Good morning, and welcome to the American Hotel Income Properties REIT LP's fourth quarter results conference call. At this time, all participants are in listen-only mode. Following the formal remarks, there will be a question-and-answer session for analysts only. Instructions will be provided at that time for you to queue up for questions. Before beginning the call, AHIP would like to remind listeners that the following discussion will include forward-looking information within the meaning of applicable Canadian securities laws, which forward-looking information is qualified by this statement. Comments that are not a statement of fact, including projections of future earnings, revenue, income, and FFO, are considered forward-looking and are based on certain assumptions and involve various risks and uncertainties. The risks and uncertainties that, if realized in assumptions that, if false, could cause AHIP's actual financial and operating results to differ significantly from forward-looking information discussed today are detailed in AHIP's public filings, which are available on ahipreit.com as well as on SEDAR+. Participants on this call should not place under reliance on such information, which is provided based on management expectations and its assumptions as of the date of this call. AHIP does not undertake any obligation to publicly update such information to reflect subsequent events or circumstances, except as required by law. On this call, AHIP will discuss certain non-IFRS financial measures. For the definition of these non-IFRS financial measures, the most directly comparable IFRS financial measure, and a reconciliation between the two, please refer to their MD&A. References to prior year operating results are comparisons of AHIP's portfolio of 71 properties results in the period versus the same period properties results today. All figures discussed on today's call are in U.S. dollars, unless otherwise indicated. A replay of this call will be available on AHIP's website. Discussing AHIP's performance today are Jonathan Korol, Chief Executive Officer, Bruce Pittet, Chief Operating Officer, and Travis Beatty, Chief Financial Officer. I'll now turn the call over to Jonathan Korol, Chief Executive Officer. Thank you, operator. Thank you, everyone, for joining us today for our fourth quarter and full year financial results conference call. In 2022, AHIP's portfolio of 71 select-service hotels continued to demonstrate strong top-line performance. For the year, same-store revenue grew 19% due to steady demand acceleration across the 22 U.S. states in which we operate. RevPAR for the year finished at $88, a 17% improvement over 2021. On a recovery to 2019 basis, we've seen sequential ADR and RevPAR improvement throughout every quarter in 2022, with Q4 RevPAR matching 2019 levels. This achievement is attributable to sustained demand from the leisure traveler segment as well as steady improvements in corporate and group guest demand. The ability to control and manage daily rates is a key advantage of the lodging sector, which has enabled AHIP to achieve the strong rate growth. For the year, rates ended at 113% of 2021 and 105% of 2019. For the fourth quarter, rates ended at 110% of Q4 2021 and 109% of Q4 2019 levels. This marked the sixth consecutive quarter where we have matched or exceeded 2019 rates, and we expect this trend to continue. Our portfolio is seeing improving trends relating to corporate demand, as seen by the performance of our Embassy Suites portfolio, which saw a 38% increase in RevPAR in 2022 compared to 2021. Returning corporate demand remains the near-term catalyst to a full occupancy recovery. Throughout 2022, we've been negatively impacted by labor shortages, supply chain disruptions, and general inflationary pressures. The combination of these factors has resulted in a challenging operating environment and applied significant pressure on operating margins. Net operating and income margin decreased by 550 basis points to 32.5% for the year compared to 2021. To address these issues, our asset management team, together with our external hotel manager, have continued their efforts to hire more in-house labor, reduce turnover, and improve overall productivity. While we are seeing some benefits from these efforts, cost pressures and labor issues are expected to remain a topic for most of 2023. Throughout the year, the fixed-rate nature of our debt obligations provided a substantial benefit to us, given the high interest rate environment. Overall, 93% of our debt obligations are fixed-rate coupons or subject to variable to fixed swap arrangements. We made steady progress on our leverage reduction goals over the last two years, demonstrated by our debt to gross book value being reduced by 570 basis points to 52.6%. We do not have any meaningful debt maturities until late 2024 and are well positioned to manage potential economic volatility in the coming quarters. During 2022, we invested heavily in renovating our portfolio, and we expect a similar level of spend in 2023 as we look to continue to strengthen our market position. We base our capital decisions on the basis of returns, and given the current headwinds in