10-Q Filing

APPLE REIT EIGHT, INC. CIK: 1387361 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0000930413-11-005410`
Period End Date	20110630
Filing Date	20110815
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	apple8-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 84 Cash Flow Statement 52

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$108.29M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$90.26M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Investment in real estate, net of accumulated depreciation of $108,290 and $90,261	`RealEstateInvestmentPropertyNet`	$945.31M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Investment in real estate, net of accumulated depreciation of $108,290 and $90,261	`RealEstateInvestmentPropertyNet`	$928.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$80.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	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
Restricted cash-furniture, fixtures and other escrows	`RestrictedAssetsAndOtherEscrows`	$8.93M	USD	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedAssetsAndOtherEscrows`	$10.47M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$9.23M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$4.03M	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
Other assets, net	`OtherAssets`	$4.21M	USD	Point-in-time
Other assets, net	`OtherAssets`	$4.29M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	94.33M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	94.62M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$952.98M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$962.49M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	94.33M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	94.62M	shares	Point-in-time
Credit facilities	`LineOfCredit`	$76.33M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Credit facilities	`LineOfCredit`	$51.89M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$148.55M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$147.62M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$14.88M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$18.86M	USD	Point-in-time
Intangible liabilities, net	`IntangibleLiabilitiesNet`	$10.17M	USD	Point-in-time
Intangible liabilities, net	`IntangibleLiabilitiesNet`	$10.60M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$252.98M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$225.92M	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 94,329,706 and 94,615,462 shares, respectively	`CommonStockValue`	$935.78M	USD	Point-in-time
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 94,329,706 and 94,615,462 shares, respectively	`CommonStockValue`	$938.73M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$-202.19M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$-235.81M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$736.57M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$700.00M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$952.98M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$962.49M	USD	Point-in-time

Income Statement 84 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$82.64M	USD	2 Qtrs
Room revenue	`OccupancyRevenue`	$48.39M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$85.89M	USD	2 Qtrs
Room revenue	`OccupancyRevenue`	$46.08M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$6.32M	USD	2 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$3.49M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$6.04M	USD	2 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$3.19M	USD	1 Quarter
Total revenue	`Revenues`	$88.68M	USD	2 Qtrs
Total revenue	`Revenues`	$49.27M	USD	1 Quarter
Total revenue	`Revenues`	$92.20M	USD	2 Qtrs
Total revenue	`Revenues`	$51.88M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$24.10M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$12.33M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$23.35M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$12.84M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$7.96M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.14M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$3.99M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$7.72M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$3.91M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$7.26M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$3.74M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$6.85M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$3.79M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$2.01M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$3.99M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$1.86M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.80M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.42M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.45M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.61M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.05M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$3.62M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$1.97M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$3.47M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.83M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$3.05M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.68M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$3.23M	USD	2 Qtrs
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.71M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$4.79M	USD	2 Qtrs
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$5.29M	USD	2 Qtrs
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.34M	USD	1 Quarter
Land lease expense	`OperatingLeasesRentExpenseNet`	$3.19M	USD	2 Qtrs
Land lease expense	`OperatingLeasesRentExpenseNet`	$3.19M	USD	2 Qtrs
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.60M	USD	1 Quarter
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.60M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.74M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.54M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.41M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.54M	USD	1 Quarter
Depreciation expense	`Depreciation`	$18.03M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$17.40M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$9.20M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.75M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$43.77M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$81.46M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$83.50M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$42.56M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.71M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$7.22M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$8.12M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$8.70M	USD	2 Qtrs
Investment income, net	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	-	USD	2 Qtrs
Investment income, net	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	$7.00K	USD	1 Quarter
Investment income, net	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	$3.02M	USD	2 Qtrs
Investment income, net	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	-	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-6.04M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-2.31M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-4.44M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-3.34M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.67M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$4.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.80M	USD	2 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.05	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.05	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.06	USD	2 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.03	USD	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	94.28M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	93.92M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	94.07M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	94.20M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.67M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$4.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.80M	USD	2 Qtrs
Depreciation	`Depreciation`	$18.03M	USD	2 Qtrs
Depreciation	`Depreciation`	$17.40M	USD	2 Qtrs
Depreciation	`Depreciation`	$9.20M	USD	1 Quarter
Depreciation	`Depreciation`	$8.75M	USD	1 Quarter
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$-27.00K	USD	2 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$316.00K	USD	2 Qtrs
Net realized gain on sale of investments	`GainLossOnSaleOfSecuritiesNet`	-	USD	2 Qtrs
Net realized gain on sale of investments	`GainLossOnSaleOfSecuritiesNet`	$3.01M	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$5.20M	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$5.09M	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$893.00K	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$693.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.76M	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.52M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.24M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.34M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$5.28M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$1.50M	USD	2 Qtrs
Net (increase) decrease in cash restricted for property improvements	`IncreaseDecreaseInCapitalImprovementReserves`	$863.00K	USD	2 Qtrs
Net (increase) decrease in cash restricted for property improvements	`IncreaseDecreaseInCapitalImprovementReserves`	$-2.47M	USD	2 Qtrs
Proceeds from sale of equity securities - available for sale	`ProceedsFromSaleOfAvailableForSaleSecuritiesEquity`	$3.80M	USD	2 Qtrs
Proceeds from sale of equity securities - available for sale	`ProceedsFromSaleOfAvailableForSaleSecuritiesEquity`	-	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$987.00K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.36M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOfUnits`	$13.06M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOfUnits`	$12.94M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$5.46M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$16.00M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$36.13M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$36.29M	USD	2 Qtrs
Net proceeds from credit facility	`ProceedsFromLinesOfCredit`	$24.43M	USD	2 Qtrs
Net proceeds from credit facility	`ProceedsFromLinesOfCredit`	$12.40M	USD	2 Qtrs
Payments of mortgage debt	`ProceedsFromRepaymentsOfSecuredDebt`	$-1.10M	USD	2 Qtrs
Payments of mortgage debt	`ProceedsFromRepaymentsOfSecuredDebt`	$-941.00K	USD	2 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$38.00K	USD	2 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	-	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-17.23M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-15.90M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$80.00K	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`	$80.00K	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`	$80.00K	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.