Radius Global Infrastructure Inc. (NASDAQ:RADI) Q1 2022 Results Earnings Conference Call May 10, 2022 8:30 AM ET

Company Participants

Jason Harbes - SVP, IR

Bill Berkman - CEO and Co-Chairman

Glenn Breisinger - CFO and Treasurer

Conference Call Participants

Richard Prentiss - Raymond James

Sami Badri - Credit Suisse

Nathan Crossett - Berenberg

Jonathan Petersen - Jefferies

Operator

Greetings, and welcome to Radius Global Infrastructure First Quarter 2022 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Jason Harbes, Head of IR. Thank you, and over to you.

Jason Harbes

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?

Bill Berkman

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 GAAP 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.