Radius Global Infrastructure, Inc.

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

Thank you, Operator, and welcome everyone to the RADIUS Global Infrastructure Third Quarter 2021 Earnings Call. On this morning's call, Bill Berkman, our CEO and co-chairman, will provide an overview of our third 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 now I'd like to turn the call over to Bill.

Thanks, Jason. And thank you all for joining us today for our third quarter 2021 earnings conference call. I'm pleased to report that we continue to execute on our growth strategy in the third quarter. We generated revenue growth of 54% in the quarter over the prior year period through continued acquisitions of digital infrastructure assets, which meet our underwriting criteria combined with organic growth from our existing portfolio of triple net rents. During the quarter, we deployed approximately 127 million of acquisition CapEx, continuing the trend of accelerated capital deployment we began in the fourth quarter of 2020. This capital investment resulted in the acquisition of $9 million in additional annualized rent, increasing our total annualized in-place rents to a run rate of $110 million, a year-over-year increase of 60%. We are seeing the benefits of increased scale as larger size acquisitions of recurring rental revenues continue to drive operational leverage against our origination platform costs, which Glenn will discuss in greater detail shortly. During the quarter, we raised approximately $265 million of capital to support our acquisition strategy. Also, we recently expanded into two new international markets, taking our current footprint up 21 countries, as well as continuing to broaden the scope of properties we target to a wider pool of digital infrastructure assets, again with similar attributes. As we have shared with you in our most recent earning calls, The range of digital telecom infrastructure assets we are pursuing include triple net rents generated from distributed antenna systems and fiber aggregation points. All of the acquired assets have similar attributes and underwriting criteria. Specifically, we believe they represent long duration, low risk, triple net rent streams paid by the world's largest communications operating and infrastructure companies. With regard to the pace of originations, we remain optimistic about our ability to continue acquiring durable cash flow streams generated from real property interests underlying digital infrastructure for at least the next several quarters based on our current pipeline of acquisition opportunities. Specifically, we are targeting the deployment of 400 million plus of acquisition capital expenditures during 2022 which continues the pace of approximately 100 million plus of capital deployed per quarter that we've reported for the past four quarters. I would emphasize that this is an average as there exists some variability by quarter resulting from the timing of closing larger transactions. On October 5th, we celebrated our first anniversary as a U.S. publicly traded company. I am extremely proud of what our employees have achieved. not just during the past year, but over the past decade. We continue to execute in our strategy to penetrate a massive addressable market to build a high quality portfolio of mission critical communication sites, which will allow us to achieve greater economies of scale and generate attractive risk adjusted returns for our shareholders over time. Glenn will now provide an overview of our current holdings and financial results in more detail.