Revenue Increased 31% YoY
Radius Global Infrastructure, Inc. (Nasdaq: RADI) (“Radius” or
the “Company”), one of the largest international owners and
acquirors of real property interests and contractual rights
underlying essential digital infrastructure assets, today reported
financial results for the quarter and year ended December 31,
2022.
Bill Berkman, Co-Chairman and CEO of Radius Global
Infrastructure, commented:
“We are pleased to report record revenue of $135.5 million in
2022, up 31% from 2021, with gross profit increasing to $128.5
million, up 27% over the prior year. In 2022, our outstanding team
of originators helped us to acquire communication sites through
cash investments in real property interest and related intangible
assets of $520.7 million, resulting in Acquisition Capex1 of $531.1
million that generated $37.5 million of annual rent. This
acquisition of annual rent produced a yield of 6.4% on a net growth
spend basis, which includes origination selling, general and
administrative expenses.
In the fourth quarter, we increased revenue by 28%
year-over-year, which included net organic growth of 4.7% from the
existing portfolio on a constant currency basis, driven by our
contractual inflation-linked rent escalators of 5.1%. We also grew
Annualized In-Place Rents by 34% to a record $157.6 million. These
high quality, primarily triple net and inflation-protected cash
flow streams underlying mission-critical communications sites,
combined with approximately $330 million of liquidity currently
available to deploy for making additional accretive acquisitions,
provide us with an excellent platform to execute our digital
infrastructure ground lease aggregation strategy in 2023 and
beyond.”
QUARTERLY RESULTS
Revenue increased 28% to $37.0 million for the three
months ended December 31, 2022, as compared to revenue of $29.0
million for the three months ended December 31, 2021. The increase
was primarily attributable to the additional revenue streams from
investments in real property interests made during the past year,
partially offset by unfavorable foreign exchange rate effects as
compared with the fourth quarter of 2021.
Gross Profit rose 24% to $34.6 million during the three
months ended December 31, 2022, as compared to gross profit of
$27.9 million in the corresponding prior year period, while the
Company generated a gross profit (or ground cash flow) margin of
approximately 94% during the three months ended December 31, 2022.
Ground cash flow margin has been impacted by expenses associated
with fee simple interests acquired, primarily for property
taxes.
Annualized In-Place Rents (“AIPR”) increased to $157.6
million as of December 31, 2022, an increase of $39.7 million or
34% over AIPR of $117.9 million as of December 31, 2021. On a
constant currency basis, AIPR would have increased 40%
year-over-year to $165.3 million as of December 31, 30, 2022.
FULL-YEAR RESULTS
Revenue increased 31% to $135.5 million for the year
ended December 31, 2022, as compared to revenue of $103.6 million
for the year ended December 31, 2021.
Gross Profit rose 27% to $128.5 million in the year ended
December 31, 2022, as compared to gross profit of $101.1 million in
the prior year.
Investments in Real Property Interests and Related
Intangible Assets, as identified in the Company’s Consolidated
Statements of Cash Flows, was $520.7 million and $469.7 million for
the year ended December 31, 2022 and 2021, respectively. This
represented an increase of $51.0 million, or 11%, for the year
ended December 31, 2022 over the prior year.
Acquisition Capex was $531.1 million and $474.0 million
for the year ended December 31, 2022 and 2021, respectively, or an
increase of $57.1 million, or 12%, for the year ended December 31,
2022 over the prior year.
Please refer to the GAAP financial disclosures and
reconciliations to non-GAAP financial measurement set forth below
and in the Company’s Form 10-K for the year ended December 31, 2022
The Company pays for its acquisitions of real property (and other)
interests either with a one-time payment at the time of acquisition
or, under certain circumstances, with a combination of upfront
payments and future contractually committed payments over a period
of time, in each case pursuant to the individual acquisition
agreement. In the Condensed Consolidated Statements of Cash Flows,
the one-time and upfront cash payments are reported as Investments
in Real Property Interests and Related Intangible Assets. The total
cash spent and the commitment for future payments in any given
period for the acquisition of real property (and other) interests,
adjusted for changes in foreign currency, is our Acquisition Capex.
