National Health Investors, Inc. (NYSE:NHI) Q4 2022 Earnings Conference Call February 22, 2023 12:00 PM ET

Company Participants

Dana Hambly - Director of Investor Relations

Eric Mendelsohn - President and Chief Executive Officer

Kevin Pascoe - Chief Investment Officer

John Spaid - Chief Financial Officer

David Travis - Chief Accounting Officer

Conference Call Participants

John Kim - BMO Capital Markets

Omotayo Okusanya - Credit Suisse

Richard Anderson - SMBC

Operator

Greetings, and thank you for standing by. Welcome to the National Health Investors Fourth Quarter 2022 Conference Call. During the presentation, all participants will be in a listen-only mode and afterwards, we will conduct question-and-answer session. [Operator Instructions].

And now I'd 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 fourth quarter of 2022. 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. 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-K for the year ended December 31, 2022. 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 pleased to report that our fourth quarter funds available for distribution, or FAD, was in line with our expectations. As expected, fourth quarter FAD declined from the third quarter, primarily from lower collections from two need-driven tenants, which have now been placed on cash basis accounting and a third tenant whose lease we restructured during the quarter.