of our ongoing operating performance. We also eliminate depreciation and

amortization expense because, even though depreciation and amortization expense are property-level expenses, these non-cash expenses, which are based on

historical cost accounting for real estate assets, implicitly assume that the value of real estate assets diminishes predictably over time. As noted earlier, because

real estate values historically have risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost

accounting for operating results to be insufficient.

Because of the elimination of corporate-level costs and expenses, gains or losses on disposition, certain severance expenses and depreciation and amortization

expense, the comparable hotel operating results we present do not represent our total revenues, expenses, operating profit or net income and should not be

used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to

the extent they are material to operating decisions or assessments of our operating performance. Our condensed consolidated statements of operations include

such amounts, all of which should be considered by investors when evaluating our performance.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

We present these hotel operating results on a comparable hotel basis because we believe that doing so provides investors and management with useful

information for evaluating the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular,

these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of

operations at comparable hotels (which represent the vast majority of our portfolio) or from other factors. While management believes that presentation of

comparable hotel results is a supplemental measure that provides useful information in evaluating our ongoing performance, this measure is not used to

allocate resources or to assess the operating performance of each of our hotels, as these decisions are based on data for individual hotels and are not based on

comparable hotel results in the aggregate. For these reasons, we believe comparable hotel operating results, when combined with the presentation of GAAP

operating profit, revenues and expenses, provide useful information to investors and management.

CREDIT FACILITY – LEVERAGE, UNSECURED INTEREST COVERAGE AND CONSOLIDATED FIXED CHARGE COVERAGE RATIOS

Host’s credit facility contains certain financial covenants, including allowable leverage, unsecured interest coverage and fixed charge ratios, which are

determined using EBITDA as calculated under the terms of our credit facility (“Adjusted Credit Facility EBITDA”). The leverage ratio is defined as net debt plus

preferred equity to Adjusted Credit Facility EBITDA. The unsecured interest coverage ratio is defined as unencumbered Adjusted Credit Facility EBITDA to

unsecured consolidated interest expense. The fixed charge coverage ratio is defined as Adjusted Credit Facility EBITDA divided by fixed charges, which include

interest expense, required debt amortization payments, cash taxes and preferred stock payments. These calculations are based on pro forma results for the prior

four fiscal quarters giving effect to transactions such as acquisitions, dispositions and financings as if they occurred at the beginning of the period. The credit

facility also incorporates by reference the ratio of unencumbered assets to unsecured indebtedness test from our senior notes indentures, calculated in the same

manner, and the covenant is discussed below with the senior notes covenants.

Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100

million are deducted from our total debt balance. Management believes these financial ratios provide useful information to investors regarding our compliance

with the covenants in our credit facility and our ability to access the capital markets, in particular debt financing.

SENIOR NOTES INDENTURE – INDEBTEDNESS TEST, SECURED INDEBTEDNESS TO TOTAL ASSETS TEST, EBITDA-TO-INTEREST COVERAGE

RATIO AND RATIO OF UNENCUMBERED ASSETS TO UNSECURED INDEBTEDNESS

Host’s senior notes indentures contains certain financial covenants, including allowable indebtedness, secured indebtedness to total assets, EBITDA-to-interest

coverage and unencumbered assets to unsecured indebtedness. The indebtedness test is defined as adjusted indebtedness, which includes total debt adjusted

for deferred financing costs, divided by adjusted total assets, which includes undepreciated real estate book values (“Adjusted Total Assets”). The secured

indebtedness to total assets is defined as secured indebtedness, which includes mortgage debt and finance leases, divided by Adjusted Total Assets. The

EBITDA-to-interest coverage ratio is defined as EBITDA as calculated under our senior notes indenture (“Adjusted Senior Notes EBITDA”) to interest expense as

defined by our senior notes indenture. The ratio of unencumbered assets to unsecured indebtedness is defined as unencumbered adjusted assets, which

includes Adjusted Total Assets less encumbered assets, divided by unsecured debt, which includes the aggregate principal amount of outstanding unsecured

indebtedness plus contingent obligations.

NOTES TO SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP FINANCIAL MEASURES (continued)

Under the terms of the senior notes indentures, interest expense excludes items such as the gains and losses on the extinguishment of debt, deferred financing

charges related to the senior notes or the credit facility, amortization of debt premiums or discounts that were recorded at issuance of a loan to establish its fair

value and non-cash interest expense, all of which are included in interest expense on our consolidated statement of operations. As with the credit facility

covenants, management believes these financial ratios provide useful information to investors regarding our compliance with the covenants in our senior notes

indentures and our ability to access the capital markets, in particular debt financing.

LIMITATIONS ON CREDIT FACILITY AND SENIOR NOTES CREDIT RATIOS

These metrics are useful in evaluating the Company’s compliance with the covenants contained in its credit facility and senior notes indentures. However,

because of the various adjustments taken to the ratio components as a result of negotiations with the Company’s lenders and noteholders they should not be

considered as an alternative to the same ratios determined in accordance with GAAP. For instance, interest expense as calculated under the credit facility and

senior notes indenture excludes the items noted above such as deferred financing charges and amortization of debt premiums or discounts, all of which are

included in interest expense on our consolidated statement of operations. Management compensates for these limitations by separately considering the impact

of these excluded items to the extent they are material to operating decisions or assessments of performance. In addition, because the credit facility and

indenture ratio components are also based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions

and financings as if they occurred at the beginning of the period, they are not reflective of actual performance over the same period calculated in accordance

with GAAP.

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