Radius Global Infrastructure, Inc. (NASDAQ:RADI) Q3 2022 Earnings Conference Call November 9, 2022 10:30 AM ET

Company Participants

Jason Harbes - SVP, IR

William Berkman - CEO & Co-Chairman

Glenn Breisinger - CFO & Treasurer

Conference Call Participants

Richard Prentiss - Raymond James

Ahmed Badri - Crédit Suisse

Walter Piecyk - LightShed Partners

Jonathan Petersen - Jefferies

Simon Flannery - Morgan Stanley

Operator

Greetings, and welcome to Radius Global Infrastructure Third Quarter 2022 Results Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Harbes, Head of Investor Relations. Thank you. You may begin.

Jason Harbes

Thank you, operator. And welcome, everyone, to the Radius Global Infrastructure Third Quarter 2022 Earnings Call. In a moment, Bill Berkman, our CEO and Co-Chairman, will provide an overview of our third 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 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?

William Berkman

Thanks, Jason. Thank you all for joining us today for our third quarter 2022 earnings conference call. Even amidst the current global economic and political environment, I am pleased to report the continued resiliency and stability of our business, as we continue to deliver what we believe to be attractive risk-adjusted returns.

This is evidenced by strong growth in the third quarter where our assets generated record quarterly GAAP revenue of $35.3 million up 29% year-over-year, which is net of the impact of recent volatile foreign exchange rates. We now own over 8,800 lease streams on over 6,700 digital infrastructure sites in over 20 countries.

Our large, well-diversified portfolio of high-quality triple net rents underlying mission-critical digital infrastructure assets enjoy the benefit of predominantly uncapped inflation-adjusted escalators, and this quarter's results show continued growth from these valuable lease provisions. As you will hear shortly, our rent portfolio had net organic annualized growth of approximately 4.3% in the third quarter, which includes both inflation escalators and other organic growth up from 3.7% in the second quarter and up from 2.7% in the third quarter of 2021.