Company Overview - Host Hotels & Resorts is the only S&P 500 Lodging REIT with an equity market capitalization of $10 billion[14, 15] - The company has an enterprise value of $149 billion and owns 81 hotels with 43400 rooms[16, 17] - Upper upscale hotels account for 70% and luxury hotels account for 27% of the chain scale[18] Financial Performance and Growth - Host Hotels' 2024 Adjusted EBITDAre grew 16% compared to 2019, while other full-service lodging REITs averaged a 30% decline[26] - Host Hotels' NAREIT FFO per share grew 6% from 2019 to 2024, while other full-service lodging REITs averaged a 55% decline[26] - Host Hotels' total shareholder return from 12/31/18 to 12/31/24 was 28%, compared to an average decline of 13% for other full-service lodging REITs[26] - Adjusted EBITDAre per key increased by 18% from 2019 to 2024, while key count decreased by 7% through portfolio recycling[32] Recent Highlights and Outlook - Q1 2025 Adjusted EBITDAre was $514 million, 51% above Q1 2024[40] - The company declared a Q1 2025 regular dividend of $020 per share[40] - The full year 2025 comparable hotel total RevPAR is projected to grow by 07% to 27%[43] - The full year 2025 comparable hotel EBITDA margin is expected to be 277% to 283%[43] Capital Allocation and Investment - Since 2022, the company has repurchased 257 million shares at an average price of $1616[74] - The company has $585 million of remaining capacity under the current repurchase program[74] - The company has invested $17 billion in portfolio reinvestment projects between 2019 and 2024[70] - The company has completed 2100 renovations in 2024[109]
Host Hotels & Resorts(HST) - 2025 Q1 - Earnings Call Presentation