the transaction market, we believe reinvesting in our portfolio represents the most prudent allocation of capital. During 2022, we high-graded our portfolio by executing on the dispositions of seven non-core assets. These dispositions resulted in improvements to both operational and leverage metrics. In January and June 2022, AHIP completed the strategic dispositions of two hotel properties in Florida and Pennsylvania for gross proceeds of $10.3 million and $5.7 million, respectively. In the fourth quarter of 2022, AHIP completed the disposition of five underperforming properties, one located in Pennsylvania and four in Oklahoma, for gross proceeds of $5.3 million and $26 million, respectively. These dispositions allow AHIP to avoid future capital requirements that will not meet returns available elsewhere in the portfolio. Following the sales, portfolio RevPAR increased by $3 and debt to EBITDA improved by 0.4 times. In addition, the Oklahoma portfolio sale resulted in the return of $3.2 million from restricted cash. While our plan remains to grow the company, we'll always explore opportunities to dispose of assets where the return projections lag the average return expectations for the remainder of our portfolio. 2022 also saw the reinstatement of our monthly U.S. dollar distribution at an annualized level of $0.18 per unit, which began in Q1. We remain confident in the distribution levels despite the current macroeconomic uncertainties. Our conservative payout ratio means we will have the capacity to increase the distribution as operations improve. We are proud of our ability to provide our unitholders with a meaningful cash yield on their investment. Based on our closing price yesterday, the annualized U.S. dollar distribution of $0.18 per unit represents a cash yield of approximately 9%, with an FFO payout ratio below 50%. Lastly, we released our inaugural corporate responsibility and sustainability report during the second quarter of 2022. This report is designed to help our stakeholders understand our commitment and efforts regarding environmental stewardship, social responsibility, and governance. We will continue to report on present and future commitments with respect to ESG initiatives, all of which will be overseen by our board of directors nominating and governance committee. I'd like to acknowledge the efforts of our brand partners, hotel managers, vendors, guests, and other stakeholders for their stated commitment to implement programs that have a positive effect on our business, the environment, and our communities. I'll now turn the call over to Bruce to discuss fourth quarter and full year hotel operations. Travis will then highlight key financial metrics. Bruce? Thank you, Jonathan. Good morning, everyone. Looking back at 2022, the resilience of the AHIP portfolio continues to be apparent as revenue recovery driven by strong ADR growth and improving corporate and group business drove continual top-line performance improvements. Margins were challenged throughout 2022 by labor scarcity, wage growth, and widespread impacts of inflation. For full year 2022, our 71 hotels had an occupancy average of 70% or 104% of 2021 levels and 91% of 2019 performance. For Q4, occupancy was 67% or 101% of the same period in 2021 and 91% of 2019. ADR continues to be the catalyst for RevPAR recovery across AHIP's portfolio, finishing at $125 for the year, above 2021 levels by 13% and exceeding 2019 performance by 5%. 79% of hotels posted ADR above 2019 levels in 2022. From a Q4 standpoint, ADR was $126 or 110% above Q4 2021 and 109% above Q4 2019. We continue to anticipate strong ADR performance across the portfolio going forward. 2022 RevPAR for our 71 hotels was $88 or a 17% increase over 2021 and at 95% of 2019 levels. 44% of the portfolio posted RevPAR above 2019 levels. Q4 marked the first quarter since the onset of the pandemic that the portfolio achieved 2019 RevPAR levels as we finished the quarter at $85 and at 110% of Q4 2021. We reference three distinct segments of our business: extended stay, select service, and our Embassy Suites hotels. During 2022, the extended stay segment achieved a RevPAR of $94 or 106% of 2021 and 93% of 2019 levels. The select service segment achieved a RevPAR of $82, which represents 118% of 2021 levels and a recovery of 98% to 2019. The Embassy Suites achieved a RevPAR of $95 or 92% recovery to the 2019 levels and a 38% RevPAR increase over 2021. The Embassy Suites are a good barometer for the portfolio as it pertains to group and corporate segment recovery. The return of corporate and group traveler has been evident throughout 2022. Two measures we often refer to as strong indicators of corporate business demand are the negotiated rate segment, which has seen occupancy recover to 82% of 2019 levels, and the GDS channel or Global Distribution Systems, which is mostly driven by travel agents booking corporate travel for their clients. Where occupancy has recovered to 76% of 2019 levels. Food and beverage revenues, which is another proxy for corporate demand, are continuing to improve against 2019 benchmarks. F&B revenues were 67% of 2019 performance for the year compared to just 35% in 2021. NOI