10-Q Filing

APPLE REIT TEN, INC. CIK: 1498864 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001185185-13-002317`
Period End Date	20130930
Filing Date	20131106
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	apple10-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 92 Cash Flow Statement 58

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$36.89M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$21.80M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $36,886 and $21,804, respectively	`RealEstateInvestmentPropertyNet`	$675.13M	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 $36,886 and $21,804, respectively	`RealEstateInvestmentPropertyNet`	$506.69M	USD	Point-in-time
Preferred stock, shares authorized (in Shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Preferred stock, shares issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Energy investment	`HeldToMaturitySecurities`	$100.33M	USD	Point-in-time
Energy investment	`HeldToMaturitySecurities`	-	USD	Point-in-time
Preferred stock, shares issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$125.02M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$146.53M	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
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
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$5.14M	USD	Point-in-time
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	76.58M	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$2.48M	USD	Point-in-time
Due from third party managers, net	`DueFromManagers`	$6.43M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	64.98M	shares	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	64.98M	shares	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	76.58M	shares	Point-in-time
Other assets, net	`OtherAssets`	$2.69M	USD	Point-in-time
Other assets, net	`OtherAssets`	$7.42M	USD	Point-in-time
Total Assets	`Assets`	$794.45M	USD	Point-in-time
Total Assets	`Assets`	$667.78M	USD	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	-	USD	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$35.10M	USD	Point-in-time
Notes payable	`SecuredDebt`	$79.97M	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`	$9.12M	USD	Point-in-time
Total Liabilities	`Liabilities`	$124.20M	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 76,577,211 and 64,983,511 shares, respectively	`CommonStockValue`	$750.05M	USD	Point-in-time
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 76,577,211 and 64,983,511 shares, respectively	`CommonStockValue`	$636.19M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$79.85M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$56.71M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$670.25M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$579.52M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$794.45M	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`	$40.17M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$104.65M	USD	3 Qtrs
Room revenue	`OccupancyRevenue`	$29.63M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$80.42M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$8.00M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$10.92M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$3.60M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$2.85M	USD	1 Quarter
Total revenue	`Revenues`	$32.48M	USD	1 Quarter
Total revenue	`Revenues`	$115.57M	USD	3 Qtrs
Total revenue	`Revenues`	$43.76M	USD	1 Quarter
Total revenue	`Revenues`	$88.43M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$8.07M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$21.76M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$11.03M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$28.96M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$8.97M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$3.36M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$2.49M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$6.89M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$3.84M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.83M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$7.72M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$10.02M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$1.32M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$1.70M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$3.33M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$4.09M	USD	3 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.09M	USD	3 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$1.04M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.90M	USD	3 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$1.66M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$3.53M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$1.86M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$4.81M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$1.28M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$3.69M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.02M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$2.74M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.34M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.96M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$5.88M	USD	3 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$7.82M	USD	3 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$1.83M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.15M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.31M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.47M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.12M	USD	1 Quarter
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$607.00K	USD	1 Quarter
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$1.54M	USD	3 Qtrs
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$2.94M	USD	1 Quarter
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$4.90M	USD	3 Qtrs
Depreciation expense	`Depreciation`	$5.75M	USD	1 Quarter
Depreciation expense	`Depreciation`	$15.08M	USD	3 Qtrs
Depreciation expense	`Depreciation`	$4.09M	USD	1 Quarter
Depreciation expense	`Depreciation`	$11.58M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$37.55M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$25.73M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$71.34M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$95.73M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$19.84M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$6.21M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.75M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.09M	USD	3 Qtrs
Investment income	`InvestmentIncomeInterest`	$4.47M	USD	3 Qtrs
Investment income	`InvestmentIncomeInterest`	$134.00K	USD	3 Qtrs
Investment income	`InvestmentIncomeInterest`	$73.00K	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$3.53M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.21M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.80M	USD	3 Qtrs
Interest expense	`InterestExpense`	$1.48M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.60M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$13.62M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$20.50M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.61M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$8.27M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$92.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$231.00K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$244.00K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$87.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$20.26M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$13.39M	USD	3 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`	$0.29	USD	3 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.09	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.26	USD	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	70.31M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	74.89M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.70M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.07M	shares	3 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$20.26M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$13.39M	USD	3 Qtrs
Depreciation	`Depreciation`	$5.75M	USD	1 Quarter
Depreciation	`Depreciation`	$15.08M	USD	3 Qtrs
Depreciation	`Depreciation`	$4.09M	USD	1 Quarter
Depreciation	`Depreciation`	$11.58M	USD	3 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-197.00K	USD	3 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-140.00K	USD	3 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$3.34M	USD	3 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$4.05M	USD	3 Qtrs
(Increase) decrease in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$-156.00K	USD	3 Qtrs
(Increase) decrease in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$927.00K	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.11M	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.93M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$32.49M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.04M	USD	3 Qtrs
Cash paid for energy investment	`PaymentsToAcquireInvestments`	$100.00M	USD	3 Qtrs
Cash paid for energy investment	`PaymentsToAcquireInvestments`	-	USD	3 Qtrs
Cash paid for the acquisition of hotel properties	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$177.38M	USD	3 Qtrs
Cash paid for the acquisition of hotel properties	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$51.23M	USD	3 Qtrs
Deposits and other disbursements for potential acquisitions, net	`PaymentsForDepositsOnRealEstateAcquisitions`	$1.53M	USD	3 Qtrs
Deposits and other disbursements for potential acquisitions, net	`PaymentsForDepositsOnRealEstateAcquisitions`	$72.00K	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$6.54M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$5.24M	USD	3 Qtrs
Decrease in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$-648.00K	USD	3 Qtrs
Decrease in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$-4.04M	USD	3 Qtrs
Investment in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	3 Qtrs
Investment in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$1.45M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-55.89M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-282.86M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$198.53M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$128.41M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$14.61M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$14.55M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$32.01M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$43.39M	USD	3 Qtrs
Net proceeds from credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$35.10M	USD	3 Qtrs
Net proceeds from credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	3 Qtrs
Payments of notes payable	`RepaymentsOfSecuredDebt`	$1.05M	USD	3 Qtrs
Payments of notes payable	`RepaymentsOfSecuredDebt`	$1.14M	USD	3 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$530.00K	USD	3 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$132.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$103.84M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$150.79M	USD	3 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$117.94M	USD	3 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-146.53M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$125.02M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.08M	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`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$125.02M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.08M	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`	-	USD	Point-in-time
Notes payable assumed in acquisitions	`NoncashOrPartNoncashAcquisitionDebtAssumed1`	-	USD	3 Qtrs
Notes payable assumed in acquisitions	`NoncashOrPartNoncashAcquisitionDebtAssumed1`	$13.07M	USD	3 Qtrs

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