Radius Global Infrastructure reports Q4 revenue $37M, consensus $34.72M

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."