NHI - Earnings call transcript Q3 2018 | National Health Investors, Inc.

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Colleen Schaller

Hello, everyone. This is Colleen Schaller, Director of Investor Relations. Welcome to the National Health Investors Conference Call to review the company's results for the Third Quarter of 2018.

On the call with me today is 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.

me which that are are let this statements forward-looking start, call, conference not we remind any you in statements. As historical facts, risks not investors uncertainties cautions that forward-looking may NHI any and of guarantees involve are future performance. statements or as NHI's conference statements date the judgment forward-looking of of All represent this call. XX-Q various in to factors the Exchange NHI Commission, for the made risk in NHI's the its XX, are urged disclosures with and Investors periodic other Securities disclosed information and Form carefully review September ended by reports filed quarter including XXXX. www.sec.gov on Copies website on filings are of www.nhireit.com. these the available SEC's at website at or NHI's

have terms certain to the Listeners in filed X-K Eric information in addition, over other review reconciliations measures, earnings SEC. on reconciliations call which used with release, turn In provided which are NHI's provided non-GAAP tables Mendelsohn. financial earnings been in the this related are release now in Form call provided together I'll are and those the with of all to schedules, that and release. encouraged

Eric Mendelsohn

you, in morning. you The today. can report found pleased to our filed X-K new for have Holiday details thank Colleen. a Greetings, We're we portfolio. agreement be joining with Thank this an and concerning

that the performance and of We worry was and of were the our us analysts secret to financial have model the about I've on guarantor of in management headquarters buildings we entity list to about portfolio. so and been a our change that the the it. have relocation. as result concerned Holiday much our let's no get made asking discuss, Many investors and Holiday retirement

in the a can the director the manner a model in are to portfolio. team I Florida recent you motivated, went buildings of This change performance coverage with concern live-in most for of recently, headquarters know, reporting performance executive in of a leaves a many June The the guarantor location you from more from X.XX Holiday well to and That for tell is headquarters stressful was in of also professional Oregon The Having improved that management also X.XX as company. result managers. As to EBITDARM visited in is focused. We're and customary us instead with is run demonstrated XX the ending reported and XXXX. our months the performance improving the ratio example. cohesive the our manager. change the financial buildings the the great

one Our estate these escalators. paying with premised large the Holiday lease X.X%. return we job good received Holiday for X.X% and escalators premium through In on through a years was even slightly up with ahead. done realizing keeping three, our real and and a has escalators thereafter

reasons variety desire and after end subsidy both and including management However, viable. NHI Holiday determines mutual of certain company of cash continuing the negative our our guarantor the operating CapEx quo flows was forecast level continued for status a not for property to expenses that operating

$X to that hold property the or cash Holiday’s NHI of cash of million relationship at will consideration into lieu the will amendment, summarize towards As our achievable a and have parent tenant future. entity amendment escalators crafted $XX.X agreed Holiday Holiday the have NHI the lease the invests manager addresses approximately payment in realign a in a To that contribute option. of result, receive we the lease million lease. in parties equity the NHI to and more long-term

rent XXXX, escalators will new The providing assets million by commencing starting years parent X, into million is contribute secured Holiday’s to Holiday’s December Management Holiday five extended will future. by maturity held Holiday equity lease Effective be by the of X, NHI. with November a annually for XXXX. security deposit of $XX.X $XX.X be million January XXXX for $X.X the will Additionally, of and Company XX

is a the are Roger will take operator success to team of with about crafting this a well We the that is going off this growth operations to promote can worry portfolio financials. to walk and new impressed play company all the it list. unique solutions to through the position call business. in our focus perform turn good hope that, Roger? NHI With and and that long-term over on financial example We're approach. encouraged that We the transaction transaction focused satisfied that to now part and management I'll Holiday Hopkins growth forward.

