Host Hotels (HST) Stock: Dividend, FFO and Debt (2026)
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Quick Answer
Host Hotels & Resorts (Nasdaq: HST, SEC CIK 1070750) paid a $0.92 dividend on July 15, 2026, of which $0.72 was a one-time special dividend, in a quarter when Adjusted FFO was $0.63 per diluted share. The company’s regular dividend is $0.20 a quarter, $0.80 a year, which is 37% of the $2.15 to $2.18 of 2026 Adjusted FFO guidance (our arithmetic). The special dividend distributes the roughly $500 million taxable gain on the February 2026 sale of two Four Seasons resorts for $1.1 billion. Over the last four quarters the company paid $1.67 a share against $2.16 of Adjusted FFO, 77.3% (our arithmetic), but only because the special payouts of $0.15 and $0.72 sit inside it. Debt was $5.08 billion at June 30, 2026 at 4.8%, with a $500 million term loan due January 2027. The stock is registered on the Nasdaq Stock Market, not the NYSE, according to the 10-Q cover page. As of October 19, 2026, the Q3 2026 10-Q had not been filed; the last filed period is the quarter ended June 30, 2026 (10-Q filed August 7, 2026).
Key Takeaways
- The regular dividend is small against the cash flow; the specials are the story. Regular dividends of $0.20 a quarter are $0.80 a year: 38.6% of the $2.07 of 2025 Adjusted FFO and 36.7% to 37.2% of the 2026 guidance of $2.15 to $2.18 (our arithmetic). Total dividends declared were $0.95 in 2025 (with a $0.15 special in Q4) and $0.90 in each of 2023 and 2024. In 2026 the company has declared $1.12 in the first half, 86.2% of the $1.30 of first-half Adjusted FFO (our arithmetic), because the Q2 payment includes a $0.72 special.
- The $0.72 special has a stated source. The Q1 release says it represents “the distribution of the approximately $500 million taxable gain resulting from the Four Seasons sales completed in the first quarter of 2026.” Four Seasons Resort Orlando and Four Seasons Jackson Hole sold in February 2026 for $1.1 billion; the Q4 release says they were bought in 2021 and 2022 for $925 million. The 10-Q says the cash balance fell by $630 million when the Q2 dividend was paid on July 15, and that remaining proceeds could go to acquisitions, portfolio investment, more buybacks “or increased dividends.”
- Operations are strong and guidance keeps rising. Comparable hotel RevPAR (revenue per available room) grew 7.0% in Q2 2026 to $251.53, after 4.4% in Q1, and the company says July grew “approximately 10%” helped by the FIFA World Cup. Adjusted FFO per share guidance for 2026 moved from $2.03 to $2.11 in February to $2.10 to $2.16 in May and $2.15 to $2.18 in August. Adjusted FFO in Q3 2025 was $0.35, the lowest quarter of that year, so Q3 2026 will be measured against a low base (our observation).
- Debt is modest, but 2027 is the next test. Total debt was $5,082 million at a 4.8% weighted rate and 4.7 years average maturity, 80% fixed, with no maturities in 2026. The 10-K schedule shows $592 million due in 2027, including a $500 million term loan due January 2027, then $900 million in 2028. Cash was $1,953 million at June 30, before the $630 million dividend payment. Total debt is 2.8 times last-twelve-month Adjusted EBITDAre (our arithmetic); the company’s covenant leverage ratio is 1.9x against a 7.25x limit.
- One manager runs most of the portfolio. About 64% of hotels by 2025 hotel revenue are managed or franchised by Marriott International, and the 10-K risk factor says those hotels “account for most of our revenues and operating income.” Marriott-family brands are 62.9% of 2025 hotel revenue and Hyatt brands 16.5%. The company also says no single market exceeds 9% of hotel revenue and no single hotel exceeds 6%.
- The company is buying back, not issuing. It repurchased 13.1 million shares for $205 million in 2025 (average $15.68) and 4.0 million for $75 million in the first half of 2026 (average $18.97), none in Q2. Shares outstanding fell from 687.8 million to 685.0 million (our arithmetic: 0.4%). The 10-Q shows $405 million of buyback capacity left and $600 million of at-the-market issuance capacity unused in 2026.
