10-Q Filing

APPLE REIT SEVEN, INC. CIK: 1329011 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001185185-13-001001`
Period End Date	20130331
Filing Date	20130507
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	apple7-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 50 Cash Flow Statement 48

Balance Sheet 44 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$182.81M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$188.08M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $188,083 and $182,814, respectively	`RealEstateInvestmentPropertyNet`	$796.21M	USD	Point-in-time
Preferred stock, shares authorized (in Shares)	`PreferredStockSharesAuthorized`	15.00M	shares	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 $188,083 and $182,814, respectively	`RealEstateInvestmentPropertyNet`	$812.63M	USD	Point-in-time
Preferred stock, shares issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Hotels held for sale	`AssetsHeldForSaleAtCarryingValue`	-	USD	Point-in-time
Hotels held for sale	`AssetsHeldForSaleAtCarryingValue`	$10.30M	USD	Point-in-time
Preferred stock, shares outstanding (in Shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$11.35M	USD	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$11.12M	USD	Point-in-time
Preferred stock, shares outstanding (in Shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$10.26M	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
Due from third party managers, net	`DueFromManagers`	$6.80M	USD	Point-in-time
Other assets, net	`OtherAssets`	$4.74M	USD	Point-in-time
Other assets, net	`OtherAssets`	$4.72M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	90.94M	shares	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	90.89M	shares	Point-in-time
Total Assets	`Assets`	$832.62M	USD	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	90.89M	shares	Point-in-time
Total Assets	`Assets`	$835.50M	USD	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	90.94M	shares	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$35.60M	USD	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$29.60M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$177.31M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$162.52M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$12.98M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$12.92M	USD	Point-in-time
Total Liabilities	`Liabilities`	$219.89M	USD	Point-in-time
Total Liabilities	`Liabilities`	$211.04M	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 90,885,748 and 90,941,959 shares, respectively	`CommonStockValue`	$898.82M	USD	Point-in-time
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 90,885,748 and 90,941,959 shares, respectively	`CommonStockValue`	$898.21M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$274.38M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$285.50M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$612.73M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$624.46M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$835.50M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$832.62M	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$47.28M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$46.33M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$5.10M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$5.26M	USD	1 Quarter
Total revenue	`Revenues`	$51.43M	USD	1 Quarter
Total revenue	`Revenues`	$52.54M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$14.27M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$13.64M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$3.99M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$3.83M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.04M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.08M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$2.09M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$2.01M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.37M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.29M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.20M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.15M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.74M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.80M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.99M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.04M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.34M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.12M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.59M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.41M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$43.28M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$43.73M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$8.15M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$8.81M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.59M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.67M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.22M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.48M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$94.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$90.00K	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperations`	$6.13M	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperations`	$5.39M	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$143.00K	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$236.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.53M	USD	1 Quarter
From continuing operations (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.07	USD	1 Quarter
From continuing operations (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.06	USD	1 Quarter
From discontinued operations (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
From discontinued operations (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Total basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.07	USD	1 Quarter
Total 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`	90.96M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.81M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.53M	USD	1 Quarter
Depreciation, including discontinued operations	`DepreciationIncludingDiscontinuedOperations`	$8.56M	USD	1 Quarter
Depreciation, including discontinued operations	`DepreciationIncludingDiscontinuedOperations`	$8.59M	USD	1 Quarter
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$5.00K	USD	1 Quarter
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$52.00K	USD	1 Quarter
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$4.67M	USD	1 Quarter
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$3.46M	USD	1 Quarter
Decrease (increase) in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-749.00K	USD	1 Quarter
Decrease (increase) in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$31.00K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$781.00K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-462.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.22M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.79M	USD	1 Quarter
Capital improvements	`PaymentsForCapitalImprovements`	$1.95M	USD	1 Quarter
Capital improvements	`PaymentsForCapitalImprovements`	$2.42M	USD	1 Quarter
Increase in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$631.00K	USD	1 Quarter
Increase in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$316.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.05M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.26M	USD	1 Quarter
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$3.63M	USD	1 Quarter
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$4.18M	USD	1 Quarter
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$4.99M	USD	1 Quarter
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$4.25M	USD	1 Quarter
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$17.48M	USD	1 Quarter
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$17.50M	USD	1 Quarter
Net proceeds from extinguished credit facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Net proceeds from extinguished credit facility	`ProceedsFromLinesOfCredit`	$11.90M	USD	1 Quarter
Payments on existing credit facility	`RepaymentsOfLinesOfCredit`	$6.00M	USD	1 Quarter
Payments on existing credit facility	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	$34.25M	USD	1 Quarter
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	-	USD	1 Quarter
Payments on mortgage debt	`RepaymentsOfSecuredDebt`	$19.32M	USD	1 Quarter
Payments on mortgage debt	`RepaymentsOfSecuredDebt`	$764.00K	USD	1 Quarter
Deferred financing costs	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Deferred financing costs	`PaymentsOfFinancingCosts`	$361.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.17M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.53M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	1 Quarter
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.