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 Third Quarter 2023 Results

Maintains Midpoint of Full Year RevPAR Growth Guidance

Repurchases $100 Million of Common Shares in Quarter

Announces Hyatt Transformational Capital Program

BETHESDA, MD; November 1, 2023 – Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for third quarter of 2023.

OPERATING RESULTS

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

	Quarter ended September 30,						Year-to-date ended September 30,
	2023		2022		Percent Change		2023		2022		Percent Change
Revenues	$	1,214	$	1,189	2.1	%	$	3,988	$	3,644	9.4	%
Comparable hotel revenues⁽¹⁾	1,181		1,188		(0.6	%)	3,909		3,522		11.0	%
Comparable hotel Total RevPAR⁽¹⁾	312.35		314.25		(0.6	%)	348.41		313.90		11.0	%
Comparable hotel RevPAR⁽¹⁾	201.32		197.76		1.8	%	214.67		194.49		10.4	%
Net income	$	113	$	116	(2.6	%)	$	618	$	494	25.1	%
EBITDAre⁽¹⁾	361		328		10.1	%	1,251		1,140		9.7	%
Adjusted EBITDAre⁽¹⁾	361		328		10.1	%	1,251		1,134		10.3	%
Diluted earnings per common share	0.16		0.16		—	%	0.85		0.68		25.0	%
NAREIT FFO per diluted share⁽¹⁾	0.41		0.38		7.9	%	1.48		1.35		9.6	%
Adjusted FFO per diluted share⁽¹⁾	0.41		0.38		7.9	%	1.48		1.35		9.6	%

*Additional detail on the Company’s results, including data for 22 domestic markets, is available in the Third Quarter 2023 Supplemental Financial Information on the Company’s website at www.hosthotels.com.

James F. Risoleo, President and Chief Executive Officer, said, “Host delivered comparable hotel RevPAR growth of 1.8% over the third quarter of 2022, driven by improvements in group business, which were offset by moderating rates at our resort properties. We continued to see positive operating trends at our convention and downtown hotels leading to an increase in occupancy of 150 basis points for the quarter."

Risoleo continued, “We have also reached an agreement with Hyatt to complete transformational reinvestment capital projects at six properties as we build on our successful capital allocation strategy over the past few years. In addition, we repurchased approximately $100 million of our common stock and paid a third quarter dividend of $0.18 per share, a 20% increase over the second quarter dividend. Despite the impact of the wildfires in Maui, we maintained the midpoint of our previous full year comparable hotel RevPAR growth at 8% and tightened our full year guidance range to 7.25% to 8.75%, which remains relatively wide given the evolving nature of demand on Maui. We believe our strong balance sheet puts us in a position to execute on multiple fronts, and as a result, leaves Host well positioned for future growth.”

_______________________________

(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 November 1, 2023

HIGHLIGHTS:

•Comparable hotel RevPAR was $201.32 in the third quarter and $214.67 year-to-date, representing an increase of 1.8% and 10.4%, respectively, compared to the same periods in 2022, primarily driven by an increase in occupancy for the quarter and growth in both occupancy and rate year-to-date. Continued growth in city-center markets fueled by improvements in group business led to the overall improvement, offsetting moderating rates at resorts in comparison to the third quarter of 2022.

•Comparable hotel Total RevPAR was $312.35 for the third quarter and $348.41 year-to-date, representing a decrease of 0.6% and an increase of 11.0%, respectively, compared to the same periods in 2022. The decrease for the quarter was driven by the impacts of the wildfires in Maui and lower attrition and cancelation fees and group spend in comparison to the third quarter of 2022.

•Generated GAAP net income of $113 million in the third quarter, a slight decrease compared to the third quarter of 2022, while GAAP operating profit margin was 12.9% for the quarter, an increase of 50 basis points compared to the third quarter of 2022. For the quarter, business interruption gains of $54 million were offset by the decline in comparable hotel EBITDA, discussed below, and taxes related to the business interruption gains. Year-to-date, GAAP net income of $618 million reflected an increase compared to 2022, primarily due to an increase in operating profit and gain on asset sales, while GAAP operating profit margin remained static compared to 2022 at 16.4%.

•Comparable hotel EBITDA was $314 million for the third quarter, representing a decline compared to third quarter 2022 results, and reflecting a decrease in comparable hotel EBITDA margin of 280 basis points to 26.6%. As expected, in addition to higher insurance and utility expenses, third quarter margin declines were driven by stabilized staffing levels in comparison to third quarter of 2022, and lower attrition and cancelation fees. Year-to-date, comparable hotel EBITDA was $1,202 million and comparable hotel EBITDA margin was 30.8%.

•Adjusted EBITDAre was $361 million for the third quarter and $1,251 million year-to-date, both exceeding the same periods in 2022 and benefiting from the business interruption proceeds discussed below.

•As of November 1, 2023, the Company has received insurance proceeds of $208 million out of the expected potential insurance recovery of approximately $310 million for covered costs related to damage and disruption caused by Hurricane Ian in September 2022. In the third quarter, $54 million of these proceeds were recognized as a gain on business interruption.

•Following the August wildfires in Maui, Hawaii, the Company's three hotels in that region continue to provide food and shelter for employees, their families, and emergency response teams. The Hyatt Regency Maui Resort and Spa began welcoming back new guests on November 1. While there was not any reported property damage to the Company's hotels or golf courses, the Company estimates that net income and Adjusted EBITDAre from its Maui hotels and joint venture timeshare were impacted by approximately $7 million in the third quarter, RevPAR was impacted by 60 basis points and Total RevPAR was impacted by 120 basis points.

