Radius Global Infrastructure, Inc.

Greetings and welcome to RADIUS Global Infrastructure First Quarter 2022 Results Conference 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, Jason Harbs, head of IR. Thank you, and over to you.

Thank you, operator, and welcome everyone to the RADIUS Global Infrastructure First Quarter 2022 Earnings Call. On this morning's call, Bill Berkman, our CEO and co-chairman, will provide an overview of our first quarter 2022 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 yesterday's earnings release and the supplemental financial information available on our website at www.radiusglobal.com. Bill?

Thank you all for joining us today for our first quarter 2022 earnings conference call. I am pleased to report continued strong growth in the first quarter. We now own over 8,300 lease streams on over 6,300 digital infrastructure sites in over 20 countries. During the first quarter, we deployed approximately $75 million of acquisition capex, representing approximately $6 million in additional annualized rents, resulting in $30.6 million of gap revenue for the quarter and increasing our total annualized in-place rents to a run rate of $125 million. This is a year-over-year increase of 38% for our portfolio of high-quality, primarily triple-net, annually escalating, untapped local inflation-linked cash flow streams underlying our digital infrastructure-related sites. As we previously mentioned, the timing of certain transactions can be difficult to predict. Please know that we have a few deals that were originally scheduled to close in the first quarter that we now expect to close in the second quarter. Notwithstanding this, based on the deals that we've already closed this year and our current pipeline of investment opportunities, we remain optimistic that we will exceed our previously issued outlook for the deployment of at least $400 billion of acquisition capex during 2022, ideally by a comparable margin. As a reminder, we're continuing to broaden the scope of properties we seek to acquire to a wider pool of digital infrastructure and related assets. All of these are similar attributes to the real properties we own underlying wireless towers and rooftop cell sites. These additional asset types include rents generated from fiber aggregation points of presence, indoor wireless distributed antenna systems, and data centers. We're also pursuing tower build-to-suit opportunities where we are developing and constructing towers upon the award of a contract from a tenant in certain markets where the risk-adjusted returns meet our investment criteria. The digital infrastructure-related assets that we seek to acquire are predominantly long-duration, triple-net rental streams, where our primary tenants are the world's largest mobile network operators and communications and data infrastructure companies. These rental streams typically underlie strategically located properties and sites and are characterized by being difficult and expensive to move or replicate, and recession resistant as they are an essential component of our tenants' delivery of a variety of mission critical communications and data services. Including the capital raised from April 2022 debt refinancing, which our CFO, Glenn Breisender, will discuss in more detail, we now have approximately $846 million in cash and equivalents on our balance sheet. The vast majority of this cash is available to deploy for acquisitions and development opportunities that meet our underwriting criteria and target returns for our shareholders. The timing of our aggressive capital raising activities over the last 15 months was purposely pursued in anticipation of shifting trends in the credit markets to ensure we have a level of liquidity to which we can deploy to meet our origination goals for the coming quarters. Note that all of our outstanding debt is fixed rate or capped interest only and has a weighted average remaining term of over six years. As yet another reminder, most of the senior management team had worked together for over 30 years. We believe our decades of experience building, operating, and investing in communications infrastructure across economic cycles, combined with our 300-plus multi-jurisdictional team and proprietary database and analytics we built over the past decade, remain some of the most important competitive advantages we possess. Based on the enormous addressable market of over 1 million wireless sites in our current markets, not even factoring in other new jurisdictions we can expand into as well, as well as additional fiber and gas assets for us to target, we continue to believe that we've only scratched the surface of the digital infrastructure-related opportunities globally. Glenn Bricinger, our CFO, will now provide an overview of our current holdings and financial results in more detail. Glenn?