8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 1, 2019

HOST HOTELS & RESORTS, INC.

(Exact Name of Registrant as Specified in Charter)

Maryland	001-14625	53-0085950
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6903 Rockledge Drive, Suite 1500 Bethesda, Maryland	20817
(Address of Principal Executive Offices)	(Zip Code)

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

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

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

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

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

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

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

Emerging growth company  ☐

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

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

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, $.01 par value	HST	New York Stock Exchange

Item 2.02. Results of Operations and Financial Condition.

On May 1, 2019, Host Hotels & Resorts, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2019. The press release referred to supplemental financial information for the quarter that is available on the Company’s website at www.hosthotels.com. A copy of the press release and the supplemental financial information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report.

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

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Host Hotels & Resorts, Inc.’s earnings release for the first quarter of 2019.
99.2	Host Hotels & Resorts, Inc. First Quarter 2019 Supplemental Financial Information.

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

	HOST HOTELS & RESORTS, INC.
Date: May 1, 2019	By:	/S/ BRIAN G. MACNAMARA
	Name:	Brian G. Macnamara
	Title:	Senior Vice President, Corporate Controller

EX-99.1

	Exhibit 99.1
		Michael D. Bluhm, Chief Financial Officer 240.744.5110 Gee Lingberg, Senior Vice President 240.744.5275

NEWS RELEASE

HOST HOTELS & RESORTS, INC. REPORTS RESULTS FOR THE FIRST QUARTER 2019

BETHESDA, MD; May 1, 2019 – Host Hotels & Resorts, Inc. (NYSE: HST) (“Host Hotels” or the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for the first quarter of 2019.

Operating Results ¹

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

	Quarter ended March 31,					Percent
	2019			2018		Change
Total revenues	$	1,390		$	1,346		3.3	%
Comparable hotel revenues (1)		1,184			1,182		0.2	%
Net income		189			256		(26.2	)%
EBITDAre and Adjusted EBITDAre (1)		406			370		9.7	%
Change in comparable hotel RevPAR:
Domestic properties		(1.2	)
International properties -      Constant US$		11.4
Total - Constant US$		(1.0	)
Diluted earnings per common share		0.25			0.34		(26.5	)%
NAREIT FFO and Adjusted FFO per diluted share (1)		0.48			0.43		11.6	%

*Additional detail on the Company’s results, including data for 22 domestic markets and top 40 hotels by RevPAR, is available in the First Quarter 2019 Supplemental Financial Information available on the Company’s website at www.hosthotels.com.

Highlights

• Total revenues improved 3.3% for the quarter, driven by the acquisitions of four premier hotels since March 2018. Also helping drive the improvement in revenues was a 30 basis point increase in comparable Total RevPAR to $274 for the quarter, which includes all hotel-level revenues per available room.

• The Company increased its overall profitability, despite a comparable hotel RevPAR decline of 1.0% for the quarter on a constant dollar basis. The decline in RevPAR was primarily driven by the Marriott transformational capital program and the effect of the government shutdown.

• Net income and earnings per share of $189 million and $0.25, respectively, were affected by a reduction in gains on sales of assets compared to the first quarter of 2018. However, the Company experienced strong growth in Adjusted EBITDAre of 9.7% to $406 million and Adjusted FFO per share of 11.6% to $0.48 per share.

James F. Risoleo, President and Chief Executive Officer, said, “Our first quarter results reflect our proven ability to drive operational outperformance as well as the scale and strength of Host Hotels’ integrated investment platform. Our margin

(1) NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel results 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.

performance for the quarter is nothing short of remarkable. We are very pleased to report a beat and raise quarter and to raise net income, Adjusted EBITDAre and Adjusted FFO per share guidance for the full year. Our disciplined and strategic capital allocation decisions have significantly enhanced the quality of our portfolio and we remain focused on value-enhancing growth opportunities to complement our collection of iconic and irreplaceable assets. As discussed last quarter, we have nearly $2.5 billion of investment capacity that can be comfortably deployed while maintaining our commitment to our investment-grade balance sheet.We do not intend to move higher than our targeted leverage range, nor do we intend to invest beyond that capacity.”

Operating Performance

GAAP Metrics

• The improvement in total revenues of 3.3% for the quarter was due to the operations of the 1 Hotel South Beach acquired in February and the Hyatt hotel portfolio acquired in 2018, partially offset by the disposition of five hotels in 2019 and 2018.

• GAAP operating profit margin increased 280 basis points for the quarter, due to higher margins at hotels acquired in 2019 and 2018 and items that affected comparable margins discussed below.

• Net income decreased by $67 million to $189 million for the quarter, primarily due to a decrease in gain on sale of assets, partially offset by the improvement in operating profit.

• Diluted earnings per common share decreased 26.5% for the quarter.

Other Metrics

• Comparable RevPAR on a constant dollar basis declined 1.0% for the quarter, due to a 180 basis point decrease in occupancy, partially offset by a 1.3% increase in average room rate. The decline in RevPAR was primarily the result of an estimated 40 basis point decrease for the comparable hotels in the Marriott transformational capital program and an estimated 30 basis point decrease related to the government shutdown primarily affecting Washington, D.C. and San Diego.

• Comparable hotel revenues increased 0.2% for the quarter.

• Comparable hotel EBITDA increased by $7 million, or 1.9%, for the quarter.

• Comparable hotel EBITDA margins improved 50 basis points for the quarter due to several factors, including:

o an increase in average room rates;

o improvement in rooms and food and beverage productivity and a decrease in other operating expenses resulting from Company initiatives;

o an increase in ancillary revenues;

o benefits from synergies of the Marriott International merger with Starwood Hotels; and

o the receipt of operating profit guarantees provided by Marriott related to transformational capital projects.

• Adjusted EBITDAre increased by $36 million, or 9.7%, for the quarter.

• Adjusted FFO per diluted share increased 11.6% for the quarter.

Acquisitions and Dispositions

During the first quarter, the Company acquired the 1 Hotel South Beach for $610 million and sold The Westin New York Grand Central for $302 million, including approximately $20 million of FF&E funds. On April 2, the Company sold The Westin Mission Hills Golf Resort & Spa for $27 million.

Capital Allocation

During the quarter, the Company invested approximately $110 million in capital expenditures, of which $52 million were return on investment (“ROI”) capital expenditures and $58 million were on renewal and replacement projects.

For 2019, the Company expects capital expenditures of between $550 million and $625 million. This comprises between $315 million and $350 million in ROI projects and between $235 million and $275 million in renewal and replacement projects. The ROI projects include approximately $225 million that are part of the previously announced agreement with Marriott International.

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Dividends

The Company paid a regular quarterly cash dividend of $0.20 per share on its common stock on April 15, 2019 to stockholders of record as of March 29, 2019. All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors.

Balance Sheet

At March 31, 2019, the Company had approximately $1,082 million of unrestricted cash, not including $191 million in the FF&E escrow reserves, and $944 million of available capacity under the revolver portion of its credit facility. Total debt was $3.9 billion, with an average maturity of 3.9 years and an average interest rate of 4.3%. The Company has no debt maturities until 2020.

As previously announced, the Company has $500 million of capacity available under its current common share repurchase program. No shares were repurchased in the first quarter of 2019. As previously announced, the Company has a distribution agreement in place under which it may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million in “at the market” offerings. No shares were issued in the first quarter of 2019.

2019 Outlook

For 2019, the Company’s forecast for comparable hotel RevPAR growth is 0% to 2.0%. The RevPAR guidance reflects an estimated 45 basis points of disruption impact from the incremental capital expenditures associated with the Marriott transformational capital program. However, the estimated effect to earnings caused by these expenditures is offset by the operating profit guarantees provided by Marriott. The Company expects to receive $23 million of operating profit guarantees in 2019, of which $10 million is included in comparable hotel EBITDA, to offset the disruption to operations caused by the incremental spend on those properties. The Company estimates its 2019 operating results as compared to the prior year will change in the following range:

	Previous Full Year 2019 Guidance	Current Full Year 2019 Guidance	Change in Full Year 2019 Guidance to the Mid-Point
Total comparable hotel RevPAR - Constant US$ (1)	0.0% to 2.0%	0.0% to 2.0%	0 bps
Total revenues under GAAP	0.6% to 2.6%	0.1% to 2.1%	(50 bps)
Operating profit margin under GAAP	440 bps to 530 bps	460 bps to 550 bps	20 bps
Comparable hotel EBITDA margins	(50) bps to 10 bps	(25) bps to 35 bps	25 bps

__________

(1) Forecast comparable hotel results include 81 hotels that are assumed will be classified as comparable as of December 31, 2019.See the 2019 Forecast Schedules for a listing of hotels excluded from the full year 2019 comparable hotel set.

Based upon the above parameters, the Company estimates its 2019 guidance as follows:

	Previous Full Year 2019 Guidance		Current Full Year 2019 Guidance		Change in Full Year 2019 Guidance to the Mid-Point
Net income (in millions)	$587 to $652	$619 to $683		$31.5
Adjusted EBITDAre (in millions)	$1,515 to $1,580		$1,535 to $1,600		$20
Diluted earnings per common share	$.78 to $.87		$.82 to $.91		$.04
NAREIT FFO per diluted share	$1.72 to $1.81		$1.76 to $1.84		$.03
Adjusted FFO per diluted share	$1.72 to $1.81		$1.76 to $1.84		$.03

See the 2019 Forecast Schedules and the Notes to Financial Information for other assumptions used in the forecasts and items that may affect forecast results.

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 87 properties in the United States and five properties internationally totaling approximately 51,500 rooms. The Company also holds non-controlling interests in six 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^®, Swissôtel^®, ibis^® and Novotel^®, as well as independent brands in the operation of properties in over 50 major markets. For additional information, please visit the Company’s website at www.hosthotels.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include forecast results and are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known

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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: changes in national and local economic and business conditions and other factors such as natural disasters, pandemics and weather that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and dispositions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to make special dividends; and other risks and uncertainties associated with our business described in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed 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 May1, 2019, 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 ***

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Host Hotels & Resorts, Inc., herein referred to as “we” or “Host Inc.,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of March 31, 2019, which is non-controlling interests in Host LP in our consolidated balance sheets and is included in net income attributable to non-controlling interests in our consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.

2019 OPERATING RESULTS	PAGE NO.
Condensed Consolidated Balance Sheets (unaudited)      March 31, 2019 and December 31, 2018	6
Condensed Consolidated Statements of Operations (unaudited)      Quarter Ended March 31, 2019 and 2018	7
Earnings per Common Share (unaudited)      Quarter Ended March 31, 2019 and 2018	8
Hotel Operating Data
Hotel Operating Data for Consolidated Hotels (by Location)	9
Schedule of Comparable Hotel Results	10
Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre	11
Reconciliation of Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share	12
2019 FORECAST INFORMATION
Reconciliation of Net Income to EBITDA,EBITDAre, andAdjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for 2019 Forecasts	13
Schedule of Comparable Hotel Results for 2019 Forecasts	14
Notes to Financial Information	16

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HOST HOTELS & RESORTS, INC.

Condensed Consolidated Balance Sheets

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

	March 31, 2019			December 31, 2018
ASSETS
Property and equipment, net	$	10,296		$	9,760
Right-of-use assets(1)		616			—
Assets held for sale		31			281
Due from managers		145			71
Advances to and investments in affiliates		54			48
Furniture, fixtures and equipment replacement fund		191			213
Other		162			175
Cash and cash equivalents		1,082			1,542
Total assets	$	12,577		$	12,090
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt (2)
Senior notes	$	2,783		$	2,782
Credit facility, including the term loans of $998		1,051			1,049
Other debt		28			6
Total debt		3,862			3,837
Lease liabilities(1)		625			—
Accounts payable and accrued expenses		240			293
Other		183			266
Total liabilities		4,910			4,396
Redeemable non-controlling interests - Host Hotels & Resorts, L.P.		147			128
Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $.01, 1,050 million shares authorized,      740.9 million shares and 740.4 million shares issued and outstanding,      respectively		7			7
Additional paid-in capital		8,138			8,156
Accumulated other comprehensive loss		(59	)		(59	)
Deficit		(573	)		(610	)
Total equity of Host Hotels & Resorts, Inc. stockholders		7,513			7,494
Non-redeemable non-controlling interests—other consolidated partnerships		7			72
Total equity		7,520			7,566
Total liabilities, non-controlling interests and equity	$	12,577		$	12,090
___________

(1) On January 1, 2019, we adopted Accounting Standard Update No. 2016-02, Leases (Topic 842), as amended. The new standard requires that all leases, including operating leases, be recognized as lease assets and lease liabilities on the balance sheet. As a result, we have recognized right of use assets of $616 million and lease liabilities of $625 million as of March 31, 2019. The adoption did not affect our statement of operations.

(2) Please see our First Quarter 2019 Supplemental Financial Information for more detail on our debt balances.                          

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HOST HOTELS & RESORTS, INC.

Condensed Consolidated Statements of Operations

(unaudited, in millions, except per share amounts)

	Quarter ended March 31,
	2019			2018
Revenues
Rooms	$	857		$	844
Food and beverage		433			413
Other		100			89
Total revenues		1,390			1,346
Expenses
Rooms		217			224
Food and beverage		285			278
Other departmental and support expenses		327			315
Management fees		54			54
Other property-level expenses		92			98
Depreciation and amortization		170			178
Corporate and other expenses(1)		29			28
Total operating costs and expenses		1,174			1,175
Operating profit		216			171
Interest income		8			3
Interest expense		(43	)		(44	)
Gain on sale of assets		5			120
Equity in earnings of affiliates		5			10
Income before income taxes		191			260
Provision for income taxes		(2	)		(4	)
Net income		189			256
Less: Net income attributable to non-controlling interests		(3	)		(3	)
Net income attributable to Host Inc.	$	186		$	253
Basic and diluted earnings per common share	$	.25		$	.34
___________

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

	Quarter ended March 31,
	2019		2018
General and administrative costs	$	25	$	25
Non-cash stock-based compensation expense		4		3
Total	$	29	$	28

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HOST HOTELS & RESORTS, INC.

Earnings per Common Share

(unaudited, in millions, except per share amounts)

	Quarter ended March 31,
	2019			2018
Net income	$	189		$	256
Less: Net income attributable to non-controlling interests		(3	)		(3	)
Net income attributable to Host Inc.	$	186		$	253
Basic weighted average shares outstanding		740.6			739.2
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market		.2			.4
Diluted weighted average shares outstanding (1)		740.8			739.6
Basic and diluted earnings per common share	$	.25		$	.34
___________

(1) Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by minority 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.  

