Radius Global Infrastructure, Inc.

Good morning and welcome to RADIUS Global Infrastructure 4th Quarter 2020 Financial Results Conference Call. During management's presentation, your lines will be in a listen-only mode. At the conclusion of prepared remarks, there will be a question and answer session. I will provide you instructions to join the question queue after management's comments. Today's conference is being recorded. I will now turn the call over to Jay Birnbaum, RADIUS's General Counsel. Please go ahead, sir.

Thank you, operator, and welcome everyone to the RADIUS Global Infrastructure Fourth Quarter and Full Year 2020 Earnings Call. Before we begin, I would like to remind everyone that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our earnings release and filings with the SEC, These statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed. These statements speak as of today's date, and we undertake no obligation publicly to update or revise these forward-looking statements. In addition, on today's call, we may discuss certain non-GAAP financial information. You can find this information together with reconciliations to the most directly comparable GAAP financial measure in this morning's earnings release and the supplemental financial information available on our website, www.radiusglobal.com. Bill?

Thanks, Jay. Thank you and welcome everyone to RADIUS's fourth quarter and year-end 2020 earnings conference call. We hope everyone is doing well and preparing for a gradual return to a new normal. 2020 was a pivotal year for RADIUS as we completed our merger with Landscape Acquisition Holdings, re-domiciled to Delaware, and listed on the NASDAQ in the third quarter. During this time, our team remained extremely focused on growth capital deployment in acquiring and managing real property interests underlying critical communication sites, including under wireless towers, rooftops, fiber interconnection sites, data antenna system networks, and related digital infrastructure assets. In 2020, we more than doubled year-over-year acquisition spend to $221 million, When taking into consideration the cost of the origination platform, this represents a blended purchase yield of 7.2 percent. After the application of leverage, we expect these investments will produce returns in the mid-teens over their asset lives. In addition, we expect this overall growth in scale will result in a proportional decline in acquisition SG&A as we realize benefits from incremental operating scale and leverage. In coordination with our capital deployment efforts, our team has been actively exploring ways to enhance our liquidity and is continuously focused on lowering our cost of capital to support our core asset origination growth as well as other growth initiatives. The significant growth achieved in the fourth quarter and the entire year resulted in our owning, as of year end, 5,427 sites and 7,189 lease streams. These results represent 18 percent growth over sites and leases owned at the end of 2019. We deployed 118 million of new capital in the fourth quarter compared to 38 million in the fourth quarter of 2019, bringing our annual total in 2020, as I mentioned before, to 221 million, more than twice the amount deployed in 2019. Our team swiftly and successfully adapted to the wide-ranging impacts of the pandemic. The success of this underscores the effectiveness of our global origination platform. With respect to our portfolio composition and attributes, we ended the year with 56% of our sites in Europe, 26% in North America, and 18% in South America. With 59% of our annualized in-place rents represented by Europe, 26% of these rents represented by North America and 15 percent in South America. U.S. rental streams continue to be dominated by ground-under-tower assets at 73 percent, with the balance primarily representing rooftop property interests. Internationally, 52 percent of our rental streams are rents under towers and 32 percent are from rooftops. The weighted average remaining tenant term of our portfolio leases at year-end 2020 was approximately nine years. In 2020, our rents enjoyed 4.9 percent of a contractual escalator and organic growth, offset by 1.1 percent in churn for net growth of 3.8 percent. This combination of long-term revenue visibility, attractive annual growth, and low annual churn reinforces for us the desirability of the digital infrastructure asset class. We are enthusiastic about our growth prospects in 2021. Our global pipeline remains extremely active, and we are diligently working to pursue accretive opportunities for our shareholders. The massive annual global investment in digital infrastructure continues to produce tailwinds that propels our business model, both in our existing operations and new jurisdictions. We look forward to sharing our ongoing process. Now, Glenn Reisinger, our CFO, will discuss our financial results in more detail.