Merger with Apple REIT Ten, Inc. (Tables)

9 Months Ended

Sep. 30, 2016

Disclosure Text Block Supplement [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the Company’s preliminary purchase price allocation for the merger, which represents its best estimate of the fair values of the assets acquired and liabilities assumed on September 1, 2016, the effective date of the merger (in thousands):

	Purchase Price Allocation
Assets:
Land	$	151,200
Building and improvements		1,065,859
Furniture, fixtures and equipment		75,445
Franchise fees		2,917
Investment in real estate		1,295,421
Restricted cash, due from third party managers and other assets		33,579
Total assets		1,329,000
Liabilities:
Credit facility		111,100
Mortgage debt		151,885
Accounts payable and other liabilities		16,339
Total liabilities		279,324
Fair value estimate of net assets acquired (total consideration paid)	$	1,049,676

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The aggregate amounts of the estimated minimum lease payments pertaining to all of the ground leases assumed in the merger, for the five years subsequent to September 30, 2016 and thereafter are as follows (in thousands):

2016 (October - December)	$	82
2017		409
2018		435
2019		440
2020		440
Thereafter		60,099
Total	$	61,905

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma information for the three and nine month periods ended September 30, 2016 and 2015, is presented as if the merger, effective September 1, 2016, had occurred on January 1, 2015, and is based on assumptions and estimates considered appropriate by the Company. The pro forma information is provided for illustrative purposes only and does not necessarily reflect what the operating results would have been had the merger been completed on January 1, 2015, nor is it necessarily

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Total revenue	$	325,924	$	309,835	$	949,760	$	885,015
Net income	$	59,981	$	61,057	$	177,183	$	173,419
Basic and diluted net income per common share	$	0.27	$	0.27	$	0.79	$	0.75
Weighted average common shares outstanding - basic and diluted		223,403		223,799		223,399		230,977