XML 79 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquisitions
 9 Months Ended
Sep. 30, 2013
Acquisitions

  8.

Acquisitions

On May 31, 2013, we acquired the 426-room Hyatt Place Waikiki Beach in Honolulu, Hawaii for approximately $138.5 million. In connection with the acquisition, we incurred $1 million of acquisition costs and acquired a $0.5 million FF&E replacement fund. Accounting for the acquisition of a hotel property or other entity as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed related to this acquisition (in millions):

 

Property and equipment             

$

  138

 

Restricted cash, FF&E reserves and other assets             

 

  1

 

Total net assets acquired             

$

  139

 

Our summarized unaudited consolidated pro forma results of operations, assuming the acquisition completed during 2013 occurred on January 1, 2012, are as follows (in millions, except per share and per unit amounts):

 

 

Quarter ended

 

 

Year-to-date ended

 

 

September 30,
2013

 

 

September 7,
2012

 

 

September 30,
2013

 

 

September 7,
2012

 

Revenues             

$

  1,223

 

 

$

  1,164

 

 

$

  3,881

 

 

$

  3,425

 

Income (loss) from continuing operations             

 

  2

 

 

 

(39

)

 

 

  157

 

 

 

(16

)

Net income (loss)             

 

  18

 

 

 

(35

)

 

 

  202

 

 

 

  47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Host Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Host Inc.             

$

  19

 

 

$

(33

)

 

$

  197

 

 

$

  45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations             

$

  .01

 

 

$

(.05

)

 

$

  .21

 

 

$

(.02

)

Discontinued operations             

 

  .02

 

 

 

––

 

 

 

  .06

 

 

 

  .08

 

Basic earnings (loss) per common share             

$

  .03

 

 

$

(.05

)

 

$

  .27

 

 

$

  .06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations             

$

  .01

 

 

$

(.05

)

 

$

  .20

 

 

$

(.02

)

Discontinued operations             

 

  .02

 

 

 

––

 

 

 

  .06

 

 

 

  .08

 

Diluted earnings (loss) per common share             

$

  .03

 

 

$

(.05

)

 

$

  .26

 

 

$

  .06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Host L.P.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Host L.P.             

$

  19

 

 

$

(34

)

 

$

  200

 

 

$

  46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations             

$

  .01

 

 

$

(.05

)

 

$

  .21

 

 

$

(.03

)

Discontinued operations             

 

  .02

 

 

 

––

 

 

 

  .06

 

 

 

  .09

 

Basic earnings (loss) per common unit             

$

  .03

 

 

$

(.05

)

 

$

  .27

 

 

$

  .06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per common unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations             

$

  .01

 

 

$

(.05

)

 

$

  .21

 

 

$

(.03

)

Discontinued operations             

 

  .02

 

 

 

––

 

 

 

  .06

 

 

 

  .09

 

Diluted earnings (loss) per common unit             

$

  .03

 

 

$

(.05

)

 

$

  .27

 

 

$

  .06

 

The above pro forma results of operations exclude $1 million of acquisition costs for the year-to-date ended September 30, 2013. The condensed consolidated statements of operations for 2013 include approximately $7 million of revenues and $1 million of net income for the quarter and $9 million of revenues and $2 million of net income for the year-to-date related to our 2013 acquisition.