10-Q Filing

APPLE REIT EIGHT, INC. CIK: 1387361 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001185185-13-001632`
Period End Date	20130630
Filing Date	20130808
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	apple8-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 88 Cash Flow Statement 52

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$182.02M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$163.21M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $182,022 and $163,209, respectively	`RealEstateInvestmentPropertyNet`	$873.98M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $182,022 and $163,209, respectively	`RealEstateInvestmentPropertyNet`	$889.22M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$68.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	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`	$14.42M	USD	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$14.53M	USD	Point-in-time
Preferred stock, shares outstanding (in Shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$4.39M	USD	Point-in-time
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$9.81M	USD	Point-in-time
Other assets, net	`OtherAssets`	$4.76M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	92.84M	shares	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	92.14M	shares	Point-in-time
Other assets, net	`OtherAssets`	$5.75M	USD	Point-in-time
Total Assets	`Assets`	$912.86M	USD	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	92.84M	shares	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	92.14M	shares	Point-in-time
Total Assets	`Assets`	$904.07M	USD	Point-in-time
Total Assets	`Assets`	$933.24M	USD	Point-in-time
Credit facilities	`LineOfCreditFacilityAmountOutstanding`	$45.30M	USD	Point-in-time
Credit facilities	`LineOfCreditFacilityAmountOutstanding`	$64.79M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$218.72M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$216.78M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$22.92M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$20.80M	USD	Point-in-time
Intangible liabilities, net	`IntangibleLiabilitiesNet`	$8.87M	USD	Point-in-time
Intangible liabilities, net	`IntangibleLiabilitiesNet`	$8.44M	USD	Point-in-time
Total Liabilities	`Liabilities`	$293.69M	USD	Point-in-time
Total Liabilities	`Liabilities`	$312.93M	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 92,140,005 and 92,840,914 shares, respectively	`CommonStockValue`	$912.06M	USD	Point-in-time
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 92,140,005 and 92,840,914 shares, respectively	`CommonStockValue`	$919.61M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$320.95M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$300.45M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$619.17M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$591.14M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$904.07M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$912.86M	USD	Point-in-time

Income Statement 88 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$49.98M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$91.86M	USD	2 Qtrs
Room revenue	`OccupancyRevenue`	$51.59M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$90.22M	USD	2 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$3.94M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$3.65M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$7.24M	USD	2 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$6.62M	USD	2 Qtrs
Total revenue	`Revenues`	$53.63M	USD	1 Quarter
Total revenue	`Revenues`	$99.09M	USD	2 Qtrs
Total revenue	`Revenues`	$96.85M	USD	2 Qtrs
Total revenue	`Revenues`	$55.53M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$14.09M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$25.86M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$13.63M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$26.64M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$8.27M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$8.06M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.14M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.28M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$7.60M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$7.65M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$4.11M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.03M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$3.93M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$2.02M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$1.98M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$3.96M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$5.20M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.75M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.94M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.59M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$3.79M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$3.91M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.12M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.21M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$3.43M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$3.53M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.97M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.90M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$4.84M	USD	2 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.45M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$4.79M	USD	2 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.48M	USD	1 Quarter
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.60M	USD	1 Quarter
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.60M	USD	1 Quarter
Land lease expense	`OperatingLeasesRentExpenseNet`	$3.20M	USD	2 Qtrs
Land lease expense	`OperatingLeasesRentExpenseNet`	$3.21M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.66M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.50M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.79M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.56M	USD	1 Quarter
Depreciation expense	`Depreciation`	$9.44M	USD	1 Quarter
Depreciation expense	`Depreciation`	$9.25M	USD	1 Quarter
Depreciation expense	`Depreciation`	$18.33M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$18.81M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$46.50M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$88.80M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$45.35M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$87.42M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$9.43M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$8.28M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$10.30M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$9.03M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-7.04M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-3.63M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-7.15M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-3.42M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.38M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.62M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.15M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.65M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$97.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$47.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$102.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$51.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.29M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$4.61M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.56M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.04M	USD	2 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.05	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.03	USD	2 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.06	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.02	USD	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	93.11M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	92.49M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	93.20M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	92.37M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.29M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$4.61M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.56M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.04M	USD	2 Qtrs
Depreciation	`Depreciation`	$9.44M	USD	1 Quarter
Depreciation	`Depreciation`	$9.25M	USD	1 Quarter
Depreciation	`Depreciation`	$18.33M	USD	2 Qtrs
Depreciation	`Depreciation`	$18.81M	USD	2 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-322.00K	USD	2 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-314.00K	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$5.55M	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$5.42M	USD	2 Qtrs
Increase in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$865.00K	USD	2 Qtrs
Increase in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$567.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.73M	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.19M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$17.55M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.07M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$3.63M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$7.06M	USD	2 Qtrs
Decrease (increase) in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$1.68M	USD	2 Qtrs
Decrease (increase) in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$-75.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.56M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.74M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$4.29M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$5.78M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$12.00M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$9.99M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$25.63M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$23.54M	USD	2 Qtrs
Net proceeds from existing credit facilities	`ProceedsFromLinesOfCredit`	$56.50M	USD	2 Qtrs
Net proceeds from existing credit facilities	`ProceedsFromLinesOfCredit`	$19.49M	USD	2 Qtrs
Net payments on extinguished credit facilities	`ProceedsFromRepaymentsOfLinesOfCredit`	$-73.21M	USD	2 Qtrs
Net payments on extinguished credit facilities	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	2 Qtrs
Proceeds from mortgage debt	`ProceedsFromIssuanceOfSecuredDebt`	$40.00M	USD	2 Qtrs
Proceeds from mortgage debt	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	2 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$1.31M	USD	2 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$2.04M	USD	2 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$943.00K	USD	2 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$771.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.81M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.58M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-68.00K	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`	$68.00K	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`	$68.00K	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.