HOST HOTELS & RESORTS L.P.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Consolidated Statements of Cash Flows for the Years Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net income | $776 | $707 | $752 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 795 | 762 | 697 |
| Amortization of finance costs, discounts and premiums, net | 11 | 10 | 9 |
| Loss on extinguishment of debt | — | — | 4 |
| Non-cash stock-based compensation expense | 26 | 24 | 30 |
| Deferred income taxes | 28 | 8 | 26 |
| Other gains | (148) | — | (71) |
| Gain on property insurance settlement | — | (70) | (3) |
| Equity in earnings of affiliates | (18) | (7) | (6) |
| Change in due from/to managers | 15 | 69 | (40) |
| Distributions from investments in affiliates | 24 | 18 | 31 |
| Property insurance proceeds - remediation costs | 20 | 4 | 101 |
| Payments for inventory costs | (88) | (64) | (15) |
| Decrease in inventory for units sold | 71 | — | — |
| Changes in other assets | 17 | (9) | (3) |
| Changes in other liabilities | (19) | 46 | (71) |
| Net cash provided by operating activities | 1,510 | 1,498 | 1,441 |
| INVESTING ACTIVITIES | |||
| Proceeds from sales of assets, net | 125 | — | 34 |
| Proceeds from (issuance of) loan receivable | 79 | (7) | 413 |
| Return of investments in affiliates | 3 | 1 | 5 |
| Advances to and investments in affiliates | (97) | (56) | (25) |
| Acquisitions | (2) | (1,504) | — |
| Capital expenditures: | |||
| Renewals and replacements | (362) | (288) | (451) |
| Return on investment | (282) | (260) | (195) |
| Property insurance proceeds | 29 | 74 | 36 |
| Net cash used in investing activities | (507) | (2,040) | (183) |
| FINANCING ACTIVITIES | |||
| Financing costs | (8) | (12) | (10) |
| Issuances of debt | 892 | 1,279 | — |
| Draws on credit facility | — | 890 | — |
| Repayment of credit facility | — | (890) | — |
| Repurchase/redemption of senior notes | (900) | (400) | — |
| Mortgage debt and other prepayments and scheduled maturities | (2) | (2) | (7) |
| Debt extinguishment costs | — | — | (3) |
| Common stock repurchases | (205) | (107) | (182) |
| Dividends on common stock | (623) | (737) | (547) |
| Distributions and payments to non-controlling interests | (9) | (12) | (10) |
| Other financing activities | (13) | (22) | (12) |
| Net cash used in financing activities | (868) | (13) | (771) |
| Effects of exchange rate changes on cash held | 4 | (10) | 2 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 139 | (565) | 489 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 798 | 1,363 | 874 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $937 | $798 | $1,363 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
Supplemental disclosure of cash flow information (in millions):
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the balance sheet to the amount shown on the statements of cash flows:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash and cash equivalents | $768 | $554 | $1,144 |
| Restricted cash (included in other assets) | 2 | 2 | 2 |
| Cash included in furniture, fixtures and equipment replacement fund | 167 | 242 | 217 |
| Total cash and cash equivalents and restricted cash shown in the statements of cash flows | $937 | $798 | $1,363 |
Supplemental schedule of noncash investing and financing activities:
During 2025, 2024, and 2023, Host Inc. issued approximately 0.8 million,0.3 million and 0.5 million shares of common stock, respectively, upon the conversion of Host L.P. units, or OP units, held by non-controlling interests valued at $12 million, $6 million and $8 million, respectively.
In connection with the sales of Washington Marriott at Metro Center in August 2025 and The Camby, Autograph Collection in March 2023, we issued loans to the buyers for $114 million and $72 million, respectively. The proceeds received from the sales are net of the loans.
In 2025, we paid a contingent consideration to Noble Investment Group, LLC based on certain thresholds being met under the definitive agreements with Noble Investment Group, LLC, agreed to with our initial investment in 2022. The payment consisted of $8 million in cash and issuance by Host L.P. of approximately 1.0 million OP units valued at approximately $18 million.
In 2024, non-cash consideration for the acquisition of The Ritz-Carlton O'ahu, Turtle Bay included the assumption of hotel level liabilities of approximately $15 million, consisting primarily of obligations to provide future services due to advance deposits.
During 2023, the intent for a land parcel adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort changed from "held for use" to "used for the development of inventory". As a result, we have reclassified $30 million from property and equipment to other assets.
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