National Health Investors, Inc. (NYSE:NHI) Q2 2023 Earnings Call Transcript August 9, 2023 12:00 PM ET

Company Participants

Dana Hambly - Director of IR

Eric Mendelsohn - President and CEO

Kevin Pascoe - Chief Investment Officer

John Spaid - CFO

Conference Call Participants

Juan Sanabria - BMO Capital Markets

Austin Wurschmidt - KeyBanc Capital Markets

Operator

Greetings, and welcome to the National Health Investors Second Quarter 2023 Earnings Call. [Operator Instructions]. As a reminder, today's call is being recorded, Wednesday, August 9, 2023.

I would now like to turn the conference over to Dana Hambly. Please go ahead.

Dana Hambly

Thank you, and welcome to the National Health Investors conference call to review the company's results for the second quarter of 2023. On the call, today are Eric Mendelsohn, President and CEO; Kevin Pascoe, Chief Investment Officer; John Spaid, Chief Financial Officer; and David Travis, Chief Accounting Officer.

The results as well as notice of the accessibility of this conference call on a listen-only basis were released after the market closed yesterday in a press release that's been covered by the financial media. As a reminder, any statements in this conference call, which are not historical facts, are forward-looking statements.

NHI cautions investors that any forward-looking statements may involve risks or uncertainties and are not guarantees of future performance. All forward-looking statements represent NHI's judgment as of the date of this conference call. Investors are urged to carefully review various disclosures made by NHI and its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information disclosed in NHI's Form 10-Q for the quarter ended June 30, 2023.

Copies of these findings are available on the SEC's website at sec.gov or on NHI's website at nhireit.com. In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in NHI's earnings release and related tables and schedules, which have been filed on Form 8-K with the SEC. Listeners are encouraged to review those reconciliations provided in the earnings release together with all other information provided in that release.

I'll now turn the call over to our CEO, Eric Mendelsohn.

Eric Mendelsohn

Thank you. Hello, and thanks, everyone, for joining us today. We are making progress on our return to growth through our portfolio optimization, improvements in SHOP operations and strategic positioning of the balance sheet. Our second quarter results generally experience stable cash collections as well as increased deferral repayments. However, the quarter was impacted by one-time concessions specific to two senior housing operators, totaling approximately $1.9 million or $0.04 per share when compared to the first quarter of 2023.