Radius Global Infrastructure, Inc.

Greetings, and welcome to RADIUS Global Infrastructure's second quarter 2022 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 the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Harps, head of IR. Thank you. You may begin.

Thank you, Operator, and welcome everyone to the RADIUS Global Infrastructure second quarter 2022 earnings call. In a moment, Bill Berkman, our CEO and co-chairman, will provide an overview of our second 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 in the most directly comparable debt 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 second quarter 2022 earnings conference call. As a brief reminder, we buy high-quality, long-dated, long-duration assets in increments over long periods of times, which we believe helps mute the effects of periodic headwinds from currency volatility and as well as variations in asset pricing, competition, and churn by borrowing in local currencies, redeploying local cash flows, and averaging these effects over time. The growing base of our business is cash flow generated from some of the world's most critical data infrastructure. Even amidst the current global economic and political environment, I'm pleased to report the continued resiliency and stability of our business as we continue to deliver what we believe to be downside-protected attractive returns. This is evidenced by strong growth in the second quarter where we now own over 8,500 lease streams on over 6,500 digital infrastructure sites in over 20 countries. These assets generated record quarterly gap revenue of $32.6 million, up 30% year over year, which is net of the impact of recent volatile foreign exchange rates. Leases in our large pool of high-quality triple net rents underlying mission-critical digital infrastructure assets enjoy the benefit of largely untapped inflation-adjusted escalator, and this quarter's results show continued enhanced organic growth from these valuable lease provisions. As you will hear shortly, our rent portfolio had net organic annualized growth of approximately 3.7% in the second quarter, and we expect that organic growth to continue to rise to an annualized run rate of approximately 4% by next quarter as contractual inflation adjustments in our leases continue to kick in over time. As noted in our supplemental disclosures, as of the end of June, 74% of our portfolio escalates annually, 5% escalates every three years, and 18% escalates every five years. During the quarter, we invested approximately $180 million to acquire $12 million in additional annualized rent, increasing our total annualized in-place rents to a run rate of approximately $132 million representing a 29% year-over-year increase. Total acquisition CapEx of $254 million for the first half of 2022 puts us on trajectory to exceed our previously stated annual guidance of deploying $400 million plus of acquisition CapEx for the current calendar year. As we have previously noted, there will be quarterly variability in the amount of capital deployed. After making these investments, we now have over $600 million of cash on the balance sheet to be used for incremental value accretive acquisitions and investments, which was raised both from equity issued as well as from debt facilities that are 100% fixed rate or capped, interest only, and with no near-term maturities. I say this every quarter, but it really bears repeating. I'm extremely proud of our global team for producing record results, meeting our high underwriting standards and our target returns, especially in this macro and economic environment with the pace of capital investment into global digital infrastructure supporting communication networks as well as data storage processing and delivery continue to grow to meet demand our addressable market of potential acquisition continues to grow and our range of asset types we believe will continue to broaden which provides our team of originators with a vast total addressable market of potential properties to acquire where a substantial amount of these assets are owned by a highly fragmented set of landlords. While no business is free from the impact of macroeconomic forces, whether inflation, interest rates, FX, or other factors, the fact that we're able to continue to grow both organically from our own yielding portfolio of rent, combined with new origination, continues to reinforce our conviction in our business model. Ben Breisinger, our CFO, will now provide an overview of our current holdings and financial results in more detail. Ben?