{
  "docId": "019dd923-5eff-723e-9be6-d2863d97dadc",
  "docSlug": "a27982921c5d4bb0",
  "documentTitle": "2026 02 Investor Presentation",
  "authorId": "Host-Hotels",
  "authorName": "Host Hotels & Resorts",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.333,
  "pageNumber": 10,
  "pageCount": 66,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "financial_analysis",
  "function": "quantify_impact",
  "density": "dense",
  "nDataPoints": 9,
  "notes": "The chart uses a standard waterfall bridge to show operational improvements, asset dispositions, and other income/expense adjustments.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "waterfall_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5eff-723e-9be6-d2863d97dadc/10",
  "deckHref": "/decks/019dd923-5eff-723e-9be6-d2863d97dadc",
  "deckJsonHref": "/decks/019dd923-5eff-723e-9be6-d2863d97dadc.json",
  "deckAnchorHref": "/decks/019dd923-5eff-723e-9be6-d2863d97dadc#slide-10",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The bridge below illustrates the moving pieces between 2025 Adjusted EBITDAre and the estimated 2026 Adjusted EBITDAre guidance midpoint.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-6d57-725a-b2aa-d9e8e2aafb29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.85,
        "x": 0.08,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Waterfall chart showing 2025 base of $1,757M, positive adjustments of $80M, $20M, $17M, $6M, and negative adjustments of $(87)M, $(17)M, $(7)M, resulting in $1,770M for 2026.",
      "attrs": null,
      "subkind": "waterfall",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af6e518c-0878-43f0-8806-46ad0925256b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted EBITDAre: $1,770",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-6d57-725a-b2aa-dc51fc818c5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.08,
        "y": 0.82
      },
      "kind": "source-note",
      "text": "Full year 2025 and the midpoint estimate of full year 2026 net income are $776 million and $865 million, respectively...",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88d5734b-5908-4175-b3b6-250406d9d20f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.08,
        "y": 0.16
      },
      "kind": "subtitle",
      "text": "The bridge below illustrates the moving pieces between 2025 Adjusted EBITDAre and the estimated 2026 Adjusted EBITDAre guidance midpoint.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1a655b0-5fa8-43f0-a27a-2b67f34f666e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.08,
        "y": 0.08
      },
      "kind": "title",
      "text": "2026 Outlook - Adjusted EBITDAre Bridge",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dfa5f146-8cc2-4b34-b8fa-bd41bf203e52",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "aba68e4f-0ebb-4e41-a9b5-1a1d8e0273bd",
      "evidence": "chart/waterfall: Waterfall chart showing 2025 base of $1,757M, positive adjustments of $80M, $20M, $17M, $6M, and negative adjustments of $(87)M, $(17)M, $(7)M, resulting in $1,770M for 2026.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "45ff6536-49a3-4119-b44a-3251e539b66d",
      "evidence": "The slide explicitly uses a bridge chart to reconcile financial figures.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 20,
      "from": 5,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "3a24aeed-1a99-4a1f-b1ff-aa200b32e666",
      "evidence": "The presentation provides a logical chain of financial performance, growth opportunities, and strategic investments.",
      "position": 0,
      "objective": "How does Host Hotels & Resorts create value for shareholders?",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}