Park Hotels & Resorts : First Quarter 2024 Supplemental Data

About Park and Safe Harbor Disclosure

About Park Hotels & Resorts Inc.

Park (NYSE: PK) is one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

Forward-Looking Statements

This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park's decision to cease payments on its $725 million non-recourse CMBS loan ("SF Mortgage Loan") secured by two of Park's San Francisco hotels - the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco - a Hilton Hotel (collectively, the "Hilton San Francisco Hotels") and the lender's exercise of its remedies, including placing such hotels into receivership, as well as Park's current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including inflation, elevated interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," "hopes" or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park's control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.

All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: "Risk Factors" in Park's Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in Park's filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Supplemental Financial Information

Park presents certain non-generally accepted accounting principles ("GAAP") financial measures in this presentation, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin, Net Debt and Net Debt to Adjusted EBITDA ratio. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this presentation including the "Definitions" section for additional information and reconciliations of such non-GAAP financial measures.

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Table of Contents

1.	Financial Statements	4
2.	Supplementary Financial Information	7
3.	Outlook and Assumptions	13
4.	Portfolio and Operating Metrics	17
5.	Properties Acquired and Sold	24
6.	Comparable Supplementary Financial Information	27
7.	Capital Structure	33
8.	Definitions	35

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Financial Statements

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Financial Statements

Condensed Consolidated Balance Sheets

(in millions, except share and per share data)		March 31, 2024		December 31, 2023
		(unaudited)
ASSETS	$	7,441	$	7,459
Property and equipment, net
Contract asset		774			760
Intangibles, net		42			42
Cash and cash equivalents		378			717
Restricted cash		32			33
Accounts receivable, net of allowance for doubtful accounts of $3 and $3		125			112
Prepaid expenses		62			59
Other assets		40			40
Operating lease right-of-use assets		191			197
TOTAL ASSETS (variable interest entities - $231 and $236)	$	9,085		$	9,419
LIABILITIES AND EQUITY
Liabilities	$	3,764	$	3,765
Debt
Debt associated with hotels in receivership		725			725
Accrued interest associated with hotels in receivership		49			35
Accounts payable and accrued expenses		223			210
Dividends payable		57			362
Due to hotel managers		101			131
Other liabilities		206			200
Operating lease liabilities		218			223
Total liabilities (variable interest entities - $217 and $218)		5,343			5,651
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 211,377,190
shares issued and 210,525,968 shares outstanding as of March 31, 2024 and 210,676,264		2			2
shares issued and 209,987,581 shares outstanding as of December 31, 2023
Additional paid-in capital		4,154			4,156
Accumulated deficit		(367)			(344)
Total stockholders' equity		3,789			3,814
Noncontrolling interests		(47)			(46)
Total equity		3,742			3,768
TOTAL LIABILITIES AND EQUITY	$	9,085		$	9,419

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Financial Statements (continued)

Condensed Consolidated Statements of Operations

(unaudited, in millions, except per share data)
	Three Months Ended March 31,
	2024			2023
Revenues	$	374	$	382
Rooms
Food and beverage		182			181
Ancillary hotel		62			65
Other		21			20
Total revenues		639			648
Operating expenses		102			107
Rooms
Food and beverage		123			127
Other departmental and support		145			158
Other property		52			60
Management fees		30			30
Impairment and casualty loss		6			1
Depreciation and amortization		65			64
Corporate general and administrative		17			16
Other		21			20
Total expenses		561			583
Gain on sale of assets, net		-			15
Gain on derecognition of assets		14			-
Operating income		92			80
Interest income		5			10
Interest expense		(53)			(52)
Interest expense associated with hotels in receivership		(14)			(8)
Equity in earnings from investments in affiliates		-			4
Other gain, net		-			1
Income before income taxes		30			35
Income tax expense		(1)			(2)
Net income		29			33
Net income attributable to noncontrolling interests		(1)			-
Net income attributable to stockholders	$	28		$	33
Earnings per share:
$	0.13	$	0.15
Earnings per share - Basic
Earnings per share - Diluted	$	0.13	$	0.15
Weighted average shares outstanding - Basic		209			220
Weighted average shares outstanding - Diluted		211			221