•Reached an agreement with Hyatt to complete transformational reinvestment capital projects at six properties in the Company's portfolio, the Grand Hyatt Atlanta in Buckhead, Grand Hyatt Washington, Manchester Grand Hyatt San Diego, Hyatt Regency Austin, Hyatt Regency Washington on Capitol Hill, and Hyatt Regency Reston. These investments are intended to position the targeted hotels to compete better in their respective markets while seeking to enhance long-term performance. The total investment is expected to be approximately $550-$600 million, two-thirds of which the Company was planning to invest as part of its capital plan over the next few years. The Company expects to invest $125-$200 million per year over the next three to four years on this program. Hyatt has agreed to provide additional priority returns on the agreed upon investments and operating profit guarantees totaling $40 million to offset expected business disruptions.

•Comparable hotel RevPAR for October is estimated to be $229, a 2.4% improvement over 2022.

© Host Hotels & Resorts, Inc. PAGE 2 OF 23

HOST HOTELS & RESORTS, INC. NEWS RELEASE November 1, 2023

BALANCE SHEET

The Company maintains a robust balance sheet, with the following balances at September 30, 2023:

•Total assets of $12.3 billion.

•Debt balance of $4.2 billion, with a weighted average maturity of 4.5 years, a weighted average interest rate of 4.6%, and a balanced maturity schedule with the next significant maturity of $400 million due in April 2024.

•Total available liquidity of approximately $2.6 billion, including furniture, fixtures and equipment escrow reserves of $218 million and $1.5 billion available under the revolver portion of the credit facility.

During the third quarter of 2023, the $163 million loan to the buyer of the Sheraton Boston Hotel was repaid in full.

SHARE REPURCHASE PROGRAM AND DIVIDENDS

During the third quarter of 2023, the Company repurchased 6.3 million shares at an average price of $15.90 per share through its common share repurchase program for a total of $100 million. Year-to-date in 2023, the Company repurchased 9.5 million shares at an average price of $15.82 per share for a total of $150 million. The Company has approximately $823 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 third quarter common stock cash dividend of $0.18 per share, an increase of $0.03, or 20%, over its second quarter dividend, on October 16, 2023 to stockholders of record on September 30, 2023. 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 65%, 32%, and 3%, respectively, of its full year 2022 room sales.

The following are the results for transient, group and contract business in comparison to 2022 performance, for the Company's current portfolio:

	Quarter ended September 30, 2023									Year-to-date ended September 30, 2023
	Transient			Group			Contract			Transient			Group			Contract
Room nights (in thousands)	1,526			990			201			4,375			3,112			533
Percent change in room nights vs. same period in 2022	0.4		%	1.8		%	20.7		%	2.5		%	15.0		%	15.1		%
Rooms revenues (in millions)	$	472		$	252		$	37		$	1,465		$	844		$	99
Percent change in revenues vs. same period in 2022	(3.3		%)	9.8		%	24.9		%	3.0		%	23.7		%	28.2		%

© Host Hotels & Resorts, Inc. PAGE 3 OF 23

HOST HOTELS & RESORTS, INC. NEWS RELEASE November 1, 2023

CAPITAL EXPENDITURES

The following presents the Company’s capital expenditures spend through the third quarter of 2023 and the forecast for full year 2023 (in millions):

	Year-to-date ended September 30, 2023		2023 Full Year Forecast
	Actual		Low-end of range		High-end of range
ROI - Marriott Transformational Capital Program	$	22	$	25	$	30
All other return on investment ("ROI") projects	118		175		200
Total ROI Projects	140		200		230
Renewals and Replacements ("R&R")	194		265		290
R&R and ROI Capital expenditures	334		465		520
R&R - Insurable Reconstruction	138		150		175
Total Capital Expenditures	$	472	$	615	$	695

2023 OUTLOOK

Despite the impact of the wildfires in Maui, which is expected to continue into the fourth quarter, and continued macroeconomic concerns, the Company maintained the midpoint of its previous full year expected comparable hotel RevPAR growth at 8%, tightening its full year comparable hotel RevPAR guidance range to 7.25% to 8.75% growth over 2022. At the midpoint of guidance, the Company’s full year 2023 expected RevPAR is forecast to be 5.6% above 2019. The Company estimates that at the midpoint of guidance the wildfires in Maui will negatively impact its full year Total RevPAR by 70 basis points, RevPAR by 50 basis points, and net income and Adjusted EBITDAre by $30 million. For the fourth quarter, these impacts are expected to be a 160 basis points impact to Total RevPAR, a 150 basis point impact to RevPAR and a decrease to net income and Adjusted EBITDAre of $23 million.

In comparison to 2019, which the Company believes is the most relevant comparison, operating profit margins and comparable hotel EBITDA margins are expected to increase 110 basis points and 40 basis points, respectively, at the midpoint of guidance. However, as expected, margins for the full year are anticipated to decline in comparison to 2022, driven by closer to stable staffing levels, higher wages, insurance and utility expenses, lower attrition and cancelation fees, and occupancy below 2019 levels. The guidance range for net income and Adjusted EBITDAre includes an additional $26 million of gains from business interruption proceeds expected to be received in the fourth quarter related to Hurricane Ian, with any remaining proceeds expected to be received in 2024.