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Host Hotels & Resorts (HST): dividends vs FFO, guidance, hotel sales, debt maturities, buybacks and brand concentration
129 rows from Host Hotels & Resorts' FY2025 10-K, Q2 2026 10-Q, earnings releases for Q3 2025 to Q2 2026 and the May 2026 8-K: dividends and Adjusted FFO by quarter, guidance changes, hotel sales, debt and maturities, buybacks and brand concentration.
The dividend against Adjusted FFO, quarter by quarter
Host measures itself on NAREIT FFO and Adjusted FFO per diluted share. Adjusted FFO adds back non-cash stock compensation, about $26 million in the 2026 forecast, so the two differ by one or two cents a quarter. The company calls the dividend paid in a given month the dividend for the quarter before it, so the table follows the releases: the Q2 2026 dividend is the one paid July 15.
| Period | NAREIT FFO per share | Adjusted FFO per share | Dividend paid per share | Paid as % of Adjusted FFO (our arithmetic) |
|---|---|---|---|---|
| Q3 2025 | $0.34 | $0.35 | $0.20 (Oct 15, 2025) | 57.1% |
| Q4 2025 | $0.49 | $0.51 | $0.35 (Jan 15, 2026), includes $0.15 special | 68.6% |
| Q1 2026 | $0.66 | $0.67 | $0.20 (Apr 15, 2026) | 29.9% |
| Q2 2026 | $0.62 | $0.63 | $0.92 (Jul 15, 2026), includes $0.72 special | 146.0% |
| Last four quarters | $2.11 | $2.16 | $1.67 | 77.3% |
| Full year 2025 | $2.03 | $2.07 | $0.95 declared | 45.9% |
| Full year 2024 | $1.97 | $2.00 | $0.90 declared | 45.0% |
| 2026 guidance (Aug 5), low / high | $2.11 / $2.14 | $2.15 / $2.18 | $0.80 regular only | 37.2% / 36.7% |
The regular dividend is covered about 2.7 times. At $0.80 a year it takes 37% of 2026 Adjusted FFO guidance (our arithmetic). That is a low ratio for a REIT, and it is by design: the 10-Q states that the company’s “policy on common dividends generally is to distribute, over time, 100% of its taxable income.” A REIT with large depreciation and sale gains has taxable income that does not track FFO, so the company pays a base dividend and tops it up when taxable income requires. The $0.15 special in Q4 2025 and the $0.72 special in Q2 2026 are those top-ups. The 10-K shows $0.90 declared in both 2023 and 2024 and $0.95 in 2025.
The four-quarter payout is not a normal run-rate. The 77.3% figure includes both specials. Strip them out and the four quarters were $0.80 against $2.16, 37.0% (our arithmetic). If the board pays only regular $0.20 dividends in the second half, the 2026 total would be $1.52 (the $1.12 already declared plus $0.40), or 70.2% of the guidance midpoint of $2.165 (our arithmetic; an illustration, not a forecast). The filings we read do not state a third-quarter 2026 dividend. The August 5 release says: “All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors.”
Prices in the filings are old. The 10-Q uses a $23.71 share price at June 30, 2026 and $17.73 at December 31, 2025 to value operating partnership units. On those two dates the $0.80 regular dividend was 3.4% and 4.5% of the share price (our arithmetic). Neither is today’s yield; check a live quote.
What changed in the second quarter
Second-quarter 2026 revenue was $1,640 million (up 3.4%), net income $241 million, and Adjusted EBITDAre (earnings before interest, taxes, depreciation and amortization, adjusted for real estate) $525 million, up 5.8%. Comparable hotel EBITDA margin rose 60 basis points to 31.9%. Chief executive James Risoleo said growth was “bolstered by the World Cup and broad-based strength in leisure transient demand and group business.”
