AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 31/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · 1/4 · Certain agreements restrict same-brand expansion within defined areas, establishing a limited structural benefit. Coverage and economic contribution are unknown, and they do not exclude other brands. Management describes scale and high-barrier market selection as strategy without demonstrating a persistent portfolio-wide competitive return advantage.
durability · 1/4 · Territorial rights last for specified periods whose remaining terms are undisclosed. Continuing renovation requirements and transfer restrictions limit the owner's flexibility. These actual contractual boundaries support a fragile durability assessment; the risk disclosures do not establish that competitive erosion has already occurred throughout the portfolio.
customer dependency · — · Comparable occupancy and room-rate outcomes establish demand, but cannot identify dependence on Host's hotels. The supplied passages do not establish customer switching costs, irreplaceable accommodation needs, repeat-booking behavior or contractual commitments sufficient to assess customer dependency.
erosion resilience · 2/4 · Comparable first-half occupancy and hotel net income improved in 2026, supporting current operating resilience. Seattle remained loss-making and New Orleans weakened, while 2025 GAAP operating profit declined. This mixed operating record does not demonstrate durable protection from competition or isolate Host's advantage from market demand.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Across 74 comparable hotels, second-quarter ADR increased from $317.39 to $335.83 while occupancy rose from 74.1% to 74.9%. First-quarter group rate growth was separately disclosed at 1.7%. These demonstrate realized pricing gains, although mix, leisure demand and event effects limit attribution to durable pricing power.
retention · 2/4 · Indirect demand evidence is mixed: first-half comparable occupancy rose from 72.0% to 72.6%, but Seattle occupancy declined and New Orleans weakened materially. Occupancy supports an assessment of sustained demand across the hotel set, not a measured returning-guest rate, renewal rate or demonstrated switching friction.
margin resilience · 2/4 · First-half 2026 GAAP operating margin improved from 17.7% to 18.6%, with operating profit increasing 8.9%. Conversely, 2025 operating margin fell from 15.4% to 14.0% despite revenue growth. This establishes mixed realized resilience rather than persistent ability to pass through costs across periods.
contractual freedom · 2/4 · The supplied management-agreement disclosure assigns exclusive daily operating authority, including room rates, to third-party managers. Hotel-level repricing is possible, but Host lacks sole direct pricing control. This is a mixed assessment of the owner's disclosed contractual position, based on the filing dated February 26, 2025.
Predictability76
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 26.93
- positiveEarningsShare
- 80.00
- netMarginStdDev
- 5.34
- observedAnnualPeriods
- 5.00
Financial strength63
Qualitative real_estate assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy real-estate-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · At June 30, 2026, contractual leverage was 1.9x against a 7.25x maximum and fixed-charge coverage was 5.7x against a 1.25x minimum. Only one consolidated asset was mortgage-encumbered. This demonstrates substantial financing headroom, although contractual ratios differ materially from GAAP and incorporate pro forma effects.
liquidity funding · 3/4 · June cash equivalents of $1.953 billion and $1.5 billion of available revolving capacity provide strong liquidity; the separate $156 million FF&E fund is excluded. July dividends consumed $630 million. The January 2027 revolver and $500 million term-loan maturities, plus renovation commitments, shorten the demonstrated funding horizon.
asset liability risk · 2/4 · Debt was 80% fixed rate with a 4.7-year weighted maturity, limiting immediate rate exposure. January 2027 and 2028 term-loan maturities remain relevant, alongside $446 million of disclosed share of unconsolidated investment debt. Hotel demand variability and manager concentration add operating exposure; unconsolidated debt is distinguished from consolidated obligations.
earnings resilience · 2/4 · First-half comparable occupancy increased to 72.6% from 72.0%, hotel net income improved and GAAP operating cash flow rose to $845 million from $749 million. Seattle remained loss-making and New Orleans weakened. These mixed property outcomes and the 2025 operating-profit decline temper the stronger 2026 aggregate results.