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HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels ⁽¹⁾

Comparable Hotels by Location in Constant US$

	As of March 31, 2019				Quarter ended March 31, 2019							Quarter ended March 31, 2018
Location	No. of Properties		No. of Rooms		Average Room Rate		Average Occupancy Percentage			RevPAR		Average Room Rate		Average Occupancy Percentage			RevPAR		Percent Change in RevPAR
Maui/Oahu		3		1,682	$	399.24		89.2	%	$	356.00	$	396.73		91.4	%	$	362.47		(1.8	)%
Jacksonville		1		446		367.78		78.6			289.04		355.15		71.3			253.14		14.2
Phoenix		5		2,163		339.86		84.1			285.90		317.94		83.7			266.02		7.5
Florida Gulf Coast		3		940		328.81		85.0			279.47		323.19		84.6			273.36		2.2
Los Angeles		4		1,726		223.86		86.5			193.59		230.25		89.2			205.41		(5.8	)
San Francisco/San Jose		5		2,353		252.45		76.0			191.79		225.49		80.2			180.76		6.1
Miami		2		843		210.99		86.9			183.31		207.22		88.5			183.36		—
San Diego		4		4,341		235.04		77.4			181.93		231.83		81.9			189.78		(4.1	)
Washington, D.C. (CBD)		5		3,238		247.89		73.3			181.79		250.33		71.8			179.63		1.2
Atlanta		5		1,936		224.73		77.9			175.00		192.08		78.7			151.15		15.8
New Orleans		1		1,333		209.79		81.6			171.18		197.38		82.7			163.21		4.9
New York		3		4,259		236.38		72.0			170.27		252.47		77.7			196.18		(13.2	)
Orlando		1		2,004		208.20		79.0			164.41		210.77		81.6			172.05		(4.4	)
San Antonio		2		1,513		196.01		77.4			151.75		198.26		75.7			150.18		1.0
Orange County		4		1,432		193.05		78.2			150.88		192.00		76.3			146.53		3.0
Seattle		2		1,315		194.12		77.4			150.15		201.47		75.1			151.30		(0.8	)
Philadelphia		2		810		190.16		78.1			148.48		192.13		83.5			160.48		(7.5	)
Houston		4		1,716		182.60		75.8			138.36		178.84		76.5			136.75		1.2
Northern Virginia		5		1,919		189.73		69.6			132.13		186.56		71.7			133.83		(1.3	)
Boston		4		3,185		185.32		68.3			126.54		183.76		70.7			129.97		(2.6	)
Denver		3		1,340		161.82		64.7			104.75		152.93		67.5			103.26		1.4
Chicago		6		2,393		141.59		62.4			88.30		148.46		67.2			99.80		(11.5	)
Other		8		3,596		174.04		70.4			122.54		176.71		72.2			127.59		(4.0	)
Domestic		82		46,483		227.85		75.5			172.07		224.59		77.5			174.11		(1.2	)
International		5		1,499		143.88		67.6			97.32		141.14		61.9			87.35		11.4
All Locations -   Constant US$		87		47,982		225.49		75.3			169.74		222.50		77.0			171.40		(1.0	)

All Owned Hotels in Constant US$ ⁽²⁾

	As of March 31, 2019				Quarter ended March 31, 2019							Quarter ended March 31, 2018
	No. of Properties		No. of Rooms		Average Room Rate		Average Occupancy Percentage			RevPAR		Average Room Rate		Average Occupancy Percentage			RevPAR		Percent Change in RevPAR
Comparable Hotels		87		47,982	$	225.49		75.3	%	$	169.74	$	222.50		77.0	%	$	171.40		(1.0	)%
Non-comparable Hotels (Pro forma)		6		3,803		486.08		80.7			392.36		446.16		88.2			393.42		(0.3	)
All Hotels		93		51,785		246.13		75.7			186.27		241.31		77.9			187.89		(0.9	)

Comparable Hotels in Nominal US$  

	As of March 31, 2019				Quarter ended March 31, 2019							Quarter ended March 31, 2018
	No. of Properties		No. of Rooms		Average Room Rate		Average Occupancy Percentage			RevPAR		Average Room Rate		Average Occupancy Percentage			RevPAR		Percent Change in RevPAR
International		5		1,499	$	143.88		67.6	%	$	97.32	$	153.01		61.9	%	$	94.70		2.8	%
Domestic		82		46,483		227.85		75.5			172.07		224.59		77.5			174.11		(1.2	)
All Locations		87		47,982		225.49		75.3			169.74		222.79		77.0			171.63		(1.1	)

(1) See the Notes to Financial Information for a discussion of comparable hotel operating statistics and constant US$ presentation. Nominal US$ results include the effect of currency fluctuations, consistent with our financial statement presentation. CBD of a location refers to the central business district.

(2) Operating statistics are presented for all consolidated properties owned as of March 31, 2019 and do not include the results of operations for properties sold in 2019 or 2018. Additionally, all owned hotel operating statistics include hotels that we did not own for the entirety of the periods presented and properties that are undergoing large-scale capital projects during the periods presented and, therefore, are not considered comparable hotel information upon which we usually evaluate our performance. Specifically, comparable RevPAR is calculated as room revenues divided by the available room nights, which will rarely vary on a year-over-year basis. Conversely, the available room nights included in the non-comparable RevPAR statistic will vary widely based on the timing of hotel closings, the scope of a capital project, or the development of a new property. Comparable Total RevPAR is calculated as rooms, food and beverage and other revenues by the available room nights. See the Notes to Financial Information – Comparable Hotel Operating Statistics for further information on these pro forma statistics and the limitations on their use.

• Non-comparable hotels (pro forma) -This represents two hotels under significant renovations in 2018 and 2019, and four hotels acquired in 2018 and 2019, which are presented on a pro forma basis assuming we owned the hotels as of January 1, 2018 and includes historical operating data for periods prior to our ownership. As a result, the RevPAR decrease of 0.3% for the quarter for these six hotels is considered non-comparable.

Page 9 of 20

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results ⁽¹⁾

(unaudited, in millions, except hotel statistics)

	Quarter ended March 31,
	2019			2018
Number of hotels		87			87
Number of rooms		47,982			47,982
Change in comparable hotel RevPAR -
Constant US$		(1.0	)%		—
Nominal US$		(1.1	)%		—
Operating profit margin (2)		15.5	%		12.7	%
Comparable hotel EBITDA margin (2)		28.1	%		27.6	%
Food and beverage profit margin (2)		34.2	%		32.7	%
Comparable hotel food and beverage profit margin (2)		34.3	%		34.2	%
Net income	$	189		$	256
Depreciation and amortization		170			178
Interest expense		43			44
Provision for income taxes		2			4
Gain on sale of property and corporate level income/expense		11			(105	)
Non-comparable hotel results, net (3)		(82	)		(51	)
Comparable hotel EBITDA	$	333		$	326

	Quarter ended March 31, 2019										Quarter ended March 31, 2018
			Adjustments										Adjustments
	GAAP Results		Non-comparable hotel results, net (3)			Depreciation and corporate level items			Comparable Hotel Results		GAAP Results		Non-comparable hotel results, net (3)			Depreciation and corporate level items			Comparable Hotel Results
Revenues
Room	$	857	$	(124	)	$	—		$	733	$	844	$	(103	)	$	—		$	741
Food and beverage		433		(61	)		—			372		413		(41	)		—			372
Other		100		(21	)		—			79		89		(20	)		—			69
Total revenues		1,390		(206	)		—			1,184		1,346		(164	)		—			1,182
Expenses
Room		217		(29	)		—			188		224		(31	)		—			193
Food and beverage		285		(41	)		—			244		278		(33	)		—			245
Other		473		(54	)		—			419		467		(49	)		—			418
Depreciation and amortization		170		—			(170	)		—		178		—			(178	)		—
Corporate and other expenses		29		—			(29	)		—		28		—			(28	)		—
Total expenses		1,174		(124	)		(199	)		851		1,175		(113	)		(206	)		856
Operating Profit - Comparable      Hotel EBITDA	$	216	$	(82	)	$	199		$	333	$	171	$	(51	)	$	206		$	326
___________

(1) See the Notes to Financial Information for a discussion of non-GAAP measures and the calculation of comparable hotel results. For additional information on comparable hotel EBITDA by location, see the First Quarter 2019 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 condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the above tables.

(3) Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels and sold hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, and (ii) the results of our office spaces and other non-hotel income.

Page 10 of 20

HOST HOTELS & RESORTS, INC.

Reconciliation of Net Income to

EBITDA, EBITDAre and Adjusted EBITDAre ⁽¹⁾

(unaudited, in millions)

	Quarter ended March 31,
	2019			2018
Net income	$	189		$	256
Interest expense		43			44
Depreciation and amortization		170			170
Income taxes		2			4
EBITDA		404			474
Gain on dispositions (2)		(2	)		(119	)
Non-cash impairment expense		—			8
Equity investment adjustments:
Equity in earnings of Euro JV (3)		—			(2	)
Equity in earnings of affiliates other than Euro JV		(5	)		(8	)
Pro rata EBITDAre of Euro JV (3)		—			7
Pro rata EBITDAre of equity investments other than Euro JV		9			10
EBITDAre andAdjusted EBITDAre	$	406		$	370
___________

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

(2) Reflects the sale of one hotel in each of 2019 and 2018.  

(3) Represents our share of earnings and pro rata EBITDAre from the European Joint Venture (“Euro JV”). Our approximate one-third non-controlling interest was sold on December 21, 2018.

Page 11 of 20

HOST HOTELS & RESORTS, INC.

Reconciliation of Diluted Earnings per Common Share to

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

(unaudited, in millions, except per share amounts)

	Quarter ended March 31,
	2019			2018
Net income	$	189		$	256
Less: Net income attributable to non-controlling interests		(3	)		(3	)
Net income attributable to Host Inc.		186			253
Adjustments:
Gain on dispositions (2)		(2	)		(119	)
Depreciation and amortization		169			169
Non-cash impairment expense		—			8
Equity investment adjustments:
Equity in earnings of affiliates		(5	)		(10	)
Pro rata FFO of equity investments		9			16
Consolidated partnership adjustments:
FFO adjustment for non-controlling partnerships		1			—
FFO adjustments for non-controlling interests of Host L.P.		(2	)		(1	)
NAREIT FFO and Adjusted FFO (3)	$	356		$	316
For calculation on a per share basis (4):
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO		740.8			739.6
Diluted earnings per common share	$	.25		$	.34
NAREIT FFO and Adjusted FFO per diluted share	$	.48		$	.43
___________

(1-2) Refer to the corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre.

(3) Effective January 1, 2019, we adopted NAREIT’s Funds From Operations White Paper – 2018 Restatement. The adoption did not result in a change in the way we calculate NAREIT FFO. See the Notes to Financial Information for a description of NAREIT FFO.

(4) Earnings per diluted share and NAREIT FFO 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 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 12 of 20

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 2019 Forecasts ⁽¹⁾

(unaudited, in millions, except per share amounts)

	Full Year 2019
	Low-end of range			High-end of range
Net income	$	619		$	683
Interest expense		177			177
Depreciation and amortization		697			697
Income taxes		28			29
EBITDA		1,521			1,586
Gain on dispositions		(2	)		(2	)
Equity investment adjustments:
Equity in earnings of affiliates		(10	)		(10	)
Pro rata EBITDAre of equity investments		26			26
EBITDAre		1,535			1,600
Adjusted EBITDAre	$	1,535		$	1,600
	Full Year 2019
	Low-end of range			High-end of range
Net income	$	619		$	683
Less: Net income attributable to non-controlling interests		(9	)		(10	)
Net income attributable to Host Inc.		610			673
Adjustments:
Gain on dispositions		(2	)		(2	)
Depreciation and amortization		693			693
Equity investment adjustments:
Equity in earnings of affiliates		(10	)		(10	)
Pro rata FFO of equity investments		20			20
Consolidated partnership adjustments:
FFO adjustment for non-controlling interests of Host LP		(7	)		(7	)
NAREIT FFO		1,304			1,367
Adjusted FFO	$	1,304		$	1,367
Weighted average diluted shares - EPS, NAREIT and Adjusted FFO		741.8			741.8
Diluted earnings per common share	$	0.82		$	0.91
NAREIT FFO per diluted share	$	1.76		$	1.84
Adjusted FFO per diluted share	$	1.76		$	1.84
___________

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

• Total comparable hotel RevPAR in constant US$ will increase 0.0% to 2.0% for the low and high end of the forecast range, which excludes the effect of changes in foreign currency. However, the effect of estimated changes in foreign currency has been reflected in the forecast of net income, EBITDA, earnings per diluted share and Adjusted FFO per diluted share.

• Comparable hotel EBITDA margins will decrease 25 basis points or increase 35 basis points for the low and high ends of the forecasted RevPAR range, respectively.

• We expect to spend approximately $315 million to $350 million on ROI capital expenditures and approximately $235 million to $275 million on renewal and replacement capital expenditures.

• The above forecast assumes the sale of two additional properties. The transactions are subject to customary and other closing conditions which may not be satisfied and there can be no assurances that we will be able to complete the transactions at the prices assumed in the forecast.

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

Page 13 of 20

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results

for 2019 Forecasts ⁽¹⁾

(unaudited, in millions, except hotel statistics)

						Full Year 2019
						Low-end of range			High-end of range
Operating profit margin (2)							14.2	%		15.1	%
Comparable hotel EBITDA margin (3)							28.9	%		29.5	%
Net income						$	619		$	683
Depreciation and amortization							697			697
Interest expense							177			177
Provision for income taxes							28			29
Corporate level income/expense							76			76
Non-comparable hotel results, net (4)							(252	)		(261	)
Comparable hotel EBITDA						$	1,345		$	1,401
	Low-end of range
			Adjustments
	GAAP Results		Non-comparable hotel results, net (4)			Depreciation and corporate level items			Comparable Hotel Results
Revenues
Rooms	$	3,518	$	(534	)	$	—		$	2,984
Food and beverage		1,641		(248	)		—			1,393
Other		372		(87	)		—			285
Total revenues		5,531		(869	)		—			4,662
Expenses
Hotel expenses		3,934		(617	)		—			3,317
Depreciation		697		—			(697	)		—
Corporate and other expenses		113		—			(113	)		—
Total expenses		4,744		(617	)		(810	)		3,317
Operating Profit - Comparable Hotel EBITDA	$	787	$	(252	)	$	810		$	1,345
	High-end of range
			Adjustments
	GAAP Results		Non-comparable hotel results, net (4)			Depreciation and corporate level items			Comparable Hotel Results
Revenues
Rooms	$	3,588	$	(544	)	$	—		$	3,044
Food and beverage		1,673		(252	)		—			1,421
Other		379		(89	)		—			290
Total revenues		5,640		(885	)		—			4,755
Expenses
Hotel expenses		3,978		(624	)		—			3,354
Depreciation and amortization		697		—			(697	)		—
Corporate and other expenses		113		—			(113	)		—
Total expenses		4,788		(624	)		(810	)		3,354
Operating Profit - Comparable Hotel EBITDA	$	852	$	(261	)	$	810		$	1,401
___________

Page 14 of 20

HOST HOTELS & RESORTS, INC.

