Financial Analysis

Debt Debt consists of the following (in millions): As of December 31, 2025 2024 Series E senior notes, with a rate of 4% due June 2025 $ $ 500 Series F senior notes, with a rate of 4% due February 2026 399 Series H senior notes, with a rate of 3% due December 2029 645 644 Series I senior notes, with a rate of 3% due September 2030 741 740 Series J senior notes, with a rate of 2.9% due December 2031 443 442 Series K senior notes, with a rate of 5.7% due July 2034 586 585 Series L senior notes, with a rate of 5.5% due April 2035 685 683 Series M senior notes, with a rate of 5.7% due June 2032 491 Series N senior notes, with a rate of 4.25% due December 2028 395 Total senior notes 3,986 3,993 Credit facility revolver (3) (6) Credit facility term loan due January 2027 500 499 Credit facility term loan due January 2028 499 499 Mortgage and other debt, with an average interest rate of 4.67% at both December 31, 2025 and 2024, maturing through November 2027 95 98 Total debt $ 5,077 $ 5,083 _____________ (1) There were no outstanding credit facility borrowings at December 31, 2025 or 2024. Amount shown represents deferred financing costs related to the credit facility revolver. Senior Notes General. Under the terms of our senior notes indenture, our senior notes are equal in right of payment with all our unsubordinated indebtedness and senior to all our subordinated obligations. The face amounts of our senior notes at both December 31, 2025 and 2024 were $4.1 billion. The senior note …

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The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Year ended December 31, Location 2025 2024 2023 New York $ 516 $ 431 $ 374 Orlando 504 473 466 San Diego 494 523 498 Florida Gulf Coast 451 441 339 Maui 420 371 415 San Francisco/San Jose 397 353 371 Phoenix 371 366 366 Washington, D.C. (Central Business District) 318 344 331 Miami 274 251 243 Oahu 199 94 34 Boston 155 157 151 Chicago 147 143 136 Jacksonville 145 137 128 Houston 144 148 139 Los Angeles/Orange County 139 137 141 Nashville 124 88 San Antonio 120 121 117 Seattle 108 111 105 New Orleans 103 107 99 Northern Virginia 99 99 90 Denver 97 101 89 Philadelphia 88 86 85 Atlanta 71 61 67 Austin 70 84 87 Other 357 356 348 Domestic 5,911 5,583 5,219 International 104 101 92 Total $ 6,015 $ 5,684 $ 5,311 …

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Employee Stock Plans Upon the issuance of Host Inc.s common stock for stock-based compensation, Host L.P. issues to Host Inc. common OP units of an equivalent value. Accordingly, these awards and related disclosures are included in both Host Inc.s and Host L.P.s consolidated financial statements. Host Inc. maintains two stock-based compensation plans, the Comprehensive Stock and Cash Incentive Plan (the 2024 Comprehensive Plan), under which Host Inc. may award to participating employees restricted stock units (RSUs), and the Employee Stock Purchase Plan. At December 31, 2025, there were approximately 22 million shares of Host Inc.s common stock reserved and available for issuance under the 2024 Comprehensive Plan. We recognize costs resulting from share-based payments in our financial statements over their vesting periods. No compensation cost is recognized for awards for which employees do not render the requisite services. We classify share-based payment awards granted in exchange for employee services as either equity-classified or liability-classified awards. Equity-classified awards are measured based on their fair value as of the date of grant. In contrast, liability-classified awards are re-measured to fair value each reporting period. During 2025, 2024 and 2023, we recorded stock-based compensation expense of approximately $26 million, $24 million and $30 million, respectively. Shares granted in 2025, 2024 and 2023 totaled 2.2 million, 2.0 million and 1.8 million, res …

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Fair Value Measurements Other Liabilities Fair Value of Other Financial Liabilities. We did not elect the fair value measurement option for any of our other financial assets or liabilities. The fair values of our notes receivable, secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Senior notes are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. The fair value of certain financial assets and financial liabilities is shown below (in millions): December 31, 2025 December 31, 2024 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Notes receivable (Level 2) $ 114 $ 113 $ 79 $ 80 Financial liabilities Senior notes (Level 1) 3,986 4,001 3,993 3,838 Credit facility (Level 2) 996 1,000 992 1,000 Mortgage debt (Level 2) 95 93 98 91

