Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Apple REIT Ten, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 91,334,230 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001498864 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Investment in real estate, net of accumulated depreciation of $57,087 and $43,076, respectively | $801,094 | $764,579 |
Energy investment | 100,329 | 100,340 |
Restricted cash-furniture, fixtures and other escrows | 11,109 | 10,843 |
Due from third party managers, net | 9,913 | 4,327 |
Other assets, net | 6,228 | 9,865 |
Total Assets | 928,673 | 889,954 |
Liabilities | ' | ' |
Credit facility | 39,086 | 74,039 |
Mortgage debt | 121,111 | 122,501 |
Accounts payable and other liabilities | 10,419 | 10,642 |
Total Liabilities | 170,616 | 207,182 |
Shareholders' Equity | ' | ' |
Preferred stock, value issued | 0 | 0 |
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 87,497,595 and 78,868,484 shares, respectively | 857,059 | 772,388 |
Distributions greater than net income | -99,050 | -89,664 |
Total Shareholders' Equity | 758,057 | 682,772 |
Total Liabilities and Shareholders' Equity | 928,673 | 889,954 |
Series A Preferred Stock [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock, value issued | 0 | 0 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock, value issued | $48 | $48 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Real estate accumulated depreciation (in Dollars) | $57,087 | $43,076 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 87,497,595 | 78,868,484 |
Common stock, shares outstanding | 87,497,595 | 78,868,484 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, shares authorized | 400,000,000 | 400,000,000 |
Preferred stock, shares issued | 87,497,595 | 78,868,484 |
Preferred stock, shares outstanding | 87,497,595 | 78,868,484 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, shares authorized | 480,000 | 480,000 |
Preferred stock, shares issued | 480,000 | 480,000 |
Preferred stock, shares outstanding | 480,000 | 480,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Room | $54,475 | $36,844 | $100,751 | $64,481 |
Other | 4,855 | 4,098 | 9,043 | 7,327 |
Total revenue | 59,330 | 40,942 | 109,794 | 71,808 |
Expenses: | ' | ' | ' | ' |
Operating | 14,334 | 9,870 | 26,898 | 17,928 |
Hotel administrative | 4,448 | 2,980 | 8,598 | 5,608 |
Sales and marketing | 4,849 | 3,455 | 9,175 | 6,174 |
Utilities | 1,907 | 1,268 | 3,893 | 2,399 |
Repair and maintenance | 2,074 | 1,361 | 4,188 | 2,432 |
Franchise fees | 2,652 | 1,702 | 4,906 | 2,948 |
Management fees | 1,838 | 1,270 | 3,602 | 2,346 |
Property taxes, insurance and other | 3,348 | 2,718 | 6,673 | 4,863 |
General and administrative | 1,663 | 1,169 | 3,092 | 2,186 |
Acquisition related costs | 33 | 603 | 1,041 | 1,969 |
Depreciation | 7,042 | 4,847 | 14,011 | 9,334 |
Total expenses | 44,188 | 31,243 | 86,077 | 58,187 |
Operating income | 15,142 | 9,699 | 23,717 | 13,621 |
Investment income | 3,492 | 815 | 6,945 | 934 |
Interest expense | -2,341 | -1,249 | -4,674 | -2,324 |
Income before income taxes | 16,293 | 9,265 | 25,988 | 12,231 |
Income tax expense | -1,444 | -79 | -1,731 | -157 |
Net income | $14,849 | $9,186 | $24,257 | $12,074 |
Basic and diluted net income per common share (in Dollars per share) | $0.18 | $0.13 | $0.30 | $0.18 |
Weighted average common shares outstanding - basic and diluted (in Shares) | 83,502 | 69,654 | 81,728 | 67,981 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $24,257 | $12,074 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation | 14,011 | 9,334 |
Other non-cash expenses, net | 194 | 131 |
Changes in operating assets and liabilities: | ' | ' |
Increase in due from third party managers, net | -5,361 | -4,512 |
(Increase) decrease in other assets, net | 111 | -970 |
Increase in accounts payable and other liabilities | 23 | 767 |
Net cash provided by operating activities | 33,235 | 16,824 |
Cash flows used in investing activities: | ' | ' |
Cash paid for energy investment | 0 | -80,000 |
Cash paid for the acquisition of hotel properties | -41,371 | -73,048 |
Deposits and other disbursements for potential acquisitions | 0 | -3,071 |
Capital improvements | -5,990 | -4,897 |
(Increase) decrease in capital improvement reserves | -551 | 2,406 |
Investment in other assets | 0 | -1,450 |
Net cash used in investing activities | -47,912 | -160,060 |
Cash flows from financing activities: | ' | ' |
Net proceeds related to issuance of Units | 91,986 | 97,379 |
Redemptions of Units | -7,397 | -7,725 |
Distributions paid to common shareholders | -33,643 | -27,961 |
Net payments on credit facility | -34,953 | 0 |
Payments of mortgage debt | -1,062 | -766 |
Financing costs | -254 | -84 |
Net cash provided by financing activities | 14,677 | 60,843 |
Decrease in cash and cash equivalents | 0 | -82,393 |
Cash and cash equivalents, beginning of period | 0 | 146,530 |
Cash and cash equivalents, end of period | 0 | 64,137 |
Supplemental information: | ' | ' |
Interest paid | 4,773 | 2,448 |
Income taxes paid | $1,934 | $299 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
1. Organization and Summary of Significant Accounting Policies | |
Organization | |
Apple REIT Ten, Inc. together with its wholly owned subsidiaries (the “Company”) is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in variable interest entities through its energy investment and purchase commitment, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of either entity, and therefore does not consolidate the entities. As of June 30, 2014, the Company owned 49 hotels located in 17 states with an aggregate of 6,188 rooms. | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2013 Annual Report on Form 10-K. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2014. | |
Use of Estimates | |
The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Reclassifications | |
Certain amounts in the 2013 consolidated financial statements have been reclassified to conform to the 2014 presentation with no effect on previously reported net income or shareholders’ equity. | |
Offering Costs | |
On July 31, 2014, the Company concluded its best-efforts offering of Units by David Lerner Associates, Inc., the managing underwriter, which received a selling commission and a marketing expense allowance based on proceeds of the Units sold. Additionally, the Company has incurred other offering costs including legal, accounting and reporting services. These offering costs were recorded by the Company as a reduction of shareholders’ equity. As of June 30, 2014, the Company had sold 91.7 million Units for gross proceeds of $1.0 billion and proceeds net of offering costs of $900.1 million. Offering costs included $100.4 million in selling commissions and marketing expenses and $3.8 million in other offering costs. | |
Earnings Per Common Share | |
Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and six months ended June 30, 2014 or 2013. As a result, basic and diluted outstanding shares were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares. | |
Income Taxes | |
To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the Company’s taxable REIT subsidiary (“Lessee”), which leases the Company’s hotels and owns the Company’s energy investment, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |
Prior to 2014, the Lessee had net operating loss carryforwards to offset taxable income. Based on taxable income through June 30, 2014, the Lessee has generated taxable income in excess of its net operating loss carryforwards and has accrued approximately $1.4 million in estimated federal and state income tax or approximately 40% of the excess taxable income. | |