Acquisition Capex is a non-GAAP metric, albeit one the Company
believes is valuable to readers of the Company’s financial
statements in assessing the Company’s financial performance and
growth. Please refer to the table below for a full reconciliation
of Investments in Real Property Interests and Related Intangible
Assets to Acquisition Capex.
LIQUIDITY
As of December 31, 2022, Radius had $353.5 million of total cash
and cash equivalents, restricted cash, and short-term investments.
Of this amount, approximately $330 million was available to deploy
for asset acquisitions. Radius also had $1.3 billion of available
uncommitted borrowing capacity under various debt facilities in
addition to the ability to access the worldwide credit and capital
markets, subject to market conditions, in order to issue additional
debt or equity if needed or desired.
FINANCING TRANSACTIONS
The summary below presents significant financing activities that
occurred in 2022.
- In January 2022, Radius borrowed €225 million ($257.5 million
as of the funding date) of the €750 million available under a new
financing facility that Radius entered into in December 2021. The
initial borrowing accrues interest at a fixed annual rate of
approximately 3.2%, which is payable quarterly and will mature in
January 2030.
- In April 2022, Radius borrowed $165 million under a new credit
facility that matures in April 2027. Radius used the proceeds of
this new facility to repay amounts outstanding under an existing
credit facility that was scheduled to mature in October 2023. The
initial borrowing accrues interest at a fixed annual rate of
approximately 3.64%, which will be payable monthly. This compares
to a cash pay interest rate of 4.25% under the previous credit
facility. Concurrent with the closing of the transaction, Radius
received an ‘A’ rating from Fitch for the facility, which has a
leverage cap of 9.75x eligible annual cash flow (defined as
Annualized In-Place Rents less a servicing fee), as compared to
7.75x under the previous credit facility.
OUTLOOK FOR 2023
Based on the current pipeline of investment opportunities,
management is targeting the deployment of at least $400 million of
Acquisition Capex in 2023. As the Company has previously noted,
there may be quarterly variability in the amount of capital
deployed.
About the Company
Radius Global Infrastructure, Inc., through its various
subsidiaries, is a multinational owner and acquiror of triple net
rental streams and real properties leased to wireless operators,
wired operators, wireless tower companies, and other digital
infrastructure operators as part of their infrastructure required
to deliver a wide range of services.
For further information see https://www.radiusglobal.com.
FORWARD-LOOKING STATEMENTS AND DISCLAIMERS
Certain matters discussed in this press release, including the
attachments, contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”), and Section 21E of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”) that are subject to risks
and uncertainties. For these statements, we claim the protections
of the safe harbor for forward-looking statements contained in such
Sections. These forward-looking statements include information
about possible or assumed future results of our business, financial
condition, liquidity, capital expenditures, Acquisition Capex,
plans and objectives, including with respect to capital allocation
and other financial and organizational matters. In some cases,
these forward-looking statements can be identified by the use of
forward-looking terminology, including the terms “believe,”
“expect,” “anticipate,” “estimate,” “outlook,” “plan,” “continue,”
“intend,” “should,” “may”, “will,” “in 2023 and beyond,” or similar
expressions, their negative or other variations or comparable
terminology.
Forward-looking statements are subject to significant risks and
uncertainties and are based on beliefs, assumptions and
expectations based upon our historical performance and on our
current plans, estimates and expectations in light of information
available to us. Any forward-looking statement speaks only as of
the date on which it is made. Except as required by law, we are not
obligated to, and do not intend to, update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Forward-looking statements are subject
to various risks and uncertainties and assumptions relating to our
operations, financial results, financial condition, business,
prospects, growth strategy and liquidity. Actual results may differ
materially from those set forth in the forward-looking statements.
Given these risks and uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results.
Certain important factors that we think could cause our actual
results to differ materially from those expressed in or
contemplated by the forward-looking statements are summarized
below. Other factors besides those summarized could also adversely
affect us. We operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time
and it is not possible for management to predict all such risks and
uncertainties or how they may affect us. In addition, we cannot
assess the impact of each factor on our business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements.
