10-Q Filing

APPLE REIT SEVEN, INC. CIK: 1329011 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001185185-13-002322`
Period End Date	20130930
Filing Date	20131106
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	apple7-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 104 Cash Flow Statement 55

Balance Sheet 44 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$179.49M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$205.18M	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 $205,180 and $179,491, respectively	`RealEstateInvestmentPropertyNet`	$802.33M	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 $205,180 and $179,491, respectively	`RealEstateInvestmentPropertyNet`	$784.53M	USD	Point-in-time
Preferred stock, shares issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Hotels held for sale	`AssetsHeldForSaleAtCarryingValue`	$9.60M	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
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$12.02M	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
Due from third party managers, net	`DueFromManagers`	$9.32M	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`	$6.80M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	90.61M	shares	Point-in-time
Other assets, net	`OtherAssets`	$5.16M	USD	Point-in-time
Other assets, net	`OtherAssets`	$4.72M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	90.94M	shares	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
Total Assets	`Assets`	$835.50M	USD	Point-in-time
Total Assets	`Assets`	$820.63M	USD	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$24.50M	USD	Point-in-time
Credit facility	`LineOfCreditFacilityAmountOutstanding`	$35.60M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$183.56M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$162.52M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$15.03M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$12.92M	USD	Point-in-time
Total Liabilities	`Liabilities`	$223.09M	USD	Point-in-time
Total Liabilities	`Liabilities`	$211.04M	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 90,613,633 and 90,941,959 shares, respectively	`CommonStockValue`	$895.32M	USD	Point-in-time
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 90,613,633 and 90,941,959 shares, respectively	`CommonStockValue`	$898.82M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$297.80M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$274.38M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$597.54M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$624.46M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$835.50M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$820.63M	USD	Point-in-time

