National Health Investors, Inc. (NYSE:NHI) Q1 2023 Earnings Conference Call May 10, 2023 12:00 PM ET
Company Participants
Dana Hambly - Director of IR
Eric Mendelsohn - President and CEO
John Spaid - CFO
Kevin Pascoe - Chief Investment Officer
Conference Call Participants
John Kim - BMO Capital Markets
Austin Wurschmidt - KeyBanc Capital Markets
Tayo Okusanya - Credit Suisse
Operator
Greetings. And welcome to the First Quarter 2023 Conference Call. During the presentation, all participants will be in a listen-only mode, afterwards, we will conduct question-and-answer session. [Operator Instructions]. As a reminder this conference is being recorded on Wednesday May 10, 2023.
I'd now like to turn the conference to now 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 first 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 close 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 year ended March 31, 2023. Copies of these filings 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, Dana. Hello, and thanks for joining us today. We're off to a great start in 2023, with first quarter results coming in ahead of our expectations, driven by strong cash collections at over 98%, limited rent concessions and deferral payments from four tenants. We announced new investments of $54.8 million during the quarter. And we're able to utilize $2.5 million of the Bickford deferral balance in lieu of cash to create incremental value on a newly constructed community in Chesapeake, Virginia.