Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting

Segment Reporting

Note 11 – Segment Reporting

The Company’s business consists of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets operating in a single segment. The Company’s President and Chief Executive Officer is its chief operating decision maker (“CODM”) responsible for managing and allocating resources for the Company at a consolidated level.

The CODM uses consolidated net income to assess the segment’s overall performance, with specific focus on the segment revenue and expenses associated with the Company’s hotel operations. The table below

includes information about the Company’s segment, including significant segment expenses, and a reconciliation to net income.

	Year Ended December 31,
	2025		2024
Revenue:
Total revenue	$	32,842,464	$	31,883,877
Operating expenses:
Rooms		6,017,057		6,018,897
Food and beverage		1,832,610		1,613,437
Other property operating expenses		11,429,960		11,149,871
Property management fees to affiliates		985,488		956,558
Other segment expenses (1)		6,294,376		6,458,238
Operating income:		6,282,973		5,686,876
Non-operating expenses:
Interest expense, net		(4,124,807)		(3,733,207)
Gain on interest rate swap		-		7,237
Income tax benefit (expense)		(300,475)		106,253
Segment and consolidated net income	$	1,857,691	$	2,067,159

⁽¹⁾ Other segment expenses include corporate general and administrative, other fees to affiliates and depreciation and amortization.