Financial Data and Key Metrics Changes - The company reported a comparable hotel RevPAR growth of 3.8% during the quarter, with adjusted EBITDAre of $446 million and adjusted FFO per share of $0.53 [58] - Comparable hotel EBITDA margin for Q2 was 32.7%, exceeding 2019 levels, marking the fifth consecutive quarter of performance above pre-pandemic metrics [33][74] - Total comparable expenses grew by 7.5% over 2019, while total comparable revenues increased by 7.8% [50] Business Line Data and Key Metrics Changes - Transient revenue was up 80 basis points compared to Q2 2022, driven by rate growth despite a slight decrease in demand [47] - Business transient revenue was 16% above Q2 2022, with a 10% rate increase and nearly 6% increase in demand [48] - Group room revenues were up 4% compared to Q2 2022, fully driven by rate growth [73] Market Data and Key Metrics Changes - Total group revenue pace is up 13.5% compared to the same time last year and up 1.5% compared to 2019 [43] - Specific markets showing strong group revenue momentum include Atlanta, Chicago, New Orleans, New York, Phoenix, San Diego, Seattle, and Washington, D.C. [8] - International outbound air travel grew to 110% of pre-pandemic levels, while international inbound was only 80% [62] Company Strategy and Development Direction - The company plans to continue its opportunistic capital deployment strategy, focusing on transformational renovations to capture market share [5][44] - The company has completed renovations at seven of eight targeted assets, with an average RevPAR index share gain of 8.8 points [69] - The company expects to maintain a sustainable dividend level while considering macroeconomic factors [78] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the state of travel, citing improvements in group business and strong leisure rates at resorts [36][37] - The company anticipates that international demand will be a tailwind going forward, despite current softness in leisure business due to increased international travel by U.S. consumers [12][36] - Management noted that they are not seeing evidence of a weakened consumer at their hotels, with food and beverage spend up 6% year-over-year [37] Other Important Information - The company expects insurance expenses to rise by approximately 40% year-over-year, equating to about $61 million for 2023 [21] - The company has received $113 million in insurance proceeds related to Hurricane Ian, with an expected total recovery of approximately $310 million [67] Q&A Session Summary Question: Can you provide insights on leisure normalization and demand? - Management anticipated a decrease in rates, which occurred, with leisure rates down about 7% but still 61% higher than Q2 2019 [11][12] Question: What markets are seeing group booking momentum? - Group revenue pace is ahead of 2019 by 1.5%, with strong activity in Atlanta, Chicago, New Orleans, New York, Phoenix, San Diego, Seattle, and Washington, D.C. [7][8] Question: How is the company managing labor costs? - Insurance expenses are expected to increase by about 40% year-over-year, while wage rate growth is anticipated to be around 5% [21][104] Question: What is the outlook for the second half of the year? - Management expects year-over-year comparable hotel RevPAR changes in the second half to be flat to up low single digits, primarily driven by occupancy [98] Question: How does the company view the impact of international inbound travel? - International inbound travel is seen as a potential tailwind for future performance, with current levels at 80% of pre-pandemic [80][106]

Financial Performance & Outlook - Q1 2023 Comparable Hotel EBITDA reached $439 million, a 44% increase compared to Q1 2022 and an 18% increase compared to Q1 2019[297] - The company forecasts full year 2023 Comparable Hotel Total RevPAR to be between $343 and $352, representing a 7.7% to 10.5% increase compared to 2022[300] - Full year 2023 net income is projected to be between $713 million and $793 million[67] - The company projects full year 2023 Comparable Hotel EBITDA to be between $1.532 billion and $1.609 billion, a 0.8% to 5.9% increase compared to 2022[67] Portfolio & Capital Allocation - The company has $2.3 billion in total available liquidity as of March 31, 2023, including approximately $203 million of FF&E reserves and $1.5 billion available under the credit facility[308] - From 2018 to 2023, the company disposed of assets worth $5.0 billion at an EBITDA multiple of 17x and acquired assets worth $3.5 billion at an EBITDA multiple of 14x[318] - The company is targeting $290 million to $365 million of incremental future stabilized EBITDA on a 2019 base of $1.4 billion through strategic objectives and acquisitions[328] Strategic Initiatives - The company aims to achieve 3-5 points of RevPAR index share gains at 24 renovated assets[334] - The company is investing in ROI development projects, targeting low-to-mid teens cash-on-cash returns[334] - The company is implementing a strategy to redefine the operating model, targeting $100 million to $150 million in cost reductions[334] Corporate Responsibility - The company has raised $1.85 billion through green bond issuances to invest in sustainability ROI projects and green building certifications[458] - The company is working towards a 55% reduction in greenhouse gas emissions per square foot[36]

[Introduction and Company Overview](index=1&type=section&id=Introduction%20and%20Company%20Overview) This section introduces Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P., detailing their structure as a REIT and their consolidated hotel portfolio [Company Information and Explanatory Note](index=1&type=section&id=Company%20Information%20and%20Explanatory%20Note) Host Inc. and Host L.P. file a combined quarterly report, with Host Inc. operating as a self-managed REIT and the sole general partner of Host L.P., holding approximately **99%** of its partnership interests - Host Inc. is a self-managed and self-administered REIT, operating through Host L.P., of which Host Inc. is the sole general partner and holds approximately **99%** of its partnership interests[11](index=11&type=chunk)[45](index=45&type=chunk) - The report combines the quarterly filings of Host Inc. and Host L.P. due to their substantially similar financial statements, with the primary difference reflected in the equity section[10](index=10&type=chunk)[12](index=12&type=chunk) Consolidated Hotel Portfolio by Country (as of March 31, 2023) | Country | Hotels | | :------------ | :----- | | United States | 72 | | Brazil | 3 | | Canada | 2 | | **Total** | **77** | [PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and detailed notes [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for both Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P., along with detailed notes on organization, accounting policies, and other financial items [Financial Statements for Host Hotels & Resorts, Inc.](index=4&type=section&id=Financial%20Statements%20for%20Host%20Hotels%20%26%20Resorts%2C%20Inc.) This section provides the unaudited