President and Chief Executive Officer-Eric Mendelsohn Operator: Good morning, and welcome to the NHI Second Quarter 2026 Earnings Webcast and Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Dana Hambly. Dana Hambly: 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 and 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 a discussion of these risks.
Copies of these filings are available on the SEC's website at sec.gov or on NHI's website at nhireit.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. 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 1. 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 provides strong liquidity to pursue future investments. We believe this financial flexibility creates a meaningful competitive advantage as acquisition opportunities accelerate.
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