New Accounting Standard | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. | |
Investment_in_Real_Estate
Investment in Real Estate | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
Real Estate Disclosure [Text Block] | ' | ||||||||||||||||
2. Investment in Real Estate | |||||||||||||||||
The Company acquired two hotels during the first six months of 2014. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands. | |||||||||||||||||
City | State | Brand | Manager | Date Acquired | Rooms | Gross Purchase Price | |||||||||||
Oklahoma City | OK | Hilton Garden Inn | Raymond | 1/31/14 | 155 | $ | 27,353 | ||||||||||
Oklahoma City | OK | Homewood Suites | Raymond | 1/31/14 | 100 | 17,647 | |||||||||||
Total | 255 | $ | 45,000 | ||||||||||||||
The purchase price for these properties was funded primarily by borrowings under the Company’s unsecured revolving credit facility. The Company also used borrowings under its unsecured credit facility to pay approximately $1.0 million in acquisition related costs, including $0.9 million, representing 2% of the gross purchase price for these hotels, as a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”), which is 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer, and approximately $0.1 million in other acquisition related costs, including title, legal and other related costs. These costs are included in acquisition related costs in the Company’s consolidated statements of operations for the six months ended June 30, 2014. | |||||||||||||||||
For the two hotels acquired during the first six months of 2014, the amount of revenue and operating income (excluding acquisition related costs totaling $1.0 million) included in the Company’s consolidated statement of operations from the acquisition date to the period ending June 30, 2014 was approximately $3.9 million and $0.5 million, respectively. | |||||||||||||||||
The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements. | |||||||||||||||||
No goodwill was recorded in connection with any of the acquisitions. | |||||||||||||||||
As of June 30, 2014, the Company owned 49 hotels, located in 17 states, consisting of the following: | |||||||||||||||||
Total by | Number of | ||||||||||||||||
Brand | Brand | Rooms | |||||||||||||||
Hilton Garden Inn | 11 | 1,718 | |||||||||||||||
Homewood Suites | 10 | 1,100 | |||||||||||||||
Hampton Inn & Suites | 9 | 1,089 | |||||||||||||||
Courtyard | 4 | 519 | |||||||||||||||
TownePlace Suites | 4 | 388 | |||||||||||||||
Fairfield Inn & Suites | 3 | 310 | |||||||||||||||
Home2 Suites | 3 | 304 | |||||||||||||||
Residence Inn | 2 | 244 | |||||||||||||||
SpringHill Suites | 2 | 206 | |||||||||||||||
Marriott | 1 | 310 | |||||||||||||||
49 | 6,188 | ||||||||||||||||
At June 30, 2014, the Company’s investment in real estate consisted of the following (in thousands): | |||||||||||||||||
Land | $ | 73,266 | |||||||||||||||
Building and Improvements | 723,232 | ||||||||||||||||
Furniture, Fixtures and Equipment | 58,171 | ||||||||||||||||
Franchise Fees | 3,512 | ||||||||||||||||
858,181 | |||||||||||||||||
Less Accumulated Depreciation | (57,087 | ) | |||||||||||||||
Investment in Real Estate, net | $ | 801,094 | |||||||||||||||
As of June 30, 2014, the Company had one outstanding contract for the potential purchase of a Residence Inn hotel in Fort Lauderdale, Florida. The hotel is currently under construction and is expected to contain 156 guest rooms. The purchase price for the hotel is $23.1 million. It is anticipated that the construction of the hotel will be completed and the hotel will be open for business within the next three months, at which time a closing is expected. A deposit of $2,500 has been made by the Company and is refundable if the seller does not meet its obligations under the contract. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing. Although the Company is working towards acquiring this hotel, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing will occur under the outstanding purchase contract. | |||||||||||||||||
As there can be no assurance that all conditions to closing will be satisfied, the Company includes deposits paid for hotels under contract in other assets, net in the Company’s consolidated balance sheets, and in deposits and other disbursements for potential acquisitions in the Company’s consolidated statements of cash flows. It is anticipated that the purchase price for the outstanding contract will be funded from borrowings under the Company’s credit facility if a closing occurs. | |||||||||||||||||
Energy_Investment
Energy Investment | 6 Months Ended |
Jun. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' |
3. Energy Investment | |
On June 7, 2013, the Company became the preferred member of Cripple Creek Energy, LLC (“CCE”) pursuant to the limited liability company agreement it entered into with Eastern Colorado Holdings, LLC as the common member (“Common Member”). On April 30, 2014, the Common Member exercised its right to extend the redemption date of the Company’s $100 million preferred interest (energy investment) in CCE until June 1, 2015. | |
Credit_Facility
Credit Facility | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
4. Credit Facility | |
On July 26, 2013, the Company entered into an unsecured revolving credit facility with a commercial bank in an initial amount of $75 million. On October 3, 2013, the credit agreement was amended to increase the amount of the facility to $100 million and to allow for future increases in the amount of the facility up to $150 million, subject to certain conditions. The amount of the facility was increased to $150 million on January 30, 2014. The credit facility is utilized for acquisitions, hotel renovations, working capital and other general corporate funding purposes, including distributions and the possible payment of redemptions. Under the terms of the credit agreement, the Company may make voluntary prepayments in whole or in part, at any time. The credit facility matures in July 2015; however, the Company has the right, upon satisfaction of certain conditions, including covenant compliance and payment of an extension fee, to extend the maturity date to July 2016. Interest payments are due monthly and the interest rate, subject to certain exceptions, is equal to the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 2.25% to 2.75%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. The Company is also required to pay an unused facility fee of 0.25% or 0.35% on the unused portion of the revolving credit facility, based on the amount of borrowings outstanding during each quarter. As of June 30, 2014, the credit facility had an outstanding principal balance of $39.1 million and an annual interest rate of approximately 2.41%. As of December 31, 2013, the credit facility had an outstanding principal balance of $74.0 million and an annual interest rate of approximately 2.42%. | |
The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and quarterly financial covenants which include, among others, a minimum net worth, maximum debt limits, minimum debt service and fixed charge coverage ratios, and maximum distributions. The Company was in compliance with all applicable covenants at June 30, 2014. | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
5. Fair Value of Financial Instruments | |
