National Health Investors, Inc.

Good morning and welcome to the NHI Second 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 Hambly.

The floor is yours. Thank you and welcome to the National Health Investors Second Quarter 2026 Conference Call. On the call today are Eric Mendelsohn, President and CEO, Kevin Pascoe, Chief Investment Officer, Todd Siefert, Chief Financial Officer, and David Travis, Chief Accounting Officer. Yesterday, NHI released its second quarter results in conference call information in a press release after market close. Today's remarks may include forward-looking statements which are subject to risks or uncertainties and are not guarantees of future performance. Investors are urged to carefully review NHI's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2025 and Form 10-Q for the quarter ended June 30, 2026 for discussion of these risks. Copies of these filings are available on the SEC's website at sec.gov or on NHI's website at nhireet.com. In addition, today's call may include certain non-GAAP financial measures, reconciliations of which are provided in NHI's earnings release, which has been furnished to the SEC on a Form 8-K. 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. The second quarter represented another important step in executing the strategy we outlined earlier this year. Our operating results were in line with our expectations We completed the sale of the NHC portfolio on July 1st. We further expanded our shop platform, and we continued investing in the people and infrastructure necessary to support our long-term growth. The completion of the NHC transaction marks one of the most significant corporate actions in NHI's history. Beyond increasing our private pay senior housing focus, it substantially strengthens our balance sheet by reducing leverage to well below our long-term target range and provide strong liquidity to pursue future investments. We believe this financial flexibility creates a meaningful competitive advantage as acquisition opportunities accelerate. Our shop portfolio performed in line with our expectations for the quarter and our outlook for the year is unchanged. Same store results improved significantly from the first quarter while the newer acquisitions and transition properties are collectively performing within our original investment assumptions. As shop becomes a larger percentage or NOI, we believe these newer investments will increasingly define the company's organic growth profile. In the past year, we've increased our shop investment by 137% to approximately $850 million. or 24% of the company's total. As the shop portfolio grows from a relatively small platform into a larger contributor, we are deliberately investing ahead of that growth in people, technology and processes to ensure we can continue expanding while maintaining disciplined execution. That includes evolving our leadership structure to support the company's next phase of growth, which is why we're excited to welcome Chris Mango, as our new Chief Operating Officer. Chris brings extensive operating and asset management experience that will further strengthen oversight of our growing shop portfolio. Just as importantly, his addition allows Kevin Pascoe to dedicate even greater attention to expanding operator relationships, sourcing investment opportunities, and driving our acquisition strategy. Discipline capital deployment remains one of our highest priorities. We believe this enhanced organizational structure positions NHI to execute more effectively through strong operating performance while increasing our capacity to source attractive investments. We also completed our planned CFO transition on July 1st with Todd Siefert assuming the role of Chief Financial Officer. Todd inherits a strong balance sheet with significant liquidity that positions us well to support our long-term growth strategy. His seamless transition ensures continuity of the financial discipline and capital allocation instincts that have long been cornerstones of NHI's success. We continue to believe that the industry backdrop provides powerful and sustained tailwinds for our company. Demand is accelerating as the aging population expands while new construction remains historically low. Taken together, we believe NHI enters the second half of the year from a position of strength and our focus remains unchanged. Delivering strong operating performance across our expanding shop portfolio, pursuing disciplined external growth through thoughtful capital allocation, maintaining a conservative balance sheet and creating sustainable long-term value for our stockholders. While there's always more work to be done, the progress we've made this year reinforces our confidence in the company's strategic direction. We believe NHI is exceptionally well positioned to capitalize on one of the most attractive senior housing environments and we're excited about the opportunities ahead. With that, I'll turn the call over to Kevin to discuss our business development and asset management activities. Kevin. Thank you, Eric.