The Company anticipates its 2023 operating results as compared to 2022 will be in the following range:

	Current Full Year 2023 Guidance	Current Full Year 2023 Guidance Change vs. 2022	Previous Full Year 2023 Guidance Change vs. 2022	Change in Full Year 2023 Guidance to the Mid-Point
Comparable hotel Total RevPAR	$341 to $345	7.1% to 8.5%	7.2% to 9.0%	(30) bps
Comparable hotel RevPAR	$210 to $213	7.25% to 8.75%	7.0% to 9.0%	0 bps
Total revenues under GAAP	$5,248 to $5,321	6.9% to 8.4%	6.9% to 8.8%	(10) bps
Operating profit margin under GAAP	15.4% to 16.0%	(40) bps to (20) bps	(170) bps to (100) bps	120 bps
Comparable hotel EBITDA margin	29.7% to 30.1%	(210) bps to (170) bps	(210) bps to (170) bps	0 bps

© Host Hotels & Resorts, Inc. PAGE 4 OF 23

HOST HOTELS & RESORTS, INC. NEWS RELEASE November 1, 2023

Based upon the above parameters, the Company estimates its 2023 guidance as follows:

	Current Full Year 2023 Guidance	Previous Full Year 2023 Guidance	Change in Full Year 2023 Guidance to the Mid-Point
Net income (in millions)	$741 to $781	$700 to $748	$36
Adjusted EBITDAre (in millions)	$1,600 to $1,640	$1,535 to $1,585	$60
Diluted earnings per common share	$1.02 to $1.08	$0.97 to $1.03	$0.05
NAREIT FFO per diluted share	$1.89 to $1.95	$1.82 to $1.88	$0.07
Adjusted FFO per diluted share	$1.90 to $1.95	$1.82 to $1.89	$0.06

See the 2023 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Third Quarter 2023 Supplemental Financial Information for additional detail on the mid-point of full year 2023 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 72 properties in the United States and five properties internationally totaling approximately 42,000 rooms. The Company also holds non-controlling interests in seven domestic and one international 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®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Four Seasons®, Swissôtel®, 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 which include, but may not be limited to, our expectations regarding the impact of the COVID-19 pandemic on our business, the recovery of travel and the lodging industry, the impact of Hurricane Ian and 2023 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 November 1, 2023 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 has any responsibility or liability for any information contained in this press release.

*** Tables to Follow ***

© Host Hotels & Resorts, Inc. PAGE 5 OF 23

HOST HOTELS & RESORTS, INC. NEWS RELEASE November 1, 2023

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 September 30, 2023, 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.

2023 OPERATING RESULTS	PAGE NO.
Condensed Consolidated Balance Sheets (unaudited) September 30, 2023 and December 31, 2022	7
Condensed Consolidated Statements of Operations (unaudited) Quarter and Year-to-date ended September 30, 2023 and 2022	8
Earnings per Common Share (unaudited) Quarter and Year-to-date ended September 30, 2023 and 2022	9
Hotel Operating Data
Hotel Operating Data for Consolidated Hotels (by Location)	10
Schedule of Comparable Hotel Results	14
Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre	16
Reconciliation of Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share	17
2023 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 2023 Forecasts	18
Schedule of Comparable Hotel Results for Full Year 2023 Forecasts	19
Notes to Financial Information	20

© Host Hotels & Resorts, Inc. PAGE 6 OF 23

HOST HOTELS & RESORTS, INC.

Condensed Consolidated Balance Sheets

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

	September 30, 2023		December 31, 2022
ASSETS
Property and equipment, net	$	9,679	$	9,748
Right-of-use assets	553		556
Due from managers	78		94
Advances to and investments in affiliates	139		132
Furniture, fixtures and equipment replacement fund	218		200
Notes receivable	322		413
Other	387		459
Cash and cash equivalents	916		667
Total assets	$	12,292	$	12,269
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes	$	3,119	$	3,115
Credit facility, including the term loans of $997 and $998, respectively	988		994
Mortgage and other debt	105		106
Total debt	4,212		4,215
Lease liabilities	565		568
Accounts payable and accrued expenses	228		372
Due to managers	72		67
Other	184		168
Total liabilities	5,261		5,390
Redeemable non-controlling interests - Host Hotels & Resorts, L.P.	157		164
Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized, 705.4 million shares and 713.4 million shares issued and outstanding, respectively	7		7
Additional paid-in capital	7,588		7,717
Accumulated other comprehensive loss	(73)		(75)
Deficit	(652)		(939)
Total equity of Host Hotels & Resorts, Inc. stockholders	6,870		6,710
Non-redeemable non-controlling interests—other consolidated partnerships	4		5
Total equity	6,874		6,715
Total liabilities, non-controlling interests and equity	$	12,292	$	12,269

__________

(1)Please see our Third Quarter 2023 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 September 30,				Year-to-date ended September 30,
	2023		2022		2023		2022
Revenues
Rooms	$	777	$	746	$	2,447	$	2,251
Food and beverage	328		330		1,174		1,032
Other	109		113		367		361
Total revenues	1,214		1,189		3,988		3,644
Expenses
Rooms	196		190		590		539
Food and beverage	241		230		773		675
Other departmental and support expenses	314		300		952		873
Management fees	51		48		185		150
Other property-level expenses	106		90		290		252
Depreciation and amortization	174		164		511		498
Corporate and other expenses⁽¹⁾	29		29		90		77
Gain on insurance and business interruption settlements	(54)		(10)		(57)		(17)
Total operating costs and expenses	1,057		1,041		3,334		3,047
Operating profit	157		148		654		597
Interest income	22		10		56		17
Interest expense	(48)		(40)		(142)		(113)
Other gains	1		5		70		19
Equity in earnings (losses) of affiliates	(4)		(1)		7		3
Income before income taxes	128		122		645		523
Provision for income taxes	(15)		(6)		(27)		(29)
Net income	113		116		618		494
Less: Net income attributable to non-controlling interests	(2)		(2)		(10)		(8)
Net income attributable to Host Inc.	$	111	$	114	$	608	$	486
Basic and diluted earnings per common share	$	0.16	$	0.16	$	0.85	$	0.68

___________

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

	Quarter ended September 30,				Year-to-date ended September 30,
	2023		2022		2023		2022
General and administrative costs	$	20	$	20	$	61	$	58
Non-cash stock-based compensation expense	6		9		19		19
Litigation accruals	3		—		10		—
Total	$	29	$	29	$	90	$	77

PAGE 8 OF 23

HOST HOTELS & RESORTS, INC.

