
8.	Acquisitions

On August 11, 2014, we acquired the 242-room b2 miami downtown hotel for approximately $58 million. On January 21, 2014, we acquired the 151-room Powell Hotel in San Francisco, California, including retail space, for approximately $75 million. Accounting for acquisitions requires an allocation of the purchase price to the assets acquired and the liabilities assumed at their respective estimated fair values. The purchase price allocation for the b2 miami downtown hotel is estimated based on currently available information; however, we still are in the process of obtaining appraisals and finalizing the accounting for this acquisition. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed related to these acquisitions (in millions):

Property and equipment	$	131
Other assets		3
Total assets		134
Other liabilities		(1	)
Net assets acquired	$	133

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


	Quarter ended September 30,				Year-to-date ended September 30,
	2014		2013		2014		2013
Revenues	$	1,295	$	1,215	$	4,042	$	3,843
Income from continuing operations		145		3		492		154
Net income		145		19		492		201

Host Inc.:
Net income attributable to Host Inc.	$	144	$	20	$	481	$	196

Basic earnings per common share:
Continuing operations	$	.19	$	.01	$	.64	$	.20
Discontinued operations		—		.02		—		.06
Basic earnings per common share	$	.19	$	.03	$	.64	$	.26

Diluted earnings per common share:
Continuing operations	$	.19	$	.01	$	.64	$	.20
Discontinued operations		—		.02		—		.06
Diluted earnings per common share	$	.19	$	.03	$	.64	$	.26

Host L.P.:
Net income attributable to Host L.P.	$	146	$	20	$	488	$	199

Basic earnings per common unit:
Continuing operations	$	.19	$	.01	$	.65	$	.21
Discontinued operations		—		.02		—		.06
Basic earnings per common unit	$	.19	$	.03	$	.65	$	.27

Diluted earnings per common unit:
Continuing operations	$	.19	$	.01	$	.65	$	.21
Discontinued operations		—		.02		—		.06
Diluted earnings per common unit	$	.19	$	.03	$	.65	$	.27

The above pro forma results of operations exclude $2 million of acquisition costs for the year-to-date period ended September 30, 2014. The condensed consolidated statements of operations for the quarter and year-to-date periods ended September 30, 2014 include approximately $3 million and $7 million of revenues, respectively, and $2 million of net income for the year-to-date period ended September 30, 2014 related to our 2014 acquisitions. Net income related to our 2014 acquisitions was immaterial for the quarter ended September 30, 2014.