Surpassed $100 Million of Annualized
In-Place Rents Revenue Increased 54% YoY
Radius Global Infrastructure, Inc. (NASDAQ: RADI) (“Radius” or
the “Company”), one of the largest global owners and acquirors of
real property interests and contractual rights underlying essential
telecommunications digital infrastructure, today reported results
for the second quarter ended June 30, 2021.
Bill Berkman, Co-Chairman and CEO of Radius Global
Infrastructure, commented on the financial results:
“We maintained robust quarter-over-quarter growth and exceeded
$100 million in Annualized In-Place Rents in the second quarter,
generating revenue growth of 54% year-over-year through disciplined
capital deployment and organic growth from the portfolio. We remain
optimistic about our ability to continue acquiring durable cash
flow streams generated from real property interests at the current
pace through the remainder of 2021.
During the quarter, we raised $275 million of capital to support
our acquisition strategy, which has continued to broaden from
wireless-only sites into adjacent digital infrastructure assets
with similar characteristics. Although we have seen increased
competition to acquire assets in certain markets, we expect our
recent acquisitions to generate mid-teen levered returns.
In June, Radius Global Infrastructure was added to the
broad-market Russell 3000 ® Index, the small-cap Russell 2000®
Index, and the Russell Microcap® Index. We are pleased to be
included in these indices, which we expect to increase our
visibility in the investment community.”
QUARTERLY RESULTS
Revenue increased 54% to $25.0 million for the three
months ended June 30, 2021, as compared to revenue of $16.2 million
for the three months ended June 30, 2020.
Gross Profit rose 52% to $24.5 million in Q2 2021, as
compared to gross profit of $16.1 million in the corresponding
prior year period, while the Company generated a gross profit
margin of approximately 98% in Q2 2021.
Annualized In-Place Rents increased to $102.4 million as
of June 30, 2021, an increase of $38.2 million or 60% over the
Annualized In-Place Rents of $64.2 million as of June 30, 2020.
YEAR-TO-DATE RESULTS
Revenue increased 48% to $47.1 million for the six months
ended June 30, 2021, as compared to revenue of $31.8 million for
the six months ended June 30, 2020.
Gross Profit rose 47% to $46.3 million in the first half
of 2021, as compared to gross profit of $31.6 million in the
corresponding prior year period.
Investments in Real Property Interests and Related
Intangible Assets, as identified in the Company’s Consolidated
Statements of Cash Flows, was $223.2 million and $50.8 million for
the six months ended June 30, 2021 and 2020, respectively. This
represented an increase of $172.4 million, or 340%, for the six
months ended June 30, 2021 over the corresponding prior year
period.
Acquisition Capex was $233.2 million and $63.4 million
for the six months ended June 30, 2021 and 2020 respectively, or an
increase of $169.8 million or 268% for the six months ended June
30, 2021 over the six months ended June 30, 2020.
Please refer to the GAAP financial disclosures and
reconciliations to non-GAAP financial measurement set forth below
and in the Company’s Form 10-Q for the quarter ended June 30, 2021.
The Company pays for its acquisitions of real property 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
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 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. Please refer to the
table below for a full reconciliation of Acquisition Capex.
LIQUIDITY
As of June 30, 2021, the Company had $336.8 million of total
cash and cash equivalents and restricted cash.
2021 FINANCING TRANSACTIONS
On April 15, 2021, the Company issued $75 million junior secured
debt on its domestic rental streams at 98.25, with a 6% cash pay
interest-only note that matures in April 2023.
On May 14, 2021, Radius issued $200 million or 14,336,918 shares
of Class A common stock in a private investment in public equity
(PIPE) transaction with various investors for $13.95 per share,
representing the volume weighted average price (VWAP) for the 5-day
trading period ending on May 11, 2021 of $14.68 per share, less a
5% discount. Total net offering proceeds to the Company were
approximately $191.5 million after deducting placement agent fees
and offering expenses.
The proceeds of all financing transactions (debt and equity)
will be used to fund continued growth. Goldman Sachs & Co. LLC
acted as placement agent for the Company in connection with the
PIPE transaction.
CONFERENCE CALL INFORMATION
Management will host a webcast and conference call on Wednesday,
August 11, 2021 at 8:30 A.M. Eastern Time to review the Company’s
second quarter financial results, discuss recent events and conduct
a question-and-answer session.
The live webcast and supplemental materials with additional
details regarding the Company’s operating results, financial
position and investment portfolio will be available through the
“News & Events” section of the Company’s website:
https://www.radiusglobal.com/news-events/events-presentations.
Participants are advised to go to the site at least 15 minutes
prior to the scheduled start time in order to register, download
and install any necessary audio software.
