10-Q Filing

APPLE REIT SEVEN, INC. CIK: 1329011 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0000930413-11-005354`
Period End Date	20110630
Filing Date	20110812
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	apple7-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 76 Cash Flow Statement 52

Balance Sheet 44 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$114.10M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$131.25M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $131,247 and $114,097, respectively	`RealEstateInvestmentPropertyNet`	$872.17M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Investment in real estate, net of accumulated depreciation of $131,247 and $114,097, respectively	`RealEstateInvestmentPropertyNet`	$858.37M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedAssetsAndOtherEscrows`	$7.96M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedAssetsAndOtherEscrows`	$7.73M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$10.86M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$5.83M	USD	Point-in-time
Other assets, net	`OtherAssets`	$6.24M	USD	Point-in-time
Other assets, net	`OtherAssets`	$6.21M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$883.39M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$891.97M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	92.03M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	91.69M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	91.69M	shares	Point-in-time
Credit facility	`LineOfCredit`	$44.90M	USD	Point-in-time
Credit facility	`LineOfCredit`	$53.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	92.03M	shares	Point-in-time
Mortgage debt	`SecuredDebt`	$111.92M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$103.12M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$10.65M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$11.14M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$158.67M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$176.06M	USD	Point-in-time
Preferred stock, value issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, value issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 91,686,039 and 92,027,980 shares, respectively	`CommonStockValue`	$910.48M	USD	Point-in-time
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 91,686,039 and 92,027,980 shares, respectively	`CommonStockValue`	$906.86M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$-199.56M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$-177.21M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$733.30M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$707.33M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$883.39M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$891.97M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$47.44M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$49.63M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$94.34M	USD	2 Qtrs
Room revenue	`OccupancyRevenue`	$90.99M	USD	2 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$9.51M	USD	2 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$4.82M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$5.28M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$10.02M	USD	2 Qtrs
Total revenue	`Revenues`	$100.50M	USD	2 Qtrs
Total revenue	`Revenues`	$52.26M	USD	1 Quarter
Total revenue	`Revenues`	$54.91M	USD	1 Quarter
Total revenue	`Revenues`	$104.36M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$13.36M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$14.43M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$28.06M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$26.12M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$7.55M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$3.80M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.13M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$8.01M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$7.59M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$7.96M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$3.97M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.16M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$4.29M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$2.02M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$2.17M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$4.16M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.31M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.52M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.56M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.31M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.25M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$4.31M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$4.10M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.12M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.83M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$3.48M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.85M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$3.39M	USD	2 Qtrs
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$6.63M	USD	2 Qtrs
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.31M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.17M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$6.26M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.69M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.51M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.49M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.40M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.78M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.28M	USD	1 Quarter
Depreciation expense	`Depreciation`	$16.55M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$17.15M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$42.48M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$83.30M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$44.62M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$86.59M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$9.78M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.20M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$10.29M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.76M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$1.87M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$3.67M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$4.83M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$2.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.75M	USD	1 Quarter
Net income	`NetIncomeLoss`	$12.93M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$13.52M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$7.91M	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.15	USD	2 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.14	USD	2 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.09	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.08	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	91.67M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	93.04M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	92.88M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	91.57M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$7.75M	USD	1 Quarter
Net income	`NetIncomeLoss`	$12.93M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$13.52M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$7.91M	USD	1 Quarter
Depreciation	`Depreciation`	$8.78M	USD	1 Quarter
Depreciation	`Depreciation`	$8.28M	USD	1 Quarter
Depreciation	`Depreciation`	$16.55M	USD	2 Qtrs
Depreciation	`Depreciation`	$17.15M	USD	2 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$306.00K	USD	2 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$51.00K	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$4.66M	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$5.03M	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$236.00K	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$322.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-176.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-130.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.25M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.32M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$1.86M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$3.09M	USD	2 Qtrs
Net decrease (increase) in cash restricted for property improvements	`IncreaseDecreaseInRestrictedCash`	$214.00K	USD	2 Qtrs
Net decrease (increase) in cash restricted for property improvements	`IncreaseDecreaseInRestrictedCash`	$-2.30M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.31M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$442.00K	USD	2 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$1.40M	USD	2 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$1.27M	USD	2 Qtrs
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	$10.50M	USD	2 Qtrs
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	-	USD	2 Qtrs
Net proceeds from current credit facility	`ProceedsFromLinesOfCredit`	$8.10M	USD	2 Qtrs
Net proceeds from current credit facility	`ProceedsFromLinesOfCredit`	-	USD	2 Qtrs
Net proceeds from extinguished credit facility	`ProceedsFromExtinguishedCreditFacility`	-	USD	2 Qtrs
Net proceeds from extinguished credit facility	`ProceedsFromExtinguishedCreditFacility`	$17.00M	USD	2 Qtrs
Payment of financing costs related to borrowings	`PaymentsOfFinancingCosts`	$135.00K	USD	2 Qtrs
Payment of financing costs related to borrowings	`PaymentsOfFinancingCosts`	$10.00K	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$16.00M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$18.12M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOfUnits`	$12.27M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOfUnits`	$12.46M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$35.82M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$35.28M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.95M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-25.76M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.