Host Hotels & Resorts, Inc. Files 2023 Annual Report (10-K)

Ticker: HST · Form: 10-K · Filed: Feb 28, 2024 · CIK: 1070750

Sentiment: neutral

Topics: 10-K, Host Hotels & Resorts, REIT, Annual Report, Financials

TL;DR

<b>Host Hotels & Resorts, Inc. has filed its 2023 10-K report detailing its financial performance and operations.</b>

AI Summary

HOST HOTELS & RESORTS, INC. (HST) filed a Annual Report (10-K) with the SEC on February 28, 2024. Host Hotels & Resorts, Inc. filed its 10-K for the fiscal year ending December 31, 2023. The company's fiscal year ends on December 31st. The filing was made on February 28, 2024. The company's principal business address is 4747 Bethesda Avenue, Suite 1300, Bethesda, MD 20814. Host Hotels & Resorts, Inc. was formerly known as Host Marriott Corp and HMC Merger Corp.

Why It Matters

For investors and stakeholders tracking HOST HOTELS & RESORTS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Host Hotels & Resorts' financial health, operational performance, and strategic positioning for the fiscal year 2023, crucial for investors to assess the company's value and future prospects. Understanding the details within this filing is essential for stakeholders to evaluate the company's real estate investment trust (REIT) performance, debt levels, and overall market competitiveness in the hospitality sector.

Risk Assessment

Risk Level: medium — HOST HOTELS & RESORTS, INC. shows moderate risk based on this filing. The company operates in the real estate investment trust sector, which is sensitive to economic cycles and interest rate fluctuations, as indicated by its SIC code 6798 (Real Estate Investment Trusts).

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential risks in the current economic climate.

Key Numbers

Key Players & Entities

FAQ

When did HOST HOTELS & RESORTS, INC. file this 10-K?

HOST HOTELS & RESORTS, INC. filed this Annual Report (10-K) with the SEC on February 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by HOST HOTELS & RESORTS, INC. (HST).

Where can I read the original 10-K filing from HOST HOTELS & RESORTS, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by HOST HOTELS & RESORTS, INC..

What are the key takeaways from HOST HOTELS & RESORTS, INC.'s 10-K?

HOST HOTELS & RESORTS, INC. filed this 10-K on February 28, 2024. Key takeaways: Host Hotels & Resorts, Inc. filed its 10-K for the fiscal year ending December 31, 2023.. The company's fiscal year ends on December 31st.. The filing was made on February 28, 2024..

Is HOST HOTELS & RESORTS, INC. a risky investment based on this filing?

Based on this 10-K, HOST HOTELS & RESORTS, INC. presents a moderate-risk profile. The company operates in the real estate investment trust sector, which is sensitive to economic cycles and interest rate fluctuations, as indicated by its SIC code 6798 (Real Estate Investment Trusts).

What should investors do after reading HOST HOTELS & RESORTS, INC.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential risks in the current economic climate. The overall sentiment from this filing is neutral.

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Host Hotels & Resorts, Inc.)
REIT
Real Estate Investment Trust. A company that owns, operates, or finances income-generating real estate. (Host Hotels & Resorts, Inc. is classified as a REIT, indicating its business model and regulatory framework.)

Filing Stats: 4,305 words · 17 min read · ~14 pages · Grade level 10 · Accepted 2024-02-28 13:41:50

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 31

Cybersecurity

Item 1C. Cybersecurity 31 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 33 Part II Item 5. Market for Registrant's Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities for Host Inc. 35 Market for Registrant's Common Units, Related Unitholder Matters and Issuer Purchases of Equity Securities for Host L.P. 36 Item 6. Reserved 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 67 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 69 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 111 Item 9A.

Controls and Procedures

Controls and Procedures 111 Item 9B. Other Information 112 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 112 Part III Item 10. Directors, Executive Officers and Corporate Governance 113 Item 11.

Executive Compensation

Executive Compensation 113 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder and Unitholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder and Unitholder Matters 113 Item 13. Certain Relationships and Related Transactions, and Director Independence 113 Item 14. Principal Accountant Fees and Services 113 Part IV Item 15. Exhibits and Financial Statement Schedules 114 Item 16. Form 10-K Summary 117 iii Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements Our disclosure and analysis in this 2023 Annual Report on Form 10-K and in Host Inc.'s 2023 Annual Report to Stockholders contain some forward-looking statements that set forth anticipated results based on management's plans and assumptions. From time to time, we also provide forward-looking statements in other materials we release to the public. Such statements give our current expectations or forecasts of future events; they do not relate strictly to historical or current facts. We have tried, wherever possible, to identify each such statement by using words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will," "target," "forecast" and similar expressions in connection with any discussion of future operating or financial performance. In particular, these forward-looking statements include those relating to future actions, future acquisitions or dispositions, future capital expenditures plans, future performance or results of current and anticipated expenses, interest rates, foreign exchange rates or the outcome of contingencies, such as legal proceedings or insurance gains/losses. We cannot guarantee that any future results discussed in any forward-looking statements will be realized, although we believe that we have been prudent in our plans and assumptions. Achievement of future results is subject to risks, uncertainties and potentially inaccurate assumptions, including those discussed in Item 1A. "Risk Factors." Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from past results and those results anticipated, estimated or projected. You should bear this in mind as you consider forward-looking statements. We undertake no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise. You are advised, however, to consult any additional discl

Business

Item 1. Business We are the largest publicly traded lodging REIT, with a geographically diverse portfolio of luxury and upper upscale hotels. As of February 23, 2024, our consolidated lodging portfolio consists of 77 primarily luxury and upper-upscale hotels containing approximately 42,000 rooms, with substantially all located in the United States (five of the hotels are located outside of the U.S. in Brazil and Canada). In addition, we own non-controlling interests in seven domestic and one international joint ventures that focus on the lodging industry, see " - Other Real Estate Interests" for a further description. Host Inc. was incorporated as a Maryland corporation in 1998 and operates as a self-managed and self-administered REIT. Host Inc. owns hotels and conducts operations through Host L.P., of which Host Inc. is the sole general partner and of which it holds approximately 99% of the partnership interests ("OP units") as of December 31, 2023. The remaining partnership interests are owned by various unaffiliated limited partners. Host Inc. has the exclusive and complete responsibility for Host L.P.'s day-to-day management and control. Business Strategy Our goal is to be the preeminent owner of high-quality lodging real estate in growing markets in the U.S. and to generate superior long-term risk adjusted returns for our stockholders throughout all phases of the lodging cycle through a combination of appreciation in asset values, growth in earnings and the payment of dividends. The pillars of our strategy to achieve this objective and elevate our growth profile include: Geographically diverse portfolio of hotels in the U.S. - Own a diversified portfolio of hotels in the U.S. in major urban and resort destinations. 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 cr

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