National Health Investors, Inc. (NYSE:NHI) Q3 2023 Earnings Conference Call November 8, 2023 11:00 AM ET

Company Participants

Dana Hambly - Director of Investor Relations

Eric Mendelsohn - President & Chief Executive Officer

Kevin Pascoe - Chief Investment Officer

John Spaid - Chief Financial Officer

Conference Call Participants

Juan Sanabria - BMO Capital Markets

Richard Anderson - Wedbush

Austin Wurschmidt - KeyBanc Capital Markets

Joe Dickstein - Jefferies

Operator

Greetings, and welcome to the National Health Investors Third Quarter 2023 Earnings Call. At the start of the presentation, all lines will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. [Operator Instructions]. As a reminder, we are recording the call today, Wednesday, November 8, 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 results for the third quarter of 2023. On the call today are Eric Mendelsohn, President and CEO; and 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 were released after the market closed yesterday in a press release that's been covered by the financial media. 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, 2023.

The 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 furnished 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, and thanks for joining us today. We're pleased to report a very strong quarter with our funds available for distribution or FAD exceeding our expectations by increasing 2% year-over-year and 8% sequentially. These quarterly results were driven by a number of factors, including a stable cash collection rate, record deferral repayments of $2.3 million, discrete catch-up payments of $1 million from two cash basis tenants for past due rent and no unexpected rent concessions.