condensed consolidated financial statements for Host Hotels & Resorts, Inc [Condensed Consolidated Balance Sheets - Host Inc.](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20-%20Host%20Inc.) This table presents the condensed consolidated balance sheets for Host Hotels & Resorts, Inc. as of March 31, 2023, and December 31, 2022 Host Inc. Condensed Consolidated Balance Sheets (in millions) | Metric | March 31, 2023 | December 31, 2022 | | :--------------------------------------- | :------------- | :---------------- | | Property and equipment, net | $9,720 | $9,748 | | Cash and cash equivalents | $563 | $667 | | Total assets | $12,225 | $12,269 | | Total debt | $4,208 | $4,215 | | Total liabilities | $5,195 | $5,390 | | Total equity of Host Inc. stockholders | $6,858 | $6,710 | [Condensed Consolidated Statements of Operations - Host Inc.](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20-%20Host%20Inc.) This table presents the condensed consolidated statements of operations for Host Hotels & Resorts, Inc. for the first quarters of 2023 and 2022 Host Inc. Condensed Consolidated Statements of Operations (Q1 2023 vs. Q1 2022, in millions, except per share amounts) | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--------------------------------------- | :------ | :------ | :--------- | | Total revenues | $1,381 | $1,074 | 28.6% | | Total operating costs and expenses | $1,133 | $952 | 19.0% | | Operating profit | $248 | $122 | 103.3% | | Net income | $291 | $118 | 146.6% | | Net income attributable to Host Inc. | $287 | $116 | 147.4% | | Basic earnings per common share | $0.40 | $0.16 | 150.0% | | Diluted earnings per common share | $0.40 | $0.16 | 150.0% | [Condensed Consolidated Statements of Comprehensive Income (Loss) - Host Inc.](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20-%20Host%20Inc.) This table presents the condensed consolidated statements of comprehensive income (loss) for Host Hotels & Resorts, Inc. for the first quarters of 2023 and 2022 Host Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (Q1 2023 vs. Q1 2022, in millions) | Metric | Q1 2023 | Q1 2022 | | :-------------------------------------------------------- | :------ | :------ | | Net income | $291 | $118 | | Other comprehensive income (loss), net of tax | $2 | $7 | | Comprehensive income attributable to Host Hotels & Resorts, Inc. | $289 | $123 | [Condensed Consolidated Statements of Cash Flows - Host Inc.](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20-%20Host%20Inc.) This table presents the condensed consolidated statements of cash flows for Host Hotels & Resorts, Inc. for the first quarters of 2023 and 2022 Host Inc. Condensed Consolidated Statements of Cash Flows (Q1 2023 vs. Q1 2022, in millions) | Metric | Q1 2023 | Q1 2022 | | :------------------------------------------ | :------ | :------ | | Net cash provided by operating activities | $308 | $261 | | Net cash used in investing activities | $(105) | $(92) | | Net cash used in financing activities | $(308) | $(693) | | Net decrease in cash and cash equivalents | $(104) | $(523) | | Cash and cash equivalents, end of period | $770 | $430 | - Cash used in financing activities in Q1 2023 included **$228 million** for dividends on common stock and **$50 million** for common stock repurchases[24](index=24&type=chunk) - Noncash investing activities included issuing a **$72 million** loan to the buyer of The Camby, Autograph Collection in March 2023[26](index=26&type=chunk) [Financial Statements for Host Hotels & Resorts, L.P.](index=9&type=section&id=Financial%20Statements%20for%20Host%20Hotels%20%26%20Resorts%2C%20L.P.) This section provides the unaudited condensed consolidated financial statements for Host Hotels & Resorts, L.P [Condensed Consolidated Balance Sheets - Host L.P.](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20-%20Host%20L.P.) This table presents the condensed consolidated balance sheets for Host Hotels & Resorts, L.P. as of March 31, 2023, and December 31, 2022 Host L.P. Condensed Consolidated Balance Sheets (in millions) | Metric | March 31, 2023 | December 31, 2022 | | :--------------------------------------- | :------------- | :---------------- | | Property and equipment, net | $9,720 | $9,748 | | Cash and cash equivalents | $563 | $667 | | Total assets | $12,225 | $12,269 | | Total debt | $4,208 | $4,215 | | Total liabilities | $5,195 | $5,390 | | Total Host Hotels & Resorts, L.P. capital| $6,858 | $6,710 | [Condensed Consolidated Statements of Operations - Host L.P.](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20-%20Host%20L.P.) This table presents the condensed consolidated statements of operations for Host Hotels & Resorts, L.P. for the first quarters of 2023 and 2022 Host L.P. Condensed Consolidated Statements of Operations (Q1 2023 vs. Q1 2022, in millions, except per unit amounts) | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--------------------------------------- | :------ | :------ | :--------- | | Total revenues | $1,381 | $1,074 | 28.6% | | Total operating costs and expenses | $1,133 | $952 | 19.0% | | Operating profit | $248 | $122 | 103.3% | | Net income | $291 | $118 | 146.6% | | Net income attributable to Host L.P. | $291 | $117 | 148.7% | | Basic earnings per common unit | $0.41 | $0.17 | 141.2% | | Diluted earnings per common unit | $0.41 | $0.17 | 141.2% | [Condensed Consolidated Statements of Comprehensive Income (Loss) - Host L.P.](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20-%20Host%20L.P.) This table presents the condensed consolidated statements of comprehensive income (loss) for Host Hotels & Resorts, L.P. for the first quarters of 2023 and 2022 Host L.P. Condensed Consolidated Statements of Comprehensive Income (Loss) (Q1 2023 vs. Q1 2022, in millions) | Metric | Q1 2023 | Q1 2022 | | :-------------------------------------------------------- | :------ | :------ | | Net income | $291 | $118 | | Other comprehensive income (loss), net of tax | $2 | $7 | | Comprehensive income attributable to Host Hotels & Resorts, L.P. | $293 | $124 | [Condensed Consolidated Statements of Cash Flows - Host L.P.](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20-%20Host%20L.P.) This table presents the condensed consolidated statements of cash flows for Host Hotels & Resorts, L.P. for the first quarters of 2023 and 2022 Host L.P. Condensed Consolidated Statements of Cash Flows (Q1 2023 vs. Q1 2022, in millions) | Metric | Q1 2023 | Q1 2022 | | :------------------------------------------ | :------ | :------ | | Net cash provided by operating activities | $308 | $261 | | Net cash used in investing activities | $(105) | $(92) | | Net cash used in financing activities | $(308) | $(693) | | Net decrease in cash and cash equivalents | $(104) | $(523) | | Cash and cash equivalents, end of period | $770 | $430 | - Cash used in financing activities in Q1 2023 included **$231 million** for distributions on common OP units and **$50 million** for repurchase of common OP units[40](index=40&type=chunk) - Noncash investing activities included issuing a **$72 million** loan to the buyer of The Camby, Autograph Collection in March 2023[42](index=42&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details the company's organization, significant accounting policies, earnings per share, revenue disaggregation, and other financial notes [Note 1. Organization](index=14&type=section&id=Note%201.