For those unable to access the webcast, the conference call will
be accessible domestically or internationally, by dialing
1-877-407-0789 or 1-201-689-8562, respectively. Upon dialing in,
please request to join the Radius Global Infrastructure Second
Quarter 2021 Earnings Conference Call.
A replay of the webcast and access to the presentation slides
will be available on the Company’s website until Wednesday, August
25, 2021.
About the Company
Radius Global Infrastructure, Inc., through its subsidiary AP
WIP Investments, LLC ("APW"), is a multinational owner of a
growing, diversified portfolio of primarily triple net rental
streams from wireless operators and tower companies for properties
underlying their mission critical digital infrastructure. APW's
proven lease origination engine drives attractive yields on capital
invested and maintains a broad pipeline of acquisition
opportunities.
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, results of operations, plans and objectives.
In some cases, these forward-looking statements can be identified
by the use of forward-looking terminology, including the terms
“believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,”
“intend,” “should,” “may” 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, including the ongoing impact of the current outbreak of
COVID-19 on the U.S., regional and global economies, the U.S.
sustainable infrastructure market and the broader financial
markets. The current outbreak of COVID-19 has also impacted, and is
likely to continue to impact, directly or indirectly, many of the
other important factors below and the risks described in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2020
(the “Annual Report”) and in our subsequent filings under the
Exchange Act. Other factors besides those listed could also
adversely affect us. We operate in a very competitive and rapidly
changing environment. New risk factors emerge from time to time and
it is not possible for management to predict all such risk factors.
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. In particular, it is
difficult to fully assess the impact of COVID-19 at this time due
to, among other factors, uncertainty regarding the severity and
duration of the outbreak domestically and internationally,
uncertainty regarding the effectiveness of federal, state and local
governments’ efforts to contain the spread of COVID-19 and respond
to its direct and indirect impact on the U.S. economy and economic
activity, including the timing of the successful distribution of an
effective vaccine.
Important 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 to which wireless carriers or tower companies consolidate
their operations, exit the wireless communications business or
share site infrastructure to a significant degree; the extent to
which new technologies reduce demand for wireless infrastructure;
competition for assets; whether the tenant leases for the wireless
communication tower or antennae located on our real property
interests are renewed with similar rates or at all; the extent of
unexpected lease cancellations, given that substantially all of the
tenant leases associated with our assets may be terminated upon
limited notice by the wireless carrier or tower company and
unexpected lease cancellations could materially impact cash flow
from operations; economic, political, cultural and other risks to
our operations outside the U.S., including risks associated with
fluctuations in foreign currency exchange rates and local inflation
rates; any regulatory uncertainty; the extent to which 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; the
fact that we have incurred a significant amount of debt and may in
the future incur additional indebtedness; the extent to which the
terms of our debt agreements limit our flexibility in operating our
business; and the other factors, risks and uncertainties described
in the Annual Report.
RADIUS GLOBAL INFRASTRUCTURE,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited)
(in USD thousands, except share
and per share amounts)
Successor
Predecessor
Three months ended June 30,
2021
Six months ended June 30,
2021
Three months ended June 30,
2020
Period from February 10, 2020
to June 30, 2020
Period from January 1, 2020 to
February 9, 2020
Revenue
$
24,973
$
47,145
$
16,181
$
24,936
$
6,836
Cost of service
513
808
104
175
34
Gross profit
24,460
46,337
16,077
24,761
6,802
Operating expenses:
Selling, general and administrative
18,866
34,255
20,017
28,684
4,344
Share-based compensation
3,842
7,945
3,738
75,101
—
Amortization and depreciation
15,575
29,655
11,714
18,829
2,584
Impairment – decommissions
1,707
2,394
76
597
530
Total operating expenses
39,990
74,249
35,545
123,211
7,458
Operating loss
(15,530
)
(27,912
)
(19,468
)
(98,450
)
(656
)
Other income (expense):
Realized and unrealized gain (loss) on
foreign currency debt
(3,662
)
10,945
(3,539
)
730
11,500
Interest expense, net
(12,267
)
(21,254
)
(5,788
)
(9,322
)
(3,623
)
Other income (expense), net
266
(1,879
)
222
375
(277
)
Gain on extinguishment of debt
—
—
1,264
1,264
—
Total other income (expense), net
(15,663
)
(12,188
)
(7,841
)
(6,953
)
7,600
Income (loss) before income tax
expense
(31,193
)
(40,100
)
(27,309
)
(105,403
)
6,944
Income tax expense
6,144
5,422
442
1,429
767
Net income (loss)
(37,337
)
(45,522
)
(27,751
)
(106,832
)
$
6,177
Net loss attributable to noncontrolling
interest
(2,815
)
(3,421
)
(2,203
)
(2,974
)
Net loss attributable to stockholders
(34,522
)
(42,101
)
(25,548
)
(103,858
)
Stock dividend payment to holders of
Series A Founders Preferred Stock
—
(31,391
)
—
—
Net loss attributable to common
stockholders
$
(34,522
)
$
(73,492
)
$
(25,548
)
$
(103,858
)
Loss per common share:
Basic and diluted
$
(0.50
)
$
(1.15
)
$
(0.44
)
$
(1.78
)
Weighted average common shares
outstanding:
Basic and diluted
68,724,275
64,127,528
58,425,000
58,425,000
See accompanying notes to condensed
consolidated financial statements.
