Acquisitions

6 Months Ended

Jun. 30, 2014

Acquisitions

8. Acquisitions

On January 21, 2014, we acquired the 151-room Powell Hotel in San Francisco, California, including retail space and the fee simple interest in the land, for approximately $75 million. Accounting for the acquisition requires an allocation of the purchase price to the assets acquired and the liabilities assumed at their respective estimated fair values. The purchase price allocations are estimated based on currently available information; however, we still are in the process of obtaining appraisals and finalizing the accounting for the acquisition. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed related to this acquisition (in millions):

Property and equipment	$	74
Other assets		2
Total assets		76
Other liabilities		(1	)
Net assets acquired	$	75

Our summarized unaudited consolidated pro forma results of operations, assuming the acquisition that was completed during 2014 occurred on January 1, 2013, are as follows (in millions, except per share and per unit amounts):

	Quarter ended June 30,				Year-to-date ended June 30,
	2014		2013		2014		2013
Revenues	$	1,431	$	1,401	$	2,740	$	2,628
Income from continuing operations		159		117		346		151
Net income		159		122		346		182
Host Inc.:
Net income attributable to Host Inc.	$	155	$	120	$	336	$	176
Basic earnings per common share:
Continuing operations	$	.21	$	.15	$	.44	$	.20
Discontinued operations		—		.01		—		.04
Basic earnings per common share	$	.21	$	.16	$	.44	$	.24
Diluted earnings per common share:
Continuing operations	$	.21	$	.15	$	.44	$	.20
Discontinued operations		—		.01		—		.04
Diluted earnings per common share	$	.21	$	.16	$	.44	$	.24
Host L.P.:
Net income attributable to Host L.P.	$	157	$	121	$	341	$	178
Basic earnings per common unit:
Continuing operations	$	.21	$	.15	$	.46	$	.20
Discontinued operations		—		.01		—		.04
Basic earnings per common unit	$	.21	$	.16	$	.46	$	.24
Diluted earnings per common unit:
Continuing operations	$	.21	$	.15	$	.46	$	.20
Discontinued operations		—		.01		—		.04
Diluted earnings per common unit	$	.21	$	.16	$	.46	$	.24

The above pro forma results of operations exclude $2 million of acquisition costs for the year-to-date period ended June 30, 2014. The condensed consolidated statements of operations for the quarter and year-to-date periods ended June 30, 2014 include approximately $2 million and $4 million of revenues, respectively, and $1 million of net income for both the quarter and year-to-date periods ended June 30, 2014 related to our 2014 acquisition.