Important other factors that could cause our actual results to
differ materially from those expressed in or contemplated by the
forward-looking statements include, but are not limited to: the
extent that wireless carriers (mobile network operators, or “MNOs”)
or tower companies consolidate their operations, exit the wireless
communications business or share site infrastructure to a
significant degree; the extent that new technologies reduce demand
for wireless infrastructure; competition for assets; whether the
tenant leases for the wireless communication tower, antennae or
other digital communications infrastructure located on our real
property interests are renewed with similar rates or at all; the
extent of unexpected lease cancellations, given that most of the
tenant leases associated with our assets may be terminated upon
limited notice by the MNO or tower company and unexpected lease
cancellations could materially impact cash flow from operations;
economic, political, cultural, and regulatory risks and other risks
to our operations outside the U.S., including risks associated with
fluctuations in foreign currency exchange rates and local inflation
rates; the effect of the Electronic Communications Code in the
United Kingdom, which may limit the amount of lease income we
generate in the United Kingdom; the extent that we continue to grow
at an accelerated rate, which may prevent us from achieving
profitability or positive cash flow at a company level (as
determined in accordance with GAAP) for the foreseeable future,
particularly given our history of net losses and negative net cash
flow; the fact that we have incurred a significant amount of debt
and may in the future incur additional indebtedness; the extent
that the terms of our debt agreements limit our flexibility in
operating our business; and the other factors, risks and
uncertainties described in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2022 and in our subsequent filings
under the Exchange Act.
RADIUS GLOBAL INFRASTRUCTURE, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in USD thousands, except share and per share
amounts)
Successor
Predecessor
Year
ended
December 31,
2022
Year
ended
December 31,
2021
Period from
February 10,
2020 to
December 31,
2020
Period from
January 1,
2020 to
February 9,
2020
Revenue
$
135,456
$
103,609
$
62,923
$
6,836
Cost of service
6,949
2,493
619
34
Gross profit
128,507
101,116
62,304
6,802
Operating expenses:
Selling, general and administrative
96,572
73,154
60,565
4,344
Share-based compensation
20,989
15,802
83,421
—
Amortization and depreciation
79,321
64,440
43,005
2,584
Impairment - decommissions
3,950
2,998
1,975
530
Total operating expenses
200,832
156,394
188,966
7,458
Operating loss
(72,325
)
(55,278
)
(126,662
)
(656
)
Other income (expense):
Realized and unrealized gain (loss) on
foreign currency debt
66,140
33,656
(40,434
)
11,500
Interest expense, net
(67,167
)
(47,365
)
(25,201
)
(3,623
)
Other income (expense), net
4,445
(992
)
1,916
(277
)
Gain on extinguishment of debt
931
—
1,264
—
Total other income (expense), net
4,349
(14,701
)
(62,455
)
7,600
Income (loss) before income tax expense
(benefit)
(67,976
)
(69,979
)
(189,117
)
6,944
Income tax expense (benefit)
(3,948
)
(327
)
2,825
767
Net income (loss)
(64,028
)
(69,652
)
(191,942
)
$
6,177
Net loss attributable to noncontrolling
interest
(3,341
)
(4,757
)
(9,851
)
Net loss attributable to stockholders
(60,687
)
(64,895
)
(182,091
)
Stock dividend payment to holders of
Series A Founders Preferred Stock
(40,832
)
(31,391
)
—
Net loss attributable to common
stockholders
$
(101,519
)
$
(96,286
)
$
(182,091
)
Loss per common share:
Basic and diluted
$
(1.08
)
$
(1.35
)
$
(3.12
)
Weighted average common shares
outstanding:
Basic and diluted
93,756,936
71,083,353
58,425,000
See accompanying notes to condensed consolidated financial
statements.