RADIUS GLOBAL INFRASTRUCTURE,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
(in USD thousands, except share
and per share amounts)
June 30, 2021
December 31, 2020
Assets
Current assets:
Cash and cash equivalents
$
281,809
$
99,896
Restricted cash
1,848
1,614
Trade receivables, net
6,693
7,829
Prepaid expenses and other current
assets
18,191
17,352
Total current assets
308,541
126,691
Real property interests, net:
Right-of-use assets - finance leases,
net
277,377
237,862
Telecom real property interests, net
1,004,288
851,529
Real property interests, net
1,281,665
1,089,391
Intangible assets, net
6,974
5,880
Property and equipment, net
1,318
1,382
Goodwill
80,509
80,509
Deferred tax asset
605
1,173
Restricted cash, long-term
53,151
113,938
Other long-term assets
8,598
9,266
Total assets
$
1,741,361
$
1,428,230
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable and accrued expenses
$
33,162
$
30,854
Rent received in advance
23,855
19,587
Finance lease liabilities, current
10,661
9,920
Telecom real property interest
liabilities, current
4,902
5,749
Total current liabilities
72,580
66,110
Finance lease liabilities
24,495
23,925
Telecom real property interest
liabilities
13,642
11,813
Long-term debt, net of debt discount and
deferred financing costs
883,510
728,473
Deferred tax liability
60,448
57,137
Other long-term liabilities
8,362
8,704
Total liabilities
1,063,037
896,162
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 June 30, 2021 and December 31, 2020,
respectively
—
—
Series B Founder Preferred Stock, $0.0001
par value; 1,386,033 shares authorized; 1,386,033 shares issued and
outstanding as of June 30, 2021 and December 31, 2020,
respectively
—
—
Class A Common Stock, $0.0001 par value;
1,590,000,000 shares authorized; 75,684,862 and 58,425,000 shares
issued and outstanding as of June 30, 2021 and December 31, 2020,
respectively
8
—
Class B Common Stock, $0.0001 par value;
200,000,000 shares authorized; 11,611,769 and 11,414,030 shares
issued and outstanding as of June 30, 2021 and December 31, 2020,
respectively
—
—
Additional paid-in capital
875,373
673,955
Accumulated other comprehensive income
6,120
15,768
Accumulated deficit
(255,338
)
(213,237
)
Total stockholders’ equity attributable to
Radius Global Infrastructure, Inc.
626,163
476,486
Noncontrolling interest
52,161
55,582
Total liabilities and stockholders’
equity
$
1,741,361
$
1,428,230
See accompanying notes to condensed
consolidated financial statements.