Capital allocation69
Qualitative real_estate assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy real-estate-1; not an industrial ratio score or credit rating.
capital efficiency · 3/4 · First-half comparable hotel net income increased from $605.6 million to $642.4 million across the 74-hotel set, while diluted weighted-average shares declined. GAAP diluted EPS rose from $0.67 to $1.06, materially aided by dispositions. This supports bounded operating and per-share improvement, without establishing full-cycle property investment returns.
distributions and buffers · 3/4 · First-half operating cash flow of $845 million exceeded $243 million capex, $377 million common dividends and $75 million repurchases before other uses. The 2025 comparison also supports coverage of these uses. July's $630 million dividend reduced liquidity after asset sales; the special distribution does not establish recurring payout coverage.
dilution and cost · 3/4 · No shares were issued in first-half 2026, $75 million was repurchased and diluted weighted-average shares fell from 696.7 million to 688.1 million. Stock compensation of $12 million remains an economic cost. Debt carried a 4.8% weighted-average rate; neither repurchase undervaluation nor superior funding costs relative to peers is established.
investment discipline · 2/4 · Completed hotel disposals and the Reston renovation establish implementation, while received operating guarantees offset some disruption. The $242 million first-quarter disposal gain is an accounting outcome, not an investment IRR. Planned $300–350 million renovation spending through 2029 has contractual protections, but realized acquisition and redevelopment returns remain unproven.
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · In 2025, $1.510 billion of operating cash flow exceeded $644 million of capex, $623 million of common dividends and $205 million of repurchases combined. First-half 2026 cash generation also exceeded those uses. Strong liquidity supports discipline, though July's $630 million dividend and future renovation commitments constrain available buffers.
incentive alignment · 3/4 · The actual 2025 program made 60% of target long-term incentives performance-based with vesting at the end of three years. All named executives reportedly met ownership requirements, and executives and directors annually certify insider-policy compliance. These establish alignment mechanisms, without proving exceptional incentive effectiveness or supplying complete ownership amounts.
execution · 3/4 · The Reston renovation was completed in first-quarter 2026 and $3 million of operating guarantees was actually received. First-half operating profit increased 8.9%, providing indirect operating evidence alongside project delivery. These support strong bounded execution, while realized renovation investment returns and management's precise causal contribution remain unestablished.
governance · 2/4 · Actual election of nine directors for terms ending at the next annual meeting establishes annual accountability. The compensation consultant works for Board committees rather than directly for the company, and insider-policy certification provides another safeguard. These support functioning oversight mechanisms, but do not demonstrate exceptional governance outcomes.
Evidence
Certain management and operating agreements impose restrictions for a specified period which limit the manager and its affiliates from owning, operating or licensing a hotel of the same brand within a specified area.
2025 Form 10-K, filed 2026-02-25; management and operating agreements—territorial restrictions · Filed 25/02/2026
The area restrictions vary with each hotel, from city blocks in urban areas to up to a multi-mile radius from the hotel in other areas.
2025 Form 10-K, filed 2026-02-25; geographic scope of territorial restrictions · Filed 25/02/2026
•Sale of the hotel. Subject to specific agreements as to certain hotels (see below under “Special Termination Rights”), we generally are limited in our ability to sell, lease or otherwise transfer such hotels by the requirement that the transferee assumes the related management or operating agreements and meets specified other conditions, including the condition that the transferee not be a competitor of the manager.
2025 Form 10-K, filed 2026-02-25; restrictions on hotel transfers · Filed 25/02/2026
•the ability of our hotels to compete effectively against other lodging businesses in the highly competitive markets in which we operate in areas such as access, location, quality of accommodations and room rate structures;
June 2026 Form 10-Q, filed 2026-08-07; competition risk disclosure · Filed 07/08/2026
•our ability to maintain our hotels in a first-class manner, including meeting capital expenditures requirements, and the effect of renovations, including temporary closures, on our hotel occupancy and financial results;
June 2026 Form 10-Q, filed 2026-08-07; maintenance capital and renovation disruption risks · Filed 07/08/2026
Target markets with diverse demand generators, high barriers to entry, favorable supply and demand dynamics and attractive long-term projected RevPAR growth;
1
Table of Contents
•Strong scale and integrated platform - Utilize our scale to create value through enterprise analytics, asset management and capital investment initiatives, while aiding external growth by leveraging scale as a competitive advantage to acquire assets befitting our strategy.
