Host Hotels Resorts Inc (0J66.L) Q4 2024 Earnings Report

Host Hotels & Resorts Inc (0J66.L) reported QQ4 2024 results reflecting ongoing demand recovery for upscale lodging and a resilient portfolio. Revenue for the quarter stood at $1.428 billion, up 7.9% year-over-year and 8.3% quarter-over-quarter, supported by improving occupancy and ADR dynamics across the portfolio. Gross profit was $763 million with a gross margin of 53.4%, while EBITDA reached $359 million and the company delivered an operating income of $157 million. Net income was $108 million and diluted earnings per share (EPS) was $0.15, down 21.0% year-over-year but up 25.0% quarter-over-quarter on a per-share basis. Free cash flow was $158 million, with net cash from operating activities of $331 million and capital expenditures of $173 million, yielding a positive FCF yield on the reported period.

From a balance-sheet perspective, Host reported total assets of approximately $13.05 billion and total liabilities of $6.27 billion, with long-term debt of $5.64 billion and net debt of about $5.09 billion. Cash and cash equivalents were $554 million at period end, and stockholders’ equity totaled about $6.61 billion, yielding a debt-to-capitalization ratio near 46%. The company also disclosed a dividend payout ratio of roughly 1.29x, underscoring the cash-generative capability required to sustain the dividend against earnings. Liquidity remains supported by a sizeable equity base and steady operating cash flow, though leverage remains a key consideration for investors given the sizable debt load.

Overall, the QQ4 results illustrate a stable-to-improving operating environment for Host, with management emphasizing disciplined capital allocation and asset management. The key questions for investors center on the durability of RevPAR and occupancy improvements, the timing of debt maturities, and the capacity to translate solid quarterly cash flow into sustainable FFO growth and dividend coverage going forward.