Schedule of Comparable Hotel Results

for 2019 Forecasts ⁽¹⁾ (cont.)

(unaudited, in millions, except hotel statistics)

(1) Forecast comparable hotel results include 81 hotels (of our 93 hotels owned at March 31, 2019) that we have assumed will be classified as comparable as of December 31, 2019. See “Comparable Hotel Operating Statistics” in the Notes to Financial Information. No assurances can be made as to the hotels that will be in the comparable hotel set for 2019. Also, see the notes to the “Reconciliation of Net Income to EBITDA, EBITDAre, andAdjusted EBITDAre and Diluted Earnings per Common Share toNAREIT and Adjusted Funds From Operations per Diluted Share for 2019 Forecasts” for other forecast assumptions and further discussion of transactions affecting our comparable hotel set.                

(2) Operating profit margin under GAAP is calculated as the operating profit divided by the forecast total revenues per the condensed consolidated statements of operations.

(3) Comparable hotel EBITDA margin is calculated as the comparable hotel EBITDA divided by the comparable hotel sales per the tables above.

(4) Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels and sold hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, (ii) gains on insurance settlements and business interruption proceeds, and (iii) the results of our office spaces and other non-hotel income. The following hotels are expected to be non-comparable for full-year forecast:

Acquisitions:

• Andaz Maui at Wailea Resort (acquired in March 2018)

• Grand Hyatt San Francisco (acquired in March 2018)

• Hyatt Regency Coconut Point Resort and Spa (acquired in March 2018)

• 1 Hotel South Beach (acquired in February 2019)

Renovations:

• The Ritz-Carlton, Naples (business disruption beginning in the second quarter of 2018)

• San Francisco Marriott Marquis (business disruption beginning in the third quarter of 2018)

• Costa Mesa Marriott (business disruption in 2019)

• Minneapolis Marriott City Center (business disruption in 2019)

• San Antonio Marriott Rivercenter (business disruption in 2019)

Dispositions or properties under contract (includes forecast or actual results from January 1, 2019 through the anticipated or actual sale date):

• The Westin New York Grand Central (sold January 9, 2019)

• The Westin Mission Hills Golf Resort & Spa (sold April 2, 2019)

• Two unspecified dispositions

Page 15 of 20

HOST HOTELS & RESORTS, INC.

Notes to Financial Information

Forecasts

Our forecast of 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 and margin growth; the amount and timing of acquisitions and dispositions of hotel properties is an estimate that can substantially affect financial results, including such items as net income, depreciation and gains on dispositions; the level of capital expenditures may change significantly, which will directly affect the level of depreciation expense and net income; 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

To facilitate a quarter-to-quarter comparison of our operations, we present certain operating statistics (i.e., RevPAR, average daily rate and average occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in this report on a comparable hotel basis.

Because these statistics and operating results relate only to our hotel properties, they exclude results for our non-hotel properties and other real estate investments. We define our comparable hotels as properties:

(i) that are owned or leased by us and the operations of which are included in our consolidated results for the entirety of the reporting periods being compared; and

(ii) that have not sustained substantial property damage or business interruption, or undergone large-scale capital projects (as further defined below) during the reporting periods being compared.

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 that would cause a hotel to be excluded from our comparable hotel set is an extensive renovation of several core aspects of the hotel, such as rooms, meeting space, lobby, bars, restaurants and other public spaces. Both quantitative and qualitative factors are taken into consideration in determining if the renovation would cause a hotel to be removed from the comparable hotel set, including unusual or exceptional circumstances such as: a reduction or increase in room count, rebranding, a significant alteration of the business operations, or the closing of the hotel during the renovation.

We do not include an acquired hotel in our comparable hotel set until the operating results for that hotel have been included in our consolidated results for one full calendar year. For example, we acquired the 1 Hotel South Beach in February 2019. The hotel will not be included in our comparable hotels until January 1, 2021. Hotels that we sell are excluded from the comparable hotel set once the transaction has closed. Similarly, hotels are excluded from our comparable hotel set from the date that they sustain substantial property damage or business interruption or commence a large-scale capital project. 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 completion of the repair of the property damage or cessation of the business interruption, or the completion of large-scale capital projects, as applicable.

Of the 93 hotels that we owned on March 31, 2019, 87 have been classified as comparable hotels. The operating results of the following hotels that we owned as of March 31, 2019 are excluded from comparable hotel results for these periods:

• Andaz Maui at Wailea Resort (acquired in March 2018);

• Grand Hyatt San Francisco (acquired in March 2018);

• Hyatt Regency Coconut Point Resort and Spa (acquired in March 2018);

• 1 Hotel South Beach (acquired in February 2019);

• The Ritz-Carlton, Naples, removed in the second quarter of 2018 (business disruption due to extensive renovations including restoration of the façade that required closure of the hotel for over two months, coordinated with renovation and expansion of restaurant areas and renovation to the spa and ballrooms); and

• San Francisco Marriott Marquis, removed in the third quarter of 2018 (business disruption due to renovations of guestrooms, ballrooms, meeting space, and extensive renovations of the main lobby).

The operating results of five hotels disposed of in 2019 and 2018 are not included in comparable hotel results for the periods presented herein. These operations are also excluded from the hotel operating data for all owned hotels on page 9.

Page 16 of 20

HOST HOTELS & RESORTS, INC.

Notes to Financial Information

Operating statistics for the non-comparable hotels listed above are included in the hotel operating data for all owned hotels. By definition, the RevPAR results for these properties are not comparable due to the reasons listed above, and, therefore, are not indicative of the overall trends for our portfolio. The operating results for the fourhotels acquired in 2018 and 2019 are included in the all owned hotel operating data on a pro forma basis, which includes operating results assuming the hotels were owned as of January 1, 2018 and based on actual results obtained from the manager 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. All owned hotel operating statistics are provided for completeness and to show the difference between our comparable hotel information (upon which we usually evaluate performance) and all of our hotels, including non-comparable hotels. Also, while they may not be illustrative of trends (as compared to comparable hotel operating statistics), changes in all owned hotel statistics will have an effect on our overall revenues.

Constant US$ and Nominal US$

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. For comparative purposes, we also present the RevPAR results for the prior year assuming the results for our foreign operations were translated using the same exchange rates that were effective for the comparable periods in the current year, thereby eliminating the effect of currency fluctuation for the year-over-year comparisons. For the full year forecast results, we use the applicable forward currency curve (as published by Bloomberg L.P.) for each monthly period to estimate forecast foreign operations in U.S. dollars and have restated the prior year RevPAR results using the same forecast exchange rates to estimate year-over-year growth in RevPAR in constant US$. We believe this presentation is useful to investors as it shows growth in RevPAR in the local currency of the hotel consistent with how we would evaluate our domestic portfolio. However, the estimated effect of changes in foreign currency has been reflected in the actual and forecast results of net income, EBITDA, Adjusted EBITDAre, earnings per diluted share and Adjusted FFO per diluted share. Nominal US$ results include the effect of currency fluctuations, consistent with our financial statement presentation.

Non-GAAP Financial Measures

Included in this press release are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre and (iv) Comparable Hotel Property Level Operating 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. The adoption did not result in a change in the way we calculate NAREIT FFO. NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs 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, impairments 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.

Page 17 of 20

HOST HOTELS & RESORTS, INC.

Notes to Financial Information

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

In unusual circumstances, we may also 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 corporate income tax rates from 35% to 21% caused 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 the deferred tax assets and increase the provision for income taxes by approximately $11 million. We do not consider this adjustment to be reflective of our on-going operating performance and therefore 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 write-downs of 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.

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HOST HOTELS & RESORTS, INC.

Notes to Financial Information

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

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 such adjustment 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 NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. In addition, although FFO per diluted share is a useful measure when comparing our results to other REITs, it may not be helpful to investors when comparing us to non-REITs. We also calculate Adjusted FFO per diluted share, which is not in accordance with NAREIT guidance and may not be comparable to measures calculated by other REITs. EBITDA, EBITDAre and Adjusted EBITDAre, as presented, may also not be comparable to measures calculated 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) 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 statement of operations and cash flows 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 seven domestic and international partnerships that own a total of 10 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 investors. Our comparable hotel results present operating results for hotels owned during the entirety of the periods being compared without giving effect to any acquisitions or dispositions, significant property damage or large scale capital improvements incurred during these periods. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our comparable properties after removing the impact of the Company’s capital structure (primarily interest expense), and its asset base (primarily depreciation and amortization). Corporate-level costs and expenses are also removed to arrive at property-level results.  We believe these property-level results provide investors with supplemental information into the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by location and for the Company’s comparable properties in the aggregate. We eliminate depreciation and amortization because, even though depreciation and amortization 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 have historically risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost accounting for operating results to be insufficient by themselves.

Because of the elimination of corporate-level costs and expenses and depreciation and amortization, 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 the performance of our company 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.

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HOST HOTELS & RESORTS, INC.

Notes to Financial Information

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, such as the effect of acquisitions or dispositions. While management believes that presentation of comparable hotel results is a “same store” 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 these hotels, as these decisions are based on data for individual hotels and are not based on comparable hotel results. For these reasons, we believe that comparable hotel operating results, when combined with the presentation of GAAP operating profit, revenues and expenses, provide useful information to investors and management.

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EX-99.2

First Quarter 2019 Supplemental Financial Information March 31, 2019 Host Hotels & Resorts, Inc. Exhibit 99.2

Table of Contents Host Hotels & Resorts  PAGE NO.OverviewAbout Host Hotels & Resorts   PAGEREF About_HHR \h \* MERGEFORMAT 3Forward-Looking Statements  4Comparable Hotel Operating Statistics and Non-GAAP Financial Measures  4Corporate Financial InformationCondensed Consolidated Balance Sheets (unaudited)March 31, 2019 and December 31, 2018  6Condensed Consolidated Statements of Operations (unaudited)Quarter Ended March 31, 2019 and 2018  7Earnings per Common Share (unaudited)Quarter Ended March 31, 2019 and 20188Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre  9Reconciliation of Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share  10Property Level DataComparable Hotel Results12Comparable Hotel Results by Location in Nominal US$   PAGEREF Comp_Hotel_Results_Location \h \* MERGEFORMAT 14Top 40 Domestic Hotels by RevPAR for the Year Ended December 31, 2018 and 2016  18CapitalizationComparative Capitalization PAGEREF Comparative_Capitalization \h \* MERGEFORMAT 23Consolidated Debt Summary PAGEREF Consol_Debt_Summary \h \* MERGEFORMAT 24Consolidated Debt Maturity as of March 31, 2019 PAGEREF Debt_Mat_9_30_2017 \h \* MERGEFORMAT 25Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio   PAGEREF Recon_Credit_Fac_Lev_Ratio_to_Gaap \h \* MERGEFORMAT 26Reconciliation of GAAP Fixed Charge Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio  27Reconciliation of GAAP Interest Coverage Ratio to EBITDA to Interest Coverage Ratio28Ground Lease Summary292019 Outlook2019 Outlook31Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for 2019 Forecasts  32Schedule of Comparable Hotel Results for 2019 Forecasts   PAGEREF Sched_Comp_Hotel_Results_2017_FC \h \* MERGEFORMAT 33Notes to Supplemental Financial Information  Forecasts PAGEREF Forecasts \h \* MERGEFORMAT 35Comparable Hotel Operating Statistics    PAGEREF Comp_Hotel_Op_Stats \h \* MERGEFORMAT 35Non-GAAP Financial Measures    PAGEREF NonGAAP_Fin_Measures \h \* MERGEFORMAT 36

Overview 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 87 properties in the United States and five properties internationally totaling approximately 51,500 rooms. The Company also holds non-controlling interests in six 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®, Swissôtel®, ibis® and Novotel®, as well as independent brands in the operation of properties in over 50 major markets. For additional information, please visit the Company’s website at www.hosthotels.com. Host Hotels & Resorts, Inc., herein referred to as “we,” the “Company” or “Host Inc.,” is a self-managed and self-administered real estate investment trust (“REIT”) that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of March 31, 2019, which is non-controlling interests in Host LP in our consolidated balance sheets and is included in net income attributable to non-controlling interests in our consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K. Host Hotels & Resorts Corporate Headquarters Host Hotels & Resorts, Inc. 6903 Rockledge Drive, Suite 1500 Bethesda, MD 20817 Phone: 240-744-5484 Website: www.hosthotels.com Contacts James F. Risoleo, Chief Executive Officer Michael D. Bluhm, Chief Financial Officer Gee Lingberg, Senior Vice President, Treasurer, Corporate Finance & Investor Relations Analyst Coverage Bank of America Merrill Lynch Shaun Kelley 646-855-1005 shaun.kelley@baml.com Barclays Capital Anthony Powell 212-526-8768 anthony.powell@barclays.com BTIG James Sullivan 212-738-6139 jsullivan@btig.com Citi Investment Research Smedes Rose 212-816-6243 smedes.rose@citi.com Deutsche Banc Securities Chris Woronka 212-250-9376 Chris.Woronka@db.com Evercore ISI Richard Hightower 212-752-0886 rhightower@evercoreisi.com Goldman Sachs & Co. Stephen Grambling 212-902-7832 Stephen.Grambling@gs.com Green Street Advisors Lukas Hartwich 949-640-8780 lhartwich@greenstreetadvisors.com Instinet LLC Harry Curtis 212-310-5414 Harry.curtis@instinet.com Jefferies David Katz 212-323-3355 dkatz@jefferies.com J.P. Morgan Securities Joe Greff 212-622-0548 Joseph.greff@jpmorgan.com Morgan Stanley & Co. Thomas Allen 212-761-3356  Thomas.Allen@morganstanley.com Raymond James & Associates Bill Crow 727-567-2594 Bill.crow@raymondjames.com RBC Capital Markets Wes Golladay 440-715-2650 Wes.Golladay@rbccm.com Robert W. Baird Mike Bellisario 414-298-6130 mbellisario@rwbaird.com Stifel, Nicolaus & Co. Simon Yarmak 443-224-1345 yarmaks@stifel.com SunTrust Robert Humphrey C. Patrick Scholes 212-319-3915 Patrick.scholes@suntrust.com UBS Securities LLC Robin Farley 212-713-2060 Robin.farley@ubs.com Wells Fargo Securities LLC Jeff Donnelly 617-603-4262 Jeff.donnelly@wellsfargo.com Wolfe Research Jared Shojaian 646-854-0722 jshojaian@wolferesearch.com The Company is followed by the analysts listed above.  Please note that any opinions, estimates or forecasts regarding the Company’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of the Company or its management.  The Company does not by its reference above imply its endorsement of or concurrence with any of such analysts’ information, conclusions or recommendations.