The Company estimates the fair value of its debt and energy investment by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of an instrument with similar credit terms and credit characteristics, which are Level 3 inputs. Market rates take into consideration general market conditions and maturity. At June 30, 2014, the carrying value of the Company’s energy investment approximated fair value. As of June 30, 2014, the carrying value and estimated fair value of the Company’s debt was approximately $160.2 million and $165.1 million. As of December 31, 2013, the carrying value and estimated fair value of the Company’s debt was $196.5 million and $198.1 million. The carrying value of the Company’s other financial instruments approximates fair value due to the short-term nature of these financial instruments. | |
Related_Parties
Related Parties | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
6. Related Parties | |
The Company has, and is expected to continue to engage in significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (including the relationships discussed in this section) and are required to approve any significant modifications to existing relationships, as well as any new significant related party transactions. There have been no changes to the contracts and relationships discussed in the Company’s 2013 Annual Report on Form 10-K. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction. | |
The term the “Apple REIT Entities” means the Company, Apple REIT Six, Inc. (“Apple Six”), Apple REIT Seven, Inc. (“Apple Seven”), Apple REIT Eight, Inc. (“Apple Eight”) and Apple Hospitality REIT, Inc., formerly known as Apple REIT Nine, Inc. (“Apple Hospitality”). The term the “Advisors” means Apple Six Advisors, Inc., Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc. (“A9A”), A10A, ASRG and Apple Six Realty Group, Inc. The Advisors are wholly owned by Glade M. Knight, Chairman and Chief Executive Officer of the Company. Mr. Knight is also Executive Chairman, and formerly Chairman and Chief Executive Officer, of Apple Hospitality. Another member of the Company’s Board of Directors is also on the Board of Directors of Apple Hospitality. | |
Effective March 1, 2014, Apple Seven and Apple Eight merged with and into Apple Hospitality. Pursuant to the terms and conditions of the merger agreement, dated as of August 7, 2013 (the “Merger Agreement”), upon completion of the mergers, the separate corporate existence of Apple Seven and Apple Eight ceased (the “A7 and A8 mergers”). Prior to the A7 and A8 mergers, Glade M. Knight was Chairman and Chief Executive Officer of Apple Seven and Apple Eight and another member of the Company’s Board of Directors was also on the Board of Directors of Apple Seven and Apple Eight. As contemplated in the Merger Agreement, Apple Hospitality became self-advised, Apple Hospitality, Apple Seven and Apple Eight terminated their advisory agreements with their respective Advisors, and Apple Fund Management, LLC (“AFM”) became a wholly owned subsidiary of Apple Hospitality. | |
Concurrently with the execution of the Merger Agreement, on August 7, 2013, Apple Hospitality entered into a subcontract agreement, as amended, (the “Subcontract Agreement”) with A10A. Pursuant to the Subcontract Agreement, A10A subcontracts its obligations under the advisory agreement between A10A and the Company (the “Advisory Agreement”) to Apple Hospitality. The Subcontract Agreement provides that, effective with the A7 and A8 mergers on March 1, 2014, Apple Hospitality provides to the Company the advisory services contemplated under the Advisory Agreement and Apple Hospitality receives the fees and expenses payable under the Advisory Agreement from the Company. The Company also signed the Subcontract Agreement to acknowledge the terms of the Subcontract Agreement. The Subcontract Agreement has no impact on the Company’s Advisory Agreement with A10A. | |
ASRG Agreement | |
The Company has a contract with ASRG to acquire and dispose of real estate assets for the Company. A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses is paid to ASRG for these services. As of June 30, 2014, payments to ASRG for fees under the terms of this contract have totaled approximately $16.6 million since inception. Of this amount, the Company incurred $0.9 million and $1.4 million for the six months ended June 30, 2014 and 2013, which is included in acquisition related costs in the Company’s consolidated statements of operations. | |
A10A Agreement | |
The Company is party to an Advisory Agreement with A10A, pursuant to which A10A provides management services to the Company. As discussed above, effective with the A7 and A8 mergers on March 1, 2014, A10A subcontracts its obligations under this agreement to Apple Hospitality. Prior to March 1, 2014, A10A provided these management services through AFM, which prior to the A7 and A8 mergers was a wholly-owned subsidiary of A9A. An annual fee ranging from 0.1% to 0.25% of total equity proceeds received by the Company, in addition to certain reimbursable expenses as described below, is payable to A10A for these management services. | |
Total advisory fees incurred by the Company under the Advisory Agreement are included in general and administrative expenses and totaled approximately $0.7 million and $0.4 million for the six months ended June 30, 2014 and 2013 respectively. Of this amount, $0.5 million was paid to Apple Hospitality for the six months ended June 30, 2014, pursuant to the Subcontract Agreement. At December 31, 2013, $0.4 million of the 2013 advisory fee had not been paid and was included in accounts payable and other liabilities in the Company’s consolidated balance sheet. This amount was paid during the first quarter of 2014. No amounts were outstanding at June 30, 2014. | |
Apple REIT Entities and Advisors Cost Sharing Structure | |
In addition to the fees payable to ASRG and A10A, the Company reimbursed to ASRG or A10A, or paid directly to AFM or Apple Hospitality on behalf of ASRG or A10A, approximately $1.4 million and $0.8 million for the six months ended June 30, 2014 and 2013. The costs are included in general and administrative expenses and are for the Company’s allocated share of the staffing and related costs provided by AFM and Apple Hospitality through their relationships with A10A and ASRG. | |
The Company incurs professional fees such as accounting, auditing, legal and reporting, which are included in general and administrative expenses in the Company’s consolidated statements of operations. To be cost effective, these services received by the Company are shared as applicable by the Company and the other Apple REIT Entities. The professionals cannot always specifically identify their fees for one company; therefore management allocates these costs across the companies that benefit from the services. The Company and other Apple REIT Entities have incurred legal fees associated with the legal proceeding discussed herein. The total costs for the legal matter discussed herein for all of the Apple REIT Entities (excluding Apple Six after its merger in May 2013) was approximately $0.2 million for the six months ended June 30, 2014, of which approximately $41,000 was allocated to the Company. | |
Apple Air Holding, LLC (“Apple Air”) Membership Interest | |