Roger Hopkins

Hello, far and another has loan of quarter been XXXX. Eric. $XXX investments by fueled This funding million everyone. Thanks, so in lease NHI in the solid performance by

support new funding into We facility our extend and projects which by continue to construction XXXX. tenants renovations, and will borrowers

in year financial to who fresh NHI’s the We're and the where competition accretive investments portfolio of performance and industry accretive provide to today's are of are an giving which committed new levels senior is with not at seek assets, for focused of success are borrowers shareholders steady and year-to-date. good adults. pleased facilities public tenants our NHI quarter investing that for REIT We very the investors. there of very performance is third from in many its priced on to active for another new

$X.XX to FFO $X.XX third For diluted lease $X.XX ago ago. far straight year X.XX% the or one to diluted rent adjusted is income AFFO same Normalized XXXX of excludes year the the so reflective to the compared increased of share convention XXXX GAAP annual one our effect increased normalized for of per in compared $X.XX of our purposes. good FFO quarter line period share per accounting for to escalators. volumes and AFFO and investment X.XX%

commitments month. our wants on our our base to as We loan operators. today's facilities is These each to construction XX-Q. of and construction senior projects allowed renovation to fully leverage low facilities, making primarily relate Whether adults. approximately of and or and or careful lease renovate are providing outlined fund profile. commitments acquisitions $XX Funding existing a This We to meet with we new are access approach continue to equity goal our capital support tenants calculated which funding Form total million debt commitments borrowers income or same expand and the needs these private our our public quarter to has maintain our new adds sources. totaling XXXX in growth is year-to-date. to of NHI our we and new over and quarter to and showed deploy revenues in of third the X.X% from the of for mix X% NHI’s for debt equity both the

increased Our to so renovations investments the $XX.X quarter for due $XXX and of in XXXX. X% million property year-to-date million new rental and of to funding income X.X% far

and our administrative and XX.X% increased year-to-date, general third and respectively. expenses X.X% the XXXX For of quarter

asked NHI compensation expected third the share-based management grow to non-cash in incentivized to the the quarter. $XXX,XXX is how Our same was expense quarter the and fourth be company. We're often is in

per are on incentivized on annual and basis. We based the a share normalized and growth AFFO dividends

XX% excludes actual our growth is of performance, which lease non-cash quarterly of accounting to believe ability line cash thereby the be to its escalators. our above making be of estimate non-GAAP to XXXX dividends range increase currently will XX%, for year be portfolio Our We but the growth the a AFFO approximately ratio and of normalized investment. dividend in to indicator and accretive measure AFFO FFO normalized permitting will to straight of our We is quarterly over and NHI the used retain AFFO for income, best the new shareholders. low payout ratio in rent credit for excess convention our payout gives $XX normalized our million annual

and earnings currently we diluted who and $X.XX morning. given as our These equity capital. release composition John greater our have ongoing capital turn shown uses $X.XX $X.XX Moving as guidance press our over properly to of share and the the discuss last debt low to normalized equity the Spaid, estimate per our on I'll the of align will earnings onto new to estimates resources call include the XXXX. of further maintain capital for of expected ranges AFFO to and in to guidance commitments in range We the call now for range in and XXXX, this growth performance normalized FFO funding for we leverage. the of affirmed visibility $X.XX of remainder our our debt in

John Spaid

Roger. thank Sure, you,

quarter annualized debt maturity EBITDA ratio X.X capital fixed average X.Xx, years charge ended and debt XX, For weighted our at coverage debt at the to net metrics were at September Xx.

as calculated LIBOR. the adjust consistent existing For the was towards for loans over our XXX to well leverage capacity. loan debt third revolver, from in forth term is XX debt basis weighted closing the of XX, average and and as quarter, use our to our on XXXX. NHI ended September needs. options loan closed new our We X, the million meet our dated down loan pay in loans XXXX. evaluate third the outstanding revolver cost loan end of terms nine year intend August our On provide of $XX facility with NHI XX-day ratio agreement. the The to interest set available loan loan liquidity future leaving new with to used pipeline swaps points facility. the NHI initial are portion fix to months a new NHI’s new within us million spread the term $XXX with to term bank will $XXX revolver million syndicated term X.X%. rate the substantially of interest for At five credit was investment rate the term September were the XXXX, ended XX, LIBOR and day The new term Proceeds our quarter ample changes with term set

program. ATM to Turning our

in X I'll well Xx were end shelf reduce of NHI the resulting debt. stock. lower over proceeds leverage the ATM average ratio, we capacity $XX.XX after of continues be to our Kevin activity, have price During to net shares With million. approximately for our our were Proceeds Kevin? Pascoe discuss remaining future $X common our The sold portfolio. $XXX now debt-to-EBITDA we investments. shares per XX,XXX commissions our turn accretive third currently the to million net revolver quarter, used facility. positioned our in After at at sold call under share, of to quarter the of second to an