Income Statement 104 line items

Line Item	Tag	Value	Unit	Period
Room revenue	`OccupancyRevenue`	$51.17M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$153.72M	USD	3 Qtrs
Room revenue	`OccupancyRevenue`	$53.72M	USD	1 Quarter
Room revenue	`OccupancyRevenue`	$147.52M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$4.66M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$14.88M	USD	3 Qtrs
Other revenue	`OtherHotelOperatingRevenue`	$5.46M	USD	1 Quarter
Other revenue	`OtherHotelOperatingRevenue`	$16.12M	USD	3 Qtrs
Total revenue	`Revenues`	$59.17M	USD	1 Quarter
Total revenue	`Revenues`	$162.40M	USD	3 Qtrs
Total revenue	`Revenues`	$169.84M	USD	3 Qtrs
Total revenue	`Revenues`	$55.82M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$42.88M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$44.74M	USD	3 Qtrs
Operating expense	`DirectCostsOfHotels`	$14.83M	USD	1 Quarter
Operating expense	`DirectCostsOfHotels`	$15.25M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.03M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$12.10M	USD	3 Qtrs
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$4.14M	USD	1 Quarter
Hotel administrative expense	`CostOfOtherPropertyOperatingExpense`	$11.80M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$4.27M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$12.60M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$13.00M	USD	3 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$4.46M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$6.80M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$6.58M	USD	3 Qtrs
Utilities	`UtilitiesCosts`	$2.52M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$2.59M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.57M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$7.42M	USD	3 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.49M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$7.10M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.52M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$2.35M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$6.76M	USD	3 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$7.13M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$1.86M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$1.95M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$5.74M	USD	3 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$5.51M	USD	3 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$9.30M	USD	3 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.18M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.18M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$9.32M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$4.25M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$4.82M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.37M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.68M	USD	1 Quarter
Merger transaction costs	`MergerTransactionCosts`	$722.00K	USD	3 Qtrs
Merger transaction costs	`MergerTransactionCosts`	$1.53M	USD	1 Quarter
Merger transaction costs	`MergerTransactionCosts`	$1.71M	USD	3 Qtrs
Merger transaction costs	`MergerTransactionCosts`	-	USD	1 Quarter
Depreciation expense	`Depreciation`	$8.50M	USD	1 Quarter
Depreciation expense	`Depreciation`	$25.69M	USD	3 Qtrs
Depreciation expense	`Depreciation`	$8.51M	USD	1 Quarter
Depreciation expense	`Depreciation`	$25.37M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$45.71M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$133.45M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$137.89M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$48.05M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$31.95M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$28.94M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$11.12M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$10.11M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-7.92M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-2.68M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-7.89M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-2.71M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$21.02M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$24.06M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$8.44M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.40M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$75.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$260.00K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$263.00K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$80.00K	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperations`	$23.80M	USD	3 Qtrs
Income from continuing operations	`IncomeLossFromContinuingOperations`	$7.33M	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperations`	$20.76M	USD	3 Qtrs
Income from continuing operations	`IncomeLossFromContinuingOperations`	$8.36M	USD	1 Quarter
Income (loss) from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$-27.00K	USD	1 Quarter
Income (loss) from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$162.00K	USD	3 Qtrs
Income (loss) from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$-442.00K	USD	1 Quarter
Income (loss) from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$212.00K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$7.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$20.97M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$23.96M	USD	3 Qtrs
From continuing operations (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.23	USD	3 Qtrs
From continuing operations (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.09	USD	1 Quarter
From continuing operations (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.08	USD	1 Quarter
From continuing operations (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.26	USD	3 Qtrs
From discontinued operations (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
From discontinued operations (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
From discontinued operations (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	3 Qtrs
From discontinued operations (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	3 Qtrs
Total basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.09	USD	1 Quarter
Total basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.26	USD	3 Qtrs
Total basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.23	USD	3 Qtrs
Total basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.08	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.68M	shares	3 Qtrs
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`	90.90M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.87M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$7.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$20.97M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$23.96M	USD	3 Qtrs
Depreciation, including discontinued operations	`DepreciationIncludingDiscontinuedOperations`	$25.85M	USD	3 Qtrs
Depreciation, including discontinued operations	`DepreciationIncludingDiscontinuedOperations`	$25.69M	USD	3 Qtrs
Loss on hotels held for sale	`DiscontinuedOperationProvisionForLossGainOnDisposalBeforeIncomeTax`	$700.00K	USD	3 Qtrs
Loss on hotels held for sale	`DiscontinuedOperationProvisionForLossGainOnDisposalBeforeIncomeTax`	$700.00K	USD	1 Quarter
Loss on hotels held for sale	`DiscontinuedOperationProvisionForLossGainOnDisposalBeforeIncomeTax`	$6.60M	USD	1 Quarter
Loss on hotels held for sale	`DiscontinuedOperationProvisionForLossGainOnDisposalBeforeIncomeTax`	-	USD	3 Qtrs
Loss on hotels held for sale	`DiscontinuedOperationProvisionForLossGainOnDisposalBeforeIncomeTax`	-	USD	1 Quarter
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-107.00K	USD	3 Qtrs
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net	`OtherNoncashIncomeExpense`	$-297.00K	USD	3 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$2.70M	USD	3 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$2.53M	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$650.00K	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$665.00K	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.93M	USD	3 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.75M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$49.02M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$45.69M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$7.53M	USD	3 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$6.25M	USD	3 Qtrs
Increase in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$262.00K	USD	3 Qtrs
Increase in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$3.27M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.79M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.53M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$12.18M	USD	3 Qtrs
Net proceeds related to issuance of Units	`ProceedsFromIssuanceOrSaleOfEquity`	$6.56M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$13.84M	USD	3 Qtrs
Redemptions of Units	`PaymentsForRedemptionOfUnits`	$10.16M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$47.38M	USD	3 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$52.48M	USD	3 Qtrs
Payments on extinguished credit facility	`RepaymentsOfLinesOfCredit`	-	USD	3 Qtrs
Payments on extinguished credit facility	`RepaymentsOfLinesOfCredit`	$64.70M	USD	3 Qtrs
Proceeds from (payments on) existing credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$22.60M	USD	3 Qtrs
Proceeds from (payments on) existing credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$-11.10M	USD	3 Qtrs
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	$63.00M	USD	3 Qtrs
Proceeds from mortgage debt	`ProceedsFromSecuredNotesPayable`	$51.25M	USD	3 Qtrs
Payments on mortgage debt	`RepaymentsOfSecuredDebt`	$2.30M	USD	3 Qtrs
Payments on mortgage debt	`RepaymentsOfSecuredDebt`	$29.86M	USD	3 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$628.00K	USD	3 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$524.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-41.22M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-36.17M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	3 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.