10-Q Filing

APPLE REIT EIGHT, INC. CIK: 1387361 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001185185-13-001003`
Period End Date	20130331
Filing Date	20130507
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	apple8-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 44 Cash Flow Statement 48

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$163.21M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$172.59M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $172,585 and $163,209, respectively	`RealEstateInvestmentPropertyNet`	$881.23M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $172,585 and $163,209, respectively	`RealEstateInvestmentPropertyNet`	$889.22M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$68.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$15.46M	USD	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$14.42M	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
Due from third party managers, net	`DueFromManagers`	$7.42M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$4.39M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Other assets, net	`OtherAssets`	$4.77M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	92.84M	shares	Point-in-time
Other assets, net	`OtherAssets`	$4.76M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	92.63M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	92.63M	shares	Point-in-time
Total Assets	`Assets`	$935.70M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	92.84M	shares	Point-in-time
Total Assets	`Assets`	$912.86M	USD	Point-in-time
Total Assets	`Assets`	$908.88M	USD	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$45.30M	USD	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$58.60M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$217.79M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$218.72M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$20.80M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$22.29M	USD	Point-in-time
Intangible liabilities, net	`IntangibleLiabilitiesNet`	$8.87M	USD	Point-in-time
Intangible liabilities, net	`IntangibleLiabilitiesNet`	$8.66M	USD	Point-in-time
Total Liabilities	`Liabilities`	$307.34M	USD	Point-in-time
Total Liabilities	`Liabilities`	$293.69M	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 92,625,895 and 92,840,914 shares, respectively	`CommonStockValue`	$919.61M	USD	Point-in-time
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 92,625,895 and 92,840,914 shares, respectively	`CommonStockValue`	$917.23M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$300.45M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$315.71M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$601.54M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$619.17M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$912.86M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$908.88M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$40.27M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$40.24M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$3.29M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$2.98M	USD	1 Quarter
Total revenue	`Revenues`	$43.22M	USD	1 Quarter
Total revenue	`Revenues`	$43.56M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$12.55M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$12.22M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$3.99M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$3.92M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.57M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.55M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$1.95M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$1.94M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.45M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.35M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$1.70M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$1.67M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.53M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.56M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.34M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.35M	USD	1 Quarter
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.60M	USD	1 Quarter
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.60M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.85M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.23M	USD	1 Quarter
Depreciation expense	`Depreciation`	$9.38M	USD	1 Quarter
Depreciation expense	`Depreciation`	$9.08M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$42.29M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$42.07M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.27M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.14M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.74M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.41M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.27M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.47M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$51.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$50.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.32M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.52M	USD	1 Quarter
Basic and diluted net loss per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Basic and diluted net loss per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	93.30M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	92.61M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.32M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.52M	USD	1 Quarter
Depreciation	`Depreciation`	$9.38M	USD	1 Quarter
Depreciation	`Depreciation`	$9.08M	USD	1 Quarter
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$78.00K	USD	1 Quarter
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`AmortizationOfDeferredFinancingCostsFairValueAdjustmentsAndOtherNoncashExpensesNet`	$51.00K	USD	1 Quarter
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$3.02M	USD	1 Quarter
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManager`	$3.03M	USD	1 Quarter
Increase in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$448.00K	USD	1 Quarter
Increase in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$987.00K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.72M	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.62M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.43M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.17M	USD	1 Quarter
Capital improvements	`PaymentsForCapitalImprovements`	$1.61M	USD	1 Quarter
Capital improvements	`PaymentsForCapitalImprovements`	$2.89M	USD	1 Quarter
Increase in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$812.00K	USD	1 Quarter
Increase in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$975.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.42M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.86M	USD	1 Quarter
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$2.97M	USD	1 Quarter
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$2.40M	USD	1 Quarter
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$5.00M	USD	1 Quarter
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$4.77M	USD	1 Quarter
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$12.74M	USD	1 Quarter
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$12.83M	USD	1 Quarter
Net proceeds from existing credit facility	`ProceedsFromLinesOfCredit`	$13.30M	USD	1 Quarter
Net proceeds from existing credit facility	`ProceedsFromLinesOfCredit`	$48.10M	USD	1 Quarter
Net payments on extinguished credit facilities	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Net payments on extinguished credit facilities	`ProceedsFromRepaymentsOfLinesOfCredit`	$-73.21M	USD	1 Quarter
Proceeds from mortgage debt	`ProceedsFromIssuanceOfSecuredDebt`	$40.00M	USD	1 Quarter
Proceeds from mortgage debt	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	1 Quarter
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$661.00K	USD	1 Quarter
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$981.00K	USD	1 Quarter
Deferred financing costs	`PaymentsOfFinancingCosts`	$25.00K	USD	1 Quarter
Deferred financing costs	`PaymentsOfFinancingCosts`	$937.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.82M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.56M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-68.00K	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`	$68.00K	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`	$68.00K	USD	Point-in-time

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