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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Total revenues $ 8,313,460 $ 6,274,401 $ 13,419,033 $ 9,186,510
Expenses        
Other property expenses 2,508,599 1,953,749 4,641,640 3,451,554
Property management fees to affiliates 230,846 188,317 377,720 275,742
Corporate general and administrative 384,938 347,067 703,501 625,301
Other fees to affiliates 218,701 196,023 439,814 381,641
Depreciation and amortization 943,770 783,245 1,861,710 1,559,641
Total expenses 5,201,434 4,940,266 10,266,427 8,507,430
Operating income 3,112,026 1,334,135 3,152,606 679,080
Gain on loan extinguishment 405,605 635,317 942,605 635,317
Interest expense, net (679,784) (673,090) (1,310,376) (1,304,577)
Gain on interest rate cap/swap 39,926 102,798 85,109 203,251
Net income before income taxes 2,877,773 1,399,160 2,869,944 213,071
Income tax expense (42,029) (1,350) (42,975) (1,350)
Net income 2,835,744 1,397,810 2,826,969 211,721
Net income attributable to noncontrolling interest 511,493 345,736 819,176 270,320
Net income (loss) attributable to common stockholders 2,324,251 1,052,074 2,007,793 (58,599)
Class K Common Stock        
Expenses        
Net income (loss) attributable to common stockholders $ 1,529,475 $ 730,429 $ 1,339,424 $ (10,598)
Net income (loss) per common share, basic (in dollars per share) $ 0.39 $ 0.19 $ 0.34 $ 0.00
Net income (loss) per common share, diluted (in dollars per share) $ 0.39 $ 0.19 $ 0.34 $ 0.00
Weighted average number of common shares outstanding - basic (in shares) 3,927,565 3,761,959 3,937,320 3,701,519
Weighted average number of common shares outstanding - diluted (in shares) 3,927,565 3,761,959 3,937,320 3,701,519
Class K-I Common Stock        
Expenses        
Net income (loss) attributable to common stockholders $ 516,703 $ 196,335 $ 449,877 $ (2,544)
Net income (loss) per common share, basic (in dollars per share) $ 0.39 $ 0.19 $ 0.34 $ 0.00
Net income (loss) per common share, diluted (in dollars per share) $ 0.39 $ 0.19 $ 0.34 $ 0.00
Weighted average number of common shares outstanding - basic (in shares) 1,326,870 1,011,194 1,322,463 888,479
Weighted average number of common shares outstanding - diluted (in shares) 1,326,870 1,011,194 1,322,463 888,479
Class K-T Common Stock        
Expenses        
Net income (loss) attributable to common stockholders $ 24,795 $ 9,967 $ 21,570 $ (142)
Net income (loss) per common share, basic (in dollars per share) $ 0.39 $ 0.19 $ 0.34 $ 0.00
Net income (loss) per common share, diluted (in dollars per share) $ 0.39 $ 0.19 $ 0.34 $ 0.00
Weighted average number of common shares outstanding - basic (in shares) 63,669 51,338 63,407 49,563
Weighted average number of common shares outstanding - diluted (in shares) 63,669 51,338 63,407 49,563
Class A Common Stock        
Expenses        
Net income (loss) attributable to common stockholders $ 226,415 $ 112,888 $ 197,789 $ (1,567)
Net income (loss) per common share, basic (in dollars per share) $ 0.39 $ 0.19 $ 0.34 $ 0.00
Net income (loss) per common share, diluted (in dollars per share) $ 0.39 $ 0.19 $ 0.34 $ 0.00
Weighted average number of common shares outstanding - basic (in shares) 581,410 581,410 581,410 576,791
Weighted average number of common shares outstanding - diluted (in shares) 581,410 581,410 581,410 576,791
Class B Common Stock        
Expenses        
Net income (loss) attributable to common stockholders $ 26,863 $ 2,455 $ (867) $ (43,748)
Net income (loss) per common share, basic (in dollars per share) $ 0.21 $ 0.02 $ (0.01) $ (0.35)
Net income (loss) per common share, diluted (in dollars per share) $ 0.21 $ 0.02 $ (0.01) $ (0.35)
Weighted average number of common shares outstanding - basic (in shares) 125,000 125,000 125,000 125,000
Weighted average number of common shares outstanding - diluted (in shares) 125,000 125,000 125,000 125,000
Rooms        
Revenues        
Total revenues $ 6,792,295 $ 5,589,194 $ 11,264,726 $ 8,252,269
Expenses        
Costs 452,747 1,154,082 1,506,159 1,769,194
Food and beverage        
Revenues        
Total revenues 713,750 513,997 997,293 661,200
Expenses        
Costs 461,833 317,783 735,883 444,357
Other operating        
Revenues        
Total revenues $ 807,415 $ 171,210 $ 1,157,014 $ 273,041