Included in other assets, net on the Company’s consolidated balance sheet as of June 30, 2014 and December 31, 2013 is a 26% equity investment in Apple Air. As of June 30, 2014, the other member of Apple Air was Apple Hospitality, which owned a 74% interest. The Company’s equity investment was approximately $1.1 million and $1.2 million as of June 30, 2014 and December 31, 2013. The Company has recorded its share of income and losses of the entity under the equity method of accounting and adjusted its investment in Apple Air accordingly. For the six months ended June 30, 2014 and 2013, the Company recorded a loss of approximately $118,000 and $24,000 as its share of the net loss of Apple Air, which primarily relates to the depreciation of the aircraft, and is included in general and administrative expense in the Company’s consolidated statements of operations. Through its equity investment, the Company has access to Apple Air’s aircraft primarily for acquisition, asset management and renovation purposes. Total costs paid for the usage of the aircraft for the six months ended June 30, 2014 and 2013 were approximately $128,000 and $123,000. | |
Shareholders_Equity
Shareholders' Equity | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||
7. Shareholders’ Equity | |||||||||||||
Series B Convertible Preferred Stock | |||||||||||||
The Company has issued 480,000 Series B convertible preferred shares to Glade M. Knight, Chairman and Chief Executive Officer of the Company, in exchange for the payment by him of $0.10 per Series B convertible preferred share, or an aggregate of $48,000. The Series B convertible preferred shares are convertible into common shares pursuant to the formula and on the terms and conditions set forth below. | |||||||||||||
There are no dividends payable on the Series B convertible preferred shares. Holders of more than two-thirds of the Series B convertible preferred shares must approve any proposed amendment to the articles of incorporation that would adversely affect the Series B convertible preferred shares. | |||||||||||||
Upon the Company’s liquidation, the holder of the Series B convertible preferred shares is entitled to a priority liquidation payment before any distribution of liquidation proceeds to the holders of the common shares. However, the priority liquidation payment of the holder of the Series B convertible preferred shares is junior to the holders of the Series A preferred shares’ distribution rights. The holder of a Series B convertible preferred share is entitled to a liquidation payment of $11.00 per number of common shares each Series B convertible preferred share would be convertible into according to the formula described below. In the event that the liquidation of the Company’s assets results in proceeds that exceed the distribution rights of the Series A preferred shares and the Series B convertible preferred shares, the remaining proceeds will be distributed between the common shares and the Series B convertible preferred shares, on an as converted basis. | |||||||||||||
Each holder of outstanding Series B convertible preferred shares shall have the right to convert any of such shares into common shares of the Company upon and for 180 days following the occurrence of any of the following events: | |||||||||||||
(1) substantially all of the Company’s assets, stock or business is sold or transferred through exchange, merger, consolidation, lease, share exchange, sale or otherwise, other than a sale of assets in liquidation, dissolution or winding up of the Company; | |||||||||||||
(2) the termination or expiration without renewal of the Advisory Agreement with A10A, or if the Company ceases to use ASRG to provide property acquisition and disposition services; or | |||||||||||||
(3) the Company’s common shares are listed on any securities exchange or quotation system or in any established market. | |||||||||||||
Upon the occurrence of any conversion event, each Series B convertible preferred share may be converted into 12.11423 common shares. The conversion rate is based on the total gross proceeds raised in the Company’s best-efforts offering which concluded on July 31, 2014. If the Company were to raise additional gross proceeds in an offering up to a total of $2 billion, the conversion ratio would increase up to 24.17104. In the event that the Company raises gross proceeds in a subsequent public offering above the initial $2 billion, each Series B convertible preferred share may be converted into an additional number of common shares based on the additional gross proceeds raised through the date of conversion in a subsequent public offering according to the following formula: (X/100 million) x 1.20568, where X is the additional gross proceeds rounded down to the nearest $100 million. | |||||||||||||
No additional consideration is due upon the conversion of the Series B convertible preferred shares. The conversion into common shares of the Series B convertible preferred shares will result in dilution of the shareholders’ interests and the termination of the Series A preferred shares. | |||||||||||||
Expense related to the issuance of 480,000 Series B convertible preferred shares to Mr. Knight will be recognized at such time when the number of common shares to be issued for conversion of the Series B convertible preferred shares can be reasonably estimated and the event triggering the conversion of the Series B convertible preferred shares to common shares occurs. The expense will be measured as the difference between the fair value of the common stock for which the Series B convertible preferred shares can be converted and the amount paid for the Series B convertible preferred shares. Although the fair market value cannot be determined at this time, expense, if a triggering event occurs, would range from $0 to $64.0 million (assumes $11 per common share fair market value) and approximately 5.8 million common shares would be issued. | |||||||||||||
Unit Redemption Program | |||||||||||||
In April 2012, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year. Shareholders may request redemption of Units for a purchase price equal to 92.5% of the price paid per Unit if the Units have been owned for less than five years, or 100% of the price paid per Unit if the Units have been owned more than five years. The maximum number of Units that may be redeemed in any given year is three percent (3%) of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program. Since the inception of the program through June 30, 2014, the Company has redeemed approximately 4.2 million Units in the amount of $43.2 million, including 0.7 million Units in the amount of $7.4 million and 0.8 million Units in the amount of $7.7 million during the six months ended June 30, 2014 and 2013. As contemplated in the program, beginning with the October 2012 redemption, the scheduled redemption date for the fourth quarter of 2012, through the April 2013 redemption, the scheduled redemption date for the second quarter of 2013, and in January 2014, the scheduled redemption date for the first quarter of 2014, the Company redeemed Units on a pro-rata basis due to the 3% limitation discussed above. Prior to October 2012 and from July 2013, the scheduled redemption date for the third quarter of 2013, through December 31, 2013, and in April 2014, the scheduled redemption date for the second quarter of 2014, the Company redeemed 100% of redemption requests. The following is a summary of the Unit redemptions during 2013 and the first six months of 2014: | |||||||||||||
Redemption Date | Total Requested Unit | Units Redeemed | Total Redemption | ||||||||||
Redemptions at | Requests Not | ||||||||||||
Redemption Date | Redeemed at | ||||||||||||
Redemption Date | |||||||||||||
First Quarter 2013 | 938,026 | 114,200 | 823,826 | ||||||||||
Second Quarter 2013 | 1,063,625 | 637,779 | 425,846 | ||||||||||
Third Quarter 2013 | 677,855 | 677,855 | 0 | ||||||||||
Fourth Quarter 2013 | 609,079 | 609,079 | 0 | ||||||||||
First Quarter 2014 | 357,013 | 242,644 | 114,369 | ||||||||||