%20Organization) This note describes the organizational structure of Host Inc. as a REIT operating through Host L.P. and its consolidated hotel portfolio - Host Inc. operates as a self-managed and self-administered REIT, with operations conducted solely through Host L.P. and its subsidiaries. Host Inc. is the sole general partner of Host L.P. and holds approximately **99%** of its partnership interests[45](index=45&type=chunk) Consolidated Hotel Portfolio by Country (as of March 31, 2023) | Country | Hotels | | :------------ | :----- | | United States | 72 | | Brazil | 3 | | Canada | 2 | | **Total** | **77** | [Note 2. Summary of Significant Accounting Policies](index=14&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the accounting principles, estimates, and assumptions used in preparing the unaudited condensed consolidated financial statements - The unaudited condensed consolidated financial statements are prepared in conformity with GAAP, requiring management to make estimates and assumptions[47](index=47&type=chunk)[48](index=48&type=chunk) - Interim results are not necessarily indicative of full-year performance due to seasonal variations[49](index=49&type=chunk) - Four partnerships, including Host L.P., are considered variable interest entities (VIEs)[50](index=50&type=chunk) [Note 3. Earnings Per Common Share (Unit)](index=14&type=section&id=Note%203.%20Earnings%20Per%20Common%20Share%20(Unit)) This note provides the calculation and reconciliation of basic and diluted earnings per common share for Host Inc. and per common unit for Host L.P Earnings Per Common Share (Unit) (Q1 2023 vs. Q1 2022, in millions, except per share/unit amounts) | Metric | Host Inc. Q1 2023 | Host Inc. Q1 2022 | Host L.P. Q1 2023 | Host L.P. Q1 2022 | | :--------------------------------------- | :---------------- | :---------------- | :---------------- | :---------------- | | Net income attributable | $287 | $116 | $291 | $117 | | Basic weighted average shares/units outstanding | 713.4 | 714.3 | 708.3 | 708.9 | | Diluted weighted average shares/units outstanding | 714.9 | 716.1 | 709.8 | 710.6 | | Basic earnings per common share/unit | $0.40 | $0.16 | $0.41 | $0.17 | | Diluted earnings per common share/unit | $0.40 | $0.16 | $0.41 | $0.17 | - **9.9 million** Host L.P. common units, convertible into **10.1 million** Host Inc. common shares, were not included in Host Inc.'s diluted EPS calculation as their effect was not dilutive[52](index=52&type=chunk) [Note 4. Revenue](index=15&type=section&id=Note%204.%20Revenue) This note disaggregates total revenues by geographic location, primarily reflecting property-level operations - Substantially all operating results represent revenues and expenses generated by property-level operations[53](index=53&type=chunk) Hotel Revenues by Geographic Location (Q1 2023 vs. Q1 2022, in millions) | Location | 2023 | 2022 | | :-------------------- | :------ | :------ | | Orlando | $141 | $108 | | Phoenix | $129 | $111 | | Maui/Oahu | $126 | $116 | | San Diego | $125 | $87 | | San Francisco/San Jose| $100 | $52 | | Domestic Total | $1,362 | $1,066 | | International Total | $19 | $8 | | **Total** | **$1,381**| **$1,074**| [Note 5. Property and Equipment](index=16&type=section&id=Note%205.%20Property%20and%20Equipment) This note details the composition of property and equipment, net, including land, buildings, furniture, and construction in progress Property and Equipment (in millions) | Category | March 31, 2023 | December 31, 2022 | | :-------------------------------------- | :------------- | :---------------- | | Land and land improvements | $2,011 | $2,020 | | Buildings and leasehold improvements | $13,797 | $13,849 | | Furniture and equipment | $2,217 | $2,249 | | Construction in progress | $388 | $313 | | Less accumulated depreciation and amortization | $(8,693) | $(8,683) | | **Total Property and equipment, net** | **$9,720** | **$9,748** | [Note 6. Debt](index=16&type=section&id=Note%206.%20Debt) This note describes the company's debt structure, including its credit facility, available capacity, and interest rate characteristics - As of March 31, 2023, the company had **$1.5 billion** of available capacity under the revolver portion of its credit facility[57](index=57&type=chunk) - During the first quarter, the company entered into the sixth amended and restated senior revolving credit and term loan facility, converting the underlying reference rate from LIBOR to SOFR plus a credit spread adjustment of **10 basis points**[58](index=58&type=chunk)[60](index=60&type=chunk) - The credit facility includes a **$1.5 billion** revolving facility and a fully utilized **$1 billion** term loan facility, with maturities extending to January **2027** and January **2028**[58](index=58&type=chunk)[60](index=60&type=chunk) [Note 7. Equity of Host Inc. and Capital of Host L.P.](index=18&type=section&id=Note%207.%20Equity%20of%20Host%20Inc.%20and%20Capital%20of%20Host%20L.P.) This note outlines the changes in Host Inc. stockholders' equity and Host L.P. capital, including share repurchases and dividends Host Inc. Stockholders' Equity (in millions) | Metric | December 31, 2022 | March 31, 2023 | | :--------------------------------------- | :---------------- | :------------- | | Total equity of Host Inc. stockholders | $6,715 | $6,863 | | Net income | $287 | $287 | | Repurchase of common stock | $(50) | $(50) | | Dividends declared on common stock | $(87) | $(87) | - During Q1 2023, Host Inc. repurchased **3.2 million shares** for **$50 million** at an average price of **$15.65** per share, with **$923 million** remaining available under the repurchase program[65](index=65&type=chunk) - A regular quarterly cash dividend of **$0.12** per share was announced on February **15**, **2023**, and paid on April **17**, **2023**[67](index=67&type=chunk) [Note 8. Dispositions](index=20&type=section&id=Note%208.%20Dispositions) This note details the sale of The Camby, Autograph Collection, including the gain on sale and seller financing provided - During the first quarter, the company sold The Camby, Autograph Collection for **$110 million**, recording a gain on sale of **$69 million**[68](index=68&type=chunk) - In connection with the sale, the company provided **$72 million** in seller financing to the buyer, included in notes receivable[68](index=68&type=chunk) [Note 9. Fair Value Measurements](index=20&type=section&id=Note%209.%20Fair%20Value%20Measurements) This note presents the fair value of financial assets and liabilities, determined using discounted cash flow models or market prices Fair Value of Financial Assets and Liabilities (as of March 31, 2023, in millions) | Instrument | Carrying Amount | Fair Value | | :---------------- | :-------------- | :--------- | | Notes receivable | $485 | $480 | | Senior notes | $3,116 | $2,806 | | Credit facility | $986 | $1,000 | | Mortgage debt | $101 | $92 | - Fair values are determined based on expected future payments discounted at risk-adjusted rates or quoted market prices[69](index=69&type=chunk) [Note 10. Geographic Information](index=20&type=section&id=Note%2010.