margins finished at 93% of 2019 for the quarter and 91% of 2019 for the year. The challenging operating environment continues to hold margins below 2019 levels. In Q4, we started to see some improvement in the operating environment. Supply chain issues have abated somewhat and wage growth pressures, although present, are less severe. In 2023, we will continue to focus on margin performance initiatives, including the reduction of third- party contract labor, reducing overtime, increasing housekeeping productivity, reducing employee turnover, and improved procurement program compliance. During the final week of December 2022, severe cold weather, particularly in the U.S. Northeast and Texas, impacted hotel operations. Four hotels had a significant number of rooms placed out of service, and two of those hotels, both in New Jersey, were forced to close. At the Residence Inn Neptune, all 105 rooms of the hotel have been placed out of service since December 25th. The current timeline to bring the rooms back in service in this hotel is the third quarter of 2023. At the 113- room Courtyard Wall in New Jersey, all guest rooms were out of service for approximately three weeks. In mid-January, roughly 50% of the rooms were brought back into service. The time frame to bring those remaining rooms back into service is late Q2. Based on initial information, estimated damage to buildings and equipment is approximately $4.8 million. All properties are insured, all costs associated with remediation and business interruption are expected to be recovered. Turning to AHIP's capital program, in 2022, we returned to pre-pandemic spending levels. The 2022 capital plan included approximately $18 million in PIPs and $11 million in FF&E capital improvements, of which $5.4 million was funded through restricted cash in 2022, with an additional $8.4 million expected to be funded through restricted cash in 2023. The PIPs included seven hotel renovations and 16 smaller projects. Three of the seven hotel renovations were completed or substantially completed by the end of the year, and the remaining four hotel renovations were in progress as of December 31st, 2022. Three of the four projects are expected to be completed in Q1 2023. As each PIP completes, we expect to see increases in hotel market share and RevPAR performance. At the end of December, AHIP had also completed 14 of 16 smaller projects, and the cost to complete the projects were in line with our budgets. Initial top line results for seasonally weaker January suggest continued strong revenue performance with occupancy at 57%, ADR at $123, and RevPAR at $70, or 113% of January 2022 RevPAR levels on a same store basis. With that update on our hotel operations, I'll now turn the call over to Travis to highlight key financial and capital metrics for the year and for the quarter. Thank you, Bruce. Good morning, everyone. AHIP's portfolio of premium branded select-service hotel properties continued to demonstrate strong demand metrics in 2022. On a same-store basis, revenue increased 19% to $272 million, compared to $230 million in 2021. For the quarter, revenue finished at $66 million, a 12% increase relative to the fourth quarter of the prior year. Normalized diluted funds from operations or FFO was $0.38 for the year per unit and $0.07 per unit for the quarter, compared to normalized FFO of $0.32 for fiscal year 2021 and $0.07 in the same quarter of 2021. In 2022, we saw margins below both 2021 and 2019 levels throughout the year due to higher operating expenses as a result of inflation, labor shortages, and increased hotel operating standards. General inflation resulted in higher costs of operating supplies and higher utilities expenses. Shortage in the overall U.S. labor market resulted in increased room labor expenses due to overtime, higher wages, and the use of contract labor. At December 31, 2022, AHIP had $24 million of available liquidity compared to $35.7 million at the end of the third quarter. The availability of $24 million was comprised of an unrestricted cash balance of $13 million and a borrowing availability of $11 million under the revolving credit facility. AHIP has an additional restricted cash balance of $40 million. The decrease in unrestricted cash is primarily due to cash generated by the three Embassy Suites properties located in Ohio and Kentucky in the third and fourth quarter of 2022 being held in a restricted cash account by the lender. The operating performance of these properties has steadily improved and exceeded the required debt service coverage of 1.25 in the third and fourth quarters of 2022. As a result, these properties are no longer in cash management, and we recently received $12 million of restricted cash, which is now unrestricted. Debt to gross book value at December 31, 2022, decreased by 140 basis points to 52.6%, compared to 54% at December 31, 2021. AHIP is making steady progress on this measure and intends to bring its leverage closer to its peer group over time, which will be in the range of 40%-50% debt to gross book value. This is expected to be achieved through a combination of improved operating results, a sustainable distribution policy, and selective