Host Hotels & Resorts, Inc.

“As of February 20, 2026, we owned a portfolio of 76 hotels, of which 71 are in the United States and five are located in Brazil and Canada.”

“we are the largest publicly traded lodging REIT, with a geographically diverse portfolio of luxury and upper-upscale hotels. As of February 20, 2026, our consolidated lodging portfolio consists of 76 primarily luxury and upper-upscale hotels containing approximately 41,700 rooms”

“Our portfolio primarily consists of luxury and upper upscale properties, which are operated under internationally recognized brand names such as Marriott, Westin, Ritz-Carlton, Hyatt and Hilton.”

“Resorts in destination locations with limited supply growth... Convention destination hotels that are group oriented in urban and resort markets... High-end urban hotels that are positioned in prime locations”

“Our customers fall into three broad groups: transient business, group business and contract business, which accounted for approximately 61%, 34%, and 5%, respectively, of our 2025 room sales.”

“with substantially all located in the United States (five of the hotels are located outside of the U.S. in Brazil and Canada)”

“While approximately 60% of our hotel revenues in 2025 were generated from rooms sales”

“Total Marriott4828,37162.9%”

“Cost of goods sold totaled $80 million for the year ended December 31, 2025, which related to the sale of 16 condominium units adjacent to the Four Seasons Resort Orlando at Walt Disney® Resort.”

“As one of the largest owners of Marriott and Hyatt hotels, our hotels primarily are operated under brand names that are among the most respected and widely recognized in the lodging industry”

“we have made a $211.5 million capital commitment to Noble Hospitality Fund V, L.P. ("Noble Fund V"), which represents a 21.15% ownership interest in the fund.”

“Total revenues increased $430 million, or 7.6%, compared to 2024, due to improvements in room revenues driven by strong short-term transient demand, coupled with increased out-of-room spend”

“Washington Marriott at Metro Center122 — The Westin Cincinnati21 — Other5 — $148 $—”

“Host Inc. is the largest lodging REIT in NAREIT’s composite index and one of the largest owners of luxury and upper upscale hotels.”

“We will target a net debt-to-earnings before interest, taxes, depreciation and amortization ("EBITDA") ratio, (or "Leverage Ratio," as defined in our credit facility) that allows us to maintain an investment grade rating on our senior unsecured debt”

“For 2026, we will continue our disciplined approach to capital allocation and intend to take advantage of our strong balance sheet and overall scale”

“these costs represent approximately 58% of our rooms, food and beverage, and other departmental and support expenses.”

“Other property-level expenses increased $15 million, or 3.6%, in 2025, primarily due to increases in property taxes and insurance due to the 2024 Acquisitions.”

“The joint venture has a $176 million mortgage loan outstanding on the hotel that is non-recourse to us.”

“we issued $1.3 billion of senior note debt in 2024 to partially fund our 2024 Acquisitions and refinance $400 million of senior notes. We also refinanced $900 million of senior note debt in 2025 at slightly higher interest rates, on average.”

“our interest expense has increased due to higher interest rates on the senior notes we issued in 2024 and 2025”

“Host Inc.'s charter prohibits ownership, directly or by attribution, by any person or persons acting as a group, of more than 9.8% in value or number, whichever is more restrictive, of shares of Host Inc.'s outstanding common stock”

“We rely on the security systems of our managers to maintain hotel operations and to protect proprietary and hotel customer information.”

“lodging demand in Maui, one of our largest markets by revenues, has been significantly impacted by the wildfires that occurred in August 2023, and a significant number of our hotels in Florida were affected by Hurricanes Helene and Milton in September and October 2024”

“A recent source of supply for the lodging industry has been the rapid growth of online short-term rentals”

“The introduction of AI, particularly generative AI, may also result in new or expanded risks and liabilities, including due to enhanced governmental or regulatory scrutiny, litigation, copyright infringement, compliance issues, ethical concerns, security risks”

“in the California Consumer Privacy Act's case, providing a private right of action with statutory damages available to plaintiffs for certain types of data breaches”

“Our TRS are taxable as C corporations and are subject to federal, state, local, and, if applicable, foreign taxation on their taxable income.”

“economic uncertainty due to trade disputes, tariffs, and other protection measures, the recent high level of inflation, elevated interest rates, global economic prospects, consumer confidence and the value of the U.S. dollar”

“risks that the current travel imbalance (i.e., elevated international U.S. outbound travel combined with a decrease in inbound travel to the United States) may remain elevated relative to historic levels”

“natural disasters, such as the Maui wildfires in 2023 and Southern California wildfires in 2025, extreme weather events, such as Hurricane Ian in 2022 and Hurricanes Helene and Milton in 2024”

“Search engines (including generative AI search) and peer-to-peer inventory sources also provide online travel services that compete with our hotels. If bookings shift to higher cost distribution channels, including these internet travel intermediaries, it could materially impact our profitability”

“such as the shutdown from October 1, 2025 through November 12, 2025, the furlough of federal employees”

“the effect of labor stoppages or strikes, increasing operating or labor costs, including increased labor costs in the recent inflationary environment, the ability of our managers to adequately staff our hotels as a result of shortages in labor supply”