Overview Forward-Looking Statements This supplemental information contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include forecast results and are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future 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: changes in national and local economic and business conditions and other factors such as natural disasters, pandemics and weather that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and dispositions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to make special dividends; and other risks and uncertainties associated with our business described in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this supplemental presentation is as of May 1, 2019, 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. Comparable Hotel Operating Statistics and Non-GAAP Financial Measures To facilitate a quarter-to-quarter comparison of our operations, we present certain operating statistics (i.e., RevPAR, average daily rate and average occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in this presentation on a comparable hotel basis. See the Notes to Supplemental Financial Information for the details on how we determine our comparable hotel set. Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP (U.S. generally accepted accounting principles), within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA (for both the Company and hotel level), (iii) EBITDAre and Adjusted EBITDAre and (iv) Comparable Hotel Property Level Operating Results (and the related margins). Also included are reconciliations to the most directly comparable GAAP measures. See the Notes to Supplemental Financial Information for definitions of these measures, why we believe these measures are useful and limitations on their use. Also included in this supplemental information is our leverage and fixed charge coverage ratios, calculated in accordance with our credit facility, along with our EBITDA to interest coverage ratio, calculated in accordance with our senior notes indenture covenants. Included with these ratios are reconciliations calculated in accordance with GAAP. See the Notes to Supplemental Financial Information for information on how these supplemental measures are calculated, why we believe they are useful and limitations on their use. Host Hotels & Resorts

Corporate Financial Information Host Hotels & Resorts

Corporate Financial Information Condensed Consolidated Balance Sheets (unaudited, in millions, except shares and per share amounts) Host Hotels & Resorts March 31, 2019 December 31, 2018 ASSETS Property and equipment, net $10,296 $9,760 Right-of-use assets (1) 616 — Assets held for sale 31 281 Due from managers 145 71 Advances to and investments in affiliates 54 48 Furniture, fixtures and equipment replacement fund 191 213 Other 162 175 Cash and cash equivalents 1,082 1,542 Total assets $12,577 $12,090 LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY Debt Senior notes $2,783 $2,782 Credit facility, including term loans of $998 1,051 1,049 Other debt 28 6 Total debt 3,862 3,837 Lease liabilities (1) 625 — Accounts payable and accrued expenses 240 293 Other 183 266 Total liabilities 4,910 4,396 Redeemable non-controlling interests - Host Hotels & Resorts, L.P. 147 128 Host Hotels & Resorts, Inc. stockholders’ equity: Common stock, par value $.01, 1,050 million shares authorized, 740.9 million shares and 740.4 million shares issued and outstanding, respectively 7 7 Additional paid-in capital 8,138 8,156 Accumulated other comprehensive loss (59) (59) Deficit (573) (610) Total equity of Host Hotels & Resorts, Inc. stockholders 7,513 7,494 Non-redeemable non-controlling interests—other consolidated partnerships 7 72 Total equity 7,520 7,566 Total liabilities, non-controlling interests and equity $12,577 $12,090 ___________ (1) On January 1, 2019, we adopted Accounting Standards Update No. 2016-02, Leases (Topic 842), as amended. The new standard requires all leases, including operating leases, be recognized as lease assets and lease liabilities on the balance sheet. As a result, we have recognized right of use assets of $616 million and lease liabilities of $625 million as of March 31, 2019. The adoption did not affect our statement of operations.

Corporate Financial Information Condensed Consolidated Statements of Operations (unaudited, in millions, except per share amounts) Host Hotels & Resorts Quarter ended March 31, 2019 2018 Revenues Rooms $857 $844 Food and beverage 433 413 Other 100 89 Total revenues 1,390 1,346 Expenses Rooms 217 224 Food and beverage 285 278 Other departmental and support expenses 327 315 Management fees 54 54 Other property-level expenses 92 98 Depreciation and amortization 170 178 Corporate and other expenses 29 28 Total operating costs and expenses 1,174 1,175 Operating profit 216 171 Interest income 8 3 Interest expense (43) (44) Gain on sale of assets 5 120 Equity in earnings of affiliates 5 10 Income before income taxes 191 260 Provision for income taxes (2) (4) Net income 189 256 Less: Net income attributable to non-controlling interests (3) (3) Net income attributable to Host Inc. $186 $253 Basic and diluted earnings per common share $ .25 $ .34

Corporate Financial Information Earnings per Common Share (unaudited, in millions, except per share amounts) ___________ (1) Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by minority 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. Host Hotels & Resorts Quarter ended March 31, 2019 2018 Net income $189 $256 Less: Net income attributable to non-controlling interests (3) (3) Net income attributable to Host Inc. $186 $253 Basic weighted average shares outstanding 740.6 739.2 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market .2 .4 Diluted weighted average shares outstanding (1) 740.8 739.6 Basic and diluted earnings per common share $.25 $.34

Corporate Financial Information (unaudited, in millions) Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre (1) __________ (1) See the Notes to Supplemental Financial Information for discussion of these non-GAAP measures. (2) Reflects the sale of one hotel in each of 2019 and 2018. (3) Represents our share of earnings and pro rata EBITDAre from the European Joint Venture (“Euro JV”). Our approximate one-third non-controlling interest was sold on December 21, 2018.   Host Hotels & Resorts Quarter ended March 31, 2019 2018 Net income $189 $256 Interest expense 43 44 Depreciation and amortization 170 170 Income taxes 2 4 EBITDA 404 474 Gain on dispositions (2) (2) (119) Non-cash impairment expense — 8 Equity investment adjustments: Equity in earnings of Euro JV (3) — (2) Equity in earnings of affiliates other than Euro JV (5) (8) Pro rata EBITDAre of Euro JV (3) — 7 Pro rata EBITDAre of equity investments other than Euro JV 9 10 EBITDAre and Adjusted EBITDAre $406 $370

Corporate Financial Information (unaudited, in millions, except per share amounts) Reconciliation of Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share(1) __________ (1-2) Refer to the corresponding footnote on the Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre. (3) Effective January 1, 2019, we adopted NAREIT’s Funds From Operations White Paper – 2018 Restatement. The adoption did not result in a change in the way we calculate NAREIT FFO. See the Notes to Supplemental Financial Information for a description of NAREIT FFO. (4) Earnings per diluted share and NAREIT FFO 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 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. Host Hotels & Resorts Quarter ended March 31, 2019 2018 Net income $189 $256 Less: Net income attributable to non-controlling interests (3) (3) Net income attributable to Host Inc. 186 253 Adjustments: Gain on dispositions (2) (2) (119) Depreciation and amortization 169 169 Non-cash impairment expense — 8 Equity investment adjustments: Equity in earnings of affiliates (5) (10) Pro rata FFO of equity investments 9 16 Consolidated partnership adjustments: FFO adjustment for non-controlling partnerships 1 — FFO adjustments for non-controlling interests of Host L.P. (2) (1) NAREIT FFO and Adjusted FFO (3) $356 $316 For calculation on a per share basis (4): Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO 740.8 739.6 Diluted earnings per common share $.25 $.34 NAREIT FFO and Adjusted FFO per diluted share $.48 $.43

Property Level Data Host Hotels & Resorts

Property Level Data (unaudited, in millions, except hotel statistics) Comparable Hotel Results (1) Host Hotels & Resorts Quarter ended March 31, 2019 2018 Number of hotels 87 87 Number of rooms 47,982 47,982 Change in comparable hotel RevPAR (2) Constant US$ (1.0)% — Nominal US$ (1.1)% — Operating profit margin (3) 15.5% 12.7% Comparable hotel EBITDA margin (3) 28.1% 27.6% Food and beverage profit margin (3) 34.2% 32.7% Comparable hotel food and beverage profit margin (3) 34.3% 34.2% Net income $189 $256 Depreciation and amortization 170 178 Interest expense 43 44 Provision for income taxes 2 4 Gain on sale of property and corporate level income/expense 11 (105) Non-comparable hotel results, net (4) (82) (51) Comparable hotel EBITDA $333 $326

Property Level Data (unaudited, in millions, except hotel statistics) Comparable Hotel Results (1) (continued) Quarter ended March 31, 2019 Quarter ended March 31, 2018 Adjustments Adjustments GAAP Results Non-comparable hotel results, net (4) Depreciation and corporate level items Comparable Hotel Results GAAP Results Non-comparable hotel results, net (4) Depreciation and corporate level items Comparable Hotel Results Revenues Room $857 $(124) $— $733 $844 $(103) $— $741 Food and beverage 433 (61) — 372 413 (41) — 372 Other 100 (21) — 79 89 (20) — 69 Total revenues 1,390 (206) — 1,184 1,346 (164) — 1,182 Expenses Room 217 (29) — 188 224 (31) — 193 Food and beverage 285 (41) — 244 278 (33) — 245 Other 473 (54) — 419 467 (49) — 418 Depreciation and amortization 170 — (170) — 178 — (178) — Corporate and other expenses 29 — (29) — 28 — (28) — Total expenses 1,174 (124) (199) 851 1,175 (113) (206) 856 Operating Profit - Comparable Hotel EBITDA $216 $(82) $199 $333 $171 $(51) $206 $326 ___________ See the Notes to Supplemental Financial Information for a discussion of non-GAAP measures and the calculation of comparable hotel results. RevPAR is the product of the average daily room rate charged and the average daily occupancy achieved. 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 condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the above tables. (4) Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels and sold hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, and (ii) the results of our office spaces and other non-hotel income. Host Hotels & Resorts

Property Level Data (unaudited, in millions, except hotel statistics and per room basis) Comparable Hotel Results by Location in Nominal US$ _________ (1) Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected below in “gain on sale of property and corporate level income/expense”. Refer to the table below for reconciliation of net income to EBITDA by location. (2) Total Revenue per Available Room (“Total RevPAR”) is a summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period. It includes ancillary revenues not included within RevPAR. (3) CBD refers to the central business district. Host Hotels & Resorts Quarter ended March 31, 2019 Location No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total Revenues Total Revenues per Available Room (2) Hotel Net Income Hotel EBITDA (1) Maui/Oahu 3 1,682 $399.24 89.2% $356.00 $80.7 $532.84 $21.9 $31.0 Jacksonville 1 446 367.78 78.6 289.04 27.7 690.11 7.4 9.7 Phoenix 5 2,163 339.86 84.1 285.90 108.7 558.61 35.8 49.1 Florida Gulf Coast 3 940 328.81 85.0 279.47 43.5 513.44 14.6 18.4 Los Angeles 4 1,726 223.86 86.5 193.59 44.9 289.21 4.3 9.5 San Francisco/San Jose 5 2,353 252.45 76.0 191.79 55.8 263.48 13.3 20.3 Miami 2 843 210.99 86.9 183.31 18.7 246.12 7.0 8.2 San Diego 4 4,341 235.04 77.4 181.93 129.0 330.16 20.1 40.6 Washington, D.C. (CBD) (3) 5 3,238 247.89 73.3 181.79 75.1 257.64 9.3 19.3 Atlanta 5 1,936 224.73 77.9 175.00 46.2 264.96 13.0 18.2 New Orleans 1 1,333 209.79 81.6 171.18 30.0 249.87 8.5 11.3 New York 3 4,259 236.38 72.0 170.27 102.6 267.69 (17.0) (4.3) Orlando 1 2,004 208.20 79.0 164.41 69.5 385.22 20.4 26.0 San Antonio 2 1,513 196.01 77.4 151.75 31.3 229.98 6.4 9.1 Orange County 4 1,432 193.05 78.2 150.88 30.4 235.97 6.6 9.7 Seattle 2 1,315 194.12 77.4 150.15 24.1 203.91 (0.5) 3.6 Philadelphia 2 810 190.16 78.1 148.48 17.7 242.24 — 3.3 Houston 4 1,716 182.60 75.8 138.36 31.0 201.04 4.3 9.2 Northern Virginia 5 1,919 189.73 69.6 132.13 35.5 205.63 4.4 8.8 Boston 4 3,185 185.32 68.3 126.54 53.8 187.82 (2.5) 6.5 Denver 3 1,340 161.82 64.7 104.75 19.1 158.27 0.6 4.9 Chicago 6 2,393 141.59 62.4 88.30 26.7 124.01 (8.0) (0.9) Other 8 3,596 174.04 70.4 122.54 63.3 195.66 11.2 17.0 Domestic 82 46,483 227.85 75.5 172.07 1,165.3 278.54 181.1 328.5 International 5 1,499 143.88 67.6 97.32 19.0 140.81 1.4 4.1 All Locations - Nominal US$ 87 47,982 $225.49 75.3% $169.74 $1,184.3 $274.24 $182.5 $332.6 Non-comparable hotels 6 3,803 — — — 206.0 — 63.0 82.0 Gain on sale of property and corporate level income/expense — (56.5) (10.5) Total 93 51,785 — — — $1,390.3 — $189.0 $404.1

Property Level Data (unaudited, in millions, except hotel statistics) Comparable Hotel Results by Location in Nominal US$ Reconciliation of Hotel Net Income to Hotel EBITDA Host Hotels & Resorts Quarter ended March 31, 2019 Location No. of Properties No. of Rooms Hotel Net Income Plus: Depreciation Plus: Interest Expense Plus: Income Tax Equals: Hotel EBITDA Maui/Oahu 3 1,682 $21.9 $9.1 $— $— $31.0 Jacksonville 1 446 7.4 2.3 — — 9.7 Phoenix 5 2,163 35.8 13.3 — — 49.1 Florida Gulf Coast 3 940 14.6 3.8 — — 18.4 Los Angeles 4 1,726 4.3 5.2 — — 9.5 San Francisco/San Jose 5 2,353 13.3 7.0 — — 20.3 Miami 2 843 7.0 1.2 — — 8.2 San Diego 4 4,341 20.1 20.5 — — 40.6 Washington, D.C. (CBD) 5 3,238 9.3 10.0 — — 19.3 Atlanta 5 1,936 13.0 5.2 — — 18.2 New Orleans 1 1,333 8.5 2.8 — — 11.3 New York 3 4,259 (17.0) 12.7 — — (4.3) Orlando 1 2,004 20.4 5.6 — — 26.0 San Antonio 2 1,513 6.4 2.7 — — 9.1 Orange County 4 1,432 6.6 3.1 — — 9.7 Seattle 2 1,315 (0.5) 4.1 — — 3.6 Philadelphia 2 810 — 3.3 — — 3.3 Houston 4 1,716 4.3 4.9 — — 9.2 Northern Virginia 5 1,919 4.4 4.4 — — 8.8 Boston 4 3,185 (2.5) 9.0 — — 6.5 Denver 3 1,340 0.6 4.3 — — 4.9 Chicago 6 2,393 (8.0) 7.1 — — (0.9) Other 8 3,596 11.2 5.8 — — 17.0 Domestic 82 46,483 181.1 147.4 — — 328.5 International 5 1,499 1.4 2.7 — — 4.1 All Locations - Nominal US$ 87 47,982 $182.5 $150.1 $— $— $332.6 Non-comparable hotels 6 3,803 63.0 19.0 — — 82.0 Gain on sale of property and corporate level income/expense (56.5) 1.2 43.3 1.5 (10.5) Total 93 51,785 $189.0 $170.3 $43.3 $1.5 $404.1