issuance of equity in support of growth transactions. Our weighted average interest rate for term loans and credit facility was 4.46 at December 31, 2022. A reduction of 6 basis points compared to 4.52 at the end of the prior year. This is well below the market for comparable first mortgage debt if it were issued today. In November, AHIP completed an amendment to our revolving credit facility and certain term loans, which among other things, modified the calculation of the borrowing base availability and other financial covenants. These modifications significantly improved the expected borrowing base availability and reduced the required fixed charge coverage ratio. As Jonathan alluded to, short and long-term interest rates increased significantly during 2022. Short-term rates are expected to continue to increase. AHIP does not expect a material increase in interest expense in 2023, as 93% of our debt is at fixed rate interest or effectively fixed by interest rate swaps until November of 2023. Our financial position allows us to be patient. We have no maturities related to our debt or interest rate swaps until the fourth quarter of 2023. In terms of upcoming maturity, AHIP has two CMBS loans totaling approximately $15 million coming due in December 2023. Two CMBS loans totaling approximately $30 million due in the first half of 2024. On the revolving credit facility, the $125 million term portion matures at the end of 2024, and the revolving portion can be extended at our option to the same date. Based on current yields and coverage ratios, we are confident in our ability to refinance upcoming maturities over the next 24 months. During the fourth quarter, the company recognized a non-cash impairment charge of $39 million related to 15 hotels. This was a result of declines in the hotel's current and projected cash flows, as determined by our usual year-end internal analysis. Our distribution policy remains intact. We have now paid U.S. dollar monthly distributions each month since March of 2022. We are pleased to be in a financial position to continue to do so. Based on consensus, our next 12 months FFO payout ratio is conservative at sub 40%. At our current unit and price, the yield supported by distribution is approximately 9%, which is the highest in the Bloomberg Hotel REIT Index. The declaration and payment of each monthly distribution in the future remains subject to board approval. We have been getting questions from a number of non-Canadian resident shareholders about potential withholding tax under U.S. IRS Code 1446. AHIP is not engaged in any trade or business in the U.S. for tax purposes. We have issued a qualified notice in this regard. The purpose of this notice is to notify brokers and others that no withholding will apply. In a limited number of cases where withholding was incorrectly applied, it was quickly reversed. More information on this is available on our website under the tax section. You can reach out to us directly. I will now turn the call back over to Jonathan for some closing remarks. Thanks, Travis. 2022 was a challenging year for the hospitality industry and the broader economy. Despite this, I'm encouraged by the progress we were able to make at AHIP on several fronts this year. In 2022, we successfully divested seven hotels representing just under 800 keys. Together, these hotels had close to $20 million in brand-required capital expenditures coming due in the next few years. Management calculated the return on investment to be not enough to justify the additional expenditures. As a result of these asset sales, AHIP's remaining portfolio will have a higher RevPAR and a more reliable cash flow profile. We continue to see compelling returns available through reinvestment into our remaining properties. The three Property Improvement Plans completed in 2022 in Tampa, Orlando, and Amarillo will see double-digit returns on capital investments. We will soon complete PIPs at four other properties in Maryland and New Jersey. Being able to execute on these projects within budget during a period of labor scarcity and supply chain disruptions is a credit to our asset management team. In Q4, the tremendous efforts of our finance team, together with our valued lending partners, resulted in a meaningful amendment to our credit facility. This amendment maintains our borrowing availability and flexibility as our business improves. Overall, we're making small but important improvements to our leverage profile. Finally, I continue to be encouraged by the demand acceleration that is continuing across the country. We are not seeing any evidence of a demand slowdown for our leisure guests and are witnessing steadily improving business traveler demand. We are focusing our hotel managers' efforts on employee recruitment and retention, which will benefit our operating margins. I'd like to convey my appreciation to all of our teams at each of our hotel properties for their continued dedication to providing a great guest experience. With that overview of our fourth quarter and recent initiatives, we'll now open the call to questions from analysts. Operator? To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. One moment