10-Q Filing

APPLE REIT EIGHT, INC. CIK: 1387361 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0000930413-11-007132`
Period End Date	20110930
Filing Date	20111109
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	apple8-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 88 Cash Flow Statement 54

Balance Sheet 44 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$117.25M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$90.26M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $117,251 and $90,261	`RealEstateInvestmentPropertyNet`	$945.31M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $117,251 and $90,261	`RealEstateInvestmentPropertyNet`	$922.01M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedAssetsAndOtherEscrows`	$8.93M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedAssetsAndOtherEscrows`	$11.27M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$7.18M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$4.03M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Other assets, net	`OtherAssets`	$4.21M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Other assets, net	`OtherAssets`	$4.28M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	94.62M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$962.49M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$944.75M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	93.94M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	94.62M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	93.94M	shares	Point-in-time
Credit facilities	`LineOfCredit`	$86.12M	USD	Point-in-time
Credit facilities	`LineOfCredit`	$51.89M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$148.55M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$139.07M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$19.66M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$14.88M	USD	Point-in-time
Intangible liabilities, net	`IntangibleLiabilitiesNet`	$10.60M	USD	Point-in-time
Intangible liabilities, net	`IntangibleLiabilitiesNet`	$9.95M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$225.92M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$254.79M	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 93,940,488 and 94,615,462 shares, respectively	`CommonStockValue`	$938.73M	USD	Point-in-time
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 93,940,488 and 94,615,462 shares, respectively	`CommonStockValue`	$931.52M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$-241.59M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$-202.19M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$689.95M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$736.57M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$944.75M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$962.49M	USD	Point-in-time

Income Statement 88 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$48.42M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$131.06M	USD	3 Qtrs
Room revenue	`OccupancyRevenue`	$136.02M	USD	3 Qtrs
Room revenue	`OccupancyRevenue`	$50.14M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$10.11M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$3.52M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$3.79M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$9.56M	USD	3 Qtrs
Total revenue	`Revenues`	$53.93M	USD	1 Quarter
Total revenue	`Revenues`	$51.94M	USD	1 Quarter
Total revenue	`Revenues`	$140.61M	USD	3 Qtrs
Total revenue	`Revenues`	$146.13M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$36.29M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$37.67M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$12.94M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$13.57M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.26M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$12.22M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.02M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$11.75M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$10.65M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$11.19M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$3.79M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.93M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$6.23M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$2.49M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$6.48M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$2.44M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$7.29M	USD	3 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$7.32M	USD	3 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.69M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.52M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.17M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.09M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$5.57M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$5.79M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.95M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$4.92M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$5.18M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.86M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.31M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$7.84M	USD	3 Qtrs
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.56M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$7.10M	USD	3 Qtrs
Land lease expense	`OperatingLeasesRentExpenseNet`	$4.79M	USD	3 Qtrs
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.59M	USD	1 Quarter
Land lease expense	`OperatingLeasesRentExpenseNet`	$4.79M	USD	3 Qtrs
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.60M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.87M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.33M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.90M	USD	3 Qtrs
Depreciation expense	`Depreciation`	$8.79M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.96M	USD	1 Quarter
Depreciation expense	`Depreciation`	$26.19M	USD	3 Qtrs
Depreciation expense	`Depreciation`	$26.99M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$125.41M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$43.95M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$45.09M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$128.59M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$8.84M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.55M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$7.98M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.20M	USD	3 Qtrs
Net gain from mortgage debt restructuring and extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Net gain from mortgage debt restructuring and extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	3 Qtrs
Net gain from mortgage debt restructuring and extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$1.09M	USD	3 Qtrs
Net gain from mortgage debt restructuring and extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$1.09M	USD	1 Quarter
Investment income, net	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	-	USD	3 Qtrs
Investment income, net	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	-	USD	1 Quarter
Investment income, net	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	$3.03M	USD	3 Qtrs
Investment income, net	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	$5.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.33M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-6.77M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-8.84M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-2.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.80M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$11.46M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$7.14M	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.06	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.10	USD	3 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.08	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.12	USD	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	93.93M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	94.38M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	94.16M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageCommonSharesOutstandingBasicAndDiluted`	94.08M	shares	3 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.80M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$11.46M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$7.14M	USD	1 Quarter
Depreciation	`Depreciation`	$8.79M	USD	1 Quarter
Depreciation	`Depreciation`	$8.96M	USD	1 Quarter
Depreciation	`Depreciation`	$26.19M	USD	3 Qtrs
Depreciation	`Depreciation`	$26.99M	USD	3 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$-85.00K	USD	3 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$268.00K	USD	3 Qtrs
Non-cash portion of net gain on extinguishment of mortgage debt	`NoncashPortionGainLossOnExtinguishmentOfMortgageDebt`	$1.48M	USD	3 Qtrs
Non-cash portion of net gain on extinguishment of mortgage debt	`NoncashPortionGainLossOnExtinguishmentOfMortgageDebt`	-	USD	3 Qtrs
Net realized gain on sale of investments	`GainLossOnSaleOfSecuritiesNet`	$3.01M	USD	3 Qtrs
Net realized gain on sale of investments	`GainLossOnSaleOfSecuritiesNet`	-	USD	3 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$3.15M	USD	3 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$2.68M	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.05M	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.28M	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.61M	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.96M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.13M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$35.40M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$3.62M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$5.88M	USD	3 Qtrs
Net (increase) decrease in cash restricted for property improvements	`IncreaseDecreaseInCapitalImprovementReserves`	$-2.79M	USD	3 Qtrs
Net (increase) decrease in cash restricted for property improvements	`IncreaseDecreaseInCapitalImprovementReserves`	$1.71M	USD	3 Qtrs
Proceeds from sale of equity securities - available for sale	`ProceedsFromSaleOfAvailableForSaleSecuritiesEquity`	-	USD	3 Qtrs
Proceeds from sale of equity securities - available for sale	`ProceedsFromSaleOfAvailableForSaleSecuritiesEquity`	$3.80M	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$708.00K	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.32M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOfUnits`	$19.58M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOfUnits`	$16.76M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$8.27M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$24.09M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$54.29M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$49.21M	USD	3 Qtrs
Net proceeds from credit facility	`ProceedsFromLinesOfCredit`	$10.32M	USD	3 Qtrs
Net proceeds from credit facility	`ProceedsFromLinesOfCredit`	$34.23M	USD	3 Qtrs
Payments of mortgage debt	`ProceedsFromRepaymentsOfSecuredDebt`	$-1.67M	USD	3 Qtrs
Payments of mortgage debt	`ProceedsFromRepaymentsOfSecuredDebt`	$-7.49M	USD	3 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	-	USD	3 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$285.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-30.08M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-34.34M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$501.00K	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$501.00K	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`	$501.00K	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

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