10-Q Filing

APPLE REIT EIGHT, INC. CIK: 1387361 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001185185-13-002321`
Period End Date	20130930
Filing Date	20131106
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	apple8-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 92 Cash Flow Statement 52

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$191.50M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$163.21M	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
Investment in real estate, net of accumulated depreciation of $191,502 and $163,209, respectively	`RealEstateInvestmentPropertyNet`	$889.22M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $191,502 and $163,209, respectively	`RealEstateInvestmentPropertyNet`	$867.87M	USD	Point-in-time
Preferred stock, shares issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$68.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	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
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
Preferred stock, shares outstanding (in Shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$16.27M	USD	Point-in-time
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	200.00M	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
Due from third party managers, net	`DueFromManagers`	$7.83M	USD	Point-in-time
Other assets, net	`OtherAssets`	$4.76M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	92.14M	shares	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	92.84M	shares	Point-in-time
Other assets, net	`OtherAssets`	$5.44M	USD	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	92.14M	shares	Point-in-time
Total Assets	`Assets`	$912.86M	USD	Point-in-time
Total Assets	`Assets`	$897.41M	USD	Point-in-time
Total Assets	`Assets`	$925.34M	USD	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	92.84M	shares	Point-in-time
Credit facilities	`LineOfCreditFacilityAmountOutstanding`	$45.30M	USD	Point-in-time
Credit facilities	`LineOfCreditFacilityAmountOutstanding`	$64.59M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$215.76M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$218.72M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$24.45M	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`	$8.23M	USD	Point-in-time
Total Liabilities	`Liabilities`	$313.03M	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 92,140,005 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`	$327.71M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$300.45M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$584.38M	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`	$897.41M	USD	Point-in-time

Income Statement 92 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$51.89M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$144.79M	USD	3 Qtrs
Room revenue	`OccupancyRevenue`	$52.94M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$142.12M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$10.36M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$11.20M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$3.96M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$3.74M	USD	1 Quarter
Total revenue	`Revenues`	$152.48M	USD	3 Qtrs
Total revenue	`Revenues`	$55.63M	USD	1 Quarter
Total revenue	`Revenues`	$155.99M	USD	3 Qtrs
Total revenue	`Revenues`	$56.90M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$41.22M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$14.18M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$40.04M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$14.58M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$12.18M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$12.66M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.12M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.39M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.18M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.10M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$11.71M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$11.84M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$2.41M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$6.37M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$6.30M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$2.38M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$7.89M	USD	3 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.46M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.69M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$7.40M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.23M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$6.03M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.32M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$6.22M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$2.00M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$2.05M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$5.43M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$5.58M	USD	3 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$7.48M	USD	3 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.64M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$2.48M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$7.27M	USD	3 Qtrs
Land lease expense	`OperatingLeasesRentExpenseNet`	$4.80M	USD	3 Qtrs
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.60M	USD	1 Quarter
Land lease expense	`OperatingLeasesRentExpenseNet`	$1.60M	USD	1 Quarter
Land lease expense	`OperatingLeasesRentExpenseNet`	$4.80M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$4.57M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.99M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.25M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.55M	USD	1 Quarter
Merger transaction costs	`MergerTransactionCosts`	-	USD	1 Quarter
Merger transaction costs	`MergerTransactionCosts`	$1.25M	USD	1 Quarter
Merger transaction costs	`MergerTransactionCosts`	$1.30M	USD	3 Qtrs
Merger transaction costs	`MergerTransactionCosts`	$484.00K	USD	3 Qtrs
Depreciation expense	`Depreciation`	$28.29M	USD	3 Qtrs
Depreciation expense	`Depreciation`	$9.29M	USD	1 Quarter
Depreciation expense	`Depreciation`	$27.61M	USD	3 Qtrs
Depreciation expense	`Depreciation`	$9.48M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$46.40M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$137.64M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$133.82M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$48.84M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$18.35M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$18.66M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$8.05M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$9.23M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.84M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-11.16M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-10.88M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-4.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.77M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.39M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.05M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.19M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$39.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$150.00K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$141.00K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$53.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.62M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$7.05M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$4.01M	USD	1 Quarter
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`	$0.04	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.08	USD	3 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.08	USD	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	92.97M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	92.38M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	92.14M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	93.12M	shares	3 Qtrs

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.62M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$7.05M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$4.01M	USD	1 Quarter
Depreciation	`Depreciation`	$28.29M	USD	3 Qtrs
Depreciation	`Depreciation`	$9.29M	USD	1 Quarter
Depreciation	`Depreciation`	$27.61M	USD	3 Qtrs
Depreciation	`Depreciation`	$9.48M	USD	1 Quarter
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-414.00K	USD	3 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-379.00K	USD	3 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$3.37M	USD	3 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$3.44M	USD	3 Qtrs
Increase in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$1.08M	USD	3 Qtrs
Increase in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$1.34M	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$5.27M	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.97M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$33.91M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$36.47M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$10.37M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$6.25M	USD	3 Qtrs
Increase in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$2.33M	USD	3 Qtrs
Increase in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$1.10M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.70M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.35M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$8.43M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$4.29M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$12.00M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$13.98M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$38.41M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$34.30M	USD	3 Qtrs
Net proceeds from existing credit facilities	`ProceedsFromLinesOfCredit`	$37.80M	USD	3 Qtrs
Net proceeds from existing credit facilities	`ProceedsFromLinesOfCredit`	$19.29M	USD	3 Qtrs
Net payments on extinguished credit facilities	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	3 Qtrs
Net payments on extinguished credit facilities	`ProceedsFromRepaymentsOfLinesOfCredit`	$-73.21M	USD	3 Qtrs
Proceeds from mortgage debt	`ProceedsFromIssuanceOfSecuredDebt`	$58.70M	USD	3 Qtrs
Proceeds from mortgage debt	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	3 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$3.12M	USD	3 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$1.96M	USD	3 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$1.15M	USD	3 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$783.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-23.78M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.63M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-68.00K	USD	3 Qtrs
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, 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`	$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

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