Earnings per Common Share

(unaudited, in millions, except per share amounts)

	Quarter ended September 30,				Year-to-date ended September 30,
	2023		2022		2023		2022
Net income	$	113	$	116	$	618	$	494
Less: Net income attributable to non-controlling interests	(2)		(2)		(10)		(8)
Net income attributable to Host Inc.	$	111	$	114	$	608	$	486
Basic weighted average shares outstanding	709.7		714.9		711.4		714.7
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market	2.2		2.7		2.2		2.7
Diluted weighted average shares outstanding⁽¹⁾	711.9		717.6		713.6		717.4
Basic and diluted earnings per common share	$	0.16	$	0.16	$	0.85	$	0.68

___________

(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 September 30, 2023		Quarter ended September 30, 2023								Quarter ended September 30, 2022
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
Maui/Oahu	4	2,006	$	565.03	69.7	%	$	393.67	$	549.52	$	565.30	73.6	%	$	416.12	$	643.57	(5.4)	%	(14.6)	%
Jacksonville	1	446	479.33		69.2		331.47		726.78		487.53		67.0		326.67		707.75		1.5		2.7
Miami	2	1,033	377.39		50.3		189.66		358.25		457.43		50.2		229.66		427.55		(17.4)		(16.2)
Florida Gulf Coast	3	941	309.76		62.7		194.17		381.17		327.19		62.2		203.68		386.66		(4.7)		(1.4)
Phoenix	3	1,545	263.79		59.6		157.18		368.20		264.31		58.4		154.24		408.94		1.9		(10.0)
Orlando	2	2,448	309.53		64.9		200.78		419.73		327.78		61.4		201.23		427.58		(0.2)		(1.8)
New York	2	2,486	334.84		87.0		291.33		387.71		309.77		84.3		260.99		351.90		11.6		10.2
Los Angeles/Orange County	3	1,067	314.25		85.9		269.85		375.29		303.74		86.4		262.42		373.36		2.8		0.5
San Diego	3	3,294	295.59		83.5		246.81		441.94		292.38		85.4		249.83		440.67		(1.2)		0.3
Boston	2	1,496	273.06		83.8		228.75		291.12		263.46		63.8		167.99		223.00		36.2		30.5
Washington, D.C. (CBD)	5	3,240	244.50		71.5		174.94		248.36		237.56		65.7		156.01		223.72		12.1		11.0
Philadelphia	2	810	231.09		82.6		190.83		288.59		221.65		85.9		190.48		286.56		0.2		0.7
Austin	2	767	225.87		59.0		133.29		242.58		233.32		68.3		159.46		289.77		(16.4)		(16.3)
Northern Virginia	2	916	233.30		72.0		168.00		250.70		214.33		67.2		144.06		219.78		16.6		14.1
San Francisco/San Jose	6	4,162	241.34		72.8		175.71		241.07		244.45		71.3		174.35		250.97		0.8		(3.9)
Chicago	3	1,562	253.34		79.5		201.35		280.27		263.27		79.3		208.86		286.41		(3.6)		(2.1)
Seattle	2	1,315	271.12		81.0		219.56		285.88		264.88		81.9		216.97		274.62		1.2		4.1
Atlanta	2	810	182.03		75.0		136.49		210.62		183.46		72.8		133.57		199.97		2.2		5.3
Houston	5	1,942	191.21		66.3		126.73		172.15		176.72		62.1		109.74		149.01		15.5		15.5
San Antonio	2	1,512	194.04		53.5		103.87		167.34		190.72		64.5		122.96		194.39		(15.5)		(13.9)
New Orleans	1	1,333	147.45		58.9		86.87		133.83		163.33		63.6		103.87		158.20		(16.4)		(15.4)
Denver	3	1,340	204.48		79.9		163.34		235.48		197.50		76.5		151.18		214.65		8.0		9.7
Other	10	3,061	326.91		68.5		223.86		333.59		347.16		64.3		223.09		332.55		0.3		0.3
Domestic	70	39,532	283.04		72.1		203.98		317.54		283.94		70.6		200.53		319.95		1.7		(0.8)
International	5	1,499	199.27		65.7		130.95		174.16		200.98		62.0		124.66		162.44		5.0		7.2
All Locations	75	41,031	280.24		71.8		201.32		312.35		281.27		70.3		197.76		314.25		1.8		(0.6)

PAGE 10 OF 23

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

Comparable Hotel Results by Location(1)