%20Geographic%20Information) This note provides a breakdown of total revenues and property and equipment by geographic area, considering each hotel as an operating segment - The company considers each hotel an operating segment and reports one segment: hotel ownership[71](index=71&type=chunk) Total Revenues and Property and Equipment, Net by Geographic Area (in millions) | Geographic Area | Q1 2023 Total Revenues | Q1 2022 Total Revenues | Mar 31, 2023 Property & Equipment, net | Dec 31, 2022 Property & Equipment, net | | :---------------- | :--------------------- | :--------------------- | :------------------------------------- | :------------------------------------- | | United States | $1,362 | $1,066 | $9,650 | $9,678 | | Brazil | $6 | $4 | $34 | $33 | | Canada | $13 | $4 | $36 | $37 | | **Total** | **$1,381** | **$1,074** | **$9,720** | **$9,748** | [Note 11. Non-controlling Interests](index=21&type=section&id=Note%2011.%20Non-controlling%20Interests) This note describes the accounting treatment and valuation of non-controlling interests in Host L.P., classified as redeemable - Non-controlling interests of Host L.P. are classified as redeemable non-controlling interests and are adjusted to the greater of historical cost or redemption value[73](index=73&type=chunk) Non-controlling Interests of Host L.P. (as of March 31, 2023, in millions) | Metric | Value | | :--------------------------------------- | :------ | | Common OP units outstanding (millions) | 9.9 | | Market price per Host Inc. common share | $16.49 | | Redemption value | $167 | | Historical cost | $99 | | Book value (greater of redemption or historical cost) | $167 | [Note 12. Contingencies](index=21&type=section&id=Note%2012.%20Contingencies) This note addresses contingencies, including the impact of Hurricane Ian on The Ritz-Carlton, Naples, and related insurance recoveries - The Ritz-Carlton, Naples remains closed due to Hurricane Ian damage, with reopening targeted for July **2023**[76](index=76&type=chunk) - Estimated book value of property and equipment written off and remediation costs is approximately **$105 million**, with a corresponding insurance receivable[77](index=77&type=chunk) - Received **$55 million** in property insurance proceeds by March **31**, **2023**, and an additional **$43 million** subsequent to quarter end[78](index=78&type=chunk) [Note 13. Legal Proceedings](index=22&type=section&id=Note%2013.%20Legal%20Proceedings) This note outlines the company's involvement in various legal proceedings in the ordinary course of business, with immaterial expected losses - The company is involved in various legal proceedings in the ordinary course of business, including hotel-level contracts, employment litigation, and tax disputes[79](index=79&type=chunk) - Immaterial accruals have been recorded as of March **31**, **2023**, and estimated aggregate losses related to these proceedings are not expected to be material[80](index=80&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and operating results for the quarter ended March 31, 2023, including forward-looking statements, strategic initiatives, and an outlook [Forward-Looking Statements](index=23&type=section&id=Forward-Looking%20Statements) This section discusses forward-looking statements, which are based on management's expectations and assumptions, and highlights key risk factors that could cause actual results to differ materially - Forward-looking statements are based on management's current expectations and assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[83](index=83&type=chunk) - Key risk factors include changes in national and local economic conditions, geopolitical developments, volatility in global financial markets, operating risks (e.g., labor costs, supply chain), and the ability to maintain REIT qualification[84](index=84&type=chunk) [Operating Results and Outlook](index=24&type=section&id=Operating%20Results%20and%20Outlook) This section reviews the company's Q1 2023 performance, highlighting significant improvements driven by leisure and group travel demand, and provides an outlook for comparable hotel RevPAR growth and anticipated margin changes for the full year 2023 Historical Income Statement Data (Q1 2023 vs. Q1 2022, in millions, except per share amounts) | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--------------------------------------- | :------ | :------ | :--------- | | Total revenues | $1,381 | $1,074 | 28.6% | | Net income | $291 | $118 | 146.6% | | Operating profit | $248 | $122 | 103.3% | | Diluted earnings per common share | $0.40 | $0.16 | 150.0% | | EBITDAre and Adjusted EBITDAre | $444 | $306 | 45.1% | | NAREIT FFO per diluted share | $0.54 | $0.39 | 38.5% | | Adjusted FFO per diluted share | $0.55 | $0.39 | 41.0% | Comparable Hotel Data (Q1 2023 vs. Q1 2022) | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--------------------------- | :-------- | :-------- | :--------- | | Comparable hotel revenues | $1,353 | $1,010 | 34.0% | | Comparable hotel EBITDA | $439 | $305 | 43.9% | | Comparable hotel EBITDA margin | 32.5% | 30.3% | 220 bps | | Comparable hotel Total RevPAR| $365.93 | $273.06 | 34.0% | | Comparable hotel RevPAR | $217.77 | $166.12 | 31.1% | - Q1 2023 results improved significantly due to strong leisure demand at resort hotels and recovery of group travel at convention hotels, with city-center properties like New York, Washington, D.C., and San Francisco/San Jose showing substantial Total RevPAR increases (**105.8%**, **99.1%**, and **92.7%** respectively)[88](index=88&type=chunk)[89](index=89&type=chunk) - For the full year **2023**, comparable hotel RevPAR growth is expected to be between **7.5%** and **10.5%**, but margins are anticipated to decline in the second half due to closer to stable staffing levels, higher wages, insurance, utility expenses, and lower attrition/cancellation fees[94](index=94&type=chunk) [Strategic Initiatives](index=26&type=section&id=Strategic%20Initiatives) This section outlines the company's strategic capital allocation, including the sale of The Camby, Autograph Collection, and projected capital expenditures for ROI projects, renewals, and hurricane restoration for the full year 2023 - During Q1 2023, the company sold The Camby, Autograph Collection for **$110 million**, recording a gain on sale of **$69 million**[96](index=96&type=chunk) - Capital expenditures in Q1 2023 included approximately **$51 million** for return on investment (ROI) projects, **$65 million** for renewal and replacement projects, and **$30 million** for hurricane restoration work[97](index=97&type=chunk) - The Marriott transformational capital program is nearing completion (approximately **98%** spent as of March **31**, **2023**), with