| Comparable hotels, change vs same quarter a year earlier | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| RevPAR (rooms revenue per available room) | +0.2% | +4.6% | +4.4% | +7.0% |
| Total RevPAR (all hotel revenue per available room) | +0.8% | +5.4% | +4.6% | +5.9% |
| Adjusted FFO per share | $0.35 (was $0.36) | $0.51 (was $0.45) | $0.67 (was $0.64) | $0.63 (was $0.58) |
Three things in the Q2 filings deserve a second look. First, interest income was $18 million against $7 million a year earlier because the company was holding $1,953 million of cash. That is $11 million, about $0.02 a share on the 688.6 million diluted shares in the guidance (our arithmetic, before tax), of the $0.05 rise in Adjusted FFO, and it shrinks as $630 million of cash left for the July dividend. Second, hotel sales cut revenue by $95 million in the quarter, which the 10-Q attributes to the 2025 and 2026 sales of the Westin Cincinnati, Washington Marriott at Metro Center, St. Regis Houston, the two Four Seasons resorts and the Sheraton Parsippany. Third, a March 2026 Hawaii rainstorm (the “Kona Low”) caused an estimated $27 million to $32 million of property damage, which the company expects insurance to cover above the deductible.
Portfolio size. The company owned 70 U.S. hotels and five international hotels with about 41,300 rooms in the August release, against 74 and five and about 42,500 rooms in the November 2025 release. Net income of $742 million for the first half of 2026 against $476 million reflects “gains on asset sales,” in the company’s words, not operations.
Guidance: raised three times in 2026
| 2026 guidance given on | Adjusted FFO per share | Comparable hotel RevPAR growth | Net income (millions) | Adjusted EBITDAre (millions) |
|---|---|---|---|---|
| February 18, 2026 | $2.03 to $2.11 | 2.0% to 3.5% | $836 to $891 | $1,740 to $1,800 |
| May 6, 2026 | $2.10 to $2.16 | 3.0% to 4.5% | $908 to $955 | $1,785 to $1,835 |
| August 5, 2026 | $2.15 to $2.18 | 4.75% to 5.25% | $944 to $962 | $1,820 to $1,840 |
The midpoint of Adjusted FFO guidance moved from $2.07 in February, equal to the 2025 result of $2.07, to $2.165 in August, up $0.095 or 4.6% (our arithmetic). The company says the August range “includes the benefits from the FIFA World Cup,” a one-time event, and expects second-half rate growth to be lower. It also lists capital spending of $550 million to $630 million in 2026, with $243 million spent in the first half.
Debt: $5.1 billion, low leverage, a January 2027 term loan
| Debt measure | June 30, 2026 | Source note |
|---|---|---|
| Total debt | $5,082 million | Senior notes $3,990 million; credit facility $998 million; mortgage and other $94 million |
| Weighted average interest rate / maturity | 4.8% / 4.7 years | 80% fixed rate; one hotel carries mortgage debt |
| Cash and cash equivalents | $1,953 million | $630 million left on July 15 for the dividend |
| Total available liquidity | about $3.6 billion | Includes $156 million FF&E escrow and $1.5 billion unused revolver |
| Total debt to last-twelve-month Adjusted EBITDAre | 2.8x | Our arithmetic: $5,082 million / $1,815 million |
| Credit facility leverage ratio / fixed charge coverage | 1.9x / 5.7x | Covenants: maximum 7.25x, minimum 1.25x |
| Debt to total assets / EBITDA to interest | 22% / 7.3x | Indenture covenants: maximum 65%, minimum 1.5x |
| Credit rating | Baa2 stable (Moody’s) | Q4 2025 release: upgraded by Moody’s |
The 10-K schedule of maturities at December 31, 2025, which the June 10-Q does not restate, shows $2 million in 2026, $592 million in 2027, $900 million in 2028, $650 million in 2029, $750 million in 2030 and $2,250 million after that. The 2027 figure is a $500 million term loan due January 2027 plus $92 million of mortgage and other debt; the 2028 figure includes the $400 million of 4.25% Series N notes and a $500 million term loan due January 2028. Cash of $1,953 million at June 30 less the $630 million dividend leaves about $1,323 million (our arithmetic), more than twice the 2027 maturities.
