10-Q Filing

APPLE REIT TEN, INC. CIK: 1498864 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001185185-16-005134`
Period End Date	20160630
Filing Date	20160809
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	apple10-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 92 Cash Flow Statement 54

Balance Sheet 42 line items

Line Item	Tag	Value	Unit	Period
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$126.45M	USD	Point-in-time
Real estate accumulated depreciation (in Dollars)	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$107.53M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $126,446 and $107,525, respectively	`RealEstateInvestmentPropertyNet`	$938.42M	USD	Point-in-time
Investment in real estate, net of accumulated depreciation of $126,446 and $107,525, respectively	`RealEstateInvestmentPropertyNet`	$947.81M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$13.41M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash-furniture, fixtures and other escrows	`RestrictedCashAndCashEquivalents`	$11.42M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$14.28M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Due from third party managers, net	`DueFromManagers`	$7.33M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Other assets, net	`OtherAssets`	$9.23M	USD	Point-in-time
Other assets, net	`OtherAssets`	$8.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	87.56M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	88.79M	shares	Point-in-time
Total Assets	`Assets`	$968.38M	USD	Point-in-time
Total Assets	`Assets`	$981.51M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	88.79M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	87.56M	shares	Point-in-time
Revolving credit facility	`LineOfCredit`	$30.40M	USD	Point-in-time
Revolving credit facility	`LineOfCredit`	$105.20M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$158.40M	USD	Point-in-time
Mortgage debt	`SecuredDebt`	$196.89M	USD	Point-in-time
Accounts payable and other liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$13.35M	USD	Point-in-time
Accounts payable and other liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$14.28M	USD	Point-in-time
Total Liabilities	`Liabilities`	$277.88M	USD	Point-in-time
Total Liabilities	`Liabilities`	$240.64M	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 87,558,918 and 88,785,416 shares, respectively	`CommonStockValue`	$868.85M	USD	Point-in-time
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 87,558,918 and 88,785,416 shares, respectively	`CommonStockValue`	$856.10M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$152.51M	USD	Point-in-time
Distributions greater than net income	`AccumulatedDistributionsInExcessOfNetIncome`	$141.15M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$727.75M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$703.63M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$968.38M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$981.51M	USD	Point-in-time