the final hotel expected to be completed in Q2 **2023**[98](index=98&type=chunk)[99](index=99&type=chunk) - Total capital expenditures for full year **2023** are projected to be **$600 million** to **$725 million**, including **$250-$300 million** for ROI projects, **$250-$300 million** for renewal and replacement, and **$100-$125 million** for Hurricane Ian restoration[100](index=100&type=chunk)[101](index=101&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) This section details the company's total revenues and property-level operating expenses for Q1 2023 compared to Q1 2022, highlighting increases in rooms, food and beverage revenues, and associated operating costs due to recovery and increased hiring Total Revenues (Q1 2023 vs. Q1 2022, in millions) | Revenue Category | Q1 2023 | Q1 2022 | Change (%) | | :---------------- | :------ | :------ | :--------- | | Rooms | $820 | $655 | 25.2% | | Food and beverage | $431 | $297 | 45.1% | | Other | $130 | $122 | 6.6% | | **Total revenues**| **$1,381**| **$1,074**| **28.6%** | Property-level Operating Expenses (Q1 2023 vs. Q1 2022, in millions) | Expense Category | Q1 2023 | Q1 2022 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Rooms | $193 | $160 | 20.6% | | Food and beverage | $269 | $200 | 34.5% | | Other departmental and support expenses | $315 | $273 | 15.4% | | Management fees | $65 | $40 | 62.5% | | Other property-level expenses | $91 | $84 | 8.3% | | Depreciation and amortization | $169 | $172 | (1.7%) | | **Total property-level operating expenses** | **$1,102**| **$929** | **18.6%** | - Wages and employee benefits, comprising approximately **56%** of rooms, food and beverage, and other departmental and support expenses, increased **33%** year-over-year in Q1 2023 due to increased hiring as operations recovered[107](index=107&type=chunk) - Incentive management fees increased **170.0%** for the quarter, primarily reflecting improved operations at the properties[112](index=112&type=chunk) [Comparable Hotel Operating Statistics and Results](index=29&type=section&id=Comparable%20Hotel%20Operating%20Statistics%20and%20Results) This section presents comparable hotel operating statistics, excluding properties with substantial damage or large-scale capital projects, to provide insights into underlying growth trends and business mix by location and segment - The company has returned to a comparable hotel presentation for hotel-level results, excluding properties with substantial property damage or large-scale capital projects, to better understand underlying growth trends[118](index=118&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk) - As of March **31**, **2023**, **75** of the **77** owned hotels were classified as comparable, excluding Hyatt Regency Coconut Point Resort & Spa and The Ritz-Carlton, Naples due to Hurricane Ian closures[155](index=155&type=chunk)[156](index=156&type=chunk) Comparable Hotel Performance by Location (Q1 2023 vs. Q1 2022) | Location | Q1 2023 Total RevPAR | Q1 2022 Total RevPAR | Change in Total RevPAR (%) | | :-------------------- | :------------------- | :------------------- | :------------------------- | | New York | $313.90 | $152.56 | 105.8% | | Washington, D.C. (CBD)| $261.11 | $131.17 | 99.1% | | San Francisco/San Jose| $267.55 | $138.84 | 92.7% | | Boston | $213.40 | $112.42 | 89.8% | | Seattle | $156.16 | $87.48 | 78.5% | | **All Locations (Comparable)** | **$365.93** | **$273.06** | **34.0%** | Comparable Hotel Business Mix (Q1 2023 vs. Q1 2022, in millions) | Metric | Q1 2023 Transient | Q1 2023 Group | Q1 2023 Contract | Q1 2022 Transient | Q1 2022 Group | Q1 2022 Contract | | :---------------------- | :---------------- | :------------ | :--------------- | :---------------- | :------------ | :--------------- | | Room nights (thousands) | 1,332 | 1,038 | 159 | 1,220 | 648 | 142 | | Rooms Revenues | $476 | $300 | $29 | $420 | $173 | $21 | [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's liquidity position, including cash, escrow reserves, and available credit, along with share repurchase activities and debt maturity profile - As of March **31**, **2023**, the company had **$563 million** of cash and cash equivalents, **$203 million** in FF&E escrow reserves, and **$1.5 billion** available under the revolver portion of its credit facility[130](index=130&type=chunk) - The company repurchased **3.2 million shares** for **$50 million** in Q1 2023, with **$923 million** remaining available under its common share repurchase program[131](index=131&type=chunk) - The company has no significant debt maturities until **2024** and relies primarily on external sources of capital to finance future growth, including acquisitions[129](index=129&type=chunk)[130](index=130&type=chunk) - Net cash provided by operating activities increased by **$47 million** to **$308 million** in Q1 2023 compared to Q1 2022, primarily due to improved hotel operations[135](index=135&type=chunk) [Debt and Financial Covenants](index=33&type=section&id=Debt%20and%20Financial%20Covenants) This section provides an overview of the company's debt structure, including total debt, weighted average interest rate and maturity, and compliance with financial covenants - As of March **31**, **2023**, total debt was **$4.2 billion**, with a weighted average interest rate of **4.5%** and a weighted average maturity of **5 years**. **76%** of the debt has a fixed rate of interest[140](index=140&type=chunk) - Only one of the consolidated hotels is encumbered by mortgage debt[140](index=140&type=chunk) Financial Covenants (as of March 31, 2023, trailing twelve-month basis) | Covenant | Actual Ratio | Covenant Requirement | | :---------------------------- | :----------- | :------------------- | | Leverage ratio | 2.2x | Maximum ratio of 7.25x | | Fixed charge coverage ratio | 9.0x | Minimum ratio of 1.25x | | Unsecured interest coverage ratio | 10.2x | Minimum ratio of 1.75x | - The Board of Directors authorized repurchases of up to **$1.0 billion** of senior notes, with the entire amount remaining available under this authority[132](index=132&type=chunk) [Dividend Policy](index=34&type=section&id=Dividend%20Policy) This section outlines Host Inc.'s dividend policy, emphasizing its REIT distribution requirements and the recent declaration of a regular quarterly cash dividend - Host Inc. is required to distribute at least **90%** of its annual taxable income to maintain its qualification as a REIT[145](index=145&type=chunk) - The company's policy on common dividends generally is to distribute, over time, **100%** of its taxable income[147](index=147&type=chunk) - On February **15**, **2023**, a regular quarterly cash dividend of **$0.12** per share was announced and paid on April **17**, **2023**[147](index=147&type=chunk) [Critical Accounting Estimates](index=34&type=section&id=Critical%20Accounting%20Estimates) This section discusses the critical accounting estimates and assumptions made by management in preparing the financial statements, acknowledging that actual results may differ due to future uncertainties - The