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Income Taxes We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with our taxable year beginning January 1, 1999. To continue to qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our annual taxable income to our stockholders, excluding net capital gain. As a REIT, generally we will not be subject to U.S. federal and state corporate income taxes on that portion of our annual taxable income that is distributed to our stockholders. If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to U.S. federal and state corporate income taxes at regular corporate income tax rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify to be treated as a REIT, we may be subject to certain state, local and foreign taxes on our income and property, and to U.S. federal and state corporate income and excise taxes on our undistributed taxable income. Effective July 4, 2025, the One Big Beautiful Bill Act was approved, resulting in certain changes to U.S. tax legislation that will impact us and our stockholders. Key provisions include a permanent extension of the 20% deduction for qualified REIT dividends, an increase in the REIT asset test limit for taxable REIT subsidiaries from 20% to 25%, a permanent restoration of 100% bonus depreciation on qualified property acquired after …

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Legal Proceedings, Guarantees and Contingencies Various legal proceedings arise in the ordinary course of our business regarding the operation of our hotels and company matters. To the extent not covered by insurance, these lawsuits generally fall into the following broad categories: disputes involving hotel-level contracts, employment litigation, compliance with laws such as the Americans with Disabilities Act, tax disputes and other general matters. Under our management agreements, our operators have broad latitude to resolve individual hotel-level claims for amounts generally less than $150,000. However, for matters exceeding such threshold, our operators may not settle claims without our consent. Based on our analysis of legal proceedings with which the Company and our hotel managers are currently involved or of which we are aware and the resolution of similar claims in the past, we have recorded immaterial accruals as of December 31, 2025 related to such claims. We have estimated that, in the aggregate, our losses related to these proceedings will not be material. We are not aware of any other matters with a reasonably possible unfavorable outcome for which disclosure of a loss contingency is required. No assurances can be given as to the outcome of any pending legal proceedings. Hurricane Loss Contingencies While many of our hotels in Florida were affected by Hurricanes Helene and Milton, which made landfall in September and October 2024, respectively, the most signific …

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Leases Taxable REIT Subsidiaries Leases. We lease substantially all our hotels to a wholly owned subsidiary that qualifies as a taxable REIT subsidiary due to the U.S. federal income tax prohibition on the ability of a REIT to derive revenues directly from the operations of a hotel. Ground Leases. As of December 31, 2025, all or a portion of 18 of our hotels are subject to ground leases, generally with multiple renewal options, all of which are accounted for as operating leases. Payments for ground leases account for approximately 72% of our 2025 minimum lease payments and 96% of our total future minimum lease payments. For lease agreements with scheduled rent increases, we recognize the fixed portion of the lease expense ratably over the term of the lease. As the exercise of the renewal options were determined to be reasonably certain, the payments associated with the renewals have been included in the measurement of the lease liability and ROU asset. Contingent rental payments based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and ROU asset but will be recognized as variable lease expense if and when they are incurred. However, certain of these leases contain provisions that increase the minimum lease payments based on an average of the variable lease payments made over the previous years, for which we will reevaluate the lease liability and ROU asset as these payments represent an increase in the minimu …

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New Accounting Standards On January 1, 2025, we adopted ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The standard requires additional disclosures about income taxes, including specific categories in the rate reconciliation and disaggregated information on income taxes paid and income from continuing operations. The standard also eliminates the requirement to disclose an estimated range of the reasonably possible change in unrecognized tax benefits in the next 12 months. Additional disclosures are included in Note 7 Income Taxes to comply with the new requirements . In November 2024, the Financial Accounting Standards Board issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . The standard requires additional disclosures with more granular information about expenses reported in the income statement. The standard also requires a reporting entity to disaggregate and disclose the nature of certain expense categories, including employee compensation, inventory-related costs, and depreciation, within the financial statement footnotes. We are still evaluating the level of disclosure that will be required. This standard is to be applied either on a prospective or retrospective basis and is effective for annual periods beginning after December 15, 2026, with early adoption permitted. …

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Profit Sharing and Post-employment Benefit PlansWe contribute to defined contribution plans for the benefit of employees who meet certain eligibility requirements and who elect participation in the plans. The discretionary amount to be matched by us is determined annually by Host Inc.s Board of Directors. Our liability recorded for this obligation is not material. Payments for these items were not material for the three years ended December31, 2025. …