Property Level Data (unaudited, in millions, except hotel statistics and per room basis) Comparable Hotel Results by Location in Nominal US$ __________ Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected below in “gain on sale of property and corporate level income/expense”. Refer to the table below for reconciliation of net income to EBITDA by location. For the quarter ended March 31, 2018, comparable Total RevPAR on a constant dollar basis was $273.43. Host Hotels & Resorts Quarter ended March 31, 2018 Location No. of Properties No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total Revenues Total Revenues per Available Room (2) Hotel Net Income Hotel EBITDA (1) Maui/Oahu 3 1,682 $396.73 91.4% $362.47 $80.5 $531.58 $21.8 $31.1 Jacksonville 1 446 355.15 71.3 253.14 22.6 563.13 4.1 6.3 Phoenix 5 2,163 317.94 83.7 266.02 97.5 500.79 28.7 41.0 Florida Gulf Coast 3 940 323.19 84.6 273.36 41.7 492.75 14.0 17.3 Los Angeles 4 1,726 230.25 89.2 205.41 46.2 297.68 5.4 10.7 San Francisco/San Jose 5 2,353 225.49 80.2 180.76 53.7 253.81 10.0 16.9 Miami 2 843 207.22 88.5 183.36 18.5 243.79 6.6 8.3 San Diego 4 4,341 231.83 81.9 189.78 132.5 339.36 22.6 43.0 Washington, D.C. (CBD) 5 3,238 250.33 71.8 179.63 73.4 251.82 8.0 18.1 Atlanta 5 1,936 192.08 78.7 151.15 42.0 241.32 8.8 14.4 New Orleans 1 1,333 197.38 82.7 163.21 28.3 235.93 7.6 10.2 New York 3 4,259 252.47 77.7 196.18 115.8 302.16 (15.1) 1.6 Orlando 1 2,004 210.77 81.6 172.05 69.9 387.34 20.8 26.4 San Antonio 2 1,513 198.26 75.7 150.18 30.4 223.21 5.8 8.6 Orange County 4 1,432 192.00 76.3 146.53 28.7 222.90 5.4 8.6 Seattle 2 1,315 201.47 75.1 151.30 24.6 207.92 0.7 4.5 Philadelphia 2 810 192.13 83.5 160.48 19.1 261.55 1.1 4.4 Houston 4 1,716 178.84 76.5 136.75 32.4 209.48 5.6 10.9 Northern Virginia 5 1,919 186.56 71.7 133.83 36.1 208.84 3.7 8.4 Boston 4 3,185 183.76 70.7 129.97 53.8 187.52 (3.2) 5.5 Denver 3 1,340 152.93 67.5 103.26 18.3 152.01 (0.3) 4.3 Chicago 6 2,393 148.46 67.2 99.80 29.7 137.85 (5.7) 1.6 Other 8 3,596 176.71 72.2 127.59 67.0 206.96 12.6 19.6 Domestic 82 46,483 224.59 77.5 174.11 1,162.7 277.94 169.0 321.7 International 5 1,499 153.01 61.9 94.70 19.4 144.06 1.1 4.0 All Locations - Nominal US$ 87 47,982 $222.79 77.0% $171.63 $1,182.1 $273.75 $170.1 $325.7 Non-comparable hotels 6 3,803 — — — 164.3 — 36.2 50.9 Gain on sale of property and corporate level income/expense — 49.7 97.2 Total 93 51,785 — — — $1,346.4 — $256.0 $473.8

Property Level Data (unaudited, in millions, except hotel statistics) Comparable Hotel Results by Location in Nominal US$ Reconciliation of Hotel Net Income to Hotel EBITDA Host Hotels & Resorts Quarter ended March 31, 2018 Location No. of Properties No. of Rooms Hotel Net Income Plus: Depreciation Plus: Interest Expense Plus: Income Tax Equals: Hotel EBITDA Maui/Oahu 3 1,682 $21.8 $9.3 $— $— $31.1 Jacksonville 1 446 4.1 2.2 — — 6.3 Phoenix 5 2,163 28.7 12.3 — — 41.0 Florida Gulf Coast 3 940 14.0 3.3 — — 17.3 Los Angeles 4 1,726 5.4 5.3 — — 10.7 San Francisco/San Jose 5 2,353 10.0 6.9 — — 16.9 Miami 2 843 6.6 1.7 — — 8.3 San Diego 4 4,341 22.6 20.4 — — 43.0 Washington, D.C. (CBD) 5 3,238 8.0 10.1 — — 18.1 Atlanta 5 1,936 8.8 5.6 — — 14.4 New Orleans 1 1,333 7.6 2.6 — — 10.2 New York 3 4,259 (15.1) 16.7 — — 1.6 Orlando 1 2,004 20.8 5.6 — — 26.4 San Antonio 2 1,513 5.8 2.8 — — 8.6 Orange County 4 1,432 5.4 3.2 — — 8.6 Seattle 2 1,315 0.7 3.8 — — 4.5 Philadelphia 2 810 1.1 3.3 — — 4.4 Houston 4 1,716 5.6 5.3 — — 10.9 Northern Virginia 5 1,919 3.7 4.7 — — 8.4 Boston 4 3,185 (3.2) 8.7 — — 5.5 Denver 3 1,340 (0.3) 4.6 — — 4.3 Chicago 6 2,393 (5.7) 7.3 — — 1.6 Other 8 3,596 12.6 7.0 — — 19.6 Domestic 82 46,483 169.0 152.7 — — 321.7 International 5 1,499 1.1 2.9 — — 4.0 All Locations - Nominal US$ 87 47,982 $170.1 $155.6 $— $— $325.7 Non-comparable hotels 6 3,803 36.2 13.5 1.2 — 50.9 Gain on sale of property and corporate level income/expense 49.7 0.9 42.4 4.2 97.2 Total 93 51,785 $256.0 $170.0 $43.6 $4.2 $473.8

Property Level Data (unaudited, in millions, except hotel statistics and per room basis) Top 40 Domestic Hotels by RevPAR For the Year ended December 31, 2018 Year ended December 31, 2018 Hotel Location No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total Revenues Total Revenues per Available Room Hotel Net Income (Loss) Hotel EBITDA (1) 1 Fairmont Kea Lani, Maui Maui/Oahu 450 $599.46 84.8% $508.25 $120.8 $735.38 $25.8 $42.1 2 Andaz Maui at Wailea Resort (3) Maui/Oahu 301 580.51 85.1 494.08 85.3 776.69 14.6 23.4 3 The Ritz-Carlton, Naples Florida Gulf Coast 450 616.00 54.9 338.31 111.6 679.12 18.7 32.0 4 Hyatt Regency Maui Resort & Spa Maui/Oahu 806 327.56 92.2 301.99 151.5 514.96 38.2 53.3 5 The Ritz-Carlton, Marina del Rey Los Angeles 304 360.20 83.6 301.04 53.4 481.01 8.2 12.8 6 New York Marriott Marquis New York 1,966 331.90 89.4 296.65 332.7 463.70 37.2 66.5 7 Grand Hyatt San Francisco (3) San Francisco/San Jose 668 312.40 90.4 282.51 88.0 364.02 10.4 22.1 8 The Ritz-Carlton, Amelia Island Jacksonville 446 364.02 74.0 269.32 97.9 601.08 23.7 32.5 9 San Francisco Marriott Fisherman's Wharf San Francisco/San Jose 285 282.47 92.3 260.68 32.0 307.26 5.4 9.3 10 W Hollywood Los Angeles 305 305.35 83.1 253.74 47.1 422.65 3.2 10.6 11 San Francisco Marriott Marquis San Francisco/San Jose 1,500 285.01 86.2 245.82 196.3 358.51 33.5 50.2 12 The Phoenician, A Luxury Collection Resort Phoenix 645 345.15 70.3 242.79 127.3 540.65 4.9 34.6 13 JW Marriott Washington, DC Washington, D.C. (CBD) 777 269.23 84.9 228.51 89.6 315.96 20.1 28.3 14 Sheraton New York Times Square Hotel New York 1,780 264.13 85.9 226.94 205.3 315.91 (3.0) 24.7 15 New York Marriott Downtown New York 513 258.08 85.7 221.28 52.3 279.39 9.1 13.7 16 Axiom Hotel San Francisco/San Jose 152 251.97 86.9 218.84 15.2 275.17 3.6 8.0 17 Marina del Rey Marriott Los Angeles 370 243.03 89.4 217.35 41.7 308.60 9.4 12.7 18 W Seattle Seattle 424 256.50 84.3 216.31 41.3 266.77 7.8 13.7 19 Marriott Marquis San Diego Marina San Diego 1,360 254.86 82.5 210.16 182.9 368.51 30.4 63.9 20 Boston Marriott Copley Place Boston 1,144 246.20 85.3 209.89 123.2 295.13 23.4 35.2 21 The Westin Chicago River North Chicago 429 256.19 81.7 209.19 45.6 290.91 7.1 13.3 22 Coronado Island Marriott Resort & Spa San Diego 300 258.73 80.7 208.82 36.2 330.94 5.3 11.3 23 The Ritz-Carlton, Tysons Corner Northern Virginia 398 262.94 76.7 201.57 53.0 365.08 4.9 11.9 24 The Don CeSar Florida Gulf Coast 347 285.69 70.3 200.90 53.5 422.70 10.8 17.4 25 The Ritz-Carlton Golf Resort, Naples Florida Gulf Coast 295 360.68 55.4 199.76 38.2 354.27 4.4 9.7 26 Manchester Grand Hyatt San Diego San Diego 1,628 240.23 82.7 198.59 205.1 345.17 42.9 72.2 27 Embassy Suites by Hilton Chicago Downtown Magnificent Mile Chicago 455 223.00 88.6 197.53 36.9 221.93 5.2 10.7 28 Grand Hyatt Washington Washington, D.C. (CBD) 897 249.93 78.6 196.34 97.6 298.10 15.0 30.7 29 The Logan Philadelphia 391 240.52 81.6 196.20 54.4 381.43 7.1 17.3 30 Washington Marriott at Metro Center Washington, D.C. (CBD) 459 233.82 82.8 193.56 41.9 250.33 9.4 12.0 31 The Westin Seattle Seattle 891 232.68 83.0 193.20 87.4 268.69 15.1 24.9 32 The Westin Georgetown, Washington D.C. Washington, D.C. (CBD) 267 235.36 81.6 192.10 23.0 235.96 3.4 6.6 33 Sheraton Boston Hotel Boston 1,220 235.10 80.0 188.07 107.0 240.39 9.1 24.3 34 Santa Clara Marriott San Francisco/San Jose 759 250.37 74.5 186.61 72.8 262.78 23.8 26.3 35 Hyatt Regency Cambridge, Overlooking Boston Boston 470 220.93 83.6 184.79 43.5 253.52 13.5 18.1 36 The Westin Kierland Resort & Spa Phoenix 732 247.61 73.9 182.88 115.2 431.05 26.2 37.2 37 Hyatt Place Waikiki Beach Maui/Oahu 426 196.09 92.7 181.70 30.7 197.67 6.0 11.2 38 Hyatt Regency San Francisco Airport San Francisco/San Jose 789 200.65 90.1 180.74 76.5 265.79 9.3 23.4 39 The St. Regis Houston Houston 232 289.56 61.5 178.15 24.6 290.42 1.6 4.4 40 Hyatt Regency Coconut Point Resort and Spa (3) Florida Gulf Coast 454 228.90 77.1 176.50 63.5 383.23 11.3 18.0 Total Top 40 26,485 $280.39 82.6% $231.55 $3,502.0 $362.34 $556.0 $990.5 * Remaining 52 hotels (2) 24,866 176.96 76.0% 134.55 1,896.6 208.97 304.1 553.5 Pro forma adjustment for three Hyatt hotel acquisition (3) (65.8) (15.2) (22.0) Gain on sale of property, sold property operations, and corporate level income/expense 191.4 306.1 39.8 Total 51,351 — — — $5,524.2 — $1,151.0 $1,561.8 Host Hotels & Resorts __________ *Represents 63% of our EBITDAre. Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected below in “gain on sale of property, sold property operations and corporate level income/expense”. Refer to the table below for reconciliation of net income (loss) to Hotel EBITDA. The total represents Host Hotel’s EBITDAre, as defined in the Notes to Supplemental Financial Information. The Westin New York Grand Central is excluded from this total as it was sold subsequent to year end on January 9, 2019. Its operations for the year are included in sold property operations. The operating results for the three hotels acquired in March 2018 are included on a pro forma basis, which includes operating results assuming the hotels were owned as of January 1, 2018 and based on actual results obtained from the manager for periods prior to our ownership. For these hotels, since the operations include periods prior to our ownership, the results may not necessarily correspond to our actual results.