RADIUS GLOBAL INFRASTRUCTURE,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
(in USD thousands, except share
and per share amounts)
Successor
Predecessor
Six months ended
June 30, 2021
Period from February
10, 2020 to June 30, 2020
Period from January
1, 2020 to February 9, 2020
Cash flows from operating
activities:
Net income (loss)
$
(45,522
)
$
(106,832
)
$
6,177
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Amortization and depreciation
29,655
18,829
2,584
Amortization of finance lease and telecom
real property interest liabilities discount
649
803
213
Impairment – decommissions
2,394
597
530
Realized and unrealized gain on foreign
currency debt
(10,945
)
(730
)
(11,500
)
Amortization of debt discount and deferred
financing costs
514
28
280
Provision for bad debt expense
2
167
26
Share-based compensation
7,945
75,101
—
Deferred income taxes
3,453
(336
)
339
Gain on extinguishment of debt
—
(1,264
)
—
Change in assets and liabilities:
Trade receivables, net
296
3,024
(682
)
Prepaid expenses and other assets
(531
)
164
935
Accounts payable, accrued expenses and
other long-term liabilities
3,620
(18,018
)
(4,605
)
Rent received in advance
5,241
292
2,251
Net cash used in operating activities
(3,229
)
(28,175
)
(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
(223,239
)
(45,729
)
(5,064
)
Advances on note receivable
—
(2,500
)
(17,500
)
Payment received on note receivable
—
20,000
—
Purchases of property and equipment
(338
)
(189
)
(40
)
Net cash used in investing activities
(223,577
)
(305,483
)
(22,604
)
Cash flows from financing
activities:
Borrowings under loan agreements
168,940
—
—
Repayments of term loans and other
debt
(95
)
(48,025
)
(250
)
Debt issuance costs
(3,852
)
—
—
Proceeds from issuance of common stock,
net of issuance costs
191,461
—
—
Proceeds from exercises of stock options
and warrants
139
—
—
Repayments of finance lease and telecom
real property interest liabilities
(7,687
)
(4,760
)
(3,149
)
Net cash provided by (used in) financing
activities
348,906
(52,785
)
(3,399
)
Net change in cash and cash equivalents
and restricted cash
122,100
(386,443
)
(29,455
)
Effect of change in foreign currency
exchange rates on cash, cash equivalents and restricted cash
(740
)
310
(232
)
Cash and cash equivalents and restricted
cash at beginning of period
215,448
588,628
78,046
Cash and cash equivalents and restricted
cash at end of period
$
336,808
$
202,495
$
48,359
Supplemental disclosure of cash and
non-cash transactions:
Cash paid for interest
$
19,567
$
15,939
$
4,684
Cash paid for income taxes
$
1,449
$
2,713
$
1,112
See accompanying notes to condensed
consolidated financial statements.
Non-GAAP Financial Measures
We identify 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 net income, operating income, gross profit 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, 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, nonrecurring expenses
incurred in connection with the Domestication, transaction-related
costs recorded in selling, general and administrative expenses
incurred for incremental business acquisition pursuit (successful
and unsuccessful) and related financing and integration activities,
and nonrecurring severance costs included in selling, general and
administrative expenses. 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:
Successor
Predecessor
(in USD thousands)
Three months ended
June 30, 2021
Six months ended
June 30, 2021
Three months ended
June 30, 2020
Period from February
10, 2020 to June 30, 2020
Period from January
1, 2020 to February 9, 2020
(unaudited)
Net income (loss)
$
(37,337
)
$
(45,522
)
$
(27,751
)
$
(106,832
)
$
6,177
Amortization and depreciation
15,575
29,655
11,714
18,829
2,584
Interest expense, net
12,267
21,254
5,788
9,322
3,623
Income tax expense
6,144
5,422
442
1,429
767
EBITDA
(3,351
)
10,809
(9,807
)
(77,252
)
13,151
Impairment—decommissions
1,707
2,394
76
597
530
Realized and unrealized loss (gain) on
foreign currency debt
3,662
(10,945
)
3,539
(730
)
(11,500
)
Share-based compensation expense
3,842
7,945
3,738
75,101
—
Realized and unrealized foreign currency
loss (gain) – other
(90
)
2,003
231
890
523
Nonrecurring domestication and public
company registration expenses
—
—
5,111
5,111
—
Transaction-related costs
1,724
1,724
—
—
—
Adjusted EBITDA
$
7,494
$
13,930
$
2,888
$
3,717
$
2,704
Acquisition Capex
Acquisition Capex is a non-GAAP financial measure. The Company’s
payments for its 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,
the Company contractually acquires 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 Company’s 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 and marketing 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 our 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 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.
Successor
Predecessor
(in USD thousands)
Six months ended
June 30, 2021
Period from February
10, 2020 to June 30, 2020
Period from January
1, 2020 to February 9, 2020
(unaudited)
Investments in real property interests and
related intangible assets
$
223,239
$
45,729
$
5,064
Committed contractual payments for
investments in real property interests and intangible assets
11,152
11,541
1,533
Foreign exchange translation impacts and
other
(1,211
)
(217
)
(262
)
Acquisition Capex
$
233,180
$
57,053
$
6,335
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 made 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
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:
Predecessor
(in USD thousands)
Six months ended
June 30, 2021
Period from February
10, 2020 to December 31, 2020
Period from January
1, 2020 to February 9, 2020
Revenue for year ended December 31
$
62,923
$
6,836
Annualized in-place rents as of December
31
$
84,071
Annualized in-place rents as of June
30
$
102,376
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210811005023/en/
Investor Relations: Jason Harbes, CFA Email:
investorrelations@radiusglobal.com Phone: 1-484-278-2667
Media: Sard Verbinnen & Co Jim Barron/Jared Levy
Email: Radius-SVC@sardverb.com 212-687-8080
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