Kevin Pascoe

you, Thank John.

undergoing of of months. developments at The XX an for our earlier renovations earlier leases, their second up Taking our developments as has that EBITDARM an portfolio the the Living year The X.Xx and five slightly had the year EBITDARM is continue Bickford for at operation was at on the revenue and cash quarter, Ohio skilled and works calculation been five are Looking months transition Senior up remaining X.XXx. portfolio ended coverage represents four memory Minnesota June the and communities housing XX. as improve is the XX% now portfolio Bickford to end continue Bickford schedule Bickford efficiencies purchased was one to trailing our relationship ahead overall nicely nursing and look EBITDARM of the ratio operating planned. X.XXx XX The upgrade and transition our in add Pennsylvania larger into and additional the assisted ratio a acquired of at communities X.XXx, portfolio. senior of living and flow or with this of includes portfolio care cash This to now this lease the communities. the the ongoing coverage

is the So first the points expected. is percentage of in XX% low for buildings longer approximately Average transition which was the four than from up in its XXXX. quarter taking XX October, occupancy

ratio trailing net Living cash quarter XXXX expectations. performance been and a is coverage revenue to month our year-to-date of including their which Senior of Communities, represents EBITDARM on X.XXx entry basis XX% has as with inline second end XX fee income, Turning

with at coverage revenue Looking National ratio cash charge our has of partnership Corporation, X.XXx. for accounts NHC and HealthCare a our corporate of fixed XX%

Retirement Holiday from coverage revenue end, second call. with represents as EBITDARM last was of X.XXx one cash relationship our basis Our our their of of percent XX% quarter point

occupancy net averaged and saw the quarter for with quarter positive second Third improve XX.X% quarter continued The of move to XX.X%. an average ins

up our invested the to of portfolio Holiday’s earlier, Eric be will conjunction resetting into As ROI from, NHI assets. which the yield with communities. reinvest a and the of lease mentioned X% NHL funded. $X grow any in CapEx to also on million gives them earn producing baseline for Holiday investment, In the amounts to will allow a new

Holiday and accretive asset additional this received with the work to into selling through invest assets. restructure capital to continue will NHI market rates. will at the optimize portfolio further underperforming utilize any opportunities from to sales We

half the second Eric. to opportunities in in the pipeline, Turning ensure is With to the seen back skilled marketplace call positive of transactions opportunities. the Though the ability we've increase we about with high feel our to during an we're grow. I'll very both our pipeline nursing housing over and year current remain partners. accretive market to the activity in quality making our competitive, operating selective We senior that, hand in and

Eric Mendelsohn

line you, Kevin. questions. the for Thank now We'll open

Operator

and have Vanacore of with [Operator you, from line Stifel. Thank Chad a gentlemen. ahead. ladies go Instructions] Please we question And the

Chad Vanacore

all performance, is one-times you you It above coverage? Good did would what they so, Holiday now? lease [indiscernible] So, restructure seeing Stifel. that made job. in annualized XQ you performance EBITDAR All if that terms be still right,

Kevin Pascoe

with This terms Chad. figure most The come question Hey, here now time frankly, is about with was we've just able out Kevin. in your been came we’re them to Holiday is some calls. a yes. working to answer solution And to that for recent to this

put the on you the Furthermore, be that it bringing So had that's level. to property why in now. going there Eric as in needed to mentioned, subsidies was manager we're

of negotiation, lease able make we have the we were that the a put right So forward. and to a sustainable as total places in sure part those going

Chad Vanacore

the that what's All and collecting Holiday then consent you quickly just look from pipeline you do you some powder. your and gives and How can right, the given payment today? like redeploy million $XX additional dry you think that are

Kevin Pascoe

of feel feel disclosed I working got and about us. of We've and good specific number our out pipeline. with haven't but we're ahead very good that people the about numbers, are a opportunities the very We LOI

but So new the tuned prospects. in feel our of stay about good very terms investment, I

Chad Vanacore

course for acquisitions? as think think out you should you that that's historical? incremental Should make Or would make that about normal we additional as and we proceeds your consent about acquisitions over that go from your to liquidity payment

Kevin Pascoe

I is guess I invest. powder. have Well, as there would to view dry mean it capital I additional we

call that know would necessarily don't it incremental. I So I

the good ability we very prospects have We Like in to continue said, the to pipeline. have grow. I

do to go about for And it's that. capital feel us to again, our good So redeploy. ability

John Spaid

John. is this Chad,

So or… capital a was question that reallocation

Chad Vanacore

Yes.