Second Quarter 2014 | 479,078 | 479,078 | 0 | ||||||||||
Distributions | |||||||||||||
The Company’s annual distribution rate as of June 30, 2014 was $0.825 per common share, payable monthly. For the three months ended June 30, 2014 and 2013, the Company made distributions of $0.20625 per common share for a total of $17.2 million and $14.3 million. For the six months ended June 30, 2014 and 2013, the Company made distributions of $0.4125 per common share for a total of $33.6 million and $28.0 million. | |||||||||||||
Pro_Forma_Information
Pro Forma Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||||||
8. Pro Forma Information | |||||||||||||||||
The following unaudited pro forma information for the six months ended June 30, 2014 and 2013 is presented as if the acquisitions of the Company’s 18 hotels acquired after December 31, 2012 had occurred on the latter of January 1, 2013 or the opening date of the hotel. The pro forma information does not purport to represent what the Company’s results of operations would actually have been if such transactions, in fact, had occurred on these applicable dates, nor does it purport to represent the results of operations for future periods. Amounts are in thousands, except per share data. | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total revenues | $ | 59,330 | $ | 53,204 | $ | 109,794 | $ | 97,839 | |||||||||
Net income | 14,849 | 12,760 | 24,257 | 13,330 | |||||||||||||
Net income per share - basic and diluted | $ | 0.18 | $ | 0.18 | $ | 0.3 | $ | 0.19 | |||||||||
The pro forma information reflects adjustments for actual revenues and expenses of the 18 hotels acquired during 2013 and 2014 for the respective period owned prior to acquisition by the Company. Net income has been adjusted as follows: (1) interest income has been adjusted to reflect the reduction in cash and cash equivalents required to fund the acquisitions; (2) interest expense has been adjusted to reflect additional borrowings required to fund a portion of the acquisitions; (3) interest expense related to prior owner’s debt which was not assumed has been eliminated; (4) depreciation has been adjusted based on the Company’s basis in the hotels; and (5) transaction costs have been adjusted for the acquisition of existing businesses. | |||||||||||||||||
Legal_Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
9. Legal Proceedings | |
On April 23, 2014, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) entered a summary order in the consolidated class action referred to in the Company’s prior filings as the In re Apple REITs Litigation matter. In the summary order, the Second Circuit affirmed the dismissal by the United States District Court for the Eastern District of New York (the “District Court”) of the plaintiffs’ state and federal securities law claims and the unjust enrichment claim. The Second Circuit also noted that the District Court dismissed the plaintiffs’ remaining state common law claims based on its finding that the complaint did not allege any losses suffered by the plaintiff class, and held that, to the extent that the District Court relied on this rationale, its dismissal of the plaintiffs’ state law breach of fiduciary duty, aiding and abetting a breach of fiduciary duty, and negligence claims is vacated and remanded for further proceedings consistent with the summary order. Following remand, on June 6, 2014, defendants moved to dismiss plaintiffs’ remaining claims. The Company will defend against the claims remanded to the District Court vigorously. At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any. | |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
10. Subsequent Events | |
In July 2014, the Company declared and paid approximately $6.0 million, or $0.06875 per outstanding common share, in distributions to its common shareholders. | |
In July 2014, under the guidelines of the Company’s Unit Redemption Program, the Company redeemed approximately 0.5 million Units in the amount of $5.1 million, representing 100% of the requested Unit redemptions. | |
During July 2014, the Company closed on the issuance of approximately 4.3 million Units through its best-efforts offering, representing gross proceeds to the Company of approximately $47.7 million and proceeds net of selling commissions and marketing expenses of approximately $42.9 million. Effective July 31, 2014, the Company concluded its best-efforts offering. From January 2011, the initial commencement of the offering, through the conclusion of the offering on July 31, 2014, the Company sold approximately 96.1 million Units for gross proceeds of approximately $1.1 billion and proceeds net of selling commissions and marketing expenses of approximately $946.8 million. | |
On July 7, 2014, the Company caused one of its indirect wholly-owned subsidiaries to enter into an assignment of a purchase contract with ASRG for the potential purchase of all of the ownership interests in a limited liability company, which owns one hotel under construction in Shenandoah, Texas. There was no consideration paid to ASRG for this assignment, other than the reimbursement of the initial deposit previously made by ASRG. The hotel is planned to be a Courtyard by Marriott which is expected to contain 124 guest rooms. The purchase price for the hotel is $15.9 million. | |
On July 14, 2014, the Company caused one of its indirect wholly-owned subsidiaries to enter into a purchase contract for the purchase of all of the ownership interests in a limited liability company which plans to construct a hotel in Cape Canaveral, Florida. The hotel is planned to be a Homewood Suites by Hilton which is expected to contain 153 guest rooms. The purchase price for the hotel is $25.2 million. | |
On August 1, 2014, the Company caused one of its indirect wholly-owned subsidiaries to enter into a purchase contract for the potential acquisition of a hotel to be constructed in Rosemont, Illinois. The hotel is planned to be a Hampton Inn & Suites which is expected to contain 158 guest rooms. The purchase price for the hotel is $25.4 million. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Organization | |
Apple REIT Ten, Inc. together with its wholly owned subsidiaries (the “Company”) is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in variable interest entities through its energy investment and purchase commitment, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of either entity, and therefore does not consolidate the entities. As of June 30, 2014, the Company owned 49 hotels located in 17 states with an aggregate of 6,188 rooms. | |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2013 Annual Report on Form 10-K. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2014. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain amounts in the 2013 consolidated financial statements have been reclassified to conform to the 2014 presentation with no effect on previously reported net income or shareholders’ equity. | |
Offering Costs [Policy Text Block] | ' |
Offering Costs | |
On July 31, 2014, the Company concluded its best-efforts offering of Units by David Lerner Associates, Inc., the managing underwriter, which received a selling commission and a marketing expense allowance based on proceeds of the Units sold. Additionally, the Company has incurred other offering costs including legal, accounting and reporting services. These offering costs were recorded by the Company as a reduction of shareholders’ equity. As of June 30, 2014, the Company had sold 91.7 million Units for gross proceeds of $1.0 billion and proceeds net of offering costs of $900.1 million. Offering costs included $100.4 million in selling commissions and marketing expenses and $3.8 million in other offering costs. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Common Share | |
Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and six months ended June 30, 2014 or 2013. As a result, basic and diluted outstanding shares were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the Company’s taxable REIT subsidiary (“Lessee”), which leases the Company’s hotels and owns the Company’s energy investment, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |
Prior to 2014, the Lessee had net operating loss carryforwards to offset taxable income. Based on taxable income through June 30, 2014, the Lessee has generated taxable income in excess of its net operating loss carryforwards and has accrued approximately $1.4 million in estimated federal and state income tax or approximately 40% of the excess taxable income. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Standard | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. |
Investment_in_Real_Estate_Tabl
Investment in Real Estate (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 'The Company acquired two hotels during the first six months of 2014. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands. | ||||||||||||||||
City | State | Brand | Manager | Date Acquired | Rooms | Gross Purchase Price | |||||||||||
Oklahoma City | OK | Hilton Garden Inn | Raymond | 1/31/14 | 155 | $ | 27,353 | ||||||||||
Oklahoma City | OK | Homewood Suites | Raymond | 1/31/14 | 100 | 17,647 | |||||||||||
Total | 255 | $ | 45,000 | ||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | 'As of June 30, 2014, the Company owned 49 hotels, located in 17 states, consisting of the following: | ||||||||||||||||
Total by | Number of | ||||||||||||||||
Brand | Brand | Rooms | |||||||||||||||
Hilton Garden Inn | 11 | 1,718 | |||||||||||||||
Homewood Suites | 10 | 1,100 | |||||||||||||||
Hampton Inn & Suites | 9 | 1,089 | |||||||||||||||
Courtyard | 4 | 519 | |||||||||||||||
TownePlace Suites | 4 | 388 | |||||||||||||||
Fairfield Inn & Suites | 3 | 310 | |||||||||||||||
Home2 Suites | 3 | 304 | |||||||||||||||
Residence Inn | 2 | 244 | |||||||||||||||
SpringHill Suites | 2 | 206 | |||||||||||||||
Marriott | 1 | 310 | |||||||||||||||
49 | 6,188 | ||||||||||||||||
Property, Plant and Equipment [Table Text Block] | 'At June 30, 2014, the Company’s investment in real estate consisted of the following (in thousands): | ||||||||||||||||
Land | $ | 73,266 | |||||||||||||||
Building and Improvements | 723,232 | ||||||||||||||||
Furniture, Fixtures and Equipment | 58,171 | ||||||||||||||||
Franchise Fees | 3,512 | ||||||||||||||||
858,181 | |||||||||||||||||
Less Accumulated Depreciation | (57,087 | ) | |||||||||||||||
Investment in Real Estate, net | $ | 801,094 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Summary of Unit Redemptions [Table Text Block] | 'The following is a summary of the Unit redemptions during 2013 and the first six months of 2014: | ||||||||||||
Redemption Date | Total Requested Unit | Units Redeemed | Total Redemption | ||||||||||
Redemptions at | Requests Not | ||||||||||||
Redemption Date | Redeemed at | ||||||||||||
Redemption Date | |||||||||||||
First Quarter 2013 | 938,026 | 114,200 | 823,826 | ||||||||||
Second Quarter 2013 | 1,063,625 | 637,779 | 425,846 | ||||||||||
Third Quarter 2013 | 677,855 | 677,855 | 0 | ||||||||||
Fourth Quarter 2013 | 609,079 | 609,079 | 0 | ||||||||||
First Quarter 2014 | 357,013 | 242,644 | 114,369 | ||||||||||
Second Quarter 2014 | 479,078 | 479,078 | 0 |
Pro_Forma_Information_Tables
Pro Forma Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | 'The following unaudited pro forma information for the six months ended June 30, 2014 and 2013 is presented as if the acquisitions of the Company’s 18 hotels acquired after December 31, 2012 had occurred on the latter of January 1, 2013 or the opening date of the hotel. The pro forma information does not purport to represent what the Company’s results of operations would actually have been if such transactions, in fact, had occurred on these applicable dates, nor does it purport to represent the results of operations for future periods. Amounts are in thousands, except per share data. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total revenues | $ | 59,330 | $ | 53,204 | $ | 109,794 | $ | 97,839 | |||||||||
Net income | 14,849 | 12,760 | 24,257 | 13,330 | |||||||||||||
Net income per share - basic and diluted | $ | 0.18 | $ | 0.18 | $ | 0.3 | $ | 0.19 |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 42 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Issued on August 13, 2010 (Initial Capitalization) [Member] | Capital Raised Through On-Going Best-Efforts Offering [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Hotels [Member] | Aggregate Hotel Rooms [Member] | ||||||
Series B Convertible Preferred Stock [Member] | |||||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units sold at inception | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' |
Unit Description | ' | ' | 'one common share and one Series A preferred share | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | 0 | ' | 0 | ' | 0 | 480,000 | ' | 480,000 | 480,000 | ' | ' |
Number of Reportable Segments | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49 | ' |
Number of States in which Entity Operates | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' |
Number of Units in Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,188 |
Units Sold | ' | ' | ' | ' | ' | ' | 91,700,000 | ' | ' | ' | ' |
Proceeds from issuance or sale of equity, gross (in Dollars) | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity (in Dollars) | ' | ' | 91,986,000 | 97,379,000 | ' | ' | 900,100,000 | ' | ' | ' | ' |
Offering costs, selling commissions and marketing expenses (in Dollars) | ' | ' | ' | ' | ' | ' | 100,400,000 | ' | ' | ' | ' |
Offering costs, other (in Dollars) | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Minimum Percentage of Adjusted Taxable Income Currently Distributed to Qualify as a REIT | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Income Taxes (in Dollars) | $1,400,000 | ' | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Tax Rate on Taxable Income | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Real_Estate_Deta
Investment in Real Estate (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Investment in Real Estate (Details) [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | $33,000 | $603,000 | $1,041,000 | $1,969,000 |
Revenues | 59,330,000 | 40,942,000 | 109,794,000 | 71,808,000 |
Operating Income (Loss) | 15,142,000 | 9,699,000 | 23,717,000 | 13,621,000 |
Goodwill | 0 | ' | 0 | ' |
Payments for Deposits on Real Estate Acquisitions | ' | ' | 0 | 3,071,000 |
Chairman and CEO of Company [Member] | Apple Suites Realty Group (ASRG) [Member] | ' | ' | ' | ' |
Investment in Real Estate (Details) [Line Items] | ' | ' | ' | ' |
Related person ownership of related parties | ' | ' | 100.00% | ' |
Real Estate Acquisition and Disposal Fees Incurred [Member] | Acquisition-related Costs [Member] | ' | ' | ' | ' |
Investment in Real Estate (Details) [Line Items] | ' | ' | ' | ' |
Costs and Expenses, Related Party | ' | ' | 900,000 | ' |
Hotels [Member] | ' | ' | ' | ' |
Investment in Real Estate (Details) [Line Items] | ' | ' | ' | ' |
Number of Real Estate Properties | 49 | ' | 49 | ' |
Number of States in which Entity Operates | 17 | ' | 17 | ' |