	As of September 30, 2023		Year-to-date ended September 30, 2023								Year-to-date ended September 30, 2022
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
Maui/Oahu	4	2,006	$	588.70	73.2	%	$	430.85	$	642.10	$	559.15	76.0	%	$	424.91	$	658.15	1.4	%	(2.4	%)
Jacksonville	1	446	515.29		72.8		375.31		823.23		533.33		69.5		370.85		799.91		1.2		2.9
Miami	2	1,033	538.29		65.8		354.38		620.61		618.23		62.8		388.09		647.24		(8.7)		(4.1)
Florida Gulf Coast	3	941	398.34		74.3		295.96		624.60		403.93		73.7		297.56		594.22		(0.5)		5.1
Phoenix	3	1,545	401.67		71.8		288.45		630.82		392.14		69.3		271.69		608.49		6.2		3.7
Orlando	2	2,448	369.46		71.4		263.81		533.70		395.30		64.4		254.71		498.62		3.6		7.0
New York	2	2,486	323.10		81.6		263.58		375.42		305.98		68.8		210.55		297.35		25.2		26.3
Los Angeles/Orange County	3	1,067	303.01		82.8		250.80		360.45		290.28		79.6		231.14		332.23		8.5		8.5
San Diego	3	3,294	286.71		81.2		232.85		432.14		275.85		76.1		209.91		376.43		10.9		14.8
Boston	2	1,496	262.27		78.7		206.41		272.25		246.01		57.4		141.27		186.74		46.1		45.8
Washington, D.C. (CBD)	5	3,240	276.94		71.3		197.40		285.28		258.02		60.5		156.14		222.68		26.4		28.1
Philadelphia	2	810	230.17		80.1		184.43		285.52		212.19		79.8		169.40		258.46		8.9		10.5
Austin	2	767	259.09		66.6		172.50		309.26		261.29		70.3		183.71		319.55		(6.1)		(3.2)
Northern Virginia	2	916	241.35		70.5		170.04		256.35		215.60		65.3		140.83		212.13		20.7		20.8
San Francisco/San Jose	6	4,162	254.24		66.8		169.73		246.35		230.51		63.1		145.43		209.56		16.7		17.6
Chicago	3	1,562	244.43		69.2		169.15		240.13		238.34		64.8		154.44		212.39		9.5		13.1
Seattle	2	1,315	242.11		69.1		167.33		226.93		234.51		64.1		150.37		194.36		11.3		16.8
Atlanta	2	810	190.91		75.0		143.15		230.87		181.26		72.2		130.94		204.64		9.3		12.8
Houston	5	1,942	201.57		70.6		142.37		196.37		180.33		63.4		114.29		158.00		24.6		24.3
San Antonio	2	1,512	217.64		62.4		135.91		217.29		194.11		67.3		130.73		201.94		4.0		7.6
New Orleans	1	1,333	195.70		68.9		134.85		204.28		196.59		65.3		128.42		187.76		5.0		8.8
Denver	3	1,340	193.63		65.0		125.92		180.78		183.44		63.9		117.14		169.54		7.5		6.6
Other	10	3,061	322.01		65.5		210.89		320.75		332.09		60.8		201.98		300.75		4.4		6.6
Domestic	70	39,532	303.99		71.8		218.31		355.19		297.46		66.8		198.61		321.16		9.9		10.6
International	5	1,499	188.41		62.9		118.58		168.30		159.59		53.6		85.55		120.75		38.6		39.4
All Locations	75	41,031	300.28		71.5		214.67		348.41		293.40		66.3		194.49		313.90		10.4		11.0

___________

(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 11 OF 23

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

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

	As of September 30,
	2023	2022	Quarter ended September 30, 2023								Quarter ended September 30, 2022
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
Maui/Oahu	4	4	$	565.03	69.7	%	$	393.67	$	549.52	$	565.30	73.6	%	$	416.12	$	643.57	(5.4)	%	(14.6)	%
Jacksonville	1	1	479.33		69.2		331.47		726.78		487.53		67.0		326.67		707.75		1.5		2.7
Miami	2	2	377.39		50.3		189.66		358.25		457.43		50.2		229.66		427.55		(17.4)		(16.2)
Florida Gulf Coast	5	5	328.97		58.5		192.44		384.90		330.56		53.9		178.01		344.04		8.1		11.9
Phoenix	3	4	263.79		59.6		157.18		368.20		251.77		58.1		146.25		372.05		7.5		(1.0)
Orlando	2	2	309.53		64.9		200.78		419.73		327.78		61.4		201.23		427.58		(0.2)		(1.8)
New York	2	2	334.84		87.0		291.33		387.71		309.77		84.3		260.99		351.90		11.6		10.2
Los Angeles/Orange County	3	3	314.25		85.9		269.85		375.29		303.74		86.4		262.42		373.36		2.8		0.5
San Diego	3	3	295.59		83.5		246.81		441.94		292.38		85.4		249.83		440.67		(1.2)		0.3
Boston	2	2	273.06		83.8		228.75		291.12		263.46		63.8		167.99		223.00		36.2		30.5
Washington, D.C. (CBD)	5	5	244.50		71.5		174.94		248.36		237.56		65.7		156.01		223.72		12.1		11.0
Philadelphia	2	2	231.09		82.6		190.83		288.59		221.65		85.9		190.48		286.56		0.2		0.7
Austin	2	2	225.87		59.0		133.29		242.58		233.32		68.3		159.46		289.77		(16.4)		(16.3)
Northern Virginia	2	2	233.30		72.0		168.00		250.70		214.33		67.2		144.06		219.78		16.6		14.1
San Francisco/San Jose	6	6	241.34		72.8		175.71		241.07		244.45		71.3		174.35		250.97		0.8		(3.9)
Chicago	3	3	253.34		79.5		201.35		280.27		253.75		77.8		197.54		269.26		1.9		4.1
Seattle	2	2	271.12		81.0		219.56		285.88		264.88		81.9		216.97		274.62		1.2		4.1
Atlanta	2	2	182.03		75.0		136.49		210.62		183.46		72.8		133.57		199.97		2.2		5.3
Houston	5	5	191.21		66.3		126.73		172.15		176.72		62.1		109.74		149.01		15.5		15.5
San Antonio	2	2	194.04		53.5		103.87		167.34		190.72		64.5		122.96		194.39		(15.5)		(13.9)
New Orleans	1	1	147.45		58.9		86.87		133.83		163.33		63.6		103.87		158.20		(16.4)		(15.4)
Denver	3	3	204.48		79.9		163.34		235.48		197.50		76.5		151.18		214.65		8.0		9.7
Other	10	9	326.91		68.5		223.86		333.59		261.04		63.6		166.04		240.26		34.8		38.8
Domestic	72	72	284.23		71.7		203.67		319.19		277.68		69.9		194.13		310.91		4.9		2.7
International	5	5	199.27		65.7		130.95		174.16		200.98		62.0		124.66		162.44		5.0		7.2
All Locations	77	77	281.45		71.4		201.08		314.05		275.25		69.6		191.66		305.69		4.9		2.7

PAGE 12 OF 23

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels (cont.)