John Spaid

Yes.

So I mean that's…

Chad Vanacore

acquisition trying normally what to in you get a I'm pace would would above your do year? ramp XXXX to you up expect

John Spaid

No, But pretty up. us. working is the officially us on our the answer. well have what it of ramp just said timing I’d front pipeline would Kevin in vis-à-vis That wrong we be think I here for based out

Chad Vanacore

any worry just everybody point? about other you and issues near rest to need at thinking All Or just this then wiped right, off ahead portfolio, tenant of you get think the of of your your list term? we have

Eric Mendelsohn

are worry have various This approaches to a is Eric. We still list. ways and And portfolio. each there

just benefit selling up pretty and buildings. changing like. portfolios couple Thankfully, isolated looks what from that couple a underperformers it's benefit and been would we've that coverage when on and the entirely transparent portfolios of Some from the of would other pop or just a been about would operator buildings happens out

Chad Vanacore

questions. All right, thanks for the taking

Eric Mendelsohn

Chad. Thank you,

Operator

Markets. question next Kim line Capital from proceed. Our is John the with of BMO Please

John Kim

afternoon. Good

than what transaction, the million Holiday On the the asset that you the cash? in are chances rather take $XX

Eric Mendelsohn

looking optimize would for the relationship, effectively John. review, still one beneficial we’re of taking in mentioned asset still question comments, We're a to now and mutually Chad's deploy as ways be looking think way to capital that's additional an I get in asset kind return. and way that's but with a opportunities So I'd good Holiday. my And at to

we're So asset will them, not. be that's this we not actively or taking talking but determined time an something we if have with at

John Kim

very a be cash I seems in been already asset? asset the has in And not, get like proceeds precise $XX million mean, you that it Could identified? if And number. and

Eric Mendelsohn

Yes, mix the be of they definitely could a two.

John Kim

difference the is impact rent, new beginning XXXX in what difference the the the GAAP in of million just $X.X The rents given versus between prior escalators?

John Spaid

is answer. impact to complicated GAAP be the So going a

you rent John is the by is, know, this way. – straight the first The line thing

that. the effect you The happen straight is be it net will We're that we will change. don't – thing will with be rent line do I actually first about yet. computed think The to honest to

So what is our GAAP pro GAAP rent rent? our was it? asking He's versus forma what

Eric Mendelsohn

over straight and lease, you've over straight carry Yeah, the we’re line the which adjustments the record – rent term rent in of will we and differences cash years. XX seen is the continue line new to rent

math We And Kevin we estate million new back discussed million. total it that to here. sure investment want would $XX $XXX receive. in Holiday make at portfolio has the And look so, whether the that in have be cash real would of right that I or we our the

$XXX And of affect would disclosed that, so we our that net that on will investment therefore top And escalator the income. million. GAAP million. is And on an lease each new right year then be $XX.X we which would have

we straight which of course, on to effects example here. for line we Of get rent subtract focus to AFFO,

sets provides payment and return value this we resetting really the us rent this the or and a on and portfolio up for So upfront good believe portfolio. well us getting

John Kim

That some impact FFO but moving $X.X is could greater pieces, it sounds than like the million? be

Eric Mendelsohn

rent we Well, in the be it a lease. receiving, But will not the early cash will million. straight latter years. receiving line years in it then this be – but recording actually $XX.X basis, of income on off And burns

John Spaid

Spaid. John. see is if I me can help, John Let This

we're a we’ve and rent, out to previously a out XXXX. that a on XXXX term with published, placing to known replacing we're lease lease a new term So lease with which GAAP a based with

we're material we're rent. focusing been rent being pretty this cash the publish that assess straight be receiving. on giving this and values term the compared we we’ll our So the additional will what up that with the next than present the in earnings of line less lease, the evaluated net in what than cash evaluation on rent to And report. will our GAAP But we've shortly rent of restructuring, of

receiving to have redeploy And so, the good the that this for a cash recovery we quickly. look view pretty as we we're that – pretty fact notwithstanding we us

