10-Q Filing

APPLE REIT SEVEN, INC. CIK: 1329011 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001185185-13-001636`
Period End Date	20130630
Filing Date	20130808
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	apple7-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 100 Cash Flow Statement 50

Balance Sheet 44 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$196.67M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$182.81M	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 $196,667 and $182,814, respectively	`RealEstateInvestmentPropertyNet`	$812.63M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $196,667 and $182,814, respectively	`RealEstateInvestmentPropertyNet`	$789.95M	USD	Point-in-time
Preferred stock, shares authorized (in Shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Hotels held for sale	`AssetsHeldForSaleAtCarryingValue`	-	USD	Point-in-time
Preferred stock, shares issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Hotels held for sale	`AssetsHeldForSaleAtCarryingValue`	$10.30M	USD	Point-in-time
Preferred stock, shares issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$10.77M	USD	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
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$11.35M	USD	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
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$10.81M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	90.94M	shares	Point-in-time
Other assets, net	`OtherAssets`	$4.72M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	90.61M	shares	Point-in-time
Other assets, net	`OtherAssets`	$5.75M	USD	Point-in-time
Total Assets	`Assets`	$835.50M	USD	Point-in-time
Total Assets	`Assets`	$827.57M	USD	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	90.61M	shares	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	90.94M	shares	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$25.10M	USD	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$35.60M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$184.79M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$162.52M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$12.92M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$13.10M	USD	Point-in-time
Total Liabilities	`Liabilities`	$211.04M	USD	Point-in-time
Total Liabilities	`Liabilities`	$222.99M	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 90,613,634 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 90,613,634 and 90,941,959 shares, respectively	`CommonStockValue`	$895.32M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$290.77M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$274.38M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$624.46M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$604.58M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$835.50M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$827.57M	USD	Point-in-time

Income Statement 100 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$100.01M	USD	2 Qtrs
Room revenue	`OccupancyRevenue`	$52.73M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$96.35M	USD	2 Qtrs
Room revenue	`OccupancyRevenue`	$50.02M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$5.13M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$10.66M	USD	2 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$5.40M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$10.22M	USD	2 Qtrs
Total revenue	`Revenues`	$55.15M	USD	1 Quarter
Total revenue	`Revenues`	$106.57M	USD	2 Qtrs
Total revenue	`Revenues`	$110.67M	USD	2 Qtrs
Total revenue	`Revenues`	$58.13M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$28.04M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$14.40M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$29.50M	USD	2 Qtrs
Operating expense	`DirectCostsOfHotels`	$15.22M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$3.93M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$7.77M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$7.96M	USD	2 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$3.97M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$8.54M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$4.46M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.29M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$8.33M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$4.05M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$2.04M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$4.21M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$2.12M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.61M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.85M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.31M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.48M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$4.61M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.27M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$4.42M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.41M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$3.66M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$2.00M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.91M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$3.79M	USD	2 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.10M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$6.12M	USD	2 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$6.14M	USD	2 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.13M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.85M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.74M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.73M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.07M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$16.88M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$8.58M	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.47M	USD	1 Quarter
Depreciation expense	`Depreciation`	$17.18M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$87.74M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$44.47M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$89.83M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$46.11M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$18.83M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$12.02M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$20.83M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$10.68M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-5.21M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-5.21M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-2.62M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.54M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$15.62M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$9.40M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$8.14M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$13.62M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$90.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$94.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$180.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$188.00K	USD	2 Qtrs
Income from continuing operations	`IncomeLossFromContinuingOperations`	$15.44M	USD	2 Qtrs
Income from continuing operations	`IncomeLossFromContinuingOperations`	$9.31M	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperations`	$13.43M	USD	2 Qtrs
Income from continuing operations	`IncomeLossFromContinuingOperations`	$8.04M	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$604.00K	USD	2 Qtrs
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$368.00K	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$239.00K	USD	2 Qtrs
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$96.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.68M	USD	1 Quarter
Net income	`NetIncomeLoss`	$16.05M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$13.67M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$8.14M	USD	1 Quarter
From continuing operations (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.15	USD	2 Qtrs
From continuing operations (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.10	USD	1 Quarter
From continuing operations (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.09	USD	1 Quarter
From continuing operations (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.17	USD	2 Qtrs
From discontinued operations (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	2 Qtrs
From discontinued operations (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$0.01	USD	2 Qtrs
From discontinued operations (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$0.01	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`	$0.11	USD	1 Quarter
Total basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.15	USD	2 Qtrs
Total basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.18	USD	2 Qtrs
Total basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.09	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.61M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.92M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.71M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.89M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$9.68M	USD	1 Quarter
Net income	`NetIncomeLoss`	$16.05M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$13.67M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$8.14M	USD	1 Quarter
Depreciation, including discontinued operations	`DepreciationIncludingDiscontinuedOperations`	$17.18M	USD	2 Qtrs
Depreciation, including discontinued operations	`DepreciationIncludingDiscontinuedOperations`	$17.19M	USD	2 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-200.00K	USD	2 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-104.00K	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$4.01M	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$4.66M	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$177.00K	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$383.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$440.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$73.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$26.66M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.01M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$4.69M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$4.38M	USD	2 Qtrs
Decrease (increase) in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$351.00K	USD	2 Qtrs
Decrease (increase) in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$-194.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.73M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.50M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$8.23M	USD	2 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$6.56M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$10.16M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$9.83M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$35.00M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$32.43M	USD	2 Qtrs
Net proceeds from extinguished credit facility	`ProceedsFromLinesOfCredit`	$16.30M	USD	2 Qtrs
Net proceeds from extinguished credit facility	`ProceedsFromLinesOfCredit`	-	USD	2 Qtrs
Payments on existing credit facility	`RepaymentsOfLinesOfCredit`	-	USD	2 Qtrs
Payments on existing credit facility	`RepaymentsOfLinesOfCredit`	$10.50M	USD	2 Qtrs
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	$51.25M	USD	2 Qtrs
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	-	USD	2 Qtrs
Payments on mortgage debt	`RepaymentsOfSecuredDebt`	$1.53M	USD	2 Qtrs
Payments on mortgage debt	`RepaymentsOfSecuredDebt`	$28.73M	USD	2 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$100.00K	USD	2 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$495.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.51M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.93M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	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`	-	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.