Acquisition-related Costs [Member] | ' | ' | ' | ' |
Investment in Real Estate (Details) [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | 1,000,000 | ' |
Real estate acquisition and disposal fee, Related Party, Percent | ' | ' | 2.00% | ' |
Business Combination, Other Acquisition Related Costs | ' | ' | 100,000 | ' |
Hotel Acquisitions [Member] | ' | ' | ' | ' |
Investment in Real Estate (Details) [Line Items] | ' | ' | ' | ' |
Number of Businesses Acquired | ' | ' | 2 | ' |
Business Combination, Acquisition Related Costs | ' | ' | 1,000,000 | ' |
Revenues | ' | ' | 3,900,000 | ' |
Operating Income (Loss) | ' | ' | 500,000 | ' |
Potential Purchase of Additional Hotels [Member] | ' | ' | ' | ' |
Investment in Real Estate (Details) [Line Items] | ' | ' | ' | ' |
Potential Number of Hotel Properties | 1 | ' | 1 | ' |
Number of Units in Real Estate Property | 156 | ' | 156 | ' |
Business Acquisition, Gross Purchase Price | 23,100,000 | ' | 23,100,000 | ' |
Hotel construction, time to completion | ' | ' | 'within the next three months | ' |
Payments for Deposits on Real Estate Acquisitions | ' | ' | $2,500 | ' |
Investment_in_Real_Estate_Deta1
Investment in Real Estate (Details) - Hotel Acquisitions (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Hilton Garden Inn Oklahoma City, OK [Member] | ' |
Business Acquisition [Line Items] | ' |
State | 'OK |
Brand | 'Hilton Garden Inn |
Manager | 'Raymond |
Date Acquired | '1/31/2014 |
Rooms | 155 |
Gross Purchase Price | $27,353 |
Homewood Suites Oklahoma City, OK [Member] | ' |
Business Acquisition [Line Items] | ' |
State | 'OK |
Brand | 'Homewood Suites |
Manager | 'Raymond |
Date Acquired | '1/31/2014 |
Rooms | 100 |
Gross Purchase Price | 17,647 |
Total [Member] | ' |
Business Acquisition [Line Items] | ' |
Rooms | 255 |
Gross Purchase Price | $45,000 |
Investment_in_Real_Estate_Deta2
Investment in Real Estate (Details) - Hotels | Jun. 30, 2014 |
Hilton Garden Inn [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 11 |
Number of Rooms | 1,718 |
Homewood Suites [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 10 |
Number of Rooms | 1,100 |
Hampton Inn & Suites [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 9 |
Number of Rooms | 1,089 |
Courtyard [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 4 |
Number of Rooms | 519 |
TownePlace Suites [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 4 |
Number of Rooms | 388 |
Fairfield Inn & Suites [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 3 |
Number of Rooms | 310 |
Home2 Suites [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 3 |
Number of Rooms | 304 |
Residence Inn [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 2 |
Number of Rooms | 244 |
SpringHill Suites [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 2 |
Number of Rooms | 206 |
Marriott [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 1 |
Number of Rooms | 310 |
Total [Member] | ' |
Real Estate Properties [Line Items] | ' |
Total by Brand | 49 |
Number of Rooms | 6,188 |
Investment_in_Real_Estate_Deta3
Investment in Real Estate (Details) - Investment in Real Estate (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in Real Estate [Abstract] | ' | ' |
Land | $73,266 | ' |
Building and Improvements | 723,232 | ' |
Furniture, Fixtures and Equipment | 58,171 | ' |
Franchise Fees | 3,512 | ' |
858,181 | ' | |
Less Accumulated Depreciation | -57,087 | -43,076 |
Investment in Real Estate, net | $801,094 | $764,579 |
Energy_Investment_Details
Energy Investment (Details) (Energy Investment [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2014 |
Energy Investment [Member] | ' |
Energy Investment (Details) [Line Items] | ' |
Investment, Additional Information | 'On April 30, 2014, the Common Member exercised its right to extend the redemption date of the Company's $100 million preferred interest (energy investment) in CCE until June 1, 2015. |
Investment Owned, Face Amount | $100 |
Credit_Facility_Details
Credit Facility (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 30, 2014 |
Revolving Credit Facility $75 Million [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Increase in Revolving Credit Facility $150 Million [Member] | |||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Maximum [Member] | |||||||
Minimum [Member] | Maximum [Member] | ||||||||||
Credit Facility (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Origination Date | ' | ' | 26-Jul-13 | ' | ' | ' | ' | 3-Oct-13 | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $75,000,000 | ' | ' | ' | ' | $100,000,000 | ' | ' | $150,000,000 |
Line of Credit Facility, Borrowing Capacity, Description | ' | ' | ' | ' | ' | ' | ' | 'allow for future increases in the amount of the facility up to $150 million, subject to certain conditions | ' | ' | ' |
Debt Instrument, Maturity Date, Description | ' | ' | ' | ' | ' | ' | ' | 'matures in July 2015; however, the Company has the right, upon satisfaction of certain conditions, including covenant compliance and payment of an extension fee, to extend the maturity date to July 2016 | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | 2.25% | 2.75% | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.35% | ' |
Long-term Line of Credit | $39,086,000 | $74,039,000 | ' | ' | ' | ' | $39,100,000 | $74,000,000 | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | 2.41% | 2.42% | ' | ' | ' |
Line of Credit Facility, Covenant Terms | ' | ' | ' | ' | ' | ' | 'The credit facility contains customary affirmative covenants, negative covenants and events of default. In addition, the credit facility contains covenants restricting the level of certain investments and quarterly financial covenants which include, among others, a minimum net worth, maximum debt limits, minimum debt service and fixed charge coverage ratios, and maximum distributions. The Company was in compliance with all applicable covenants at June 30, 2014. | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Long-term Debt | $160.20 | $196.50 |
Long-term Debt, Fair Value | $165.10 | $198.10 |
Related_Parties_Details
Related Parties (Details) (USD $) | 6 Months Ended | 47 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Apple Suites Realty Group (ASRG) [Member] | Apple Suites Realty Group (ASRG) [Member] | Apple Suites Realty Group (ASRG) [Member] | Apple Suites Realty Group (ASRG) [Member] | Apple Ten Advisors (A10A) [Member] | Apple Ten Advisors (A10A) [Member] | Apple Ten Advisors (A10A) [Member] | Apple Ten Advisors (A10A) [Member] | ASRG and A10A [Member] | ASRG and A10A [Member] | Apple Air Holding, LLC [Member] | Apple Air Holding, LLC [Member] | Apple Air Holding, LLC [Member] | Paid to Apple Hospitality [Member] | Apple Hospitality's Interest in Apple Air Holding, LLC [Member] | Legal Proceedings [Member] | Legal Proceedings [Member] | |
Real Estate Acquisition and Disposal Fees Incurred [Member] | Real Estate Acquisition and Disposal Fees Incurred [Member] | Real Estate Acquisition and Disposal Fees Incurred [Member] | Advisory Fees Incurred [Member] | Advisory Fees Incurred [Member] | Advisory Fees Incurred [Member] | Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member] | Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member] | Advisory Fees Incurred [Member] | All Apple REIT Entities [Member] | Apple REIT Ten, Inc. [Member] | |||||||
Related Parties (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate acquisition and disposal fee, Related Party, Percent | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs and Expenses, Related Party | $900,000 | $1,400,000 | $16,600,000 | ' | $700,000 | $400,000 | ' | ' | $1,400,000 | $800,000 | ' | ' | ' | ' | ' | ' | ' |