2025 Form 10-K, filed 2026-02-25; management's market-selection and scale strategy · Filed 25/02/2026
Host Inc. was incorporated as a Maryland corporation in 1998 and operates as a self-managed and self-administered REIT.
2025 Form 10-K, filed 2026-02-25; Host Inc. self-managed REIT operating scope · Filed 25/02/2026
Host Inc. is a REIT, and its only significant asset is the ownership of general and limited partner interests of Host L.P.; therefore, its financing and investing activities are conducted through Host L.P., except for the issuance of its common and preferred stock.
March 2026 Form 10-Q, filed 2026-05-08; parent REIT and Host L.P. financing structure · Filed 08/05/2026
Under these agreements, the managers have sole responsibility and exclusive authority for all activities necessary for the day-to-day operation of the hotels, including establishing room rates, securing and processing reservations, procuring inventories, supplies and services, providing periodic inspection and consultation visits to the hotels by the managers’ technical and operational experts and promoting and publicizing the hotels.
2024 Form 10-K, filed 2025-02-26; managers' exclusive daily operating and room-rate authority · Filed 26/02/2025
For the first quarter, transient revenue increased by 5.5%, reflecting growth in average room rates driven by leisure demand, particularly at our resorts.
March 2026 Form 10-Q, filed 2026-05-08; first-quarter transient revenue and rate drivers · Filed 08/05/2026
In addition, group revenue increased by 2.4% compared to 2025, due to a combination of rate growth of 1.7% and a 0.7% increase in room nights, driven by the Super Bowl and other city-wide events.
March 2026 Form 10-Q, filed 2026-05-08; first-quarter group rate, volume and event effects · Filed 08/05/2026
149.35
231.44
(2.6
%)
(5.2
%)
Other
7
2,110
295.45
74.3
%
219.48
332.71
275.92
75.7
%
208.76
317.32
5.1
%
4.9
%
Domestic
69
39,475
339.81
75.2
%
255.42
425.08
321.66
74.2
%
238.66
401.41
7.0
%
5.9
%
International
5
1,499
219.64
67.8
%
149.01
219.29
198.72
70.5
%
140.01
205.53
6.4
%
6.7
%
All Locations
74
40,974
$
335.83
74.9
%
$
251.53
$
417.58
$
317.39
74.1
%
$
235.05
$
394.27
7.0
%
5.9
%
Second-quarter results, filed 2026-08-05; quarter ended June 30, 2026 versus 2025, 74 comparable hotels and 40,974 rooms · Filed 05/08/2026
(CBD)
4
2,788
333.15
67.1%
223.51
161.8
320.88
44.5
58.4
San Francisco/San Jose
6
4,162
270.28
68.0%
183.90
207.9
276.02
15.0
43.2
Boston
2
1,496
288.08
73.6%
212.12
75.9
280.32
15.7
24.6
Northern Virginia
2
916
276.19
66.6%
184.04
48.6
293.21
9.3
14.5
Philadelphia
2
810
238.28
81.1%
193.36
43.0
293.01
8.4
13.3
Orlando
1
2,004
248.19
73.6%
182.65
165.5
456.29
67.0
61.8
Austin
2
769
250.94
58.0%
145.46
37.4
269.61
5.7
14.8
Chicago
3
1,562
237.69
66.0%
156.86
63.9
226.03
3.6
11.7
Houston
4
1,710
215.87
71.8%
154.89
67.0
216.34
14.6
22.6
Atlanta
2
810
219.91
67.8%
149.07
37.8
257.84
5.0
11.9
San Antonio
2
1,512
230.63
63.7%
146.88
64.9
237.17
13.7
21.0
Seattle
2
1,315
234.08
66.2%
155.07
51.0
214.18
(0.7)
5.5
New Orleans
1
1,333
229.88
68.7%
157.87
59.7
247.55
16.6
21.4
Denver
3
1,342
198.40
63.4%
125.86
47.6
195.77
6.8
14.1
Other
7
2,110
288.63
70.1%
202.27
116.3
304.37
24.3
31.5
Other property level (1)
0.3
0.2
0.2
Domestic
69
39,475
330.33
72.2%
238.66
2,898.9
405.47
595.1
918.8
International
5
1,499
186.40
65.7%