financial statements are prepared in conformity with GAAP, requiring management to make estimates and assumptions that affect reported amounts[148](index=148&type=chunk) - Application of these policies involves judgment and assumptions about future uncertainties, and actual results could differ from these estimates[148](index=148&type=chunk) [Non-GAAP Financial Measures](index=35&type=section&id=Non-GAAP%20Financial%20Measures) This section explains the company's use of non-GAAP financial measures like EBITDAre, Adjusted EBITDAre, NAREIT FFO, and Adjusted FFO to provide supplemental information for investors, along with their reconciliations to GAAP net income - The company uses non-GAAP financial measures such as EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO, Adjusted FFO, and comparable hotel operating results to provide useful supplemental information for investors[157](index=157&type=chunk)[158](index=158&type=chunk) Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre (Q1 2023 vs. Q1 2022, in millions) | Metric | Q1 2023 | Q1 2022 | | :-------------------------- | :------ | :------ | | Net income | $291 | $118 | | EBITDA | $507 | $310 | | EBITDAre and Adjusted EBITDAre | $444 | $306 | Host Inc. Reconciliation of Diluted Earnings per Common Share to NAREIT and Adjusted FFO per Diluted Share (Q1 2023 vs. Q1 2022, in millions, except per share amount) | Metric | Q1 2023 | Q1 2022 | | :--------------------------------------- | :------ | :------ | | Net income attributable to Host Inc. | $287 | $116 | | NAREIT FFO | $388 | $279 | | Adjusted FFO | $392 | $279 | | Diluted earnings per common share | $0.40 | $0.16 | | NAREIT FFO per diluted share | $0.54 | $0.39 | | Adjusted FFO per diluted share | $0.55 | $0.39 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages interest rate risk by maintaining a significant portion of its debt at fixed rates and may use derivatives for hedging, also addressing currency exchange risk for international operations through potential hedging strategies - As of March **31**, **2023**, **76%** of the company's outstanding debt bore interest at fixed rates[182](index=182&type=chunk) - The company may enter into interest rate swaps or caps to hedge interest rate risk, but had no such derivatives outstanding as of March **31**, **2023**[182](index=182&type=chunk) - Currency exchange risks arise from operations in Brazil, Canada, and a minority investment in India. The company may use forward or option contracts or foreign currency denominated debt to manage this risk[183](index=183&type=chunk) - Currently holds three foreign currency forward purchase contracts with a total notional amount of CAD **99 million** (**$75 million**), maturing in August and September **2023**[183](index=183&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures for both Host Inc. and Host L.P. were effective as of March 31, 2023, with no material changes in internal control over financial reporting during the quarter - Disclosure controls and procedures for Host Inc. and Host L.P. were evaluated and concluded to be effective as of March **31**, **2023**[186](index=186&type=chunk)[188](index=188&type=chunk) - There have been no changes in internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting[187](index=187&type=chunk)[189](index=189&type=chunk) [PART II. OTHER INFORMATION](index=43&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part covers unregistered sales of equity securities, use of proceeds, and a list of required exhibits filed with the report [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Host Inc. repurchased **3.2 million** common shares for **$50 million** in March 2023, with **$923 million** remaining available under its repurchase program, while Host L.P. common OP units were redeemed for Host Inc. common stock - Host Inc. repurchased **3,190,047 common shares** for **$50 million** in March **2023** at an average price of **$15.65** per share[192](index=192&type=chunk) - As of March **31**, **2023**, **$923 million** remained available for repurchase under Host Inc.'s common share repurchase program[192](index=192&type=chunk) - Host L.P. common OP units were redeemed by limited partners in exchange for shares of Host Inc.'s common stock[192](index=192&type=chunk)[193](index=193&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the report, including amended bylaws, the Sixth Amended and Restated Credit Agreement, CEO/CFO certifications, and financial data in iXBRL format - Exhibits include amended and restated bylaws, the Sixth Amended and Restated Credit Agreement, and CEO/CFO certifications pursuant to Sections **302** and **906** of the Sarbanes-Oxley Act of **2002**[197](index=197&type=chunk) - Financial statements and related notes are provided in iXBRL (Inline Extensible Business Reporting Language) format[200](index=200&type=chunk) [Signatures](index=46&type=section&id=Signatures) This section contains the formal attestations and signatures for the report on behalf of Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P [Report Signatures](index=46&type=section&id=Report%20Signatures) The report is formally signed by the Senior Vice President, Corporate Controller, on behalf of both Host Inc. and Host L.P - The report was signed by Joseph C. Ottinger, Senior Vice President, Corporate Controller, on behalf of Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. on May **5**, **2023**[205](index=205&type=chunk)[207](index=207&type=chunk)

Financial Data and Key Metrics Changes - The company reported a comparable hotel EBITDA of $439 million in Q1 2023, which is 18% above 2019 and 44% above 2022, driven by occupancy increases and rate strength [26][52] - Comparable hotel RevPAR for Q1 was approximately $218, a 31% improvement over Q1 2022 and a 7.4% improvement over Q1 2019 [31][52] - The first quarter comparable hotel EBITDA margin was 32.5%, exceeding 2019 levels for the fourth consecutive quarter [26][63] Business Line Data and Key Metrics Changes - Group room revenues were 4% above Q1 2019, driven by a 14% rate growth, marking the third consecutive quarter that group revenue exceeded 2019 levels [39][57] - Transient revenue was up 13% compared to Q1 2022, with downtown hotels leading revenue growth due to strong demand [31][61] - Resort properties achieved a RevPAR increase of approximately 5% compared to 2022, despite challenges from Caribbean tourism [38][61] Market Data and Key Metrics Changes - The company noted that leisure rates remain well above 2019 levels, with transient rates at resorts being 54% above 2019 in Q1 [55][61] - Business transient revenue was down 14% compared to Q1 2019, but showed a 400 basis point improvement sequentially from Q4 [62] - Group revenue pace is now 2.5% ahead of the same time in 2019, with total group revenue for Q1 being 7% ahead of 2019 [57][84] Company Strategy and Development Direction - The company is actively evaluating potential investment opportunities, with a focus on acquisitions that will elevate EBITDA growth [2][58] - A significant capital allocation decision was made