National Health Investors Inc. (NYSE:NHI) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 12:00 pm ET


National Health Investors Inc. (NYSE:NHI) Q3 2019 Earnings Conference Call - Final Transcript


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Greetings and welcome to the National Health Investors Third Quarter 2019 Conference Call. [Operator Instructions] As a reminder this conference is being recorded Thursday November 7 2019.

I would now like to turn the conference over to Director of Investor Relations Dana Hambly. Please go ahead.

Dana Rolfson Hambly

Thank you and welcome everyone to the National Health Investors conference call to review the company's results for the third quarter of 2019. On the call with me today are Eric Mendelsohn President and CEO; Roger Hopkins Chief Accounting Officer; Kevin Pascoe Chief Investment Officer; and John Spaid Executive Vice President of Finance. The results as well as notice of the accessibility of this conference call on a listen-only basis over the Internet were released this morning before market opened in a press release that's been covered by the financial media. As we start let me remind you that 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 NHS 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 and NH is form 10 q for the quarter ended September 30 2019. copies of these filings are available on the FTC, his or on NHS In addition, certain terms used in this call or non gap financial measures, reconciliations which are provided in NHS earning through release and related tables and schedules, which has been filed on form AK 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 Eric Mendelsohn.

Eric Mendelsohn

Hello, everyone. Thanks for joining us today. Investors recently heard from others in our industry that the senior housing market continues to see challenges from new supply and wages. We know many of you are concerned with the health of the senior housing industry. But we are cautiously encouraged by the Nick data, which has shown a general slowdown in New Start and healthy absorption rates, which appear to be helping to stabilize occupancy. This supports our continued long term bullish outlook on the industry. New deliveries and wage inflation remain as top industry challenges and concerns for us. And as I've mentioned on our previous calls, we don't see these dynamics changing in a meaningful way for the next several quarters. But we are still optimistic in our outlook. As our triple net strategy helps to mitigate the SIP cyclical downs, which we're currently seeing in the industry.We've worked hard to keep our investors updated on the good and the bad. Our approach is to balance our commitment to our shareholders with our desire to see our operators succeed.

Let me say