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

	As of September 30,
	2023	2022	Year-to-date ended September 30, 2023								Year-to-date ended September 30, 2022
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
Maui/Oahu	4	4	$	588.70	73.2	%	$	430.85	$	642.10	$	559.15	76.0	%	$	424.91	$	658.15	1.4	%	(2.4	%)
Jacksonville	1	1	515.29		72.8		375.31		823.23		533.33		69.5		370.85		799.91		1.2		2.9
Miami	2	2	538.29		65.8		354.38		620.61		573.01		64.5		369.80		609.25		(4.2)		1.9
Florida Gulf Coast	5	5	371.22		58.6		217.52		459.32		442.56		65.9		291.82		574.12		(25.5)		(20.0)
Phoenix	3	4	398.12		72.1		286.88		619.02		366.88		69.1		253.45		551.73		13.2		12.2
Orlando	2	2	369.46		71.4		263.81		533.70		395.30		64.4		254.71		498.62		3.6		7.0
New York	2	2	323.10		81.6		263.58		375.42		288.08		63.5		182.96		256.78		44.1		46.2
Los Angeles/Orange County	3	3	303.01		82.8		250.80		360.45		290.28		79.6		231.14		332.23		8.5		8.5
San Diego	3	3	286.71		81.2		232.85		432.14		275.85		76.1		209.91		376.43		10.9		14.8
Boston	2	2	262.27		78.7		206.41		272.25		240.93		55.5		133.65		175.93		54.4		54.8
Washington, D.C. (CBD)	5	5	276.94		71.3		197.40		285.28		258.02		60.5		156.14		222.68		26.4		28.1
Philadelphia	2	2	230.17		80.1		184.43		285.52		212.19		79.8		169.40		258.46		8.9		10.5
Austin	2	2	259.09		66.6		172.50		309.26		261.29		70.3		183.71		319.55		(6.1)		(3.2)
Northern Virginia	2	2	241.35		70.5		170.04		256.35		215.60		65.3		140.83		212.13		20.7		20.8
San Francisco/San Jose	6	6	254.24		66.8		169.73		246.35		230.51		63.1		145.43		209.56		16.7		17.6
Chicago	3	3	244.43		69.2		169.15		240.13		227.82		63.1		143.86		196.43		17.6		22.2
Seattle	2	2	242.11		69.1		167.33		226.93		234.51		64.1		150.37		194.36		11.3		16.8
Atlanta	2	2	190.91		75.0		143.15		230.87		181.26		72.2		130.94		204.64		9.3		12.8
Houston	5	5	201.57		70.6		142.37		196.37		180.33		63.4		114.29		158.00		24.6		24.3
San Antonio	2	2	217.64		62.4		135.91		217.29		194.11		67.3		130.73		201.94		4.0		7.6
New Orleans	1	1	195.70		68.9		134.85		204.28		196.59		65.3		128.42		187.76		5.0		8.8
Denver	3	3	193.63		65.0		125.92		180.78		183.44		63.9		117.14		169.54		7.5		6.6
Other	10	9	322.01		65.5		210.89		320.75		264.87		61.2		162.17		233.33		30.0		37.5
Domestic	72	72	304.28		71.2		216.53		353.71		293.77		66.1		194.23		315.02		11.5		12.3
International	5	5	188.41		62.9		118.58		168.30		159.59		53.6		85.55		120.75		38.6		39.4
All Locations	77	77	300.61		70.9		213.04		347.14		289.98		65.7		190.46		308.35		11.9		12.6

___________

(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 13 OF 23

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results (1)

(unaudited, in millions, except hotel statistics)

	Quarter ended September 30,						Year-to-date ended September 30,
	2023			2022			2023			2022
Number of hotels	75			75			75			75
Number of rooms	41,031			41,031			41,031			41,031
Change in comparable hotel Total RevPAR	(0.6		%)	—			11.0		%	—
Change in comparable hotel RevPAR	1.8		%	—			10.4		%	—
Operating profit margin⁽²⁾	12.9		%	12.4		%	16.4		%	16.4		%
Comparable hotel EBITDA margin⁽²⁾	26.6		%	29.4		%	30.8		%	32.5		%
Food and beverage profit margin⁽²⁾	26.5		%	30.3		%	34.2		%	34.6		%
Comparable hotel food and beverage profit margin⁽²⁾	27.6		%	31.0		%	34.6		%	35.1		%
Net income	$	113		$	116		$	618		$	494
Depreciation and amortization	174			164			511			498
Interest expense	48			40			142			113
Provision for income taxes	15			6			27			29
Gain on sale of property and corporate level income/expense	10			15			(43)			32
Severance expense at hotel properties	—			—			—			2
Property transaction adjustments⁽³⁾	—			8			(3)			24
Non-comparable hotel results, net⁽⁴⁾	(46)			—			(50)			(48)
Comparable hotel EBITDA⁽¹⁾	$	314		$	349		$	1,202		$	1,144

___________

(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 Third Quarter 2023 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:

	Quarter ended September 30, 2023								Quarter ended September 30, 2022
			Adjustments								Adjustments
	GAAP Results		Non-comparable hotel results, net ⁽⁴⁾		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	$	777	$	(16)	$	—	$	761	$	746	$	15	$	(13)	$	—	$	748
Food and beverage	328		(13)		—		315		330		5		(9)		—		326
Other	109		(4)		—		105		113		4		(3)		—		114
Total revenues	1,214		(33)		—		1,181		1,189		24		(25)		—		1,188
Expenses
Room	196		(5)		—		191		190		2		(4)		—		188
Food and beverage	241		(13)		—		228		230		4		(9)		—		225
Other	471		(18)		—		453		438		10		(12)		—		436
Depreciation and amortization	174		—		(174)		—		164		—		—		(164)		—
Corporate and other expenses	29		—		(29)		—		29		—		—		(29)		—
Gain on insurance and business interruption settlements	(54)		49		—		(5)		(10)		—		—		—		(10)
Total expenses	1,057		13		(203)		867		1,041		16		(25)		(193)		839
Operating Profit - Comparable hotel EBITDA	$	157	$	(46)	$	203	$	314	$	148	$	8	$	—	$	193	$	349

PAGE 14 OF 23

HOST HOTELS & RESORTS, INC.

