Host Hotels Resorts Inc (0J66.L) Q3 2024 Earnings Report

Host Hotels & Resorts posted a solid top-line performance for QQ3 2024 with revenue of $1.319 billion, up 8.65% year-over-year, reflecting ongoing demand for upscale lodging. The quarter, however, carried a substantial burden from elevated other expenses, resulting in a net income of $82 million and diluted EPS of $0.12, versus stronger earnings in the prior year. EBITDA reached $346 million, with an EBITDA margin of roughly 26.2%, indicating stable operating profitability despite non-operating headwinds. Free cash flow was $198 million, and cash from operations stood at $349 million, underscoring resilient operating cash generation that frames the group's ability to fund dividends and strategic investments.

A significant feature of the QQ3 cycle was sizable acquisition activity, with acquisitions net of $936 million and capex of $151 million contributing to a substantial investing outflow of about $1.076 billion. Net debt stood at $5.076 billion, with total debt around $5.64 billion and a debt-to-capitalization of ~45.7%. The balance sheet remainslarge, with total assets of $13.08 billion and stockholders’ equity of $6.71 billion. The company distributed $141 million in dividends (dividend yield ~1.14%), signaling continued capital returns to shareholders even as it pursues growth through acquisitions and asset management.

Overall, the QQ3 2024 results reinforce Host’s leadership position in upscale US lodging while highlighting the near-term earnings sensitivity to non-operating charges and the pace of deleveraging. The company’s longer-term investment thesis rests on revenue growth through pricing power and demand recovery, disciplined capital allocation, and the ability to integrate acquisitions to lift cash flow visibility. Investors should monitor leverage dynamics, the performance of the newly acquired assets, and the trajectory of occupancy and ADR-driven RevPAR in a still-volatile travel environment.