122.54
46.5
171.41
10.5
13.9
All Locations - comparable hotels
74
40,974
$325.53
72.0%
$234.41
$2,945.4
$396.95
$605.6
$932.7
Non-comparable hotels
1
348
18.5
11.9
18.2
Property transaction adjustments (2)
—
—
216.0
—
58.4
Gain on sale of property and corporate
level income/expense (3)
—
(141.2)
(1.4)
Total
75
41,322
$—
—
$—
$3,179.9
$—
$476.3
$1,007.9
Second-quarter supplemental information, filed 2026-08-05; year-to-date June 30, 2025 comparable hotel results, dollar totals in millions and room statistics · Filed 05/08/2026
(CBD)
4
2,788
321.87
70.1%
225.77
168.9
334.66
29.3
53.8
San Francisco/San Jose
6
4,162
303.55
71.5%
216.93
235.8
312.99
37.4
64.4
Boston
2
1,496
303.85
69.5%
211.11
78.5
290.06
15.3
24.4
Northern Virginia
2
916
280.37
72.5%
203.24
51.8
312.46
8.2
14.7
Philadelphia
2
810
255.68
79.3%
202.83
44.9
306.03
10.6
13.9
Orlando
1
2,004
256.74
71.9%
184.70
168.9
465.92
51.6
60.0
Austin
2
769
258.69
68.7%
177.67
46.0
330.14
3.6
15.2
Chicago
3
1,562
246.91
67.8%
167.52
68.8
243.35
6.0
14.2
Houston
4
1,710
225.00
71.5%
160.92
68.2
220.30
15.7
23.5
Atlanta
2
810
226.33
69.8%
158.01
40.2
274.07
4.9
12.7
San Antonio
2
1,512
235.02
65.5%
153.94
68.0
248.65
15.4
22.7
Seattle
2
1,315
238.46
64.0%
152.70
50.5
212.26
(0.7)
5.1
New Orleans
1
1,333
200.17
63.7%
127.41
51.2
212.03
12.4
18.8
Denver
3
1,342
201.44
62.0%
124.95
46.9
193.16
9.2
16.0
Other
7
2,110
301.03
70.5%
212.29
120.8
316.30
25.7
35.1
Other property level (2)
—
(0.6)
(0.6)
Domestic
69
39,475
345.75
72.9%
252.14
3,050.2
426.41
629.9
986.4
International
5
1,499
209.22
64.3%
134.59
52.2
192.47
12.5
15.7
All Locations - comparable hotels
74
40,974
$341.33
72.6%
$247.84
$3,102.4
$417.89
$642.4
$1,002.1
Non-comparable hotels
1
348
49.0
17.6
26.7
Property transaction adjustments (3)
—
—
55.0
(0.1)
11.0
Gain on sale of property and corporate
level income/expense (4)
78.6
82.2
232.8
Total
75
41,322
—
—
—
$3,285.0
—
$742.1
$1,272.6
Second-quarter supplemental information, filed 2026-08-05; year-to-date June 30, 2026 comparable hotel results, dollar totals in millions and room statistics · Filed 05/08/2026
Historical Income Statement Data:
Quarter ended
June 30,
Year-to-date ended
June 30,
2026
2025
Change
2026
2025
Change
Total revenues
$
1,640
$
1,586
3.4
%
$
3,285
$
3,180
3.3
%
Net income
241
225
7.1
%
742
476
55.9
%
Operating profit
293
277
5.8
%
612
562
8.9
%
Operating profit margin under GAAP
17.9
%
17.5
%
40
bps
18.6
%
17.7
%
90
bps
EBITDAre⁽¹⁾
$
519
$
491
5.7
%
$
1,056
$
999
5.7
%
Adjusted EBITDAre⁽¹⁾
525
496
5.8
%
1,068
1,010
5.7
%
Diluted earnings per common share
0.35
0.32
9.4
%
1.06
0.67
58.2
%
NAREIT FFO per diluted share⁽¹⁾
0.62
0.57
8.8
%
1.28
1.20
6.7
%
Adjusted FFO per diluted share⁽¹⁾
0.63
0.58
8.6
%
1.30
1.21
7.4
%
June 2026 Form 10-Q, filed 2026-08-07; quarterly and year-to-date historical income statement data · Filed 07/08/2026
Historical Income Statement Data:
2025
2024
Change
Total revenues
$
6,114
$
5,684
7.6
%
Net income
776
707
9.8
%
Operating profit
855
875
(2.3
%)
Operating profit margin under GAAP
14.0
%
15.4
%
(140)
bps
EBITDAre ⁽¹⁾
$
1,731
$
1,726
0.3
%
Adjusted EBITDAre ⁽¹⁾
1,757
1,680
4.6
%
Diluted earnings per common share
$
1.10
$
0.99
11.1
%
NAREIT FFO per diluted share ⁽¹⁾
2.03
1.97
3.0
%
Adjusted FFO per diluted share ⁽¹⁾
2.07
2.00
3.5
%
2025 Form 10-K, filed 2026-02-25; 2025 versus 2024 historical income statement data · Filed 25/02/2026
