Acquisitions

3 Months Ended

Mar. 31, 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 current 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	$	73
Other assets		2
Total assets		75
Other liabilities		—
Net assets acquired	$	75

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

	Quarter ended March 31,
	2014		2013
Revenues	$	1,309	$	1,226
Income from continuing operations		77		35
Net income		186		61
Host Inc.:
Net income attributable to Host Inc.	$	180	$	57
Basic earnings per common share:
Continuing operations	$	.24	$	.04
Discontinued operations		—		.04
Basic earnings per common share	$	.24	$	.08
Diluted earnings per common share:
Continuing operations	$	.24	$	.04
Discontinued operations		—		.04
Diluted earnings per common share	$	.24	$	.08
Host L.P.:
Net income attributable to Host L.P.	$	182	$	58
Basic earnings per common unit:
Continuing operations	$	.24	$	.04
Discontinued operations		—		.04
Basic earnings per common unit	$	.24	$	.08
Diluted earnings per common unit:
Continuing operations	$	.24	$	.04
Discontinued operations		—		.04
Diluted earnings per common unit	$	.24	$	.08

The above pro forma results of operations exclude $1 million of acquisition costs for the quarter ended March 31, 2014. The condensed consolidated statements of operations for the quarter ended March 31, 2014 include approximately $1 million of revenues and $0.2 million of net income for the quarter related to our 2014 acquisition.