John Kim

you for a you with some been a today. with you announce to Eric then Okay. similar think it working have time solution working on for given guys I Holiday mentioned its was [indiscernible] or either coverage Bickford lower? solution And Kevin, on Are

Kevin Pascoe

we've time my done at roll that were some for improve a that least time, was we we they still at number to the balance in point some will we portfolio. to that opinion assets to kind tight, Bickford as of the roll coverage that set and the the but that idea. buy We unwound continue themselves and with developments time to the to at time recapitalize So when be least answer point – at up. We recognize in over able needs the question already in is their going have sheet that reorganization back, into

accretive we there customer optimization Eric any is looking do really some possible to that something is have, to we overall, So not portfolio we're make something help that like with this of buildings at the help? some happen are that are said all know the It's just them continuing is wholesale like that more and can with Yes. investments change but those And you helping grow. that on table them and or things could optimization time. it sell a

John Kim

my coverage comment, EBITDAR Okay, on is thank be the but guess forward going I you you question question. you disclosed taking last helpful if for want EBITDARM. a comment great. to it'd but I know I don't think really rather than if that,

Eric Mendelsohn

Thanks, John.

Operator

Mizuho have We [Operator with Securities. a Anderson Rich Please Instructions] go question from ahead.

Rich Anderson

Thanks.

bullets? Does maybe one cost single it Meaning would asset fraction ask and release both make perhaps can that sense? restructuring make of asset you can for sort for at I the possible of an two. press angle Is its if buy a satisfy those different question. it both I'm that sense? a of if a looking the First,

John Spaid

release. press the at looking we're Rich,

asking, what buy Is This Spaid. market we that is an value. So asset John could below you're Rich?

Rich Anderson

asset compensation the come an a the That's form of – discount. at in could getting

John Spaid

get – discounted want we're not able we wouldn't to suggest would be. I No, asset that would that to a be

Rich Anderson

it just mean itself on of sole property acquired on. I'm I out. this factor if brainstorming move $XX.X of They'll And was compensation how I million, is that discretion mentioned. is the of play saying in with in form same some than could perhaps that that actually form property this is

John Spaid

is reality that than be would case, little That the be the more great but a complex if would that.

Rich Anderson

Okay.

John Spaid

be to a bit little it's So probably of each. going

Rich Anderson

how on cap Okay, of say then, fair would enough. the effective sales X% you to compares And market? that the possible assets the rate five

John Spaid

we'll pretty be. be on to we'll a a market, the identify approximation I feedback looking of market that think we'd be it's should specific agree but it's price where Holiday working asset and what good something with for and

So, effective better. the bit is rate it's cap possible little that a

So in case that would that coverage. help

Rich Anderson

organization. Okay. that positive lastly, toes Holiday? want? And think you the does think their you in so impact broader credit your this wider with Or you bigger that and – for on what then They to this that ranging commentary do that to get a about return have has Do the such the several. you you're not concerned Holiday, the

Eric Mendelsohn

for have have it and that Well, with Eric. senior, with they more and this is does with positive new We're hoping Holiday relationships Sabra. broader implications Ventas,

actually of that this those love be So for that company in could think sides we'd a could look at now and parties both something craft a and they all I them. that that and to tried the for this win-win puts study. We grow position Holiday

Rich Anderson

Yeah.

all that's Thank me. you. Okay, for

Eric Mendelsohn

Thanks, Rich.

Operator

Juan ahead. have Instructions] [Operator a Please Bank go question Sanabria of America. with We from

Juan Sanabria

right, All taking for time. the thanks

of percentage you over And the watch there's size list, in as one a rents? place. any way Just list the there has Eric, that quantify NOI the or of size year? commented course watch you how could the still Is that that on of changed total

Eric Mendelsohn

portfolio tough every that are do, our tell Now and people a X% it's I distressed that'd generally different to X%. buildings of Juan. be year our that

always So one that's that fixed where we stability. there's turn fix or two, and it. think And one you of how kind of your needs another you that attention, after starts one wobbling you

discussed their better coverage, tell that that operator their up but people told year. to you I we we and done. than they've doing I but were point the for they last hasn't constantly forbearance name come would they're them would operators a operator, make were didn't them. working operations in we're a can It improve I ever that that we while, with And improve with Juan So – We success. and working to an

are one there rent ever. we So operator can not And has payment do to missed things help. this

So stay tuned.

