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  "documentTitle": "2026 02 Investor Presentation",
  "authorId": "Host-Hotels",
  "authorName": "Host Hotels & Resorts",
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  "notes": "Includes detailed breakdown of Net Cash from Operating Activities, CapEx, and FCF, followed by a summary table of FCF as % of Total Revenue.",
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      "text": "Free Cash Flow as % of Total Revenue: 9.3%",
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      "text": "FREE CASH FLOW AS % OF TOTAL REVENUE. The following tables reconciles Free Cash Flow, which is calculated as Net cash provided by operating activities less Capital Expenditures, as a percentage of Total Revenues for the years 2019-2024 (in millions):",
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      "text": "Summary table of FCF, Total Revenues, and FCF % of Total Revenue.",
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      "text": "Detailed reconciliation table of Net cash, CapEx, and FCF by year for 7 REITs.",
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      "kind": "title",
      "text": "Full-Service Lodging REITs Comparisons",
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