for our first question. Our first question comes line of Mike Markidis from BMO Capital Markets. Your line is open. Hi. Thanks for taking my questions. Just with respect to the last comment there on the demand acceleration, I think you characterized it that you're seeing. Would that be fair to suggest that we should see more of a J curve on the top line as we progress through this year? Is it really just more about a gradual recovery continuing throughout the year? I think it's the latter, Mike. I think it's safe to say that, you know, the this recovery has been pretty unique in the history of hotel demand recoveries in that the rates have snapped back very quickly. Occupancy, while not right at 100% of 2019 levels, is showing no signs of a slowdown. You know, due to that uniqueness, I'd suggest that we're, you know, anything's possible, but we're witnessing a gradual recovery and expect to do so over the next 12 months. Okay. That's useful. Thank you. Then just in terms of, I mean, and obviously a very relevant benchmark as we were kind of coming out of the depths of the pandemic and specifically 2021 and 2022. Just as we move through 2023, do you still plan to benchmark where you're coming in relative to 2019? Or is it really just more of a thinking about the world as being a different place going forward and moving on? I think you'll see, less to no references to 2019 going forward. I think it's an interesting data point. More relevant now is benchmarking versus prior year. Right. Gotcha. Okay. Do you think it's possible we'll see margin expansion in 2023? Margin expansion, I think as Bruce alluded to in Q4, some of the wage pressures that we've witnessed over the last 12 months began to not dramatically improve, but certainly not get worse. We're seeing a plateauing and certainly signs that the labor market is starting to loosen up a little bit. We'll continue to monitor and report on that. Yeah, Mike, we told you we weren't gonna compare to 2019, and we do intend to do that less. While we're still doing that, you know, we expect to get closer to 2019 margin levels in 2023, but the full recovery on margins probably isn't until 2024. Okay, that makes sense. That makes sense. I guess just, you know, dovetailing that with your remarks about still pressures on cost in 2023 and then moderation. I guess it's not that your unit labor costs necessarily come down in 2024, it's just that we actually get, you know, more normal increases year-over-year. Is that fair? Yeah, I think, we spent a lot of time in our remarks talking about recruitment and retention. Recruitment will allow us to have more in-house labor versus third-party contract labor. Retention will allow us to reduce the frictional costs that come with people coming and going. Okay. I don't wanna hog the puck, so I'm gonna turn it back and, if there's anything left over after I'll chime back in. Thank you. Thank you. Thank you. One moment for our next question. Our next question comes from line of Tal Woolley from NBF. Your line is open. Hey, good morning or good afternoon. Pardon me. I just wanted to start out with the outlook. I'm wondering if you can just talk to forward bookings at all and how you're feeling about how your book of business is shaping up this year. Maybe you can give it some context versus last year. Hey, Tal, it's Bruce. You know, I would tell you a couple of things. First of all, the booking window is still fairly short. Like, we haven't seen, booking windows kinda going back to where we were pre-pandemic. It makes kind of any kind of forward look difficult. With that said, I would tell you that we continue to see more corporate and group business coming through the pipe. I think that that's certainly a very positive sign. It's actually been quite robust over the last month or so. That gives us some confidence in that segment. Ultimately, it's difficult to provide any kind of true forward look for you. Okay. Then, just taking your earlier comments about, you know, waiting to see a full margin recovery until 2024 and looking at what some of the U.S. hotel REITs and, you know, C-Corps have reported. It sort of looks like RevPAR expectations for this year are kind of in that, you know, 5%-8% kind of range. Does that seem like a doable number for AHIP this year? Is that in the ballpark, if possible? All right. You're referring to some of our select-service peers reporting guidance that would suggest 5%-8% 2020 RevPAR growth over 2022? Yeah, in that range if I'm doing my math correctly. Yeah, I think that's reasonable. I think, depending on the quarter, you may see a little above or a little bit below that range. That's a reasonable range. Okay. Fair enough. Maybe if we can just speak to borrowing costs as well, where are you finding the most attractive capital right now? Can you just give us a, you know, some insight on pricing and LTV ratios? Thanks. Sure. Sure. We're not in the market, of course. Right now, our maturity profile allows us to be patient. The market's definitely getting better. It was good in the first half of the year in 2022. In the second half of the year, it was, you know, kind of by appointment only. Not a lot of CMBS deals were getting