to develop and sell 40 fee-simple condominiums adjacent to the Four Seasons Resort in Orlando, targeting mid- to high teens cash-on-cash returns [59][72] - The company plans to maintain a balanced approach to capital allocation, including share repurchases and dividends, while pursuing growth opportunities [2][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the state of travel and the company's performance, despite macroeconomic uncertainties [30][67] - The outlook for the rest of the year has improved, with expectations for RevPAR growth of 7.5% to 10.5% [40][64] - Management highlighted the importance of maintaining high-rated business in resort markets and the continued improvement of group and business transient travel [40][67] Other Important Information - The company repurchased 3.2 million shares at an average price of $15.65 per share during the first quarter, with approximately $923 million remaining under the repurchase program [30][43] - The Ritz-Carlton Naples is nearing the end of reconstruction efforts, with expected reopening in July [32][56] - The company has not included any expected business interruption proceeds from Hurricane Ian in its 2023 guidance [65] Q&A Session Summary Question: What are the prospects for acquisitions versus share repurchases? - Management is actively evaluating investment opportunities and believes the strong balance sheet allows for both acquisitions and share repurchases [2] Question: How is the group rate recovery progressing? - Group rates have increased significantly, with a 14% growth compared to 2019, and management is confident in continued rate strength [39][57] Question: What is the outlook for business interruption insurance? - Management stated it is difficult to predict the timing and amount of business interruption insurance recovery, which is not included in the guidance [14] Question: How is the company addressing cost pressures and hiring challenges? - The company expects wage and benefit increases to remain around 5% for the year and is currently fully staffed across the portfolio [80]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-14625 (Host Hotels & Resorts, Inc.) 0-25087 (Host Hotels & Resorts, L.P.) HOST HOTELS & RESORTS, INC. HOST HOTELS & RESORTS, L.P. (Exact Name of Registrant as Specified in Its C ...

PART I. FINANCIAL INFORMATION This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the quarter and year-to-date periods ended June 30, 2022 [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for both Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. for the quarterly and year-to-date periods ended June 30, 2022, and 2021, including balance sheets, statements of operations, comprehensive income, cash flows, and accompanying notes [Host Hotels & Resorts, Inc. Financial Statements](index=5&type=section&id=Host%20Hotels%20%26%20Resorts%2C%20Inc.%20Financial%20Statements) This section presents the unaudited condensed consolidated balance sheets, statements of operations, comprehensive income, and cash flows for Host Hotels & Resorts, Inc., showing a significant turnaround from a net loss in 2021 to net income in 2022 driven by strong revenue recovery Host Inc. Key Financials (Q2 2022 vs Q2 2021) | Metric | Q2 2022 (in millions) | Q2 2021 (in millions) | YTD 2022 (in millions) | YTD 2021 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $1,381 | $649 | $2,455 | $1,048 | | **Operating Profit (Loss)** | $327 | $(68) | $449 | $(234) | | **Net Income (Loss) Attributable to Host Inc.** | $256 | $(60) | $372 | $(212) | | **Diluted EPS** | $0.36 | $(0.09) | $0.52 | $(0.30) | Host Inc. Balance Sheet Summary | Metric | June 30, 2022 (in millions) | Dec 31, 2021 (in millions) | | :--- | :--- | :--- | | **Total Assets** | $12,044 | $12,352 | | **Total Debt** | $4,212 | $4,891 | | **Total Equity** | $6,782 | $6,446 | - Net cash provided by operating activities for the six months ended June 30, 2022, was **$708 million**, a significant improvement from the **$40 million** used in the same period in 2021[25](index=25&type=chunk) [Host Hotels & Resorts, L.P. Financial Statements](index=10&type=section&id=Host%20Hotels%20%26%20Resorts%2C%20L.P.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Host Hotels & Resorts, L.P., which are nearly identical to Host Inc.'s, reflecting the operational structure where Host Inc. operates through Host L.P. - The assets, liabilities, revenues, and expenses of Host L.P. are substantially the same as Host Inc., as Host Inc.'s sole significant asset is its investment in Host L.P[10](index=10&type=chunk)[11](index=11&type=chunk) Host L.P. Key Financials (Q2 2022 vs Q2 2021) | Metric | Q2 2022 (in millions) | Q2 2021 (in millions) | YTD 2022 (in millions) | YTD 2021 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $1,381 | $649 | $2,455 | $1,048 | | **Operating Profit (Loss)** | $327 | $(68) | $449 | $(234) | | **Net Income (Loss) Attributable to Host L.P.** | $261 | $(61) | $378 | $(214) | [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures supporting the financial statements, covering organization, portfolio composition, revenue disaggregation, property dispositions, equity, capital structure, dividend policy, and fair value measurements Consolidated Hotel Portfolio as of June 30, 2022 | Country | Number of Hotels | | :--- | :--- | | United States | 73 | | Brazil | 3 | | Canada | 2 | | **Total** | **78** | - In Q2 2022, the company sold the Sheraton New York Times Square Hotel for **$373 million** and the YVE Hotel Miami for **$50 million**, also providing a **$250 million** bridge loan to the Sheraton buyer[79](index=79&type=chunk) - On May 4, 2022, the Board declared a quarterly cash dividend of **$0.06 per share**, paid on July 15, 2022, and subsequently authorized a Q3 dividend of **$0.12 per share** on August 3, 2022[77](index=77&type=chunk)[78](index=78&type=chunk) Total Revenues by Geographic Area (YTD ended June 30) | Region | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | | United States | $2,428 | $1,043 | | Brazil | $7 | $2 | | Canada | $20 | $3 | | **Total** | **$2,455** | **$1,048** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, highlighting a significant operational recovery in Q2 2022 driven by strong demand, improved liquidity, reinstated dividends, and an optimistic yet cautious outlook amidst macroeconomic headwinds [Operating Results and Outlook](index=27&type=section&id=Operating%20Results%20and%20Outlook) This section details the strong operational performance in Q2 2022, with total revenues increasing **112.8%** year-over-year and Total RevPAR exceeding pre-pandemic Q2 2019 levels, while projecting full-year 2022 RevPAR between **$191** and **$195** despite inflation and economic slowdown risks Key Operating Metrics (Q2 2022 vs Q2 2021) | Metric | Q2 2022 (in millions) | Q2 2021 (in millions) | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,381 | $649 | 112.8% | | Net Income (Loss) | $260 | $(61) | N/M | | Adjusted EBITDAre | $500 | $110 | 354.5% | | Adjusted FFO per diluted share | $0.58 | $0.12 | 383.3% | - All Owned