Juan Sanabria

stable Okay, it's sounds and so didn’t seen that the on fair? relatively teen. like was it that Holiday, though been Is include X%, which it

Eric Mendelsohn

if in at the and – Holiday – said Well, subset of of coverage when would buildings, look I a lieu X%, improve you Holiday I if just earlier, say you like dramatically. sold

I So say that would applies.

You can't the think portfolio of as actually building. the one XX Holiday scattered monolithic over entire buildings all country. It's

So in release we about them. some selling of – talk and our press

So there have you it.

Juan Sanabria

on EBITDARM what's the machinations And just after Holiday, expected pro all forma coverage through? EBITDAR, these either go

Eric Mendelsohn

we same we're So the period at trailing that XX… quarter second if talking about look here,

John Spaid

XXXX…

Eric Mendelsohn

Yeah, XXXX, roll X made adjustments period. and it for the X, then rent, a [ph] X, expense that would on the about forward be

Juan Sanabria

And that’s EBITDARM?

Eric Mendelsohn

for would that Yes. coverage. so Yes, be [indiscernible] that

Juan Sanabria

you. guys the the you then a CapEx like increased kind it just meaningfully lease. CapEx, And on question of under Thank seems Holiday

lease? comment for just what what the number – can is it requirement that you the today today? the is If And is you it? old you was what give could with Bickford current CapEx triple-net What Can leasing? under

Eric Mendelsohn

look So typically unit. In the a that it minimum bit case what building is is a we maintain little of XXXX the and and to cumulative ranges between that different Holiday, the just and at a calculation. XXX was anywhere calculation CapEx number

building. could they frontload the basically into So CapEx

in than along been been So what's excess little to test. a that's spending They've year of the of a lines more well bit memorialized that now. different year

kind XXXX been buildings And And into the service. before maintenance we've number. from and large. to – They mentioned just For a Bickford, – then by trending at year a range XXX about that standpoint. look been you that's of it's where kind of same they've know, I as we new building putting the

years. at any for require least really really bunch of first don't few those So a CapEx the

doing they're the going means So have requirements in to less to we're in upgrading year year the portfolio. anyway. so And aggregate

Juan Sanabria

you there Pittsburgh. And one forma development is last excluding out coverage? you an provided can that pro development basis stripping then the coverage or just a impacts if so, some on the stabilized? assets the Are assets? fully And EBITDAR question aren't from numbers provide on Or

Eric Mendelsohn

if we XX coverage EBITDARM the been So that way – buildings the is at look for for operating have months.

handful are a the calculation. that there's in So not

ahead add not share particularly this forma I are adding are number and point additional script, cash cash time, in pro those to flow in that As at mentioned that of flow don't the pro have performing forma, in my the number. is I aggregate to captured portfolio. EBITDARM well but a they in

Juan Sanabria

kind – not a store there's on being same is a the your of basis, flowing development stabilized not drag from through on fully in But view.

Eric Mendelsohn

accurate. is That

John Spaid

But the it's almost opposite.

Eric Mendelsohn

– a Those the that mentioned and about in as cash I actually being ones the or call that transitioning on are the producing out they're we called excluded ones The portfolio as Pennsylvania. are drag. talked portfolio Minnesota in. were the in versus losing That’s Highland,

and impact. would doing those in those are So be and the those transitioning again But an we're redevelopment investment of properties expected. as

a expected and quarter, It's getting Bickford coming buildings. the be they're last putting dip. perspective, we've we need had engaged. in They're They're there. has them we’re a on we as that the they through had efforts to the – bit indicated the communicated transition of we from So but and had team positive where in

Juan Sanabria

much. you thank very Okay,

Eric Mendelsohn

you. Thank

Operator

Mendelsohn. no questions this Eric turn call remarks. I'll are with further there time. presentation or the back Please closing continue And at your to

Eric Mendelsohn

everyone you call this to joining Francisco Thank forward for person in look and the today speaking Nareit week. at you San in we'll with

Operator

your line. that for We Ladies conclude participation that thank disconnect call today. you please and the for your ask and does gentlemen, you

National Health Investors (NHI) 6 Nov 182018 Q3 Earnings call transcript