National Health Investors, Inc.

Good day, everyone. Welcome to the NHI First Quarter 2026 Earnings Webcast and Conference Call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Dana Hamley. The floor is yours.

Thank you, and welcome to the National Health Investors Conference Call to review results for the first quarter of 2026. On the call today are Eric Mendelson, President and CEO, Kevin Pascoe, Chief Investment Officer, John Spade, 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 statement 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-K for the year ended December 31, 2025, and Form 10-Q for the quarter ended March 31, 2026. Copies of these filings are available on the SEC's website at sec.gov or on NHI's website at nhireet.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 8K to 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.

Good morning, and thank you for joining us today. NHI delivered a solid start to 2026, with first quarter results exceeding our internal expectations across NAREIT FFO, normalized FFO, and FAD. These results reflect continued momentum across the portfolio and the benefits of the investments we've made over the past year. particularly within our shop portfolio, which continues to scale rapidly and contribute meaningful growth. At the same time, we're updating our full year guidance, which I want to address up front. The primary driver of this change is the recently announced agreement to sell the NHC portfolio for $560 million. This transaction advances our capital recycling strategy, increases our concentration, and private pay senior housing and enhances our balance sheet providing significant liquidity to reinvest into higher growth opportunities. While we believe this is the right strategic decision for the long term, the timing of the transaction and redeployment of capital creates near-term earnings pressure as reflected in our updated guidance. From an operating standpoint, We continue to make progress expanding our shop platform. Invested capital through the first quarter increased more than 100% over the past year. Recent acquisitions and transition properties are performing well and in aggregate are tracking ahead of our initial expectations. We also announced $107 million acquisition for seven properties in Colorado last night. On a pro forma basis and including the pending NHC and other assets sales, our shop investment increases to approximately 24% of our total portfolio and over 15% of annualized NOI. We have now closed on investments of over $212 million in 2026. We expect to defer a significant portion of capital gains associated with the pending NHC asset sale, which has a basis of less than 15 million. Based on our active pipeline and other tax planning strategies, we expect to further mitigate these gains. While we have good overall shop momentum, the legacy holiday same store performance continues to be below our expectations. As a result, we've adjusted our full year same store shop NOI growth to a range of 1% to 3%. This impacts our FFO per share guidance by less than 1%. The 11 non-same store properties that we transitioned and acquired since the first quarter of last year contributed $4.3 million to NOI, representing 5.2% sequential growth from the fourth quarter of 2025. We believe these assets are more indicative of the underlying organic shop growth potential. The broader strategic outlook for NHI remains very compelling. We are confident that the steps we are taking today are the right ones to strengthen the company and enhance our long-term growth profile. We are actively reshaping the portfolio to increase our exposure to private pay senior housing, where we see the most attractive risk-adjusted returns. The pending NHC leased portfolio disposition accelerates that shift to approximately 80% of annualized NOI. Overall, the senior housing industry fundamentals present significant organic and external tailwinds. Demand is accelerating and new supply is stagnating. We are working on several initiatives to improve internal growth, and we continue to add depth to our asset management platform through experienced new hires and investments in technology to increase scale advantages. The pipeline is robust, and we remain disciplined in our underwriting and capital allocation. The capital recycling positions the pro forma balance sheet with leverage at less than three times net debt to adjusted EBITDA. giving us substantial flexibility to pursue accretive acquisitions. Taken together, we believe these factors position NHI to deliver solid long-term FFO per share growth and create sustained value for stockholders. Before I turn the call over to Kevin, I want to say a few words about John Spade, who recently announced that he will be starting his well-earned retirement on July 1st. John joined NHI as employee number 13 in 2016, answering my call to bring greater financial acumen in managing NHI's balance sheet and capital market relationships. His leadership has NHI well positioned with an excellent balance sheet and ample access to capital that should fuel our long-term growth strategy. On behalf of the entire NHI community and all of our stakeholders, I congratulate John on a great career and wish he and his wife many years of great golf, travel, fine dining, and good living. Thank you, John. I'll now turn the call over to Kevin to discuss our business development and asset management activities. Kevin.