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

(unaudited, in millions, except hotel statistics)

	Year-to-date ended September 30, 2023										Year-to-date ended September 30, 2022
			Adjustments										Adjustments
	GAAP Results		Property transaction adjustments ⁽³⁾		Non-comparable hotel results, net ⁽⁴⁾		Depreciation and corporate level items		Comparable hotel Results		GAAP Results		Severance at hotel properties		Property transaction adjustments ⁽³⁾		Non-comparable hotel results, net ⁽⁴⁾		Depreciation and corporate level items		Comparable hotel Results
Revenues
Room	$	2,447	$	(5)	$	(34)	$	—	$	2,408	$	2,251	$	—	$	2	$	(71)	$	—	$	2,182
Food and beverage	1,174		(2)		(31)		—		1,141		1,032		—		5		(51)		—		986
Other	367		—		(7)		—		360		361		—		8		(15)		—		354
Total revenues	3,988		(7)		(72)		—		3,909		3,644		—		15		(137)		—		3,522
Expenses
Room	590		(1)		(9)		—		580		539		—		(10)		(13)		—		516
Food and beverage	773		(1)		(26)		—		746		675		—		(1)		(34)		—		640
Other	1,427		(2)		(36)		—		1,389		1,275		(2)		2		(42)		—		1,233
Depreciation and amortization	511		—		—		(511)		—		498		—		—		—		(498)		—
Corporate and other expenses	90		—		—		(90)		—		77		—		—		—		(77)		—
Gain on insurance and business interruption settlements	(57)		—		49		—		(8)		(17)		—		—		—		6		(11)
Total expenses	3,334		(4)		(22)		(601)		2,707		3,047		(2)		(9)		(89)		(569)		2,378
Operating Profit - Comparable hotel EBITDA	$	654	$	(3)	$	(50)	$	601	$	1,202	$	597	$	2	$	24	$	(48)	$	569	$	1,144

(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.

(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 consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds relating to events that occurred while the hotels were classified as non-comparable. 

PAGE 15 OF 23

HOST HOTELS & RESORTS, INC.

Reconciliation of Net Income to

EBITDA, EBITDAre and Adjusted EBITDAre(1)

(unaudited, in millions)

	Quarter ended September 30,				Year-to-date ended September 30,
	2023		2022		2023		2022
Net income	$	113	$	116	$	618	$	494
Interest expense	48		40		142		113
Depreciation and amortization	174		164		511		498
Income taxes	15		6		27		29
EBITDA	350		326		1,298		1,134
Gain on dispositions⁽²⁾	—		(5)		(69)		(18)
Equity investment adjustments:
Equity in (earnings) losses of affiliates	4		1		(7)		(3)
Pro rata EBITDAre of equity investments⁽³⁾	7		6		29		27
EBITDAre	361		328		1,251		1,140
Adjustments to EBITDAre:
Gain on property insurance settlement	—		—		—		(6)
Adjusted EBITDAre	$	361	$	328	$	1,251	$	1,134

___________

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

(2)Reflects the sale of one hotel in 2023 and four hotels in 2022.

(3)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 16 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 September 30,				Year-to-date ended September 30,
	2023		2022		2023		2022
Net income	$	113	$	116	$	618	$	494
Less: Net income attributable to non-controlling interests	(2)		(2)		(10)		(8)
Net income attributable to Host Inc.	111		114		608		486
Adjustments:
Gain on dispositions⁽²⁾	—		(5)		(69)		(18)
Gain on property insurance settlement	—		—		—		(6)
Depreciation and amortization	174		164		510		497
Equity investment adjustments:
Equity in (earnings) losses of affiliates	4		1		(7)		(3)
Pro rata FFO of equity investments⁽³⁾	4		4		20		21
Consolidated partnership adjustments:
FFO adjustment for non-controlling      partnerships	(1)		(1)		(1)		(1)
FFO adjustments for non-controlling interests of Host L.P.	(2)		(2)		(6)		(6)
NAREIT FFO	290		275		1,055		970
Adjustments to NAREIT FFO:
Loss on debt extinguishment	—		—		4		—
Adjusted FFO	$	290	$	275	$	1,059	$	970
For calculation on a per share basis:⁽⁴⁾
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO	711.9		717.6		713.6		717.4
Diluted earnings per common share	$	0.16	$	0.16	$	0.85	$	0.68
NAREIT FFO per diluted share	$	0.41	$	0.38	$	1.48	$	1.35
Adjusted FFO per diluted share	$	0.41	$	0.38	$	1.48	$	1.35

___________

(1-3)Refer to corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre.

(4)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 partnership interests to common OP units. No effect is shown for securities if they are anti-dilutive.

PAGE 17 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 2023 Forecasts (1)

(unaudited, in millions)

	Full Year 2023
	Low-end of range		High-end of range
Net income	$	741	$	781
Interest expense	189		189
Depreciation and amortization	683		683
Income taxes	31		31
EBITDA	1,644		1,684
Gain on dispositions	(69)		(69)
Equity investment adjustments:
Equity in earnings of affiliates	(9)		(9)
Pro rata EBITDAre of equity investments	36		36
EBITDAre	1,602		1,642
Adjustments to EBITDAre:
Gain on property insurance settlement	(2)		(2)
Adjusted EBITDAre	$	1,600	$	1,640

	Full Year 2023
	Low-end of range		High-end of range
Net income	$	741	$	781
Less: Net income attributable to non-controlling interests	(12)		(12)
Net income attributable to Host Inc.	729		769
Adjustments:
Gain on dispositions	(69)		(69)
Gain on property insurance settlement	(2)		(2)
Depreciation and amortization	682		682
Equity investment adjustments:
Equity in earnings of affiliates	(9)		(9)
Pro rata FFO of equity investments	25		25
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships	(1)		(1)
FFO adjustment for non-controlling interests of Host LP	(9)		(9)
NAREIT FFO	1,346		1,386
Adjustments to NAREIT FFO:
Loss on extinguishment of debt	4		4
Adjusted FFO	$	1,350	$	1,390
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO	712.1		712.1
Diluted earnings per common share	$	1.02	$	1.08
NAREIT FFO per diluted share	$	1.89	$	1.95
Adjusted FFO per diluted share	$	1.90	$	1.95

_______________

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

•Comparable hotel RevPAR will increase 7.25% to 8.75% compared to 2022 for the low and high end of the forecast range.