RADIUS GLOBAL INFRASTRUCTURE, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in
USD thousands, except share and per share amounts)
December 31,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents
$
224,258
$
456,146
Restricted cash
1,971
2,085
Short-term investments
39,205
—
Total cash, cash equivalents, restricted
cash, and short-term investments
265,434
458,231
Trade receivables, net
8,200
7,933
Prepaid expenses and other current
assets
28,773
20,685
Total current assets
302,407
486,849
Real property interests, net:
Right-of-use assets - finance leases,
net
379,052
301,865
Telecom real property interests, net
1,569,676
1,174,186
Real property interests, net
1,948,728
1,476,051
Intangible assets, net
12,121
7,914
Property and equipment, net
1,241
1,789
Goodwill
80,509
80,509
Deferred tax asset
306
160
Restricted cash, long-term
88,054
173,962
Other long-term assets
20,124
9,701
Total assets
$
2,453,490
$
2,236,935
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable and accrued expenses
$
48,767
$
36,995
Rent received in advance
26,551
24,485
Finance lease liabilities, current
15,589
10,567
Telecom real property interest
liabilities, current
7,975
3,828
Total current liabilities
98,882
75,875
Finance lease liabilities
22,277
24,766
Telecom real property interest
liabilities
4,483
12,884
Long-term debt, net of debt discount and
deferred financing costs
1,503,352
1,272,225
Deferred tax liability
131,229
62,296
Other long-term liabilities
10,473
5,231
Total liabilities
1,770,696
1,453,277
Commitments and contingencies
Stockholders’ equity:
Series A Founder Preferred Stock, $0.0001
par value; 1,600,000 shares authorized; 1,600,000 shares issued and
outstanding as of December 31, 2022 and 2021, respectively
—
—
Series B Founder Preferred Stock, $0.0001
par value; 1,386,033 shares authorized; 1,386,033 shares issued and
outstanding as of December 31, 2022 and 2021, respectively
—
—
Class A Common Stock, $0.0001 par value;
1,590,000,000 shares authorized; 95,283,563 and 92,159,612 shares
issued and outstanding as of December 31, 2022 and 2021,
respectively
10
9
Class B Common Stock, $0.0001 par value;
200,000,000 shares authorized; 12,795,694 and 11,551,769 shares
issued and outstanding as of December 31, 2022 and 2021,
respectively
—
—
Additional paid-in capital
1,060,055
1,038,740
Accumulated other comprehensive loss
(85,936
)
(27,784
)
Accumulated deficit
(338,819
)
(278,132
)
Total stockholders’ equity attributable to
Radius Global Infrastructure, Inc.
635,310
732,833
Noncontrolling interest
47,484
50,825
Total liabilities and stockholders’
equity
$
2,453,490
$
2,236,935
See accompanying notes to condensed consolidated financial
statements.
RADIUS GLOBAL INFRASTRUCTURE, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in USD thousands)
Successor
Predecessor
Year
ended
December 31,
2022
Year
ended
December 31,
2021
Period from
February 10,
2020 to
December 31,
2020
Period from
January 1,
2020 to
February 9,
2020
Cash flows from operating
activities:
Net income (loss)
$
(64,028
)
$
(69,652
)
$
(191,942
)
$
6,177
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Amortization and depreciation
79,321
64,440
43,005
2,584
Amortization of finance lease and telecom
real property interest liabilities discount
1,458
1,380
1,279
213
Impairment - decommissions
3,950
2,998
1,975
530
Realized and unrealized loss (gain) on
foreign currency debt
(66,140
)
(33,656
)
40,434
(11,500
)
Amortization of debt discount and deferred
financing costs
6,201
1,923
192
280
Provision for bad debt expense
223
682
323
26
Share-based compensation
20,989
15,802
83,421
—
Deferred income taxes
(11,232
)
(3,350
)
(962
)
339
Gain on extinguishment of debt
(931
)
—
(1,264
)
—
Change in assets and liabilities:
Trade receivables, net
(1,408
)
(1,961
)
(53
)
(682
)
Prepaid expenses and other assets
(9,240
)
(6,485
)
(5,911
)
935
Accounts payable, accrued expenses and
other long-term liabilities
22,035
7,201
(15,316
)
(4,605
)
Rent received in advance
5,723
6,184
2,282
2,251
Net cash used in operating activities
(13,079
)
(14,494
)
(42,537
)
(3,452
)
Cash flows from investing
activities:
Cash paid in APW Acquisition, net of cash
acquired
—
—
(277,065
)
—
Investments in real property interests and
related intangible assets
(520,681
)
(469,725
)
(175,665
)
(5,064
)
Advance deposits made for real property
interest investments
(12,956
)
—
—
—
Proceeds from sales of real property
interests
573
—
—
—
Purchases of short-term investments
(39,003
)
—
—
—
Purchases of property and equipment
(549
)
(987
)
(1,049
)
(40
)
Payment (advances) on note receivable,
net
—
—
17,500
(17,500
)
Net cash used in investing activities
(572,616
)
(470,712
)
(436,279
)
(22,604
)
Cash flows from financing
activities:
Borrowings under debt agreements
427,003
587,735
163,720
—
Repayments of term loans and other
debt
(112,129
)
(237
)
(48,065
