Radius Global Infrastructure, Inc.

Greetings and welcome to the RADIUS Global Infrastructure Second Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jason Harbs, Head of Investor Relations for RADIUS Global Infrastructure. Thank you. You may begin.

Thank you, Operator, and welcome everyone to the RADIUS Global Infrastructure Second Quarter 2021 Earnings Call. On this morning's call, Bill Berkman, our CEO and co-chairman, will provide an overview of our second quarter results, followed by a more detailed update from Glenn Breisinger, our Chief Financial Officer. After these comments, we will open up the call for your questions. 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 at www.radiusglobal.com. And I would like to turn the call over to Bill.

Thanks, Jason. Thank you all for joining us today for RADIUS's second quarter 2021 earnings conference call. I'm pleased to report that in the second quarter, we maintained robust quarter-over-quarter growth, exceeding $100 million in annualized in-place rents. This is a substantial accomplishment for the company, And I'd like to acknowledge the hard work of all of our team across the 19 countries in which we operate for this collective achievement. From the moment Radius became a public company approximately 18 months ago, we embarked on a mission to significantly increase our scale, which we are in fact doing, and for which I thank our entire team again for their tireless efforts. Turning to our financial results, we generated revenue growth of 54% in the second quarter over the prior year period through disciplined capital deployment and organic growth from the portfolio. We remain optimistic about our ability to continue acquiring durable cash flow streams generated from real property interests at the current quarterly pace through the remainder of 2021. During the quarter, we deployed approximately $125 million of acquisition CapEx, continuing the trend of accelerated capital deployment we began in the fourth quarter of 2020. This capital investment represents the acquisition of $9 million in additional rent, increasing our total annualized in-place rents to a run rate of $102 million, a year-over-year increase of 60%. We are seeing the benefits of increased scale as larger acquisitions of recurring rental revenue continues to drive operational leverage against our origination platform costs, which Glenn will discuss in greater detail shortly. During the quarter, we raised $275 million of capital to support our acquisition strategy, which has continued to broaden from wireless-only sites into adjacent digital infrastructure assets with similar characteristics. Although we have seen increased competition to acquire assets in certain markets, we expect our recent acquisitions to generate mid-teen levered returns. As we share with you in our last earnings call, the range of digital telecom infrastructure assets we are selectively acquiring and others we are evaluating continues to expand. Our extensive multinational origination network and team is uncovering mission-critical digital infrastructure assets from our core leasehold interest to digital antenna systems, or DAS, and to fiber connection-rich communications aggregation sites or points of presence. All the acquired assets have broadly similar attributes and underwriting criteria that we adopt. Specifically, they represent long-duration, low-risk, triple-net rental streams paid by the world's largest communications operating and infrastructure companies. In June, RADIUS Global Infrastructure was added to the Broad Market Russell 3000 Index, the Small Cap Russell 2000 Index as well, and the Russell Micro Cap Index. We are pleased to be included in these indices, which we expect will increase our visibility in the investment community. Glenn Reisinger, our CFO, will now provide an overview of our current holdings and financial results in more detail. Glenn?