Year-to-date ended
June 30,
2026
2025
OPERATING ACTIVITIES
Net income
$
742
$
476
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
383
391
Amortization of finance costs, discounts and premiums, net
6
6
Non-cash stock-based compensation expense
12
11
Other gains
(241)
(26)
Equity in earnings of affiliates
(11)
(14)
Change in due from/to managers
(102)
(58)
Distributions from investments in affiliates
11
9
Property insurance proceeds - remediation costs
2
—
Payments for inventory costs
(16)
(43)
Decrease in inventory for units sold
58
—
Changes in other assets
36
31
Changes in other liabilities
(35)
(34)
Net cash provided by operating activities
845
749
INVESTING ACTIVITIES
Proceeds from sales of assets, net
1,073
63
Proceeds from loan receivable
—
79
Return of investments in affiliates
18
3
Advances to and investments in affiliates
(42)
(55)
Capital expenditures:
Renewals and replacements
(140)
(189)
Return on investment
(103)
(109)
Property insurance proceeds
—
10
Net cash provided by (used in) investing activities
806
(198)
FINANCING ACTIVITIES
Financing costs
—
(4)
Issuances of debt
—
494
Repurchase/redemption of senior notes
—
(500)
Mortgage debt and other prepayments and scheduled maturities
(1)
(1)
Common stock repurchases
(75)
(205)
Dividends on common stock
(377)
(348)
Distributions and payments to non-controlling interests
(6)
(5)
Other financing activities
(17)
(14)
Net cash used in financing activities
(476)
(583)
Effects of exchange rate changes on cash held
(1)
5
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
1,174
(27)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
937
798
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
$
2,111
$
771
June 2026 Form 10-Q, filed 2026-08-07; Host Inc. consolidated cash flows, year-to-date June 30, 2026 and 2025, in millions · Filed 07/08/2026
2025
2024
Cash and cash equivalents and restricted cash, beginning of period
$
798
$
1,363
Net increase (decrease) in cash and cash equivalents and restricted cash
139
(565)
Cash and cash equivalents and restricted cash, end of period
$
937
$
798
Operating activities
Net cash provided by operating activities
$
1,510
$
1,498
Investing activities
Acquisitions and investments
(99)
(1,560)
Dispositions, including proceeds from loan receivable, and return of capital from investments
207
1
Capital expenditures
(644)
(548)
Financing activities
Issuance of senior notes
892
1,279
Repurchase of senior notes
(900)
(400)
Common stock repurchase
(205)
(107)
Host Inc.:
Dividends on common stock
(623)
(737)
Host LP.:
Distributions on common OP units
(631)
(748)
2025 Form 10-K, filed 2026-02-25; 2025 and 2024 cash-flow summary, in millions, distinguishing Host Inc. dividends and Host L.P. distributions · Filed 25/02/2026
June 30, 2026
Credit Facility Financial Performance Tests
Permitted
GAAP Ratio
Covenant Ratio
Leverage Ratio
Maximum 7.25x
4.9x
1.9x
Unsecured Interest Coverage Ratio
Minimum 1.75x(1)
4.4x
7.4x
Consolidated Fixed Charge Coverage Ratio
Minimum 1.25x
4.4x
5.7x
Second-quarter supplemental information, filed 2026-08-05; June 30, 2026 GAAP and contractual financial performance tests · Filed 05/08/2026
Debt
Senior debt
Rate
Maturity date
June 30, 2026
December 31, 2025
Series H
3 ⅜%
12/2029
646
645
Series I
3 ½%
9/2030
742
741
Series J
2.9%
12/2031
444
443
Series K
5.7%
7/2034
586
586
Series L
5.5%