)
(250
)
Purchase of capped call options
—
(33,221
)
—
—
Debt issuance costs
(12,730
)
(15,352
)
(3,721
)
—
Proceeds from issuance of common stock,
net of issuance costs
—
191,461
—
—
Proceeds from exercises of stock options
and warrants
327
188,871
—
—
Repayments of finance lease and telecom
real property interest liabilities
(14,888
)
(16,464
)
(12,081
)
(3,149
)
Net cash provided by (used in) financing
activities
287,583
902,793
99,853
(3,399
)
Effect of foreign currency exchange rates
on cash and cash equivalents and restricted cash
(19,798
)
(842
)
5,783
(232
)
Net change in cash and cash equivalents
and restricted cash
(317,910
)
416,745
(373,180
)
(29,687
)
Cash and cash equivalents and restricted
cash at beginning of period
632,193
215,448
588,628
78,046
Cash and cash equivalents and restricted
cash at end of period
$
314,283
$
632,193
$
215,448
$
48,359
Supplemental disclosure of cash and
non-cash transactions:
Cash paid for interest
$
60,550
$
41,659
$
22,574
$
4,684
Cash paid for income taxes
$
3,582
$
2,321
$
2,748
$
1,112
See accompanying notes to condensed consolidated financial
statements.
Non-GAAP Financial Measures
We use certain additional financial measures not defined by GAAP
that provide supplemental information we believe is useful to
analysts and investors to evaluate our financial performance and
ongoing results of operations, when considered alongside other GAAP
measures such as revenue, gross profit, operating income and net
cash provided by operating activities. These non-GAAP measures
exclude the financial impact of items management does not consider
in assessing our ongoing operating performance, and thereby
facilitate review of our operating performance on a
period-to-period basis.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA is
defined as net income (loss) before net interest expense, income
tax expense (benefit), and depreciation and amortization. Adjusted
EBITDA is calculated by taking EBITDA and further adjusting for
non-cash impairment—decommissions expense, realized and unrealized
gains and losses on foreign currency debt, realized and unrealized
foreign exchange gains/losses associated with non-debt transactions
and balances denominated in a currency other than the functional
currency, share-based compensation expense and transaction-related
costs recorded in selling, general and administrative expenses
incurred for incremental business acquisition pursuits (successful
and unsuccessful) and related financing and integration activities.
Management believes the presentation of EBITDA and Adjusted EBITDA
provides valuable additional information for users of the financial
statements in assessing our financial condition and results of
operations. Each of EBITDA and Adjusted EBITDA has important
limitations as analytical tools because they exclude some, but not
all, items that affect net income, therefore the calculation of
these financial measures may be different from the calculations
used by other companies and comparability may therefore be limited.
You should not consider EBITDA, Adjusted EBITDA or any of our other
non-GAAP financial measures as an alternative or substitute for our
results.
The following are reconciliations of EBITDA and Adjusted EBITDA
to net income (loss), the most comparable GAAP measure:
(in thousands)
Year Ended
December 31,
2022
Year Ended
December 31,
2021
(unaudited)
Net loss
$
(64,028
)
$
(69,652
)
Amortization and depreciation
79,321
64,440
Interest expense, net
67,167
47,365
Income tax benefit
(3,948
)
(327
)
EBITDA
78,512
41,826
Impairment - decommissions
3,950
2,998
Realized/unrealized gain on foreign
currency debt
(66,140
)
(33,656
)
Share-based compensation expense
20,989
15,802
Non-cash foreign currency adjustments
4,569
2,430
Transaction-related costs
7,365
1,836
Adjusted EBITDA
$
49,245
$
31,236
Acquisition Capex
Acquisition Capex is a non-GAAP financial measure. Our payments
for acquisitions of real property interests consist of either a
one-time payment upon the acquisition or up-front payments with
contractually committed payments made over a period of time,
pursuant to each real property interest agreement. In all cases, we
contractually acquire all rights associated with the underlying
revenue-producing assets upon entering into the agreement to
purchase the real property interest and records the related assets
in the period of acquisition. Acquisition Capex therefore
represents the total cash spent and committed to be spent for the
acquisitions of revenue-producing assets during the period
measured. Management believes the presentation of Acquisition Capex
provides valuable additional information for users of the financial
statements in assessing our financial performance and growth, as it
is a comprehensive measure of our investments in the
revenue-producing assets that we acquire in a given period.