Property Level Data (unaudited, in millions, except hotel statistics) Top 40 Domestic Hotels by RevPAR Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA and EBITDAre Host Hotels & Resorts __________ The Westin New York Grand Central is excluded from this total as it was sold subsequent to year end on January 9, 2019. Its operations for the year are included in sold property operations. The operating results for the three hotels acquired in March 2018 are included on a pro forma basis, which includes operating results assuming the hotels were owned as of January 1, 2018 and based on actual results obtained from the manager for periods prior to our ownership. For these hotels, since the operations include periods prior to our ownership, the results may not necessarily correspond to our actual results. Year ended December 31, 2018 Hotel Location No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Less: Gain on dispositions Plus: Equity Investment Adjustments Equals: Hotel EBITDA 1 Fairmont Kea Lani, Maui Maui/Oahu 450 $25.8 $16.3 $- $- $- $- $42.1 2 Andaz Maui at Wailea Resort (2) Maui/Oahu 301 14.6 8.8 - - - - 23.4 3 The Ritz-Carlton, Naples Florida Gulf Coast 450 18.7 13.3 - - - - 32.0 4 Hyatt Regency Maui Resort & Spa Maui/Oahu 806 38.2 15.1 - - - - 53.3 5 The Ritz-Carlton, Marina del Rey Los Angeles 304 8.2 4.6 - - - - 12.8 6 New York Marriott Marquis New York 1,966 37.2 29.3 - - - - 66.5 7 Grand Hyatt San Francisco (2) San Francisco/San Jose 668 10.4 11.7 - - - - 22.1 8 The Ritz-Carlton, Amelia Island Jacksonville 446 23.7 8.8 - - - - 32.5 9 San Francisco Marriott Fisherman's Wharf San Francisco/San Jose 285 5.4 3.9 - - - - 9.3 10 W Hollywood Los Angeles 305 3.2 7.4 - - - - 10.6 11 San Francisco Marriott Marquis San Francisco/San Jose 1,500 33.5 16.7 - - - - 50.2 12 The Phoenician, A Luxury Collection Resort Phoenix 645 4.9 29.7 - - - - 34.6 13 JW Marriott Washington, DC Washington, D.C. (CBD) 777 20.1 8.2 - - - - 28.3 14 Sheraton New York Times Square Hotel New York 1,780 (3.0) 27.7 - - - - 24.7 15 New York Marriott Downtown New York 513 9.1 4.6 - - - - 13.7 16 Axiom Hotel San Francisco/San Jose 152 3.6 4.4 - - - - 8.0 17 Marina del Rey Marriott Los Angeles 370 9.4 3.3 - - - - 12.7 18 W Seattle Seattle 424 7.8 5.9 - - - - 13.7 19 Marriott Marquis San Diego Marina San Diego 1,360 30.4 33.5 - - - - 63.9 20 Boston Marriott Copley Place Boston 1,144 23.4 11.8 - - - - 35.2 21 The Westin Chicago River North Chicago 429 7.1 6.2 - - - - 13.3 22 Coronado Island Marriott Resort & Spa San Diego 300 5.3 6.0 - - - - 11.3 23 The Ritz-Carlton, Tysons Corner Northern Virginia 398 4.9 7.0 - - - - 11.9 24 The Don CeSar Florida Gulf Coast 347 10.8 6.6 - - - - 17.4 25 The Ritz-Carlton Golf Resort, Naples Florida Gulf Coast 295 4.4 5.3 - - - - 9.7 26 Manchester Grand Hyatt San Diego San Diego 1,628 42.9 29.3 - - - - 72.2 27 Embassy Suites by Hilton Chicago Downtown Magnificent Mile Chicago 455 5.2 5.5 - - - - 10.7 28 Grand Hyatt Washington Washington, D.C. (CBD) 897 15.0 15.7 - - - - 30.7 29 The Logan Philadelphia 391 7.1 10.2 - - - - 17.3 30 Washington Marriott at Metro Center Washington, D.C. (CBD) 459 9.4 2.6 - - - - 12.0 31 The Westin Seattle Seattle 891 15.1 9.8 - - - - 24.9 32 The Westin Georgetown, Washington D.C. Washington, D.C. (CBD) 267 3.4 3.2 - - - - 6.6 33 Sheraton Boston Hotel Boston 1,220 9.1 15.2 - - - - 24.3 34 Santa Clara Marriott San Francisco/San Jose 759 23.8 2.5 - - - - 26.3 35 Hyatt Regency Cambridge, Overlooking Boston Boston 470 13.5 4.6 - - - - 18.1 36 The Westin Kierland Resort & Spa Phoenix 732 26.2 11.0 - - - - 37.2 37 Hyatt Place Waikiki Beach Maui/Oahu 426 6.0 5.2 - - - - 11.2 38 Hyatt Regency San Francisco Airport San Francisco/San Jose 789 9.3 14.1 - - - - 23.4 39 The St. Regis Houston Houston 232 1.6 2.8 - - - - 4.4 40 Hyatt Regency Coconut Point Resort and Spa (2) Florida Gulf Coast 454 11.3 6.7 - - - - 18.0 Total Top 40 26,485 $556.0 $434.5 $- $- $- $- $990.5 Remaining 52 hotels (1) 24,866 304.1 249.4 - - - - 553.5 Pro forma adjustment for three Hyatt hotel acquisition (2) (15.2) (6.8) - - - - (22.0) Gain on sale of property, sold property operations and corporate level income/ expense 306.1 266.8 176.4 149.6 (902.9) 43.8 39.8 Total 51,351 $1,151.0 $943.9 $176.4 $149.6 $(902.9) $43.8 $1,561.8

Property Level Data (unaudited, in millions, except hotel statistics and per room basis) Top 40 Domestic Hotels by RevPAR For the Year ended December 31, 2016 Year ended December 31, 2016 Hotel Location No. of Rooms Average Room Rate Average Occupancy Percentage RevPAR Total Revenues Total Revenues per Available Room Hotel Net Income (Loss) Hotel EBITDA (1) 1 Fairmont Kea Lani, Maui Maui/Oahu 450 $552.99 86.4% $478.00 $114.2 $693.52 $24.0 $40.6 2 The Ritz-Carlton, Naples Florida Gulf Coast 450 535.08 70.2 375.57 130.6 793.07 26.6 40.5 3 W New York - Union Square (2) New York 270 388.45 90.8 352.74 41.4 419.41 2.5 8.4 4 New York Marriott Marquis New York 1,966 328.59 89.7 294.62 335.3 465.96 35.5 72.9 5 The Ritz-Carlton, Marina del Rey Los Angeles 304 344.76 77.5 267.13 49.4 444.06 5.4 10.1 6 Hyatt Regency Maui Resort & Spa Maui/Oahu 806 286.66 91.4 261.93 133.5 452.66 31.9 44.8 7 San Francisco Marriott Marquis San Francisco/San Jose 1,500 282.77 89.9 254.31 201.5 366.95 34.2 53.7 8 The Westin New York Grand Central (2) New York 774 292.72 85.5 250.42 87.1 307.55 (4.8) 13.8 9 W New York (2) New York 696 299.87 81.6 244.58 79.6 312.36 (6.7) 4.8 10 The Ritz-Carlton, Amelia Island Jacksonville 446 337.37 71.5 241.38 87.1 533.76 16.9 26.7 11 Sheraton New York Times Square Hotel New York 1,780 256.73 91.0 233.58 200.1 307.09 (5.5) 27.4 12 New York Marriott Downtown New York 513 275.95 84.3 232.76 54.0 287.43 8.1 14.5 13 JW Marriott Washington, DC Washington, D.C. (CBD) 777 274.59 84.5 231.99 94.0 330.70 19.8 29.3 14 San Francisco Marriott Fisherman's Wharf San Francisco/San Jose 285 269.10 83.8 225.58 28.0 268.28 5.3 7.4 15 Marina del Rey Marriott Los Angeles 370 247.51 87.1 215.66 41.6 306.99 9.6 12.8 16 The Westin Georgetown, Washington D.C. Washington, D.C. (CBD) 267 246.27 86.6 213.27 26.8 274.56 4.8 8.7 17 The Westin Chicago River North Chicago 429 253.06 82.4 208.61 48.5 308.95 9.7 16.2 18 The St. Regis Houston Houston 232 299.88 67.2 201.62 26.5 312.23 2.6 6.1 19 The Phoenician, A Luxury Collection Resort Phoenix 643 335.16 60.0 201.09 112.1 476.15 12.1 29.3 20 Boston Marriott Copley Place Boston 1,144 241.25 82.2 198.28 118.8 283.73 20.2 33.0 21 The Ritz-Carlton Golf Resort, Naples Florida Gulf Coast 295 312.69 62.6 195.76 37.2 344.25 4.4 8.9 22 Manchester Grand Hyatt San Diego San Diego 1,628 225.46 86.3 194.66 188.9 316.97 35.9 67.2 23 Embassy Suites by Hilton Chicago Downtown Magnificent Mile Chicago 455 219.80 88.5 194.62 36.0 216.38 6.4 12.3 24 Washington Marriott at Metro Center Washington, D.C. (CBD) 459 243.12 79.4 193.12 42.9 255.36 8.5 11.9 25 Grand Hyatt Washington Washington, D.C. (CBD) 897 239.83 80.3 192.54 94.3 287.27 12.3 27.4 26 Coronado Island Marriott Resort & Spa San Diego 300 239.76 79.8 191.41 32.6 296.76 3.0 9.3 27 Marriott Marquis San Diego Marina San Diego 1,360 235.82 80.2 189.15 151.3 303.96 20.0 47.1 28 Sheraton Boston Hotel Boston 1,220 231.78 79.8 184.94 112.2 251.26 12.3 27.9 29 Hyatt Place Waikiki Beach Maui/Oahu 426 196.17 93.5 183.47 30.0 192.50 6.4 11.8 30 Santa Clara Marriott San Francisco/San Jose 759 244.25 73.4 179.27 71.4 257.08 21.3 25.4 31 Hyatt Regency Cambridge, Overlooking Boston Boston 470 222.36 80.4 178.89 43.1 250.57 13.1 17.4 32 The Whitley, A Luxury Collection Hotel, Atlanta Buckhead Atlanta 510 243.74 72.5 176.71 55.4 296.96 7.8 14.3 33 The Westin Seattle Seattle 891 214.80 82.1 176.41 82.6 253.14 13.1 23.6 34 Hyatt Regency Washington on Capitol Hill Washington, D.C. (CBD) 838 220.86 79.4 175.41 80.3 261.71 10.5 21.4 35 The Ritz-Carlton, Tysons Corner Northern Virginia 398 254.20 68.7 174.54 47.6 326.93 2.5 8.5 36 The Westin Kierland Resort & Spa Phoenix 732 237.37 72.8 172.72 108.7 405.78 22.2 33.4 37 W Seattle Seattle 424 237.42 71.5 169.79 34.0 218.89 4.5 10.3 38 Axiom Hotel San Francisco/San Jose 152 236.22 70.3 166.05 11.4 166.72 1.5 5.5 39 Philadelphia Airport Marriott Philadelphia 419 185.65 84.3 156.52 33.3 217.43 6.5 10.0 40 The Westin Denver Downtown Denver 430 194.96 79.9 155.85 33.5 212.79 5.3 10.3 Total Top 40 27,165 $268.71 82.1% $220.73 $3,336.8 335.63 $469.7 $904.9 * Remaining 56 hotels 27,001 174.51 72.9% 127.22 2,010.7 203.37 283.4 573.1 Gain on sale of property, sold property operations, and corporate level income/expense 82.5 17.9 5.4 Total 54,166 — — — $5,430.0 — $771.0 $1,483.4 Host Hotels & Resorts __________ *Represents 61% of our EBITDAre. Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the provision for income taxes. These items are reflected below in “gain on sale of property, sold property operations and corporate level income/expense”. Refer to the table below for reconciliation of net income (loss) to Hotel EBITDA. The total represents Host Hotel’s EBITDAre, as defined in the Notes to Supplemental Financial Information. W New York – Union Square, W New York, and the Westin New York Grand Central were sold during 2018 and 2019.

Property Level Data (unaudited, in millions, except hotel statistics) Top 40 Domestic Hotels by RevPAR Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA and EBITDAre Host Hotels & Resorts __________ W New York – Union Square, W New York, and the Westin New York Grand Central were sold during 2018 and 2019. Year ended December 31, 2016 Hotel Location No. of Rooms Hotel Net Income (Loss) Plus: Depreciation Plus: Interest Expense Plus: Income Tax Less: Gain on dispositions Plus: Equity Investment Adjustments Equals: Hotel EBITDA 1 Fairmont Kea Lani, Maui Maui/Oahu 450 $24.0 $16.6 $- $- $- $- $40.6 2 The Ritz-Carlton, Naples Florida Gulf Coast 450 26.6 13.9 - - - - 40.5 3 W New York - Union Square (1) New York 270 2.5 5.9 - - - - 8.4 4 New York Marriott Marquis New York 1,966 35.5 37.4 - - - - 72.9 5 The Ritz-Carlton, Marina del Rey Los Angeles 304 5.4 4.7 - - - - 10.1 6 Hyatt Regency Maui Resort & Spa Maui/Oahu 806 31.9 12.9 - - - - 44.8 7 San Francisco Marriott Marquis San Francisco/San Jose 1,500 34.2 19.5 - - - - 53.7 8 The Westin New York Grand Central (1) New York 774 (4.8) 18.6 - - - - 13.8 9 W New York (1) New York 696 (6.7) 11.5 - - - - 4.8 10 The Ritz-Carlton, Amelia Island Jacksonville 446 16.9 9.8 - - - - 26.7 11 Sheraton New York Times Square Hotel New York 1,780 (5.5) 32.9 - - - - 27.4 12 New York Marriott Downtown New York 513 8.1 6.4 - - - - 14.5 13 JW Marriott Washington, DC Washington, D.C. (CBD) 777 19.8 9.5 - - - - 29.3 14 San Francisco Marriott Fisherman's Wharf San Francisco/San Jose 285 5.3 2.1 - - - - 7.4 15 Marina del Rey Marriott Los Angeles 370 9.6 3.2 - - - - 12.8 16 The Westin Georgetown, Washington D.C. Washington, D.C. (CBD) 267 4.8 3.9 - - - - 8.7 17 The Westin Chicago River North Chicago 429 9.7 6.5 - - - - 16.2 18 The St. Regis Houston Houston 232 2.6 3.5 - - - - 6.1 19 The Phoenician, A Luxury Collection Resort Phoenix 643 12.1 17.2 - - - - 29.3 20 Boston Marriott Copley Place Boston 1,144 20.2 12.8 - - - - 33.0 21 The Ritz-Carlton Golf Resort, Naples Florida Gulf Coast 295 4.4 4.5 - - - - 8.9 22 Manchester Grand Hyatt San Diego San Diego 1,628 35.9 31.3 - - - - 67.2 23 Embassy Suites by Hilton Chicago Downtown Magnificent Mile Chicago 455 6.4 5.9 - - - - 12.3 24 Washington Marriott at Metro Center Washington, D.C. (CBD) 459 8.5 3.4 - - - - 11.9 25 Grand Hyatt Washington Washington, D.C. (CBD) 897 12.3 15.1 - - - - 27.4 26 Coronado Island Marriott Resort & Spa San Diego 300 3.0 6.3 - - - - 9.3 27 Marriott Marquis San Diego Marina San Diego 1,360 20.0 27.1 - - - - 47.1 28 Sheraton Boston Hotel Boston 1,220 12.3 15.6 - - - - 27.9 29 Hyatt Place Waikiki Beach Maui/Oahu 426 6.4 5.4 - - - - 11.8 30 Santa Clara Marriott San Francisco/San Jose 759 21.3 4.1 - - - - 25.4 31 Hyatt Regency Cambridge, Overlooking Boston Boston 470 13.1 4.3 - - - - 17.4 32 The Whitley, A Luxury Collection Hotel, Atlanta Buckhead Atlanta 510 7.8 6.5 - - - - 14.3 33 The Westin Seattle Seattle 891 13.1 10.5 - - - - 23.6 34 Hyatt Regency Washington on Capitol Hill Washington, D.C. (CBD) 838 10.5 10.9 - - - - 21.4 35 The Ritz-Carlton, Tysons Corner Northern Virginia 398 2.5 6.0 - - - - 8.5 36 The Westin Kierland Resort & Spa Phoenix 732 22.2 11.2 - - - - 33.4 37 W Seattle Seattle 424 4.5 5.8 - - - - 10.3 38 Axiom Hotel San Francisco/San Jose 152 1.5 4.0 - - - - 5.5 39 Philadelphia Airport Marriott Philadelphia 419 6.5 3.5 - - - - 10.0 40 The Westin Denver Downtown Denver 430 5.3 5.0 - - - - 10.3 Total Top 40 27,165 $469.7 $435.2 $- $- $- $- $904.9 Remaining 56 hotels (2) 27,001 283.4 279.7 10.0 - - - 573.1 Gain on sale of property, sold property operations, and corporate level income/expense 17.9 8.8 144.1 40.1 (249.9) 44.4 5.4 Total 54,166 $771.0 $723.7 $154.1 $40.1 $(249.9) $44.4 $1,483.4

