10-Q Filing

APPLE REIT EIGHT, INC. CIK: 1387361 Q3 2012

Filing Information

Form Type	10-Q
Accession Number	`0001185185-12-002388`
Period End Date	20120930
Filing Date	20121106
Fiscal Year	2012
Fiscal Period	Q3
XBRL Instance	apple8-20120930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 45 Income Statement 84 Cash Flow Statement 54

Balance Sheet 45 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$126.25M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$153.86M	USD	Point-in-time
Preferred stock, shares authorized (in Shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Investment in real estate, net of accumulated depreciation of $153,861 and $126,248, respectivelly	`RealEstateInvestmentPropertyNet`	$914.59M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $153,861 and $126,248, respectivelly	`RealEstateInvestmentPropertyNet`	$897.07M	USD	Point-in-time
Preferred stock, shares authorized (in Shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndOtherEscrows`	$14.98M	USD	Point-in-time
Preferred stock, shares issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndOtherEscrows`	$11.82M	USD	Point-in-time
Preferred stock, shares issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in Shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in Shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$4.45M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$7.82M	USD	Point-in-time
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Other assets, net	`OtherAssets`	$4.84M	USD	Point-in-time
Other assets, net	`OtherAssets`	$5.47M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$925.34M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$935.71M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$944.75M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	93.00M	shares	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	93.51M	shares	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	93.00M	shares	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	93.51M	shares	Point-in-time
Credit facilities	`LineOfCreditFacilityAmountOutstanding`	$73.21M	USD	Point-in-time
Credit facilities	`LineOfCreditFacilityAmountOutstanding`	$37.80M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$219.42M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$163.04M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$23.23M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$17.73M	USD	Point-in-time
Intangible liabilities, net	`IntangibleLiabilitiesNet`	$9.09M	USD	Point-in-time
Intangible liabilities, net	`IntangibleLiabilitiesNet`	$9.74M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$263.72M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$289.54M	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 93,001,120 and 93,506,042 shares, respectively	`CommonStockValue`	$921.36M	USD	Point-in-time
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 93,001,120 and 93,506,042 shares, respectively	`CommonStockValue`	$926.76M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$285.58M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$254.79M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`StockholdersEquity`	$635.80M	USD	Point-in-time
TOTAL SHAREHOLDERS' EQUITY	`StockholdersEquity`	$671.99M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$925.34M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$935.71M	USD	Point-in-time

Income Statement 84 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$136.02M	USD	3 Qtrs
Room revenue	`OccupancyRevenue`	$50.14M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$51.89M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$142.12M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$3.79M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$3.74M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$10.11M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$10.36M	USD	3 Qtrs
Total revenue	`Revenues`	$146.13M	USD	3 Qtrs
Total revenue	`Revenues`	$152.48M	USD	3 Qtrs
Total revenue	`Revenues`	$55.63M	USD	1 Quarter
Total revenue	`Revenues`	$53.93M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$40.04M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$14.18M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$13.57M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$37.67M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$12.22M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$12.18M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.26M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.12M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$11.71M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$4.10M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.93M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$11.19M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$6.48M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$2.49M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$6.30M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$2.38M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$7.40M	USD	3 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.46M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.52M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$7.32M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.23M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.17M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$6.03M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$5.79M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$5.18M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$5.43M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.95M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$2.00M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.54M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.31M	USD	1 Quarter
Taxes, insurance and other	`RealEstateTaxesAndInsurance`	$7.42M	USD	3 Qtrs
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`	$4.80M	USD	3 Qtrs
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.60M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.87M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$5.05M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.55M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.33M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.96M	USD	1 Quarter
Depreciation expense	`Depreciation`	$27.61M	USD	3 Qtrs
Depreciation expense	`Depreciation`	$26.99M	USD	3 Qtrs
Depreciation expense	`Depreciation`	$9.29M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$46.45M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$133.97M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$128.59M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$45.09M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.55M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$9.18M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$8.84M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$18.51M	USD	3 Qtrs
Net gain from mortgage debt restructuring and extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
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
Net gain from mortgage debt restructuring and extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-10.88M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-8.84M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-2.80M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.84M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.80M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$7.62M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$7.14M	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.08	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.08	USD	3 Qtrs
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`	$0.06	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	94.16M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	92.97M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	93.12M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	93.93M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.80M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$7.62M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$7.14M	USD	1 Quarter
Depreciation	`Depreciation`	$8.96M	USD	1 Quarter
Depreciation	`Depreciation`	$27.61M	USD	3 Qtrs
Depreciation	`Depreciation`	$26.99M	USD	3 Qtrs
Depreciation	`Depreciation`	$9.29M	USD	1 Quarter
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`	$414.00K	USD	3 Qtrs
Non-cash portion of net gain on extinguishment of debt	`NoncashPortionOfNetGainOnExtinguishmentOfDebt`	-	USD	3 Qtrs
Non-cash portion of net gain on extinguishment of debt	`NoncashPortionOfNetGainOnExtinguishmentOfDebt`	$-1.48M	USD	3 Qtrs
Increase in due from third party managers	`IncreaseDecreaseInDueFromThirdPartyManager`	$3.37M	USD	3 Qtrs
Increase in due from third party managers	`IncreaseDecreaseInDueFromThirdPartyManager`	$3.15M	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.08M	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`	$5.27M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$36.47M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$35.40M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$10.37M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$3.62M	USD	3 Qtrs
Net increase in cash restricted for property improvements	`IncreaseDecreaseInCapitalImprovementReserves`	$2.33M	USD	3 Qtrs
Net increase in cash restricted for property improvements	`IncreaseDecreaseInCapitalImprovementReserves`	$1.71M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.70M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.32M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$16.76M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$8.43M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$13.98M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$24.09M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$49.21M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$38.41M	USD	3 Qtrs
Proceeds from (payments on) extinguished credit facilities	`ProceedsFromRepaymentsOfLinesOfCredit`	$-73.21M	USD	3 Qtrs
Proceeds from (payments on) extinguished credit facilities	`ProceedsFromRepaymentsOfLinesOfCredit`	$34.23M	USD	3 Qtrs
Net proceeds from existing credit facility	`ProceedsFromLinesOfCredit`	-	USD	3 Qtrs
Net proceeds from existing credit facility	`ProceedsFromLinesOfCredit`	$37.80M	USD	3 Qtrs
Proceeds from mortgage debt	`ProceedsFromIssuanceOfSecuredDebt`	$58.70M	USD	3 Qtrs
Proceeds from mortgage debt	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	3 Qtrs
Payments of mortgage debt	`ProceedsFromRepaymentsOfSecuredDebt`	$-7.49M	USD	3 Qtrs
Payments of mortgage debt	`ProceedsFromRepaymentsOfSecuredDebt`	$-1.96M	USD	3 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$285.00K	USD	3 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$1.15M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-23.78M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-30.08M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	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`	-	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.