done. The main two maturities that we face are the revolving credit facility. We just did an amendment on that, so we're relatively current on that. The spread relative to SOFR on our credit facility is 200 basis points. That's what's in our current credit agreement. With the extension features, we're gonna be basically, you know, at that spread until late 2024. On the CMBS market, you know, that's priced off of U.S. Treasuries. Those were in the low 200s earlier in 2022. You know, those gapped out to the low 300s mid last year. They're about halfway between those two numbers right now. I think the credit spreads that we're hearing right now are kind of in the 250 over Treasuries right now. That's the status of the current market. In terms of availability of CMBS debt, I would say it's definitely getting better right now, but we're not back to where we were in early 2022. I think as interest rate expectations, you know, they're becoming a little bit more of a consensus. There's not that many rate hikes left to go unless there's a surprise in some way. You know, I think we're gonna be in a good spot to address the relatively small maturities we have, you know, mid-2023. Okay. The swap that, you know, or the swaps that expire this year, can you just talk a little bit about what that is currently hedging exactly, and how that would change, if you had to sort of restrike it today? We have the total amount of swaps is $130 million. Most of that is basically a hedge against the term portion of the revolving credit facility, which is $125 million. Those swaps are, you know, they're around 1% and 1.45%, you know, blending the two of them together. And those expire at t he end of this year. We'll be on a variable rate SOFR by December of 2023. Okay. Perfect. Thanks very much, gentlemen. Appreciate it. Thank you. You're welcome. As a reminder, that's star one one for questions, star one one. Please stand by while we compile the Q&A roster. We do have a follow-up from the line of Mike Markidis from BMO Capital Markets. Your line is open. Thanks again. Just following up on Tal's question with respect to the swaps and the credit facility. Appreciate that you guys have the one-year option to extend it for one year, but presumably, you know, hedging the floating rate wouldn't be ideal on a one-year basis. How are you guys thinking about that as we progress throughout towards that first, I guess, November date? I would say we're not currently contemplating revising that swap or extending it. At the moment, we're just gonna be faced with, you know, market rate of interest on that portion of our debt. You know, we'll still have a relatively high percentage of fixed rate debt, but it won't be the 93 that we have today. I think it goes down to around 70% post the maturity of those swaps, Mike. I think we're just gonna be a 70% fixed rate company by the fourth quarter, unless we see something different in the rate curve and we think there's an opportunity to do a hedge. Okay. I guess, like, if you were to refinance that facility, could you refinance it today? Like, how long would you be able to get on a term? Like, would that be a three-year renewal? On the credit facility? No, I'm just trying to weigh the options of extending it for a year or actually just recutting a new deal and revising purchase benefit. Oh, yeah. We'll be evaluating both of those, Mike. You know, we're not gonna wait till late 2024 to address that maturity of the credit facility. I think the extension options are more likely than not, but we'll be looking to either amend or replace the entire facility, you know, well in advance of Q4 of 2024. When that will be will, you know, depend on market conditions, interest rate environment, you know, appetite from lenders, et cetera. Certainly well in advance of Q4 2024. Okay. The current middle of the road market for that, Mike, is at 3, a 3 + 1 + 1 deal. Okay. We would be looking for something like that when we look to replace that facility. We've got a relatively long window to address that, you know, call it, you know, in the next 18 months, I think is a pretty safe execution window for that maturity. Yeah. No, I hear you. I just thought, rather than rolling it for a year, extending it would make sense to perhaps consider extending it for three years so you could lock in the rate. I guess it all depends on where we're at, like as you said. Okay. With the CapEx, it looks like there's some spillover of the 2022 plan into this year, but it wasn't entirely clear how much of that we should be adding to your 2023 plan in terms of to get to a total. If you look at your spillover plus 20 23, what's the total combined amount you have planned for this year and what would be funded by restricted cash? There's about $3 million that should roll into this year from a project perspective. In broad numbers, I think including this $3 million, we're thinking about spending around $30 million or so from a capital. Oh, okay. The spillover is quite minimal then. Spillover is quite minimal. Okay. Got it. That's right. Yeah. Thank you. Yeah. Thank you for that. Mike, just one thing. We continue to have a lot of flexibility on the timing of that CapEx