4/2035
685
685
Series M
5.7%
6/2032
491
491
Series N
4.25%
12/2028
396
395
2027 Credit facility term loan
4.5%
1/2027
500
500
2028 Credit facility term loan
4.5%
1/2028
499
499
Credit facility revolver(1)
—%
1/2027
(1)
(3)
4,988
4,982
Mortgage and other debt
Mortgage and other debt
4.67%
11/2027
94
95
Total debt(2)(3)
$5,082
$5,077
Percentage of fixed rate debt
80%
80%
Weighted average interest rate
4.8%
4.8%
Weighted average debt maturity
4.7years
5.1years
Credit Facility
Total capacity
$1,500
Available capacity
1,500
Consolidated assets encumbered by mortgage debt
1
Second-quarter supplemental information, filed 2026-08-05; June 30, 2026 consolidated debt, maturities and credit capacity, dollar balances in millions · Filed 05/08/2026
June 30, 2026
December 31, 2025
unaudited
ASSETS
Property and equipment, net
$
9,639
$
10,636
Right-of-use assets
560
560
Assets held for sale
—
34
Due from managers
110
39
Advances to and investments in affiliates
299
259
Furniture, fixtures and equipment replacement fund
156
167
Notes receivable
114
114
Other
422
472
Cash and cash equivalents
1,953
768
Total assets
$
13,253
$
13,049
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt
Senior notes
$
3,990
$
3,986
Credit facility, including the term loans of $999
998
996
Mortgage and other debt
94
95
Total debt
5,082
5,077
Lease liabilities
563
563
Accounts payable and accrued expenses
736
355
Due to managers
9
76
Other
245
246
Total liabilities
6,635
6,317
Redeemable non-controlling interests - Host Hotels & Resorts, L.P.
June 2026 Form 10-Q, filed 2026-08-07; consolidated balance sheet, in millions, separating cash equivalents from FF&E replacement funds · Filed 07/08/2026
The payment of the second quarter regular and special dividend on July 15 reduced the cash balance by $630 million.
Second-quarter results, filed 2026-08-05; actual July 15, 2026 dividend cash outflow · Filed 05/08/2026
The dividend included a $0.72 per share special dividend representing the distribution of the approximately $500 million taxable gain resulting from the Four Seasons sales completed in the first quarter of 2026.
Second-quarter results, filed 2026-08-05; special dividend and taxable gain from completed Four Seasons sales · Filed 05/08/2026
Shares/Units
2026
2026
2025
2025
2025
Common shares outstanding
685.0
684.9
687.8
687.7
687.5
Common shares outstanding assuming
conversion of OP Units (1)
694.5
694.4
697.4
696.4
696.4
Preferred OP Units outstanding
0.01
0.01
0.01
0.01
0.01
Security pricing
Common stock at end of quarter (2)
$23.71
$19.16
$17.73
$17.02
$15.36
High during quarter
25.13
20.40
18.64
17.68
16.07
Low during quarter
19.09
17.79
15.82
15.27
12.70
Capitalization
Market value of common equity (3)
$16,467
$13,305
$12,365
$11,853
$10,697
Consolidated debt
5,082
5,079
5,077
5,079
5,077
Less: Cash
(1,953)
(1,703)
(768)
(539)
(490)
Consolidated total capitalization
19,596
16,681
16,674
16,393
15,284
Plus: Share of debt in unconsolidated
investments
446
379
329
312
284
Pro rata total capitalization
$20,042
$17,060
17,003
16,705
15,568
Quarter ended
Quarter ended
Quarter ended
Quarter ended
Quarter ended
June 30,
March 31,
December 31,
September 30,
June 30,
2026
2026
2025
2025
2025
Dividends declared per common share
$0.92
$0.20
$0.35
$0.20
$0.20
(1)Each OP Unit is redeemable for cash or, at our option, for 1.021494 common shares of Host Inc.
