10-Q Filing

APPLE REIT TEN, INC. CIK: 1498864 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001185185-13-001603`
Period End Date	20130630
Filing Date	20130808
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	apple10-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 92 Cash Flow Statement 56

Balance Sheet 46 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$31.14M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$21.80M	USD	Point-in-time
Preferred stock, shares authorized (in Shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Investment in real estate, net of accumulated depreciation of $31,138 and $21,804, respectively	`RealEstateInvestmentPropertyNet`	$506.69M	USD	Point-in-time
Preferred stock, shares authorized (in Shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Investment in real estate, net of accumulated depreciation of $31,138 and $21,804, respectively	`RealEstateInvestmentPropertyNet`	$574.68M	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
Energy investment	`HeldToMaturitySecurities`	-	USD	Point-in-time
Energy investment	`HeldToMaturitySecurities`	$80.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$101.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$146.53M	USD	Point-in-time
Preferred stock, shares outstanding (in Shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$64.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.08M	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`	$7.04M	USD	Point-in-time
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$9.40M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	64.98M	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$2.48M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$7.01M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	74.10M	shares	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	74.10M	shares	Point-in-time
Other assets, net	`OtherAssets`	$2.69M	USD	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	64.98M	shares	Point-in-time
Other assets, net	`OtherAssets`	$7.89M	USD	Point-in-time
Total Assets	`Assets`	$740.97M	USD	Point-in-time
Total Assets	`Assets`	$667.78M	USD	Point-in-time
Notes payable	`SecuredDebt`	$80.37M	USD	Point-in-time
Notes payable	`SecuredDebt`	$81.19M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$7.07M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$7.24M	USD	Point-in-time
Total Liabilities	`Liabilities`	$87.61M	USD	Point-in-time
Total Liabilities	`Liabilities`	$88.26M	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 400,000,000 shares; issued and outstanding 74,100,764 and 64,983,511 shares, respectively	`CommonStockValue`	$636.19M	USD	Point-in-time
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 74,100,764 and 64,983,511 shares, respectively	`CommonStockValue`	$725.92M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$-56.71M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$-72.60M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$579.52M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$653.36M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$740.97M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$667.78M	USD	Point-in-time

Income Statement 92 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$36.84M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$50.80M	USD	2 Qtrs
Room revenue	`OccupancyRevenue`	$64.48M	USD	2 Qtrs
Room revenue	`OccupancyRevenue`	$28.26M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$2.86M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$7.33M	USD	2 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$4.10M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$5.15M	USD	2 Qtrs
Total revenue	`Revenues`	$55.94M	USD	2 Qtrs
Total revenue	`Revenues`	$31.12M	USD	1 Quarter
Total revenue	`Revenues`	$40.94M	USD	1 Quarter
Total revenue	`Revenues`	$71.81M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$7.36M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$9.87M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$13.69M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$17.93M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$2.98M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$2.32M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.40M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$5.61M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$2.60M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.46M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$6.17M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$4.89M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$2.40M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$1.27M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$1.03M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$2.00M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$1.86M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.43M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$1.01M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$1.36M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.95M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$1.24M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.25M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$1.70M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.73M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$916.00K	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$2.35M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.27M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$4.05M	USD	2 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.72M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.11M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$4.86M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.23M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.32M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.19M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.17M	USD	1 Quarter
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$1.97M	USD	2 Qtrs
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$603.00K	USD	1 Quarter
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$934.00K	USD	2 Qtrs
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$290.00K	USD	1 Quarter
Depreciation expense	`Depreciation`	$3.80M	USD	1 Quarter
Depreciation expense	`Depreciation`	$9.33M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$7.49M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$4.85M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$45.61M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$23.91M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$31.24M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$58.19M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$7.21M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$9.70M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$13.62M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$10.33M	USD	2 Qtrs
Investment income	`InvestmentIncomeInterest`	$815.00K	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$61.00K	USD	2 Qtrs
Investment income	`InvestmentIncomeInterest`	$50.00K	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$934.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$1.25M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.32M	USD	2 Qtrs
Interest expense	`InterestExpense`	$1.27M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.38M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.99M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$9.27M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$12.23M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$8.01M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$79.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$157.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$138.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$88.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.87M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$12.07M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$9.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.90M	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.16	USD	2 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.11	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.18	USD	2 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.13	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	67.98M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	69.65M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	48.71M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.83M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$7.87M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$12.07M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$9.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.90M	USD	1 Quarter
Depreciation	`Depreciation`	$3.80M	USD	1 Quarter
Depreciation	`Depreciation`	$9.33M	USD	2 Qtrs
Depreciation	`Depreciation`	$7.49M	USD	2 Qtrs
Depreciation	`Depreciation`	$4.85M	USD	1 Quarter
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-131.00K	USD	2 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-110.00K	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$4.58M	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$4.51M	USD	2 Qtrs
Increase in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$970.00K	USD	2 Qtrs
Increase in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$174.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$767.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$804.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.52M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.82M	USD	2 Qtrs
Cash paid for energy investment	`PaymentsToAcquireInvestments`	$80.00M	USD	2 Qtrs
Cash paid for energy investment	`PaymentsToAcquireInvestments`	-	USD	2 Qtrs
Cash paid for the acquisition of hotel properties	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$73.05M	USD	2 Qtrs
Cash paid for the acquisition of hotel properties	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$25.70M	USD	2 Qtrs
Deposits and other disbursements for potential acquisitions, net	`PaymentsForDepositsOnRealEstateAcquisitions`	$3.07M	USD	2 Qtrs
Deposits and other disbursements for potential acquisitions, net	`PaymentsForDepositsOnRealEstateAcquisitions`	$290.00K	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$4.90M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$3.63M	USD	2 Qtrs
Decrease (increase) in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$427.00K	USD	2 Qtrs
Decrease (increase) in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$-2.41M	USD	2 Qtrs
Investment in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$1.45M	USD	2 Qtrs
Investment in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-160.06M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.06M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$138.71M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$97.38M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$7.72M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$4.85M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$19.93M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$27.96M	USD	2 Qtrs
Payments of notes payable	`RepaymentsOfSecuredDebt`	$766.00K	USD	2 Qtrs
Payments of notes payable	`RepaymentsOfSecuredDebt`	$693.00K	USD	2 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$132.00K	USD	2 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$84.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$60.84M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$113.10M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-82.39M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$94.57M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$101.64M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$146.53M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$64.14M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$101.64M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$146.53M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$64.14M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.08M	USD	Point-in-time
Notes payable assumed in acquisitions	`NoncashOrPartNoncashAcquisitionDebtAssumed1`	-	USD	2 Qtrs
Notes payable assumed in acquisitions	`NoncashOrPartNoncashAcquisitionDebtAssumed1`	$13.07M	USD	2 Qtrs

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