Income Statement 92 line items

Line Item	Tag	Value	Unit	Period
Room	`OccupancyRevenue`	$130.92M	USD	2 Qtrs
Room	`OccupancyRevenue`	$70.47M	USD	1 Quarter
Room	`OccupancyRevenue`	$64.67M	USD	1 Quarter
Room	`OccupancyRevenue`	$120.40M	USD	2 Qtrs
Other	`OtherHotelOperatingRevenue`	$5.39M	USD	1 Quarter
Other	`OtherHotelOperatingRevenue`	$10.05M	USD	2 Qtrs
Other	`OtherHotelOperatingRevenue`	$5.76M	USD	1 Quarter
Other	`OtherHotelOperatingRevenue`	$10.79M	USD	2 Qtrs
Total revenue	`Revenues`	$141.71M	USD	2 Qtrs
Total revenue	`Revenues`	$70.06M	USD	1 Quarter
Total revenue	`Revenues`	$76.23M	USD	1 Quarter
Total revenue	`Revenues`	$130.45M	USD	2 Qtrs
Operating	`DirectCostsOfHotels`	$30.98M	USD	2 Qtrs
Operating	`DirectCostsOfHotels`	$16.34M	USD	1 Quarter
Operating	`DirectCostsOfHotels`	$33.34M	USD	2 Qtrs
Operating	`DirectCostsOfHotels`	$17.47M	USD	1 Quarter
Hotel administrative	`CostOfOtherPropertyOperatingExpense`	$10.19M	USD	2 Qtrs
Hotel administrative	`CostOfOtherPropertyOperatingExpense`	$11.04M	USD	2 Qtrs
Hotel administrative	`CostOfOtherPropertyOperatingExpense`	$5.54M	USD	1 Quarter
Hotel administrative	`CostOfOtherPropertyOperatingExpense`	$5.18M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$5.46M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$10.41M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$11.39M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$5.97M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$2.05M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$4.05M	USD	2 Qtrs
Utilities	`UtilitiesCosts`	$2.06M	USD	1 Quarter
Utilities	`UtilitiesCosts`	$4.17M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$4.44M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$5.04M	USD	2 Qtrs
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.29M	USD	1 Quarter
Repair and maintenance	`CostOfPropertyRepairsAndMaintenance`	$2.62M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$6.13M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$3.07M	USD	1 Quarter
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$5.75M	USD	2 Qtrs
Franchise fees	`DirectOperatingCostRoyaltyExpense`	$3.33M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$2.67M	USD	1 Quarter
Management fees	`OwnedPropertyManagementCosts`	$4.65M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$5.17M	USD	2 Qtrs
Management fees	`OwnedPropertyManagementCosts`	$2.34M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$4.36M	USD	1 Quarter
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$7.67M	USD	2 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$8.70M	USD	2 Qtrs
Property taxes, insurance and other	`RealEstateTaxesAndInsurance`	$3.72M	USD	1 Quarter
Ground lease	`OperatingLeasesRentExpenseNet`	$245.00K	USD	2 Qtrs
Ground lease	`OperatingLeasesRentExpenseNet`	$632.00K	USD	2 Qtrs
Ground lease	`OperatingLeasesRentExpenseNet`	$160.00K	USD	1 Quarter
Ground lease	`OperatingLeasesRentExpenseNet`	$321.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.80M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.41M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.92M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.65M	USD	2 Qtrs
Transaction costs	`TransactionCosts`	$2.22M	USD	2 Qtrs
Transaction costs	`TransactionCosts`	$2.54M	USD	2 Qtrs
Transaction costs	`TransactionCosts`	$642.00K	USD	1 Quarter
Transaction costs	`TransactionCosts`	$2.26M	USD	1 Quarter
Depreciation	`Depreciation`	$17.18M	USD	2 Qtrs
Depreciation	`Depreciation`	$9.59M	USD	1 Quarter
Depreciation	`Depreciation`	$8.79M	USD	1 Quarter
Depreciation	`Depreciation`	$18.92M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$101.31M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$110.62M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$51.98M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$58.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$29.15M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$18.24M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$18.08M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$31.10M	USD	2 Qtrs
Interest and other expense, net	`InterestIncomeExpenseNet`	$-2.69M	USD	1 Quarter
Interest and other expense, net	`InterestIncomeExpenseNet`	$-2.16M	USD	1 Quarter
Interest and other expense, net	`InterestIncomeExpenseNet`	$-3.84M	USD	2 Qtrs
Interest and other expense, net	`InterestIncomeExpenseNet`	$-5.45M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$15.92M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$15.55M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$25.31M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$25.65M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$471.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$672.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$616.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$530.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$24.98M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$14.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.78M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$15.45M	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.17	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.17	USD	1 Quarter
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.28	USD	2 Qtrs
Basic and diluted net income per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.27	USD	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.29M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	87.69M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	88.01M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	90.50M	shares	2 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$24.98M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$14.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.78M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$15.45M	USD	1 Quarter
Depreciation	`Depreciation`	$17.18M	USD	2 Qtrs
Depreciation	`Depreciation`	$9.59M	USD	1 Quarter
Depreciation	`Depreciation`	$8.79M	USD	1 Quarter
Depreciation	`Depreciation`	$18.92M	USD	2 Qtrs
Other non-cash expenses, net	`OtherNoncashIncomeExpense`	$395.00K	USD	2 Qtrs
Other non-cash expenses, net	`OtherNoncashIncomeExpense`	$201.00K	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$7.19M	USD	2 Qtrs
Increase in due from third party managers, net	`IncreaseDecreaseInDueFromThirdPartyManagers`	$6.93M	USD	2 Qtrs
Decrease (increase) in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$-2.95M	USD	2 Qtrs
Decrease (increase) in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$442.00K	USD	2 Qtrs
Increase in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.87M	USD	2 Qtrs
Increase in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.21M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$35.74M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$42.19M	USD	2 Qtrs
Acquisition of hotel properties, net	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$85.73M	USD	2 Qtrs
Acquisition of hotel properties, net	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$25.41M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$4.20M	USD	2 Qtrs
Capital improvements	`PaymentsForCapitalImprovements`	$9.57M	USD	2 Qtrs
Decrease in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$-231.00K	USD	2 Qtrs
Decrease in capital improvement reserves	`IncreaseDecreaseInRestrictedCash`	$-69.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-95.23M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.37M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRepurchaseOfEquity`	$12.81M	USD	2 Qtrs
Redemptions of Units	`PaymentsForRepurchaseOfEquity`	$8.55M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$37.35M	USD	2 Qtrs
Distributions paid to common shareholders	`PaymentsOfDividendsCommonStock`	$36.34M	USD	2 Qtrs
Net proceeds from credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$25.40M	USD	2 Qtrs
Net proceeds from credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$74.80M	USD	2 Qtrs
Proceeds from mortgage debt	`ProceedsFromIssuanceOfDebt`	$35.00M	USD	2 Qtrs
Proceeds from mortgage debt	`ProceedsFromIssuanceOfDebt`	-	USD	2 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$1.13M	USD	2 Qtrs
Payments of mortgage debt	`RepaymentsOfSecuredDebt`	$38.30M	USD	2 Qtrs
Financing costs	`PaymentsOfFinancingCosts`	$218.00K	USD	2 Qtrs
Financing costs	`PaymentsOfFinancingCosts`	$164.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.15M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.81M	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-46.34M	USD	2 Qtrs
Decrease 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`	$46.34M	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`	$46.34M	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
Interest paid	`InterestPaid`	$4.03M	USD	2 Qtrs
Interest paid	`InterestPaid`	$5.66M	USD	2 Qtrs
Notes payable assumed in acquisitions	`NoncashOrPartNoncashAcquisitionDebtAssumed1`	-	USD	2 Qtrs
Notes payable assumed in acquisitions	`NoncashOrPartNoncashAcquisitionDebtAssumed1`	$16.57M	USD	2 Qtrs

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