National Health Investors, Inc. (NYSE:NHI) Q3 2022 Earnings Conference Call November 9, 2022 12:00 PM ET
Company Participants
Dana Hambly - VP, Finance & IR
Eric Mendelsohn - President & CEO
John Spaid - CFO
Kevin Pascoe - Chief Investment Officer
Conference Call Participants
John Kim - BMO Capital Markets
Operator
Greetings, and welcome to the National Health Investors Third Quarter 2022 Conference Call. At the start of the presentation, all lines will be in a listen-mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded Wednesday, November 9, 2022.
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 third 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 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 September 30, 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 items 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
Hello, everyone. Thanks for joining us today. We continue to make progress on our portfolio optimization and it showed in our strong third quarter results, which were ahead of our internal expectations. Our collection rate improved as tenant deferrals declined to $1.4 million versus $3.9 million in the second quarter. Since we announced our optimization plans in the second quarter of 2021, we have completed the sale of 32 senior housing properties for net proceeds of $296 million and had a cash NOI yield of just 2.7% and EBITDARM coverage of only 0.47 times.