Host Hotels & Resorts (HST) investor relations material

Executive summary

• First quarter 2026 results exceeded expectations, with comparable hotel RevPAR up 4.4% and Total RevPAR up 4.6% year-over-year, driven by strong leisure and group demand, especially in San Francisco, Florida, and Phoenix markets.

• Net income nearly doubled to $501 million, primarily due to $242 million in gains from the sale of three hotels and improved operations.

• Board authorized a $0.92 per share Q2 2026 dividend, including a $0.72 special dividend from Four Seasons asset sales.

• Operates as a premier U.S. lodging REIT with 76 luxury and upper-upscale hotels totaling 41,700 rooms in 21 top U.S. markets as of March 31, 2026.

• Market capitalization reached $13.3 billion and enterprise value $17.1 billion as of March 31, 2026.

Financial highlights

• Adjusted EBITDAre reached $543 million, up 5.7% year-over-year; Adjusted FFO per share was $0.67, up 4.7%.

• Comparable hotel EBITDA margin improved by 70 basis points to 32.7%; operating profit margin was 19.4%, up 150 basis points.

• Comparable hotel RevPAR for Q1 2026 was $244.11, up from $238.66 in Q1 2025.

• Group room revenue increased 2.4% year-over-year, with 1.1 million group room nights sold in Q1.

• Cash and cash equivalents at quarter-end were $1.7 billion, with $1.5 billion available under the revolver.

Outlook and guidance

• 2026 comparable hotel RevPAR growth guidance raised to 3%-4.5% over 2025; total RevPAR growth guidance now 3.5%-5%.

• Net income forecasted at $908–$955 million; Adjusted EBITDAre at $1.785–$1.835 billion; diluted EPS $1.30–$1.37.

• Comparable hotel EBITDA margin expected to be up 20-50 basis points year-over-year.

• Maui expected to contribute $120 million in EBITDA for 2026, with RevPAR growth target near 9%.

• Special events, especially the World Cup, expected to provide a 60 basis point lift to RevPAR, partially offset by a 20 basis point headwind from the presidential inauguration.