spend. That's the target for 2023, but we can manage that number as needed depending on the operating environment. That's a good planning number to include for modeling purposes, but we do have flexibility on that one. Noted. Thanks for the reminder. And then just last one here. Just with respect to the it sounds like you've got fully insured and, you know, you've got some insurance in place, not just on the cost, but the downtime on those portfolios. Is that a full revenue replacement? Like, how does that work? I'm just trying to get a sense if there's gonna be a negative impact on your performance this year because of that item either from an actual full year perspective and if there's any timing impacts that we need to be aware of. Yeah, I think timing is the key impact there, Mike. You're speaking to, of course, the storm damage that we suffered right at the end of 2022. There was no income displacement in the 2022 numbers that would be noticeable. Those are, call it, clean numbers. In Q1 and Q2, we're gonna face income disruption. Timing is the operative word there. It's an income replacement test, not a revenue replacement test. We'll work with the underwriters around lost income, and that will be the basis of our claim. Unless something unexpected happens, excluding the timing difference, we're kind of situation normal on the hotels that were damaged from the storm. Got it. Except you'll just get a one-time payment when the claim's settled as opposed to throughout that time period from an accounting perspective. No. We'll actually be pursuing an initial claim. The final claim will just be the true up amount with all the final adjustments. No, we'll get some of the money as we go. We're just working out how many claims we'll do whether it'll be on a recurring basis or a one and then a final. No, we should be submitting the our initial claim for business interruption in the next two to four weeks, I would say. Then there's a process that follows. You know, we'll definitely be pursuing an initial claim before we get to a final. Okay. That's helpful. Thank you. Just last one for me. I guess, you know, looks like you had some pretty severe weather, specifically in Neptune. We were doing a Google search here and found out that there was another storm that knocked out another hotel, not one of yours, I think back in 2021. Is there something about that location or that is becoming climate stressed, I guess would be the question? Just curious if you guys have started giving any more thought to doing a climate impact assessment on your portfolio. Yeah. Mike, it's Bruce. I don't think there's anything about that particular area that's of a concern. You know, the hotels, if you've been looking online, are just off the Jersey shore. I'd say anything that's happened previously in that area would just be coincidental. It's not like in a wind zone or that sort of thing that you'd see in maybe the Midwest or down in on the Florida coast, that sort of thing. Okay. Thanks, thanks very much for your time today. Thanks, Mike. One moment for our next question. Our next question will come from line of Tom Callaghan from RBC Capital Markets. Your line is open. Hey, good afternoon, guys. Just want to circle back on the margin discussion there. In terms of brand standards, can you just talk a little bit about kind of what you guys expect here going forward over the course of 2023? Yep, yep. Tom, it's Bruce. We actually still expect that brand standards when we compare them to 2019 are below what was being provided at that time. Depending on the brand's family, meaning Hilton or Marriott or IHG, there are currently different standards. With both Marriott and Hilton, say from a housekeeping perspective, those standards are below what we were obligated to provide from a service perspective in 2019. That's also true from a food and beverage perspective. Evening receptions, even some breakfast offerings are reduced compared to pre-pandemic time frames, we anticipate that staying in place through 2023. Got it. Thanks. Then, just switching gears a bit, but private market-wise, still kind of pencils down from that perspective or have you seen any more little movement recently? Certainly, nothing meaningful from a transaction activity standpoint, which I think is what you're asking. We were members of our team were in at the lodging summit in L.A. in January, and it's safe to say that there aren't a lot of broker deals being discussed. If there is some activity, it's in a highly structured fashion or in the $20 million and below bracket that we've been operating in with our dispositions for the most part. There isn't a lot of brokered activity of meaningful size. Thanks, Jonathan. I'll turn it back. Thanks, Tom. Thank you. Once again, that's star one one for questions, star one one. One moment while we let the Q&A compose. I'm not showing any further questions in the queue. I'd like to turn the call back over to Jonathan for any closing remarks. Great. Thanks, everybody, for joining us on our call today, and I look forward to speaking with you in early May when we will report our first quarter 2023 results. This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.