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]

Portfolio Overview - The consolidated lodging portfolio consists of 78 luxury and upper-upscale hotels with approximately 42,200 rooms, primarily located in the U.S.[27] - The company owns a portfolio of 78 hotels, with 73 located in the United States and five in Brazil and Canada, generating approximately 1% of revenues from foreign hotels in 2022[69] - The total number of rooms in the consolidated hotel portfolio is 42,214, with Marriott brands contributing 60.4% of revenues, followed by Hyatt at 21.0% and Hilton at 2.9%[74] - The consolidated portfolio includes 28 hotels with more than 500 rooms, and the average age of the properties is 35 years, with 87% managed by brand managers[73] Financial Performance - Total revenues increased by $2,017 million, or 69.8%, compared to 2021, driven by strong leisure demand and recovery in business travel[191] - Host Inc. reported a net income of $643 million for 2022, an increase of $654 million from the prior year, leading to diluted earnings per share of $0.88[196] - NAREIT FFO per diluted share increased by 198.3% to $1.79 in 2022, reflecting significant recovery in profitability[188] - Total revenues for Host Inc. reached $4,907 million in 2022, a 69.8% increase from $2,890 million in 2021[220] - Rooms revenue increased by $1,156 million, or 62.2%, driven by higher average room rates and occupancy[222] - Food and beverage revenue surged by $744 million, or 110.4%, due to increased outlet spend per occupied room and recovering group business[223] - Other revenues rose by $117 million, or 32.7%, primarily from attrition and cancellation fees, as well as strong golf and spa revenues[224] Capital Allocation and Investments - The company plans to continue its disciplined capital allocation approach in 2023, focusing on acquisitions of iconic properties with sustainable competitive advantages[34] - Host Inc. plans to continue disciplined capital allocation to strengthen its portfolio and may pursue acquisitions of upper-upscale and luxury properties[204] - The company has invested $35 million in a joint venture with Noble Investment Group, focusing on upper-upscale and luxury chain scales, and has a $150 million capital commitment to the next Noble fund[78][81] - Capital expenditures for 2023 are projected to be between $600 million and $725 million, including $250 million to $300 million for ROI projects[215] Market Strategy and Competition - The strategy includes maintaining a geographically diverse portfolio in major urban and resort destinations, targeting markets with high barriers to entry and favorable supply-demand dynamics[29] - The company competes primarily in the luxury and upper upscale categories, with competition from online short-term rentals and other hotel management companies[88] - The company aims to position its portfolio to capitalize on changes in market trends and customer travel patterns[89] Operational Structure and Management - Management agreements for hotels typically have an initial term of 10 to 25 years, with managers receiving a base management fee of 2-3% of annual gross revenues and an incentive management fee of 10-20% of operating profit after the owner's priority return[60] - The operating structure includes leasing hotels to taxable REIT subsidiaries (TRS) to comply with tax laws, allowing TRS to manage hotel operations and engage in non-qualifying income activities[67] - The company is dependent on third-party managers for hotel operations, limiting direct control over strategic business decisions[121] Economic and Industry Factors - The lodging industry is influenced by economic indicators such as GDP growth, business investment, and employment growth, which affect lodging demand[49] - The lodging industry is highly cyclical, with performance affected by economic conditions, including inflation and interest rates[101] - The COVID-19 pandemic has had lasting effects on operations, with potential future variants posing risks to bookings and financial performance[106] Employee and Labor Relations - As of February 17, 2023, the company had 165 employees with a voluntary turnover rate of 6% in 2022[93] - The workforce consists of 44% men and 56% women, with 43% of management positions held by women[94] - Approximately 26% of the total room count is covered by collective bargaining agreements at 17 hotels managed by third-party hotel managers[96] - The company is subject to risks associated with unionized labor, which could lead to increased labor costs and operational disruptions[125] Environmental and Regulatory Compliance - The company is committed to responsible investment strategies, emphasizing environmental stewardship, social responsibility, and governance[44] - The company is subject to various environmental laws and may incur costs related to hazardous substances, although no material claims are currently pending[91] - Compliance with the Americans with Disabilities Act and other regulations may incur substantial capital expenditures, impacting financial condition[157] - The company is subject to various REIT laws that restrict certain business activities, including the ownership of hotels not leased to a taxable REIT subsidiary[137] Risks and Challenges - The company faces inherent risks with real estate investments, including illiquidity and potential inability to sell hotels at favorable terms[112] - The company may incur additional indebtedness if operations decline, impacting cash flow available for working capital and dividends[114] - Cyber threats pose significant risks to the company's operations, with past breaches resulting in fines, such as Marriott being fined £18.4 million for a data breach[131][132] - The company faces risks associated with natural disasters and climate change, which could lead to increased repair costs and damage to properties[138][139] Shareholder Returns and Stock Performance - The five-year cumulative total stockholder return for Host Inc. was $93.13 in 2022, compared to $156.88 for the S&P 500 Index[172] - Host Inc. increased its share repurchase program from $371 million to $1 billion, allowing for flexible repurchases depending on market conditions[173] - The company declared dividends totaling $0.53 per share for 2022, including a special dividend of $0.20 per share in the fourth quarter[218]

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ 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.) EXPLANATORY NOTE This report combines the quarterly reports on Form 10-Q of Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. Unless stated otherwise or the context requires otherwise, references to "Host Inc." mean Host Hotels & Resort ...

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, 2020 OR HOST HOTELS & RESORTS, INC. HOST HOTELS & RESORTS, L.P. (Exact Name of Registrant as Specified in Its Charter) Maryland (Host Hotels & Resorts, Inc.) Delaware (Host Hotels & Resorts, L.P.) 53-0085950 (Host Hotels & Resorts, Inc.) 52-2095412 (Host Hotels & Resorts, L.P.) (State or Other Jurisdict ...

FORM 10-Q Incorporation or Organization) 4747 Bethesda Ave, Suite 1300 Bethesda, Maryland (Address of Principal Executive Offices) (240) 744-1000 (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 registran ...