Hotel Total RevPAR for Q2 2022 increased **107.8%** compared to Q2 2021 and exceeded pre-pandemic levels from Q2 2019[101](index=101&type=chunk)[102](index=102&type=chunk) - The company projects full-year 2022 RevPAR between **$191** and **$195**, representing a **62.5% to 65.9%** increase from 2021 and a decrease of only **2.5% to 4.5%** from 2019[108](index=108&type=chunk) [Strategic Initiatives](index=28&type=section&id=Strategic%20Initiatives) The company details its capital allocation strategy, including two hotel dispositions in Q2 2022, projected full-year 2022 capital expenditures between **$500 million** and **$575 million**, and the **91%** completion of the multi-year Marriott transformational capital program - Dispositions in Q2 2022 included the Sheraton New York Times Square Hotel for **$373 million** and the YVE Hotel Miami for **$50 million**[111](index=111&type=chunk) - Full-year 2022 capital expenditures are expected to be **$500 million to $575 million**, including **$320 million to $355 million** for Return on Investment (ROI) projects[112](index=112&type=chunk) - The Marriott transformational capital program is **91%** complete as of June 30, 2022, with substantial completion expected by year-end 2022[115](index=115&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) This section provides a detailed analysis of the statement of operations, breaking down significant year-over-year increases in revenues across all categories, and analyzing property-level operating expenses which grew slower than revenues, leading to margin expansion and a strong resurgence in group demand Revenue Breakdown (YTD ended June 30) | Category | 2022 (in millions) | 2021 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Rooms | $1,505 | $680 | 121.3% | | Food and beverage | $702 | $214 | 228.0% | | Other | $248 | $154 | 61.0% | | **Total revenues** | **$2,455** | **$1,048** | **134.3%** | - Group business showed a strong recovery in Q2 2022, with room nights down only **8.5%** compared to the same period in 2019, driving a **195.6%** year-over-year increase in F&B revenues for the quarter[120](index=120&type=chunk)[149](index=149&type=chunk) - Property-level operating costs increased at a lower rate than revenues, partly due to a lag in hiring, which has been challenged by the tight labor environment[103](index=103&type=chunk)[124](index=124&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) Management outlines the company's strong liquidity position and capital structure, with **$699 million** in cash and **$1.5 billion** available under its credit facility as of June 30, 2022, compliance with all financial covenants, no significant debt maturities until 2024, and an increased share repurchase authorization to **$1 billion** - As of June 30, 2022, total liquidity included **$699 million** of cash and cash equivalents and **$1.5 billion** available under the revolver portion of the credit facility[157](index=157&type=chunk) - Total debt was **$4.2 billion** with a weighted average interest rate of **3.7%** and a weighted average maturity of **5 years**, with **76%** of the debt having a fixed interest rate[169](index=169&type=chunk) Credit Facility Covenant Compliance (as of June 30, 2022) | Covenant | Actual Ratio | Requirement | | :--- | :--- | :--- | | Leverage ratio | 2.8x | Max 8.00x | | Fixed charge coverage ratio | 10.2x | Min 1.25x | | Unsecured interest coverage ratio | 9.6x | Min 1.75x | - On August 3, 2022, the Board of Directors increased the company's share repurchase program authorization to **$1 billion**[159](index=159&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section discusses the company's exposure to market risks, primarily interest rate and foreign currency exchange rate fluctuations, managed through a high proportion of fixed-rate debt and the use of forward contracts for international operations - As of June 30, 2022, **76%** of the company's outstanding debt carried a fixed interest rate, mitigating exposure to interest rate volatility[207](index=207&type=chunk) - The company has foreign currency exchange risk from its hotels in Brazil and Canada, which it hedges using forward contracts with a notional amount of **CAD 99 million**[208](index=208&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO for both Host Inc. and Host L.P., concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective[211](index=211&type=chunk)[213](index=213&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[212](index=212&type=chunk)[214](index=214&type=chunk) PART II. OTHER INFORMATION This section covers equity repurchase activities and lists the exhibits filed with the Form 10-Q [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's equity repurchase activities, noting no common stock repurchases during Q2 2022, but an increased share repurchase program authorization to **$1 billion** on August 3, 2022 - On August 3, 2022, the Board of Directors increased the authorization under the share repurchase program to **$1 billion**[216](index=216&type=chunk) Issuer Purchases of Equity Securities (Q2 2022) | Period | Total Number of Common Shares Purchased | Average Price Paid per Share | Approximate Dollar Value Remaining (in millions) | | :--- | :--- | :--- | :--- | | April 2022 | 0 | $0 | $371 | | May 2022 | 0 | $0 | $371 | | June 2022 | 0 | $0 | $371 | | **Total** | **0** | **$0** | **$371** | [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications as required by the Sarbanes-Oxley Act of 2002, and interactive data files - The exhibits filed with this report include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 for both Host Inc. and Host L.P.[220](index=220&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. (Address of Principal Executive Offices) (240) 744-1000 (Registrant's telephone number, including area code) For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number: 001-14625 (Host Hotels & Resorts, Inc.) 0-25087 (Host Hotels & Re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-14625 (Host Hotels & Resorts, Inc.) 0-25087 (Host Hotels & Resorts, L.P.) HOST HOTELS & RESORTS, INC. HOST HOTELS & RESORTS, L.P. (Exact Name of Registrant as Specified in Its C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. (Exact name of registrant as specified in its charter) Maryland (Host Hotels & Resorts, Inc.) Delaware (Host Hotels & Resorts, L.P.) (State or Other Jurisdiction of Incorporation or Organization) 4747 Bethesda Ave, Suite 1300 Bethesda, Maryland For the quarterly period ended date September 30, 2021 (Address of Principal Executive Offices ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 20814 (Zip Code) FORM 10-Q | (Registrant's telephone number, including area code) | | --- | | Securities registered pursuant to Section 12(b) of the Act: | | Title of each class Trading Symbol Name of Each Exchange on Which Registered | | Host Hotels & Resorts, Inc. Common Stock, $.01 par value HST The Nasdaq Stock Market LLC | | Host Hotels & Resorts, L.P. None None None | | Indicate by check mark whether the registrant (1) has filed a ...