Host Hotels & Resorts dividend
MyStockButler's October 2026 analysis: Host Hotels & Resorts paid a regular annual dividend of $0.80 per share in 2025, with a 38.6% payout ratio. Operating cash flow was $1.510 billion; after $623 million of cash dividends, about $243 million remained before buybacks, acquisitions and financing movements.
How much does Host Hotels & Resorts pay its shareholders?
Adjusted FFO was $1,436 million in 2025, or $2.07 a share. It was $1,411 million in 2024, or $2.00 a share. Against the regular annual dividend of $0.80, the 2025 payout ratio was 38.6%. That ratio measures the dividend against a management-defined earnings measure, not cash left after maintaining the hotels.
Condominium sales contributed $53 million of revenue and $8 million of profit in the June quarter. Hotel-sale gains in the first half totalled $241 million, alongside $5 million of associated tax expense. These items raised reported earnings without representing repeatable hotel trading. The regular quarterly dividend of $0.20 consumed 31.7% of June Adjusted FFO per share, but special distributions make that only a partial view of cash returned.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| AFFO per share (company's measure) | 2.07 | 2.00 | 1.92 | 1.79 | 0.61 |
| Dividends paid | 623 | 737 | 547 | 150 | 0 |
| AFFO payout ratio | 38.6% | 40.0% | 33.9% | 18.4% | 0.0% |
What this means. The company's adjusted funds from operations changed its definition, so the yearly numbers are not perfectly comparable.
Is Host Hotels & Resorts' dividend covered by its cash?
Operating cash flow was $1.510 billion in 2025. After $644 million of hotel capital expenditures, about $866 million remained before other uses. After $623 million of cash dividends, about $243 million remained before buybacks, acquisitions and financing movements. This is a cash bridge for that year, not a permanent free-cash-flow rate.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 1,510 | 1,498 | 1,441 | 1,416 | 292 |
| − Dividends paid | 623 | 737 | 547 | 150 | 0 |
| = Operating cash after dividends | 887 | 761 | 894 | 1,266 | 292 |
| − Development and capital spending | 644 | 548 | 646 | 504 | 427 |
| − Shares bought back | 205 | 107 | 182 | 27 | 0 |
What this means. Money from selling properties is the cash received from the sale, not the profit, so it is not the same as earnings.
What could change Host Hotels & Resorts' dividend?
The forecast uses $0.80 per share in each base period, matching the regular annual dividend in 2024 and 2025 and the $0.20 regular quarterly rate through June 2026. The bear case cuts the payout to $0.60 and then $0.40 as cash preservation becomes necessary. The bull case keeps $0.80 initially, then raises it to $0.88 and $0.96. Those increases are possible because 2026 Adjusted FFO guidance is $2.15 to $2.18 per share, but no dividend-growth policy is supplied.
What is Host Hotels & Resorts' dividend yield today?
A share of Host Hotels & Resorts is a claim on hotel rooms, the cash those rooms can earn, and the money they will need to stay competitive. On October 24, 2026, the $24.72 stock price asks whether those earnings will prove durable.
| Today (Oct 24, 2026) | |
|---|---|
| Share price | 24.72 |
| Price to AFFO (calculated) | 11.4x |
| Dividend yield (calculated) | 3.2% |
What this means. The market value leaves out operating partnership units held by other investors, so it may be lower than the value of the entire business.