The refinancing cost is visible in the coupons. The notes due 2029 to 2031 carry 3.375%, 3.5% and 2.9%. The Series K, L and M notes issued in 2024 and May 2025 carry 5.5% to 5.7%; the November 2025 Series N carries 4.25% but is due in 2028. Replacing the $650 million 3.375% notes due December 2029 at 5.7% would add about $15 million of interest a year (our arithmetic, an illustration and not a company projection). Interest expense was $58 million in both Q2 2026 and Q2 2025.
Who runs the hotels, and where they are
| Brand group (10-K, February 20, 2026) | Hotels | Share of 2025 hotel revenues |
|---|---|---|
| Marriott family (Marriott, Ritz-Carlton, Westin, JW Marriott and others) | 48 | 62.9% |
| Hyatt family (Grand Hyatt, Hyatt Regency, Andaz, Alila, Hyatt Place) | 13 | 16.5% |
| 1 Hotel | 3 | 5.6% |
| AccorHotels (Fairmont, Swissôtel, Novotel, ibis) | 4 | 3.8% |
| Hilton (Curio, Embassy Suites) | 5 | 3.6% |
| Other / independent | 3 | 1.6% |
The 10-K adds that hotels sold since year end were 6% of 2025 hotel revenue, and that condominium sales next to Four Seasons Orlando were 2% of total revenue. The Q2 10-Q credits renovation comparisons for the biggest gains: Total RevPAR rose 53.4% in Austin, 20.4% in Washington, D.C. and 13.5% in Northern Virginia, markets with large projects completed or disrupted in 2025, while Maui rose 10.6% on continued recovery from the 2023 wildfires. The business mix for 2025 room sales was 61% transient, 34% group and 5% contract.
HST against the non-traded hotel vehicles
Host is the largest lodging REIT, and it reports quarterly, with an audited 10-K, a rating and a daily price. The non-traded hotel vehicles we cover offer none of that in the same form. Our page on Lodging Fund REIT III records late-filing notices for 14 of its last 16 periodic reports. Our Moody National REIT II review covers a hotel REIT whose liquidation plan was approved on September 30, 2025 by about 149,000 shares. The Lightstone REITs page reads five vehicles, one with a hotel loan due in September 2026, and Peachtree Hotel Group lists 91 Form D issuers. For a listed hotel company with a contested vote, see Braemar Hotels (BHR). The difference is liquidity and disclosure: HST’s dividend can be compared with its FFO every quarter, and its shares can be sold on any trading day. That does not make the dividend safer, only checkable.
What a holder or reader can do with this
This page is analysis of public documents, not investment, legal or tax advice. What the filings let you check yourself:
- Separate the regular dividend from the specials. The regular dividend is $0.20 a quarter. The Q4 2025 $0.15 and Q2 2026 $0.72 payments were extra, and the company says all future dividends, including special ones, need board approval.
- Read FFO next to the sales gains. Net income of $742 million in the first half includes gains on hotel sales; Adjusted FFO of $1.30 does not.
- Track four dated items. The Q3 2026 10-Q and release (the Q3 2025, Q1 2026 and Q2 2026 10-Qs each followed the release by two days: November 5 and 7, 2025, May 6 and 8, 2026, and August 5 and 7, 2026; we expect early November 2026, our estimate and not a company statement); the January 2027 term loan; the board’s answer on a third-quarter dividend; and the pace of buybacks, none in Q2.
- Count your hotel exposure. If you also hold a non-traded hotel REIT, the Marriott concentration in HST and the sponsor concentration in the private vehicles are separate risks.
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FAQ
All figures are from Host Hotels & Resorts, Inc. (SEC CIK 1070750) filings read on EDGAR on October 19, 2026: Form 10-K for 2025 (accession 0001070750-26-000054, filed February 25, 2026); Form 10-Q for the quarter ended June 30, 2026 (0001070750-26-000126, filed August 7, 2026); earnings releases attached to Forms 8-K for Q3 2025 (0001070750-25-000164), Q4 2025 (0001070750-26-000038), Q1 2026 (0001070750-26-000077) and Q2 2026 (0001070750-26-000122); and the Form 8-K of May 27, 2026 on the at-the-market agreement (0001070750-26-000109). Our own pages are cited from their published descriptions. Computed ratios are identified as our arithmetic. This is analysis of public documents, not investment, legal or tax advice.
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