Capitalization Host Hotels & Resorts

Capitalization As of As of As of As of As of March 31, December 31, September 30, June 30, March 31, Shares/Units 2019 2018 2018 2018 2018 Common shares outstanding 740.9 740.4 740.0 739.8 739.5 Common shares outstanding assuming conversion of OP Units (1) 748.6 748.1 748.1 748.0 747.8 Preferred OP Units outstanding .01 .02 .02 .02 .02 Security pricing Common stock at end of quarter (2) $18.90 $16.67 $21.10 $21.07 $18.64 High during quarter 20.14 20.97 21.94 22.25 21.30 Low during quarter 16.35 15.94 20.10 18.24 17.98 Capitalization Market value of common equity (3) $14,149 $12,471 $15,785 $15,760 $13,939 Consolidated debt 3,862 3,837 4,079 4,228 4,266 Less: Cash (1,082) (1,542) (1,269) (646) (323) Consolidated total capitalization 16,929 14,766 18,595 19,342 17,882 Plus: Share of debt in unconsolidated investments 148 150 456 458 477 Pro rata total capitalization $17,077 $14,916 $19,051 $19,800 $18,359 Quarter ended Quarter ended Quarter ended Quarter ended Quarter ended March 31, December 31, September 30, June 30, March 31, 2019 2018 2018 2018 2018 Dividends declared per common share $0.20 $0.25 $0.20 $0.20 $0.20 Comparative Capitalization __________ (1) Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc. At March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, there were 7.6 million, 7.5 million, 7.9 million, 8.0 million and 8.2 million common OP Units, respectively, held by non-controlling interests. (2) Share prices are the closing price as reported by the New York Stock Exchange. (3) Market value of common equity is calculated as the number of common shares outstanding including assumption of conversion of OP units multiplied the closing share price on that day. (in millions, except security pricing and per share amounts) Host Hotels & Resorts

Capitalization Consolidated Debt Summary Debt Senior debt Rate Maturity date March 31, 2019 December 31, 2018 Series Z 6% 10/2021 $299 $299 Series B 5 1⁄4% 3/2022 348 348 Series C 4 3⁄4% 3/2023 448 447 Series D 3 3⁄4% 10/2023 398 398 Series E 4% 6/2025 497 497 Series F 4 1⁄2% 2/2026 397 397 Series G 3 7⁄8% 4/2024 396 396 2017 Credit facility term loan 3.6% 5/2021 499 499 2015 Credit facility term loan 3.6% 9/2020 499 499 Credit facility revolver (1) 3.0% 5/2021 53 51 3,834 3,831 Other debt Other debt 5.0% - 8.8% 12/2020 - 02/2024 28 6 Total debt(2)(3) $3,862 $3,837 Percentage of fixed rate debt 73% 73% Weighted average interest rate 4.3% 4.4% Weighted average debt maturity 3.9 years 4.2 years Credit Facility Total capacity $1,000 Available capacity 944 Assets encumbered by mortgage debt — (in millions) ___________ (1) The interest rate shown is the weighted average rate of the outstanding credit facility borrowings at March 31, 2019. (2) In accordance with GAAP, total debt includes the debt of entities that we consolidate, but of which we do not own 100%, and excludes the debt of entities that we do not consolidate, but of which we have a non-controlling ownership interest and record our investment therein under the equity method of accounting. As of March 31, 2019, our share of debt in unconsolidated investments is $148 million and none of our debt is attributable to non-controlling interests. (3) Total debt as of March 31, 2019 and December 31, 2018 includes net discounts and deferred financing costs of $22 million and $24 million, respectively. Host Hotels & Resorts

Capitalization Consolidated Debt Maturity as of March 31, 2019 (1) The term loan and revolver under our credit facility that are due in 2021 have extension options that would extend the maturity of both instruments to 2022, subject to meeting certain conditions, including payment of a fee. Host Hotels & Resorts

Capitalization (unaudited, in millions, except ratios) Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio GAAP Leverage Ratio March 31, 2019 Debt $3,862 Net income – trailing twelve months 1,084 GAAP Leverage Ratio 3.6x The following table presents the calculation of Host's leverage ratio using GAAP measures: The following table presents the calculation of Host's leverage ratio as used in the financial covenants of the credit facility: Leverage Ratio per Credit Facility March 31, 2019 Net debt (1) $2,902 Adjusted Credit Facility EBITDA – trailing twelve months (2) 1,565 Leverage Ratio 1.9x (1) The following presents the reconciliation of debt to net debt per our credit facility definition: March 31, 2019 Debt $3,862 Deferred financing cost 20 Less: Unrestricted cash over $100 million (980) Net debt per credit facility definition $2,902 (2) The following presents the reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre and EBITDA per our credit facility definition in determining leverage ratio: Host Hotels & Resorts Trailing twelve months March 31, 2019 Net income $1,084 Interest expense 175 Depreciation and amortization 684 Income taxes 148 EBITDA 2,091 Gain on dispositions (786) Non-cash impairment expense 252 Equity in earnings of affiliates (25) Pro rata EBITDAre of equity investments 66 EBITDAre and Adjusted EBITDAre 1,598 Pro forma EBITDA – Acquisitions 35 Pro forma EBITDA – Dispositions (41) Restricted stock expense and other non-cash items 14 Non-cash partnership adjustments (41) Adjusted Credit Facility EBITDA $1,565

Capitalization (unaudited, in millions, except ratios) Reconciliation of GAAP Fixed Charge Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio The following tables present the calculation of our fixed charge coverage ratio using GAAP measures and as used in the financial covenants of the credit facility: GAAP Fixed Charge Coverage Ratio Credit Facility Fixed Charge Coverage Ratio Trailing twelve months March 31, 2019 Trailing twelve months March 31, 2019 Net income $1,084 Credit Facility Fixed Charge Coverage Ratio EBITDA(1) $1,287 Interest expense 175 Fixed Charges(2) 204 GAAP Fixed Charge Coverage Ratio 6.2x Credit Facility Fixed Charge Coverage Ratio 6.3x ___________ (1) The following reconciles Adjusted Credit Facility EBITDA to Credit Facility Fixed Charge Coverage Ratio EBITDA. See Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio for calculation and reconciliation of Adjusted Credit Facility EBITDA. Trailing twelve months March 31, 2019 Adjusted Credit Facility EBITDA $1,565 Less: 5% of Hotel Property Gross Revenue (278) Credit Facility Fixed Charge Coverage Ratio EBITDA $1,287 (2) The following table reconciles GAAP interest expense to interest expense per our credit facility definition to fixed charges: Trailing twelve months March 31, 2019 GAAP Interest expense $175 Deferred financing cost amortization (6) Capitalized interest 3 Accretion expense (2) Pro forma interest adjustments (5) Adjusted Credit Facility interest expense 165 Cash taxes on ordinary income 39 Fixed Charges $204 Host Hotels & Resorts

Capitalization (unaudited, in millions, except ratios) Reconciliation of GAAP Interest Coverage Ratio to EBITDA to Interest Coverage Ratio The following tables present the calculation of our interest coverage ratio using GAAP measures and as used in the senior notes indenture covenants: GAAP Interest Coverage Ratio Trailing twelve months March 31, 2019 Net income $1,084 Interest expense 175 GAAP Interest Coverage Ratio 6.2x EBITDA to Interest Coverage Ratio Trailing twelve months March 31, 2019 Adjusted Credit Facility EBITDA (1) $1,565 Non-controlling interest adjustment 1 Adjusted Senior Notes EBITDA $1,566 Adjusted Credit Facility interest expense (2) $165 EBITDA to Interest Coverage Ratio 9.5x __________ (1) See Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio for the calculation of Adjusted Credit Facility EBITDA and reconciliation to net income. (2) See Reconciliation of GAAP Fixed Charge Coverage Ratio to Credit Facility Fixed Charge Coverage Ratio for the calculation of Adjusted Credit Facility interest expense and reconciliation to GAAP interest expense. This same measure is used for our senior notes. Host Hotels & Resorts

Capitalization Ground Lease Summary as of December 31, 2018 As of December 31, 2018 Hotel No. of rooms Lessor Institution Type Minimum rent Current expiration Expiration after all potential options(1) 1 Atlanta Marriott Midtown Suites 254 Private 743,092 1/3/2025 1/3/2105 2 Boston Marriott Copley Place 1,144 Public N/A (2) 12/13/2077 12/13/2077 3 Coronado Island Marriott Resort & Spa 300 Public 1,378,850 10/31/2062 10/31/2078 4 Denver Marriott West 305 Private 160,000 12/28/2028 12/28/2058 5 Houston Airport Marriott at George Bush Intercontinental 573 Public 1,560,000 10/31/2053 10/31/2053 6 Houston Marriott Medical Center 395 Non-Profit 160,000 12/28/2019 12/28/2059 7 Manchester Grand Hyatt San Diego 1,628 Public 6,600,000 5/31/2067 5/31/2067 8 Marina del Rey Marriott 370 Public 1,777,140 3/31/2043 3/31/2043 9 Marriott Marquis San Diego Marina 1,360 Public 8,703,891 11/30/2061 11/30/2061 10 Newark Liberty International Airport Marriott 591 Public 2,476,119 12/31/2055 12/31/2055 11 Philadelphia Airport Marriott 419 Public 1,206,786 6/29/2045 6/29/2045 12 San Antonio Marriott Rivercenter 1,001 Private 700,000 12/31/2033 12/31/2063 13 San Francisco Marriott Marquis 1,500 Public 1,500,000 8/25/2046 8/25/2076 14 San Ramon Marriott 368 Private 482,144 5/29/2034 5/29/2064 15 Santa Clara Marriott 759 Private 90,932 11/30/2028 11/30/2058 16 Sheraton San Diego Hotel & Marina 1,053 Public 2,195,987 10/31/2078 10/31/2078 17 Tampa Airport Marriott 298 Public 1,497,946 12/31/2033 12/31/2033 18 The Ritz-Carlton, Marina del Rey 304 Public 1,453,104 7/29/2067 7/29/2067 19 The Ritz-Carlton, Tysons Corner 398 Private 992,722 6/30/2112 6/30/2112 20 The Westin Cincinnati 456 Public 100,000 6/30/2045 6/30/2075 (3) 21 The Westin Los Angeles Airport 747 Private 1,225,050 1/31/2054 1/31/2074 (4) 22 The Westin South Coast Plaza, Costa Mesa 390 Private 178,160 9/30/2025 9/30/2025 23 Toronto Marriott Downtown Eaton Centre Hotel 461 Non-Profit 396,863 9/20/2082 9/20/2082 24 W Hollywood 305 Public 366,579 3/28/2106 3/28/2106 25 Washington Dulles Airport Marriott 368 Public 930,015 9/30/2027 9/30/2027 Weighted average remaining lease term (assuming all extension options) 47 years Percentage of leases (based on room count) with Public/Private/Non-Profit lessors 68%/27%/5% __________ Exercise of Host’s option to extend is subject to certain conditions, including the existence of no defaults and subject to any applicable rent escalation or rent re-negotiation provisions. All rental payments have been previously paid and no further rental payments are required for the remainder of the lease term. No renewal term in the event the Lessor determines to discontinue use of building as a hotel. A condition of renewal is that the hotel’s occupancy compares favorably to similar hotels for the preceding three years. Host Hotels & Resorts

2019 Outlook Host Hotels & Resorts

2019 Outlook The Company estimates its 2019 operating results as compared to the prior year will change in the following range: Based upon the above parameters, the Company estimates its 2019 guidance as follows: See the 2019 Forecast Schedules and the Notes to Supplemental Financial Information for other assumptions used in the forecasts and items that may affect forecast results. Host Hotels & Resorts __________ Forecast comparable hotel results include 81 hotels that are assumed will be classified as comparable as of December 31, 2019. See the 2019 Forecast Schedules for a listing of hotels excluded from the full year 2019 comparable hotel set. Previous Full Year 2019 Guidance Current Full Year 2019 Guidance Change in Full Year 2019 Guidance to the Mid-Point Total comparable hotel RevPAR - Constant US$ (1) 0.0% to 2.0% 0.0% to 2.0% 0 bps Total revenues under GAAP 0.6% to 2.6% 0.1% to 2.1% (50 bps) Operating profit margin under GAAP 440 bps to 530 bps 460 bps to 550 bps 20 bps Comparable hotel EBITDA margins (50) bps to 10 bps (25) bps to 35 bps 25 bps Previous Full Year 2019 Guidance Current Full Year 2019 Guidance Change in Full Year 2019 Guidance to the Mid-Point Net income (in millions) $587 to $652 $619 to $683 $31.5 Adjusted EBITDAre (in millions) $1,515 to $1,580 $1,535 to $1,600 $20 Diluted earnings per common share $.78 to $.87 $.82 to $.91 $.04 NAREIT FFO per diluted share $1.72 to $1.81 $1.76 to $1.84 $.03 Adjusted FFO per diluted share $1.72 to $1.81 $1.76 to $1.84 $.03

