10-Q Filing

APPLE REIT SEVEN, INC. CIK: 1329011 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0000930413-11-007124`
Period End Date	20110930
Filing Date	20111109
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	apple7-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 76 Cash Flow Statement 52

Balance Sheet 42 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$139.74M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$114.10M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Investment in real estate, net of accumulated depreciation of $139,738 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 $139,738 and $114,097, respectively	`RealEstateInvestmentPropertyNet`	$852.39M	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 issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedAssetsAndOtherEscrows`	$8.17M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$9.23M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$5.83M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	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`	$5.64M	USD	Point-in-time
Other assets, net	`OtherAssets`	$6.24M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	91.43M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	92.03M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$875.43M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$891.97M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	92.03M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	91.43M	shares	Point-in-time
Credit facility	`LineOfCredit`	$44.90M	USD	Point-in-time
Credit facility	`LineOfCredit`	$56.60M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$111.05M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$103.12M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$10.65M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$12.43M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$180.08M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$158.67M	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 91,427,708 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 91,427,708 and 92,027,980 shares, respectively	`CommonStockValue`	$904.03M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$-177.21M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$-208.71M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$733.30M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$695.35M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$875.43M	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`	$139.23M	USD	3 Qtrs
Room revenue	`OccupancyRevenue`	$50.92M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$145.26M	USD	3 Qtrs
Room revenue	`OccupancyRevenue`	$48.24M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$14.92M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$14.10M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$4.59M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$4.91M	USD	1 Quarter
Total revenue	`Revenues`	$52.83M	USD	1 Quarter
Total revenue	`Revenues`	$55.83M	USD	1 Quarter
Total revenue	`Revenues`	$160.18M	USD	3 Qtrs
Total revenue	`Revenues`	$153.33M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$13.77M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$42.60M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$14.54M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$39.89M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$12.09M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.07M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$3.78M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$11.34M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$11.69M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$4.10M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.17M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$12.13M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$6.91M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$6.72M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$2.62M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$2.57M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$6.92M	USD	3 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.37M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.40M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$6.92M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.33M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$6.28M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$6.64M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.18M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$5.31M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.70M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.83M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$5.09M	USD	3 Qtrs
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$9.36M	USD	3 Qtrs
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.10M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.56M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$9.19M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.78M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.27M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.85M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.15M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.49M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.30M	USD	1 Quarter
Depreciation expense	`Depreciation`	$25.64M	USD	3 Qtrs
Depreciation expense	`Depreciation`	$24.86M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$131.38M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$125.82M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$42.52M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$44.79M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$11.04M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$27.51M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$10.31M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$28.80M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$7.43M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$5.58M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$1.91M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$2.60M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.44M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.37M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$21.93M	USD	3 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`	$0.24	USD	3 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`	$0.23	USD	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	91.56M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	92.47M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	92.85M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	91.36M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.44M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.37M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$21.93M	USD	3 Qtrs
Depreciation	`Depreciation`	$8.49M	USD	1 Quarter
Depreciation	`Depreciation`	$8.30M	USD	1 Quarter
Depreciation	`Depreciation`	$25.64M	USD	3 Qtrs
Depreciation	`Depreciation`	$24.86M	USD	3 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$419.00K	USD	3 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$218.00K	USD	3 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$3.40M	USD	3 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$3.08M	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$371.00K	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$362.00K	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.83M	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.45M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$45.49M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$45.01M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$2.62M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$6.01M	USD	3 Qtrs
Net decrease in cash restricted for property improvements	`IncreaseDecreaseInRestrictedCash`	$-9.00K	USD	3 Qtrs
Net decrease in cash restricted for property improvements	`IncreaseDecreaseInRestrictedCash`	$-1.73M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-887.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.00M	USD	3 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$2.12M	USD	3 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$1.90M	USD	3 Qtrs
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	-	USD	3 Qtrs
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	$10.50M	USD	3 Qtrs
Net proceeds from current credit facility	`ProceedsFromLinesOfCredit`	$11.70M	USD	3 Qtrs
Net proceeds from current credit facility	`ProceedsFromLinesOfCredit`	-	USD	3 Qtrs
Net proceeds from extinguished credit facility	`ProceedsFromExtinguishedCreditFacility`	-	USD	3 Qtrs
Net proceeds from extinguished credit facility	`ProceedsFromExtinguishedCreditFacility`	$22.09M	USD	3 Qtrs
Payment of financing costs related to borrowings	`PaymentsOfFinancingCosts`	$135.00K	USD	3 Qtrs
Payment of financing costs related to borrowings	`PaymentsOfFinancingCosts`	$10.00K	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$28.98M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$24.04M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOfUnits`	$17.48M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOfUnits`	$18.61M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$53.63M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$52.87M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-39.49M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-43.83M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$296.00K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	3 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`	$296.00K	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`	$296.00K	USD	Point-in-time

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