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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Total revenues $ 10,951,988 $ 10,310,957 $ 24,371,021 $ 19,497,467
Expenses        
Other property expenses 2,845,813 2,678,659 7,487,453 6,130,213
Property management fees to affiliates 328,867 309,697 706,587 585,439
Corporate general and administrative 348,781 354,591 1,052,282 979,892
Other fees to affiliates 262,628 484,583 702,442 866,224
Depreciation and amortization 990,626 883,605 2,852,336 2,443,246
Total expenses 7,104,061 6,983,119 17,370,488 15,490,549
Operating income 3,847,927 3,327,838 7,000,533 4,006,918
Gain on loan extinguishment     942,605 635,317
Loss on disposal of fixed assets (10,535)   (10,535)  
Interest expense, net (716,108) (681,293) (2,026,484) (1,985,870)
Gain on interest rate cap/swap 62,109 86,161 147,218 289,412
Net income before income taxes 3,183,393 2,732,706 6,053,337 2,945,777
Income tax expense (200,498) (24,514) (243,473) (25,864)
Net income 2,982,895 2,708,192 5,809,864 2,919,913
Net income attributable to noncontrolling interest 214,792 173,426 1,033,968 443,746
Net income (loss) attributable to common stockholders - basic 2,768,103 2,534,766 4,775,896 2,476,167
Net income attributable to common stockholders -diluted 2,768,103 2,534,766 4,775,896 2,476,167
Class K Common Stock        
Expenses        
Net income (loss) attributable to common stockholders - basic 1,815,882 1,693,748 3,157,834 1,733,290
Net income attributable to common stockholders -diluted $ 1,815,882 $ 1,693,748 $ 3,157,834 $ 1,733,290
Net income (loss) per common share, basic (in dollars per share) $ 0.46 $ 0.43 $ 0.80 $ 0.46
Net income (loss) per common share, diluted (in dollars per share) $ 0.46 $ 0.43 $ 0.80 $ 0.46
Weighted average number of common shares outstanding - basic (in shares) 3,915,774 3,920,423 3,930,059 3,775,288
Weighted average number of common shares outstanding - diluted (in shares) 3,915,774 3,920,423 3,930,059 3,775,288
Class K-I Common Stock        
Expenses        
Net income (loss) attributable to common stockholders - basic $ 618,844 $ 532,104 $ 1,065,864 $ 461,006
Net income attributable to common stockholders -diluted $ 618,844 $ 532,104 $ 1,065,864 $ 461,006
Net income (loss) per common share, basic (in dollars per share) $ 0.46 $ 0.43 $ 0.80 $ 0.46
Net income (loss) per common share, diluted (in dollars per share) $ 0.46 $ 0.43 $ 0.80 $ 0.46
Weighted average number of common shares outstanding - basic (in shares) 1,334,480 1,231,632 1,326,513 1,004,120
Weighted average number of common shares outstanding - diluted (in shares) 1,334,480 1,231,632 1,326,513 1,004,120
Class K-T Common Stock        
Expenses        
Net income (loss) attributable to common stockholders - basic $ 27,845 $ 25,777 $ 50,037 $ 24,316
Net income attributable to common stockholders -diluted $ 27,845 $ 25,777 $ 50,037 $ 24,316
Net income (loss) per common share, basic (in dollars per share) $ 0.46 $ 0.43 $ 0.80 $ 0.46
Net income (loss) per common share, diluted (in dollars per share) $ 0.46 $ 0.43 $ 0.80 $ 0.46
Weighted average number of common shares outstanding - basic (in shares) 60,046 59,670 62,274 52,969
Weighted average number of common shares outstanding - diluted (in shares) 60,046 59,670 62,274 52,969
Class A Common Stock        
Expenses        
Net income (loss) attributable to common stockholders - basic $ 269,620 $ 251,188 $ 467,168 $ 265,611
Net income attributable to common stockholders -diluted $ 269,620 $ 251,188 $ 467,168 $ 265,611
Net income (loss) per common share, basic (in dollars per share) $ 0.46 $ 0.43 $ 0.80 $ 0.46
Net income (loss) per common share, diluted (in dollars per share) $ 0.46 $ 0.43 $ 0.80 $ 0.46
Weighted average number of common shares outstanding - basic (in shares) 581,410 581,410 581,410 578,347
Weighted average number of common shares outstanding - diluted (in shares) 581,410 581,410 581,410 578,347
Class B Common Stock        
Expenses        
Net income (loss) attributable to common stockholders - basic $ 35,912 $ 31,949 $ 34,993 $ (8,056)
Net income attributable to common stockholders -diluted $ 35,912 $ 31,949 $ 34,993 $ (8,056)
Net income (loss) per common share, basic (in dollars per share) $ 0.29 $ 0.26 $ 0.28 $ (0.06)
Net income (loss) per common share, diluted (in dollars per share) $ 0.29 $ 0.26 $ 0.28 $ (0.06)
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 $ 9,652,212 $ 9,131,968 $ 20,916,938 $ 17,384,237
Expenses        
Costs 1,684,324 1,697,376 3,190,483 3,466,570
Food and beverage        
Revenues        
Total revenues 1,038,870 976,812 2,036,163 1,638,012
Expenses        
Costs 643,022 574,608 1,378,905 1,018,965
Other operating        
Revenues        
Total revenues $ 260,906 $ 202,177 $ 1,417,920 $ 475,218