2019 Outlook (unaudited, in millions, except per share amounts) 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 2019 Forecasts(1) (1) The forecasts are based on the below assumptions: Total comparable hotel RevPAR in constant US$ will increase 0.0% to 2.0% for the low and high end of the forecast range, which excludes the effect of changes in foreign currency. However, the effect of estimated changes in foreign currency has been reflected in the forecast of net income, EBITDA, earnings per diluted share and Adjusted FFO per diluted share. Comparable hotel EBITDA margins will decrease 25 basis points or increase 35 basis points for the low and high ends of the forecasted RevPAR range, respectively. We expect to spend approximately $315 million to $350 million on ROI capital expenditures and approximately $235 million to $275 million on renewal and replacement capital expenditures. The above forecast assumes the sale of two additional properties. The transactions are subject to customary and other closing conditions which may not be satisfied and there can be no assurances that we will be able to complete the transactions at the prices assumed in the forecast. For a discussion of additional items that may affect forecasted results, see the Notes to Supplemental Financial Information. Host Hotels & Resorts Full Year 2019 Low-end of range High-end of range Net income $ 619 $ 683 Interest expense 177 177 Depreciation and amortization 697 697 Income taxes 28 29 EBITDA 1,521 1,586 Gain on dispositions (2) (2) Equity investment adjustments: Equity in earnings of affiliates (10) (10) Pro rata EBITDAre of equity investments 26 26 EBITDAre 1,535 1,600 Adjusted EBITDAre $ 1,535 $ 1,600 Full Year 2019 Low-end of range High-end of range Net income $ 619 $ 683 Less: Net income attributable to non-controlling interests (9) (10) Net income attributable to Host Inc. 610 673 Adjustments: Gain on dispositions (2) (2) Depreciation and amortization 693 693 Equity investment adjustments: Equity in earnings of affiliates (10) (10) Pro rata FFO of equity investments 20 20 Consolidated partnership adjustments: FFO adjustment for non-controlling interests of Host LP (7) (7) NAREIT FFO 1,304 1,367 Adjusted FFO $ 1,304 $ 1,367 Weighted average diluted shares - EPS, NAREIT and Adjusted FFO 741.8 741.8 Diluted earnings per common share $ 0.82 $ 0.91 NAREIT FFO per diluted share $ 1.76 $ 1.84 Adjusted FFO per diluted share $ 1.76 $ 1.84 ___________

2019 Outlook (unaudited, in millions, except hotel statistics) Schedule of Comparable Hotel Results for 2019 Forecasts(1) Full Year 2019 Low-end of range High-end of range Operating profit margin (2) 14.2% 15.1% Comparable hotel EBITDA margin (3) 28.9% 29.5% Net income $ 619 $ 683 Depreciation and amortization 697 697 Interest expense 177 177 Provision for income taxes 28 29 Corporate level income/expense 76 76 Non-comparable hotel results, net (4) (252) (261) Comparable hotel EBITDA $ 1,345 $ 1,401 Low-end of range Adjustments GAAP Results Non-comparable hotel results, net(4) Depreciation and corporate level items Comparable Hotel Results Revenues Rooms $ 3,518 $ (534) $ — $ 2,984 Food and beverage 1,641 (248) — 1,393 Other 372 (87) — 285 Total revenues 5,531 (869) — 4,662 Expenses Hotel expenses 3,934 (617) — 3,317 Depreciation 697 — (697) — Corporate and other expenses 113 — (113) — Total expenses 4,744 (617) (810) 3,317 Operating Profit - Comparable Hotel EBITDA $ 787 $ (252) $ 810 $ 1,345 High-end of range Adjustments GAAP Results Non-comparable hotel results, net(4) Depreciation and corporate level items Comparable Hotel Results Revenues Rooms $ 3,588 $ (544) $ — $ 3,044 Food and beverage 1,673 (252) — 1,421 Other 379 (89) — 290 Total revenues 5,640 (885) — 4,755 Expenses Hotel expenses 3,978 (624) — 3,354 Depreciation and amortization 697 — (697) — Corporate and other expenses 113 — (113) — Total expenses 4,788 (624) (810) 3,354 Operating Profit - Comparable Hotel EBITDA $ 852 $ (261) $ 810 $ 1,401 ___________ (1)Forecast comparable hotel results include 81 hotels (of our 93 hotels owned at March 31, 2019) that we have assumed will be classified as comparable as of December 31, 2019. See “Comparable Hotel Operating Statistics” in the Notes to Supplemental Financial Information. No assurances can be made as to the hotels that will be in the comparable hotel set for 2019. Also, see the notes to the “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 2019 Forecasts” for other forecast assumptions and further discussion of transactions affecting our comparable hotel set. (2)Operating profit margin under GAAP is calculated as the operating profit divided by the forecast total revenues per the condensed consolidated statements of operations. (3)Comparable hotel EBITDA margin is calculated as the comparable hotel EBITDA divided by the comparable hotel sales per the tables above. (4)Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels and sold hotels, which operations are included in our condensed consolidated statements of operations as continuing operations, (ii) gains on insurance settlements and business interruption proceeds, and (iii) the results of our office spaces and other non-hotel income. The following hotels are expected to be non-comparable for full-year forecast:   Acquisitions: Andaz Maui at Wailea Resort (acquired in March 2018) Grand Hyatt San Francisco (acquired in March 2018) Hyatt Regency Coconut Point Resort and Spa (acquired in March 2018) 1 Hotel South Beach (acquired in February 2019)   Renovations: The Ritz-Carlton, Naples (business disruption beginning in the second quarter of 2018) San Francisco Marriott Marquis (business disruption beginning in the third quarter of 2018) Costa Mesa Marriott (business disruption in 2019) Minneapolis Marriott City Center (business disruption in 2019) San Antonio Marriott Rivercenter (business disruption in 2019)   Dispositions or properties under contract (includes forecast or actual results from January 1, 2019 through the anticipated or actual sale date): The Westin New York Grand Central (sold January 9, 2019) The Westin Mission Hills Golf Resort & Spa (sold April 2, 2019) Two unspecified dispositions Host Hotels & Resorts

Notes to Supplemental Financial Information Host Hotels & Resorts

Notes to Supplemental Financial Information Forecasts Our forecast of 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 and margin growth; the amount and timing of acquisitions and dispositions of hotel properties is an estimate that can substantially affect financial results, including such items as net income, depreciation and gains on dispositions; the level of capital expenditures may change significantly, which will directly affect the level of depreciation expense and net income; 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 To facilitate a quarter-to-quarter comparison of our operations, we present certain operating statistics (i.e., RevPAR, average daily rate and average occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in this presentation on a comparable hotel basis. Because these statistics and operating results relate only to our hotel properties, they exclude results for our non-hotel properties and other real estate investments. We define our comparable hotels as properties: (i) that are owned or leased by us and the operations of which are included in our consolidated results for the entirety of the reporting periods being compared; and (ii) that have not sustained substantial property damage or business interruption, or undergone large-scale capital projects (as further defined below) during the reporting periods being compared. 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 that would cause a hotel to be excluded from our comparable hotel set is an extensive renovation of several core aspects of the hotel, such as rooms, meeting space, lobby, bars, restaurants and other public spaces. Both quantitative and qualitative factors are taken into consideration in determining if the renovation would cause a hotel to be removed from the comparable hotel set, including unusual or exceptional circumstances such as: a reduction or increase in room count, rebranding, a significant alteration of the business operations, or the closing of the hotel during the renovation. We do not include an acquired hotel in our comparable hotel set until the operating results for that hotel have been included in our consolidated results for one full calendar year. For example, we acquired the 1 Hotel South Beach in February 2019. The hotel will not be included in our comparable hotels until January 1, 2021. Hotels that we sell are excluded from the comparable hotel set once the transaction has closed. Similarly, hotels are excluded from our comparable hotel set from the date that they sustain substantial property damage or business interruption or commence a large-scale capital project. 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 completion of the repair of the property damage or cessation of the business interruption, or the completion of large-scale capital projects, as applicable. Host Hotels & Resorts

Notes to Supplemental Financial Information Comparable Hotel Operating Statistics (continued) Of the 93 hotels that we owned on March 31, 2019, 87 have been classified as comparable hotels. The operating results of the following hotels that we owned as of March 31, 2019 are excluded from comparable hotel results for these periods: Andaz Maui at Wailea Resort (acquired in March 2018); Grand Hyatt San Francisco (acquired in March 2018); Hyatt Regency Coconut Point Resort and Spa (acquired in March 2018); 1 Hotel South Beach (acquired in February 2019); The Ritz-Carlton, Naples, removed in the second quarter of 2018 (business disruption due to extensive renovations including restoration of the façade that required closure of the hotel for over two months, coordinated with renovation and expansion of restaurant areas and renovation to the spa and ballrooms); and San Francisco Marriott Marquis, removed in the third quarter of 2018 (business disruption due to renovations of guestrooms, ballrooms, meeting space, and extensive renovations of the main lobby). The operating results of five hotels disposed of in 2019 and 2018 are not included in comparable hotel results for the periods presented herein. Host Hotels & Resorts Non-GAAP Financial Measures Included in this supplemental information are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre, (iv) Comparable Hotel Property Level Operating Results, (v) Credit Facility Leverage and Fixed Charge Coverage Ratios and (vi) Senior Notes EBITDA to Interest Coverage Ratio. 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. The adoption did not result in a change in the way we calculate NAREIT FFO. NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs 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.

Notes to Supplemental Financial Information Non-GAAP Financial Measures (continued) 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, impairments 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 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 associated with 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 outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance. In unusual circumstances, we may also 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 corporate income tax rates from 35% to 21% caused 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 the deferred tax assets and increase the provision for income taxes by approximately $11 million. We do not consider this adjustment to be reflective of our on-going operating performance and therefore excluded this item from Adjusted FFO. Host Hotels & Resorts

Notes to Supplemental Financial Information Non-GAAP Financial Measures (continued) 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 write-downs of 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 outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance. 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 such adjustment was a 2013 exclusion of a gain from an eminent domain claim. Host Hotels & Resorts

Notes to Supplemental Financial Information Non-GAAP Financial Measures (continued) Limitations on the Use of NAREIT FFO per Diluted Share, Adjusted FFO per Diluted Share, EBITDA, EBITDAre and Adjusted EBITDAre We calculate NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. In addition, although FFO per diluted share is a useful measure when comparing our results to other REITs, it may not be helpful to investors when comparing us to non-REITs. We also calculate Adjusted FFO per diluted share, which is not in accordance with NAREIT guidance and may not be comparable to measures calculated by other REITs. EBITDA, EBITDAre and Adjusted EBITDAre, as presented, may also not be comparable to measures calculated 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) 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 statement of operations and cash flows 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 seven domestic and international partnerships that own a total of 10 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 investors. Our comparable hotel results present operating results for hotels owned during the entirety of the periods being compared without giving effect to any acquisitions or dispositions, significant property damage or large scale capital improvements incurred during these periods. We present comparable hotel EBITDA to help us and our investors evaluate the ongoing operating performance of our comparable properties after removing the impact of the Company’s capital structure (primarily interest expense), and its asset base (primarily depreciation and amortization). Corporate-level costs and expenses are also removed to arrive at property-level results. We believe these property-level results provide investors with supplemental information into the ongoing operating performance of our comparable hotels. Comparable hotel results are presented both by location and for the Company’s comparable properties in the aggregate. We eliminate depreciation and amortization because, even though depreciation and amortization 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 have historically risen or fallen with market conditions, many real estate industry investors have considered presentation of historical cost accounting for operating results to be insufficient by themselves. Host Hotels & Resorts

Notes to Supplemental Financial Information Non-GAAP Financial Measures (continued) Because of the elimination of corporate-level costs and expenses and depreciation and amortization, 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 the performance of our company 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, such as the effect of acquisitions or dispositions. While management believes that presentation of comparable hotel results is a “same store” 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 these hotels, as these decisions are based on data for individual hotels and are not based on comparable hotel results. For these reasons, we believe that comparable hotel operating results, when combined with the presentation of GAAP operating profit, revenues and expenses, provide useful information to investors and management. Credit Facility Leverage and Fixed Charge Coverage Ratios and Senior Notes EBITDA to Interest Coverage Ratio Host’s credit facility and senior notes indenture contain certain financial covenants, including allowable leverage, fixed charge coverage and EBITDA to interest coverage ratios, which are determined using EBITDA as calculated under the terms of our credit facility (“Adjusted Credit Facility EBITDA”) and senior notes indenture (“Adjusted Senior Notes EBITDA”). The leverage ratio is defined as net debt plus preferred equity to Adjusted Credit Facility EBITDA. The fixed charge coverage ratio is defined as Adjusted Credit Facility EBITDA divided by fixed charges, which include interest expense, required debt amortization payments, cash taxes and preferred stock payments. The EBITDA to interest coverage ratio is defined as Adjusted Senior Notes EBITDA to interest expense as defined by our senior notes indenture. These calculations are based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions and financings as if they occurred at the beginning of the period. Under the terms of the credit facility and senior notes indenture, interest expense excludes items such as the gains and losses on the extinguishment of debt, deferred financing charges related to the senior notes or the credit facility, amortization of debt premiums or discounts that were recorded at issuance of a loan to establish its fair value and non-cash interest expense, all of which are included in interest expense on our consolidated statement of operations. Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100 million are deducted from our total debt balance. In this presentation we have presented our credit facility leverage and fixed charge coverage ratios and senior notes EBITDA to interest coverage ratio, which are considered non-GAAP financial measures. Management believes these financial ratios provide useful information to investors regarding our ability to access the capital markets and in particular debt financing. Limitations on Credit Facility and Senior Notes Credit Ratios These metrics are useful in evaluating the Company’s compliance with the covenants contained in its credit facility and senior notes indentures. However, because of the various adjustments taken to the ratio components as a result of negotiations with the Company’s lenders and noteholders they should not be considered as an alternative to the same ratios determined in accordance with GAAP. For instance, interest expense as calculated under the credit facility and senior notes indenture excludes the items noted above such as deferred financing charges and amortization of debt premiums or discounts, all of which are included in interest expense on our consolidated statement of operations. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of performance. In addition, because the credit facility and indenture ratio components are also based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions and financings as if they occurred at the beginning of the period, they are not reflective of actual performance over the same period calculated in accordance with GAAP. Host Hotels & Resorts