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Supplementary Financial Information

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Supplementary Financial Information

EBITDA and Adjusted EBITDA

(unaudited, in millions)		Three Months Ended March 31,
		2024			2023
Net income	$	29	$	33
Depreciation and amortization expense		65			64
Interest income		(5)			(10)
Interest expense		53			52
Interest expense associated with hotels in receivership(1)		14			8
Income tax expense		1			2
Interest expense, income tax and depreciation and amortization included in equity in earnings from
investments in affiliates		3			3
EBITDA		160			152
Gain on sale of assets, net		-			(15)
Gain on derecognition of assets(1)		(14)			-
Share-based compensation expense		4			4
Impairment and casualty loss		6			1
Other items		6			4
Adjusted EBITDA	$	162	$	146

_____________________________________

1. For the three months ended March 31, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender.

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Supplementary Financial Information (continued)

Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin

(unaudited, dollars in millions)
					Three Months Ended March 31,
				2024			2023
Adjusted EBITDA				$	162	$	146
Less: Adjusted EBITDA from investments in affiliates						(8)				(7)
Add: All other(1)						15				13
Hotel Adjusted EBITDA						169				152
Less: Adjusted EBITDA from hotels disposed of						(1)				(2)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels						-				(5)
Comparable Hotel Adjusted EBITDA				$	168		$	145
					Three Months Ended March 31,
				2024			2023
Total Revenues				$	639	$	648
Less: Other revenue						(21)				(20)
Less: Revenues from hotels disposed of						-				(7)
Less: Revenue from the Hilton San Francisco Hotels						-				(48)
Comparable Hotel Revenues				$	618		$	573
	Three Months Ended March 31,				2024 vs 2023
	2024				2023				Change(2)
Total Revenues	$	639		$	648	(1.3)	%
Operating income	$	92		$	80	15.1	%
Operating income margin(2)		14.5 %			12.4%	210	bps
Comparable Hotel Revenues	$	618		$	573	7.8	%
Comparable Hotel Adjusted EBITDA	$	168		$	145	16.0	%
Comparable Hotel Adjusted EBITDA margin(2)		27.3%				25.4%	190	bps
______________________________________________________________

1. Includes other revenues and other expenses, non-incometaxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.
2. Percentages are calculated based on unrounded numbers.

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Supplementary Financial Information (continued)

Nareit FFO and Adjusted FFO

(unaudited, in millions, except per share data)	Three Months Ended March 31,
	2024			2023
Net income attributable to stockholders	$	28	$	33
Depreciation and amortization expense		65			64
Depreciation and amortization expense attributable to noncontrolling interests		(1)			(1)
Gain on sale of assets, net		-			(15)
Gain on derecognition of assets(1)		(14)			-
Impairment loss		5			-
Equity investment adjustments:
Equity in earnings from investments in affiliates		-			(4)
Pro rata FFO of investments in affiliates		1			5
Nareit FFO attributable to stockholders		84			82
Casualty loss		1			1
Share-based compensation expense		4			4
Interest expense associated with hotels in receivership(1)		14			-
Other items		8			5
Adjusted FFO attributable to stockholders	$	111		$	92
Nareit FFO per share - Diluted(2)
$	0.40	$	0.37
Adjusted FFO per share - Diluted(2)	$	0.52	$	0.42
Weighted average shares outstanding - Diluted(3)		211			221

_____________________________________

1. For the three months ended March 31, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender.
2. Per share amounts are calculated based on unrounded numbers.
3. Derived from Park's earnings per share calculations for each period presented; for shares outstanding as of March 31, 2024, see page 5.

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