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Revenues Substantially all our operating results represent revenues and expenses generated by property-level operations. Payments are due from customers when services are provided to them. Due to the short-term nature of our contracts and the almost concurrent receipt of payment, we have no material unearned revenue at year end. We collect sales, use, occupancy and similar taxes from our customers, which we present on a net basis (excluded from revenues) on our statements of operations. Disaggregation of Revenues . While we do not consider the following disclosure of hotel revenues by location to consist of reportable segments, we have disaggregated hotel revenues by market location. Our revenues also are presented by country in Note 16 Geographic and Business Segment Information. By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Year ended December 31, Location 2025 2024 2023 New York $ 516 $ 431 $ 374 Orlando 504 473 466 San Diego 494 523 498 Florida Gulf Coast 451 441 339 Maui 420 371 415 San Francisco/San Jose 397 353 371 Phoenix 371 366 366 Washington, D.C. (Central Business District) 318 344 331 Miami 274 251 243 Oahu 199 94 34 Boston 155 157 151 Chicago 147 143 136 Jacksonville 145 137 128 Houston 144 148 139 Los Angeles/Orange County 139 137 141 Nashville 124 88 San Antonio 120 121 117 Seattle 108 111 105 New Orleans 103 107 99 Northern Virginia 99 99 90 Denver 97 101 89 Phi …

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"Geographic and Business Segment Information Our chief operating decision maker (""CODM"") is our chief executive officer. We consider each one of our hotels to be an operating segment, as we allocate resources and assess operating performance based on individual hotels. All of our hotels meet the aggregation criteria for segment reporting and our other real estate investment activities (primarily our condominium sales, equity method investments, retail spaces and office buildings) are immaterial. As such, we report one segment: hotel ownership. Our consolidated foreign operations consist of hotels in two countries as of December 31, 2025. There were no intersegment sales during the periods presented. The following table presents revenues and long-lived assets for each of the geographical areas in which we operate (in millions): 2025 2024 2023 Revenues Property and Equipment, net Revenues Property and Equipment, net Revenues Property and Equipment, net United States $ 6,010 $ 10,575 $ 5,583 $ 10,852 $ 5,219 $ 9,556 Brazil 28 30 26 27 22 35 Canada 76 31 75 27 70 33 Total $ 6,114 $ 10,636 $ 5,684 $ 10,906 $ 5,311 $ 9,624 The CODM's primary measure of performance for our reportable segment is Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization (""EBITDA""). The CODM uses EBITDA to analyze how profitable a hotel is, including reviewing how each department at the hotel performed, in comparison to budget and in comparison to prior year performance, when ma …

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Summary of Significant Accounting Policies Description of Business Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust, or REIT, with its operations conducted solely through Host Hotels & Resorts, L.P. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to the consolidated financial statements, we use the terms we or our to refer to Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. together, unless the context indicates otherwise. We also use the term Host Inc. to refer specifically to Host Hotels & Resorts, Inc. and the term Host L.P. to refer specifically to Host Hotels & Resorts, L.P. in cases where it is important to distinguish between Host Inc. and Host L.P. Host Inc. holds approximately 99% of Host L.P.s partnership interests, or OP units. Consolidated Portfolio As of December 31, 2025, the hotels in our consolidated portfolio are in the following countries: Hotels United States 74 Brazil 3 Canada 2 Total 79 Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the consolidated accounts of Host Inc., Host L.P. and their subsidiaries and controlled affiliates, including joint ventures and partnerships. We consolidate subsidiaries when we have the ability to co …

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Equity of Host Inc. and Capital of Host L.P. Equity of Host Inc. Host Inc. has authorized 1,050 million shares of common stock, with a par value of $0.01 per share, of which 687.8 million and 699.1 million were outstanding as of December 31, 2025 and 2024, respectively. Fifty million shares of no par value preferred stock are authorized; none of such preferred shares was outstanding as of December 31, 2025 and 2024. Capital of Host L.P. As of December 31, 2025, Host Inc. is the owner of approximately 99% of Host L.P.s common OP units. The remaining common OP units are owned by unaffiliated limited partners. Each common OP unit may be redeemed for cash or, at the election of Host Inc., Host Inc. common stock, based on the conversion ratio of 1.021494 shares of Host Inc. common stock for each OP unit. In exchange for any shares issued by Host Inc., Host L.P. will issue common OP units based on the applicable conversion ratio. As of December 31, 2025 and 2024, Host L.P. had 682.8 million and 693.6 million OP units outstanding, respectively, of which Host Inc. held 673.3 million and 684.4 million, respectively. Repurchases and Issuances of Common Stock and Common OP Units On August 3, 2022, Host Inc.'s Board of Directors authorized an increase in our share repurchase program from the existing $371 million remaining under the prior Board authorization to $1 billion. In 2025, we repurchased 13.1 million shares at an average price of $15.68 per share, exclusive of commissions, for a …

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