10-Q Filing

APPLE REIT SEVEN, INC. CIK: 1329011 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001185185-12-001715`
Period End Date	20120630
Filing Date	20120813
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	apple7-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 76 Cash Flow Statement 50

Balance Sheet 42 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$165.45M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$148.26M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $165,450 and $148,257, respectively	`RealEstateInvestmentPropertyNet`	$846.38M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $165,450 and $148,257, respectively	`RealEstateInvestmentPropertyNet`	$833.15M	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedAssetsAndOtherEscrows`	$7.14M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedAssetsAndOtherEscrows`	$7.24M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$6.43M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$11.09M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Other assets, net	`OtherAssets`	$5.33M	USD	Point-in-time
Other assets, net	`OtherAssets`	$5.20M	USD	Point-in-time
Total Assets	`Assets`	$865.14M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	91.11M	shares	Point-in-time
Total Assets	`Assets`	$856.80M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	90.96M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	91.11M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	90.96M	shares	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$81.00M	USD	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$64.70M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$108.32M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$110.15M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$12.31M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$12.34M	USD	Point-in-time
Total Liabilities	`Liabilities`	$201.66M	USD	Point-in-time
Total Liabilities	`Liabilities`	$187.16M	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 90,962,794 and 91,109,651 shares, respectively	`CommonStockValue`	$900.55M	USD	Point-in-time
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 90,962,794 and 91,109,651 shares, respectively	`CommonStockValue`	$899.04M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$222.60M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$243.93M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$655.14M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$677.98M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$856.80M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$865.14M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$98.46M	USD	2 Qtrs
Room revenue	`OccupancyRevenue`	$94.34M	USD	2 Qtrs
Room revenue	`OccupancyRevenue`	$51.07M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$49.63M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$5.13M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$10.02M	USD	2 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$5.28M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$10.23M	USD	2 Qtrs
Total revenue	`Revenues`	$104.36M	USD	2 Qtrs
Total revenue	`Revenues`	$56.20M	USD	1 Quarter
Total revenue	`Revenues`	$54.91M	USD	1 Quarter
Total revenue	`Revenues`	$108.70M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$14.43M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$14.72M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$28.67M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$28.06M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.02M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$7.96M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.13M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$8.01M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$7.96M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$4.16M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.37M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$8.47M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$2.10M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$4.17M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$2.17M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$4.29M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.77M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.56M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.40M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.31M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$4.31M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$4.51M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.31M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.25M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$3.72M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$3.48M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.94M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.83M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.17M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.23M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$6.41M	USD	2 Qtrs
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$6.26M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.74M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.85M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.51M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.40M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.78M	USD	1 Quarter
Depreciation expense	`Depreciation`	$17.15M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$17.19M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$8.63M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$86.59M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$89.72M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$44.62M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$45.47M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$10.73M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.76M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$10.29M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$18.97M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-2.55M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.59M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-4.83M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-5.30M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$13.67M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$12.93M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$8.14M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.75M	USD	1 Quarter
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`	$0.08	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`	$0.09	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.89M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.92M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	91.67M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	91.57M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$13.67M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$12.93M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$8.14M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.75M	USD	1 Quarter
Depreciation	`Depreciation`	$8.78M	USD	1 Quarter
Depreciation	`Depreciation`	$17.15M	USD	2 Qtrs
Depreciation	`Depreciation`	$17.19M	USD	2 Qtrs
Depreciation	`Depreciation`	$8.63M	USD	1 Quarter
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$200.00K	USD	2 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$306.00K	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$5.03M	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$4.66M	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$236.00K	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$177.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$130.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$440.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$26.66M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.25M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$4.38M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$3.09M	USD	2 Qtrs
Net increase in cash restricted for property improvements	`IncreaseDecreaseInRestrictedCash`	$214.00K	USD	2 Qtrs
Net increase in cash restricted for property improvements	`IncreaseDecreaseInRestrictedCash`	$351.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.31M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.73M	USD	2 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$1.53M	USD	2 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$1.40M	USD	2 Qtrs
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	-	USD	2 Qtrs
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	$10.50M	USD	2 Qtrs
Net proceeds from credit facility	`ProceedsFromLinesOfCredit`	$8.10M	USD	2 Qtrs
Net proceeds from credit facility	`ProceedsFromLinesOfCredit`	$16.30M	USD	2 Qtrs
Payments of financing costs related to borrowings	`PaymentsOfFinancingCosts`	$100.00K	USD	2 Qtrs
Payments of financing costs related to borrowings	`PaymentsOfFinancingCosts`	$135.00K	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$9.83M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$16.00M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOfUnits`	$12.27M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOfUnits`	$8.23M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$35.28M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$35.00M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.93M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.95M	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.