Management Advisory Fee, Related Party, Percent | ' | ' | ' | ' | ' | ' | ' | '0.1% to 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Accounts Payable, Related Parties | ' | ' | ' | ' | 0 | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 41,000 |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26.00% | ' | 26.00% | ' | 74.00% | ' | ' |
Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | 1,200,000 | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -118,000 | -24,000 | ' | ' | ' | ' | ' |
Aircraft usage fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $128,000 | $123,000 | ' | ' | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 27 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | |||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | |
Series B Convertible Preferred Stock [Member] | Number of common shares through conversion if gross proceeds are $2 billion [Member] | Triggering Event on Conversion of Series B Convertible Preferred Shares based on equity raised through end of reporting period [Member] | Unit Redemption Program [Member] | Unit Redemption Program [Member] | Unit Redemption Program [Member] | Unit Redemption Program [Member] | Unit Redemption Program [Member] | Unit Redemption Program [Member] | Unit Redemption Program [Member] | Unit Redemption Program [Member] | Distributions [Member] | Distributions [Member] | Distributions [Member] | Distributions [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Subsequent Event [Member] | ||||
Series B Convertible Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued (in Shares) | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 480,000 | 480,000 | ' |
Shares Issued, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' |
Preferred Stock, Value, Issued | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48,000 | $48,000 | ' |
Proportion of ownership required to approve amendments to articles of incorporation | ' | ' | ' | 'Holders of more than two-thirds of the Series B convertible preferred shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Liquidation Payment Per Share (in Dollars per share) | ' | ' | ' | $11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | ' | ' | ' | ' | 24.17104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.11423 | ' | ' | ' |
Conversion Formula Used In Subsequent Public Offering | ' | ' | ' | '(X/100 million) x 1.20568, where X is the additional gross proceeds rounded down to the nearest $100 million | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense Related to the Conversion of Series B Convertible Preferred Shares, minimum | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense Related to the Conversion of Series B Convertible Preferred Shares, maximum amount | ' | ' | ' | ' | ' | 64,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per Common Share Fair Market Value Assumption (in Dollars per share) | ' | ' | ' | ' | ' | $11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued (in Shares) | ' | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unit redemption eligibility period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption rate, Units owned less than 5 years | ' | ' | ' | ' | ' | ' | ' | ' | 92.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption rate, Units owned more than 5 years | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of Units outstanding, percentage redeemable | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units Redeemed (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | 800,000 | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Payments for Redemption of Units | 7,397,000 | 7,725,000 | ' | ' | ' | ' | ' | ' | 7,400,000 | ' | 7,700,000 | ' | ' | 43,200,000 | ' | ' | ' | ' | ' | ' | ' | 5,100,000 |
Redemption requests redeemed, description | ' | ' | ' | ' | ' | ' | ' | 'pro-rata basis | ' | ' | ' | ' | 'pro-rata basis | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption requests redeemed, percentage | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Annual Distribution rate (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.83 | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.21 | $0.41 | $0.41 | ' | ' | ' | $0.07 |
Payments of Ordinary Dividends, Common Stock | $33,643,000 | $27,961,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,200,000 | $14,300,000 | $33,600,000 | $28,000,000 | ' | ' | ' | $6,000,000 |
Shareholders_Equity_Details_Sc
Shareholders' Equity (Details) - Schedule of Unit Redemption (Redemptions [Member]) | 3 Months Ended | |||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Redemptions [Member] | ' | ' | ' | ' | ' | ' |
Shareholders' Equity (Details) - Schedule of Unit Redemption [Line Items] | ' | ' | ' | ' | ' | ' |
Total Requested Unit Redemptions at Redemption Date | 479,078 | 357,013 | 609,079 | 677,855 | 1,063,625 | 938,026 |
Units Redeemed | 479,078 | 242,644 | 609,079 | 677,855 | 637,779 | 114,200 |
Total Redemption Requests Not Redeemed at Redemption Date | 0 | 114,369 | 0 | 0 | 425,846 | 823,826 |
Pro_Forma_Information_Details
Pro Forma Information (Details) (Hotels Acquired After December 31, 2012 [Member]) | 18 Months Ended |
Jun. 30, 2014 | |
Hotels Acquired After December 31, 2012 [Member] | ' |
Pro Forma Information (Details) [Line Items] | ' |
Number of Businesses Acquired | 18 |
Pro_Forma_Information_Details_
Pro Forma Information (Details) - Pro Forma (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pro Forma [Abstract] | ' | ' | ' | ' |
Total revenues | $59,330 | $53,204 | $109,794 | $97,839 |
Net income | $14,849 | $12,760 | $24,257 | $13,330 |
Net income per share - basic and diluted (in Dollars per share) | $0.18 | $0.18 | $0.30 | $0.19 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 6 Months Ended | 0 Months Ended | 43 Months Ended | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jul. 07, 2014 | Jul. 14, 2014 | Aug. 01, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | |
Courtyard Shenandoah, TX [Member] | Homewood Suites Cape Canaveral, FL [Member] | Hampton Inn & Suites Rosemont, Illinois [Member] | Conclusion of Best-Efforts Offering [Member] | Subsequent Event [Member] | Potential Purchase of Additional Hotels [Member] | |||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Potential Purchase of Additional Hotels [Member] | Potential Purchase of Additional Hotels [Member] | Potential Purchase of Additional Hotels [Member] | ||||||
Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | $33,643,000 | $27,961,000 | ' | ' | ' | ' | $6,000,000 | ' |
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | ' | ' | ' | ' | ' | ' | $0.07 | ' |
Units Redeemed (in Shares) | ' | ' | ' | ' | ' | ' | 500,000 | ' |
Payments for Redemption of Units | 7,397,000 | 7,725,000 | ' | ' | ' | ' | 5,100,000 | ' |
Redemption requests redeemed, percentage | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Units Sold (in Shares) | ' | ' | ' | ' | ' | 96,100,000 | 4,300,000 | ' |
Proceeds from issuance or sale of equity, gross | ' | ' | ' | ' | ' | 1,100,000,000 | 47,700,000 | ' |
Proceeds from Issuance or Sale of Equity | 91,986,000 | 97,379,000 | ' | ' | ' | 946,800,000 | 42,900,000 | ' |
Potential Number of Hotel Properties | ' | ' | 1 | 1 | 1 | ' | ' | 1 |
Payments for Deposits on Real Estate Acquisitions | 0 | 3,071,000 | 0 | ' | ' | ' | ' | 2,500 |
Number of Units in Real Estate Property | ' | ' | 124 | 153 | 158 | ' | ' | 156 |
Business Acquisition, Gross Purchase Price | ' | ' | $15,900,000 | $25,200,000 | $25,400,000 | ' | ' | $23,100,000 |