Acquisition Capex has important limitations as an analytical tool,
because it excludes certain fixed and variable costs related to our
selling, marketing, data accumulation, legal and underwriting
activities included in selling, general and administrative expenses
in the consolidated statements of operations, including corporate
overhead expenses. Further, this financial measure may be different
from calculations used by other companies and comparability may
therefore be limited. You should not consider Acquisition Capex or
any of the other non-GAAP measures we utilize as an alternative or
substitute for our results.
The following is a reconciliation of Acquisition Capex to the
amounts included as an investing cash flow in the consolidated
statements of cash flows for investments in real property interests
and related intangible assets, the most comparable GAAP measure,
which generally represents up-front payments made in connection
with the acquisition of these assets during the period. The primary
adjustment to the comparable GAAP measure is “committed contractual
payments for investments in real property interests and intangible
assets”, which represents the total amount of future payments that
we were contractually committed to make in connection with our
acquisitions of real property interests and intangible assets that
occurred during the period. Additionally, foreign exchange
translation adjustments impact the determination of Acquisition
Capex.
(in thousands)
Year Ended
December 31,
2022
Year Ended
December 31,
2021
(unaudited)
Investments in real property interests and
related intangible assets
$
520,681
$
469,725
Committed contractual payments for
investments in real property interests and intangible assets
17,277
21,162
Foreign exchange translation impacts and
other
(6,878
)
(16,899
)
Acquisition Capex
$
531,080
$
473,988
Annualized In-Place Rents
Annualized in-place rents is a non-GAAP measure that measures
performance based on annualized contractual revenue from the rents
expected to be collected on leases owned and acquired (“in-place”)
as of the measurement date. Annualized in-place rents is calculated
using the implied monthly revenue from all revenue producing leases
that are in place as of the measurement date multiplied by twelve.
Implied monthly revenue for each lease is calculated based on the
most recent rental payment under such lease. Management believes
the presentation of annualized in-place rents provides valuable
additional information for users of the financial statements in
assessing our financial performance and growth. In particular,
management believes the presentation of annualized in-place rents
provides a measurement at the applicable point of time as opposed
to revenue, which is recorded in the applicable period on
revenue-producing assets in place as they are acquired. Annualized
in-place rents has important limitations as an analytical tool
because it is calculated at a particular moment in time, the
measurement date, but implies an annualized amount of contractual
revenue. As a result, following the measurement date, among other
things, the underlying leases used in calculating the annualized
in-place rents financial measure may be terminated, new leases may
be acquired, or the contractual rents payable under such leases may
not be collected. In these respects, among others, annualized
in-place rents differs from “revenue”, which is the closest
comparable GAAP measure and which represents all revenues
(contractual or otherwise) earned over the applicable period.
Revenue is recorded as earned over the period in which the lessee
is given control over the use of the wireless communication sites
or other digital infrastructure and recorded over the term of the
lease. You should not consider annualized in-place rents or any of
the other non-GAAP measures we utilize as an alternative or
substitute for our results. The following is a comparison of
annualized in-place rents to revenue, the most comparable GAAP
measure:
(in thousands)
Year Ended
December 31,
2022
Year Ended
December 31,
2021
Revenue for year ended December 31
$
135,456
$
103,609
Annualized in-place rents as of December
31
$
157,553
$
117,924
______________________________ 1 Please see page 10 for a
definition of Acquisition Capex and reconciliation to Investments
in Real Property Interests and Related Intangible Assets, the most
comparable GAAP measure.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230301005758/en/
Investor Relations: Jason Harbes, CFA Email:
investorrelations@radiusglobal.com Phone: 1-484-278-2667
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