Second-quarter supplemental information, filed 2026-08-05; dated capitalization table, including share of unconsolidated investment debt, in millions · Filed 05/08/2026
There were no shares issued during year-to-date 2026.
June 2026 Form 10-Q, filed 2026-08-07; absence of year-to-date share issuance · Filed 07/08/2026
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO
687.0
693.9
688.1
696.7
Diluted earnings per common share
$
0.35
$
0.32
$
1.06
$
0.67
NAREIT FFO per diluted share
$
0.62
$
0.57
$
1.28
$
1.20
Adjusted FFO per diluted share
$
0.63
$
0.58
$
1.30
$
1.21
June 2026 Form 10-Q, filed 2026-08-07; quarterly and year-to-date diluted weighted-average shares and per-share results · Filed 07/08/2026
The transformational renovation at the Hyatt Regency Reston was completed in the first quarter of 2026.
First-quarter results, filed 2026-05-06; completed Hyatt Regency Reston renovation · Filed 06/05/2026
NEWS RELEASE
May 6, 2026
Under the Hyatt and Marriott Transformational Capital Programs, the Company received $3 million of operating guarantees in the first quarter of 2026 to offset expected business disruption.
First-quarter results, filed 2026-05-06; operating guarantees actually received in first-quarter 2026 · Filed 06/05/2026
The Company expects to spend between $300 million and $350 million through 2029 as part of the new program and Marriott has provided operating profit guarantees and enhanced owner priority returns on the agreed upon investments.
Fourth-quarter results, filed 2026-02-18; expected 2026–2029 transformational spending and contractual protections · Filed 18/02/2026
We recorded an aggregate gain on sale of $242 million in connection with the sale of these three hotels, which is included in other gains on the unaudited condensed consolidated statements of operations.
March 2026 Form 10-Q, filed 2026-05-08; realized accounting gain on three completed hotel sales · Filed 08/05/2026
uPerformance-Based (60% of the target long-term incentive opportunity) restricted stock units that vest at the
end of a three-year period:
■Adjusted EBITDAre Performance (half of the target performance-based opportunity) restricted stock
2026 proxy, filed 2026-04-08; actual 2025 compensation program—performance-based share and three-year vesting · Filed 08/04/2026
the policy. In addition, all named executive officers have met the required stock ownership levels in 2025.
2026 proxy, filed 2026-04-08; named executives' actual 2025 ownership-guideline compliance · Filed 08/04/2026
Executives and directors annually certify that they have complied with the policy, and no Company securities are currently
2026 proxy, filed 2026-04-08; annual insider-policy compliance certification · Filed 08/04/2026
of the Board committees. It is not retained by, and does no work directly for, the Company.
2026 proxy, filed 2026-04-08; compensation consultant retained by Board committees · Filed 08/04/2026
Proposal 1 – Election of Directors
Final votes regarding the election of nine directors for terms expiring at the 2027 annual meeting of stockholders are set forth below.
Annual meeting results, filed 2026-05-22; actual election of nine directors for terms ending at the 2027 annual meeting · Filed 22/05/2026
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.
Second-quarter supplemental information, filed 2026-08-05; limitation on pro forma covenant calculations versus actual GAAP performance · Filed 05/08/2026
•risks associated with a single manager, Marriott International, managing a significant percentage of our hotels;
June 2026 Form 10-Q, filed 2026-08-07; concentration risk involving Marriott International as manager · Filed 07/08/2026
We achieved comparable hotel RevPAR growth of 7.0% for the quarter, driven by solid rate growth across the portfolio, bolstered by the World Cup and broad-based strength in leisure transient demand and group business.
Second-quarter results, filed 2026-08-05; management's attribution of quarterly growth to rates, World Cup and demand · Filed 05/08/2026