•Comparable hotel EBITDA margins will decrease 210 basis points to 170 basis points compared to 2022 for the low and high ends of the forecasted comparable hotel RevPAR range, respectively.

•We expect to spend approximately $615 million to $695 million on capital expenditures.

•Assumes no acquisitions and no additional dispositions during the year.

•Assumes the receipt of an additional $26 million of business interruption proceeds in the fourth quarter.

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

PAGE 18 OF 23

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results for Full Year 2023 Forecasts (1)

(unaudited, in millions)

	Full Year 2023
	Low-end of range			High-end of range
Operating profit margin (2)	15.4		%	16.0		%
Comparable hotel EBITDA margin (2)	29.7		%	30.1		%
Net income	$	741		$	781
Depreciation and amortization	683			683
Interest expense	189			189
Provision for income taxes	31			31
Gain on sale of property and corporate level income/expense	(31)			(31)
Property transaction adjustments⁽³⁾	(3)			(3)
Non-comparable hotel results, net⁽⁴⁾	(90)			(92)
Comparable hotel EBITDA(1)	$	1,520		$	1,558

___________

(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 2023 Forecasts" for other forecast assumptions. Forecast comparable hotel results include 75 hotels (of our 77 hotels owned at September 30, 2023) that we have assumed will be classified as comparable as of December 31, 2023.

(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:

	Low-end of range										High-end of range
			Adjustments										Adjustments
	GAAP Results		Property transaction adjustments		Non-comparable hotel results, net		Depreciation and corporate level items		Comparable hotel Results		GAAP Results		Property transaction adjustments		Non-comparable hotel results, net		Depreciation and corporate level items		Comparable hotel Results
Revenues
Rooms	$	3,220	$	(5)	$	(64)	$	—	$	3,151	$	3,266	$	(5)	$	(66)	$	—	$	3,195
Food and beverage	1,550		(2)		(52)		—		1,496		1,575		(2)		(54)		—		1,519
Other	478		—		(13)		—		465		480		—		(13)		—		467
Total revenues	5,248		(7)		(129)		—		5,112		5,321		(7)		(133)		—		5,181
Expenses
Hotel expenses	3,718		(4)		(114)		—		3,600		3,751		(4)		(116)		—		3,631
Depreciation and amortization	683		—		—		(683)		—		683		—		—		(683)		—
Corporate and other expenses	123		—		—		(123)		—		123		—		—		(123)		—
Gain on insurance and business interruption settlements	(85)		—		75		2		(8)		(85)		—		75		2		(8)
Total expenses	4,439		(4)		(39)		(804)		3,592		4,472		(4)		(41)		(804)		3,623
Operating Profit - Comparable hotel EBITDA	$	809	$	(3)	$	(90)	$	804	$	1,520	$	849	$	(3)	$	(92)	$	804	$	1,558

(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.

(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 consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds relating to events that occurred while the hotels were classified as non-comparable. The following hotels are expected to be non-comparable for full year 2023:

•Hyatt Regency Coconut Point Resort & Spa (business disruption due to Hurricane Ian beginning in September 2022, reopened in November 2022); and

•The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023).

PAGE 19 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; 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

Effective January 1, 2023, the Company ceased presentation of All Owned Hotel results and returned to a comparable hotel presentation for its hotel level results. Management believes this provides investors with a better understanding of underlying growth trends for the Company’s current portfolio, without impact from properties that experienced closures due to renovations or property damage sustained.

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 gain on property insurance and business interruption settlements on our consolidated statements of operations. Business interruption insurance gains related to a hotel that was excluded from our comparable hotel set also will be excluded from the comparable hotel results.

Of the 77 hotels that we owned as of September 30, 2023, 75 have been classified as comparable hotels. The operating results of the following hotels that we owned as of September 30, 2023 are excluded from comparable hotel results for these periods, due to closure of the property:

•Hyatt Regency Coconut Point Resort & Spa (business disruption due to Hurricane Ian beginning in September 2022, reopened in November 2022); and

•The Ritz-Carlton, Naples (business disruption due to Hurricane Ian beginning in September 2022, reopened in July 2023).

Following the wildfires in Maui in August 2023, the Hyatt Regency Maui Resort & Spa remained in our comparable hotel set based on the overall performance of the property despite business interruption sustained by the property in August and September. There continues to be a significant level of uncertainty as to the extent of continued business interruption for the fourth quarter as the hotel reopened to guests on November 1, 2023. Therefore, we will continue to evaluate the overall impact of the wildfires on the property’s operations and its comparable status through the remainder of the year.

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.

PAGE 20 OF 23

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

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, (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.

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. Effective January 1, 2019, we adopted NAREIT’s definition of FFO included 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 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.

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HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

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

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 – We exclude the effect of property insurance gains reflected in our 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.

•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.

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

PAGE 22 OF 23

HOST HOTELS & RESORTS, INC.

Notes to Financial Information (cont.)

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 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 a measure 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 a measure 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 eight domestic and international partnerships that own a total of 33 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 outside partners, and a 15% interest held by outside partners 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 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 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