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    Radius Global Infrastructure Reports First Quarter 2023 Results

    5/9/23 4:05:00 PM ET
    $RADI
    Telecommunications Equipment
    Consumer Discretionary
    Get the next $RADI alert in real time by email

    Revenue Increased 35% 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 ended March 31, 2023.

    Bill Berkman, Co-Chairman and CEO of Radius Global Infrastructure, commented:

    "We generated quarterly revenue of $41.2 million in the first quarter of 2023, up 35% from the first quarter of 2022, with gross profit increasing to $39.3 million, up 32% year-over-year. In the first quarter, our Annualized In-Place Rents increased by 32% to $165.8 million. Our revenues are primarily triple net, inflation-linked rents underlying mission-critical communications sites. In the first quarter of 2023, we acquired 186 communication sites through cash investments in real property interests and related intangible assets of $43.7 million, resulting in Acquisition Capex1 of $48.2 milion, which generated $3.7 million of annual rent. As of March 31, 2023, Radius has approximately $296.5 million of total cash and cash equivalents, restricted cash (including long-term restricted cash), and short-term investments.

    RECENTLY ANNOUNCED TRANSACTION

    As previously announced on March 1, 2023, Radius entered into a definitive agreement under which EQT Active Core Infrastructure ("EQT") and the Public Sector Pension Investment Board ("PSP"), through certain of their controlled affiliates, will acquire the Company. This pending transaction is expected to close in the third quarter of 2023, subject to the satisfaction of certain closing conditions. For additional information relating to this pending transaction, please refer to the preliminary proxy statement on Schedule 14A filed with the Securities and Exchange Commission (the "SEC") on April 7, 2023 and other relevant materials that the Company has filed and may file with the SEC in connection with this pending transaction.

    QUARTERLY RESULTS

    Revenue increased 35% to $41.2 million for the three months ended March 31, 2023, as compared to revenue of $30.6 million for the three months ended March 31, 2022. The increase was primarily attributable to the additional revenue streams acquired through investments in real property interests made during the past quarter, adjusted for foreign exchange rate effects.

    Gross Profit rose 32% to $39.3 million during the three months ended March 31, 2023, as compared to gross profit of $29.8 million in the corresponding prior year period, reflecting a gross profit (which we also refer to as ground cash flow) margin of approximately 95% during the three months ending March 31, 2023. Ground cash flow margin was impacted by expenses associated with fee simple interests acquired, primarily for property taxes.

    Annualized In-Place Rents ("AIPR") increased to $165.8 million as of March 31, 2023, an increase of $40.4 million, or 32% over AIPR of $125.4 million as of March 31, 2022. On a constant currency basis, AIPR would have increased 35% year-over-year to $169.6 million as of March 31, 2023.

    Investments in Real Property Interests and Related Intangible Assets, as identified in the Company's Consolidated Statements of Cash Flows, was $43.7 million and $73.1 million for the quarter ended March 31, 2023 and 2022, respectively, or a decrease of $29.4 million for the quarter ended March 31, 2023 over the prior period.

    Acquisition Capex was $48.2 million and $74.6 million for the quarter ended March 31, 2023 and 2022, respectively, or a decrease of $26.4 million for the quarter ended March 31, 2023 over the prior period.

    Please refer to the GAAP financial disclosures, reconciliations and comparisons to non-GAAP financial measurements set forth below and in the Company's Form 10-Q for the quarter ended March 31, 2023.

    LIQUIDITY

    As of March 31, 2023, Radius had $296.5 million of total cash and cash equivalents, restricted cash (including long-term restricted cash), and short-term investments. Of this amount, approximately $273.4 million was available to deploy for asset acquisitions after excluding amounts that are required to be held in interest escrow accounts under certain long-term debt agreements.

    OUTLOOK FOR 2023

    As previously noted, the Company is not providing guidance with respect to the outlook for Acquisition Capex in 2023 in light of the pending transaction with EQT and PSP.

    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, 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, plans and objectives, including with respect to capital allocation and organizational matters, and information about our proposed transaction with certain affiliates of EQT and PSP. 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," 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 current 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, publicly 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, liquidity and our proposed transaction with certain affiliates of EQT and PSP. 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 expected results 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: our proposed transaction with certain affiliates of EQT and PSP may not be completed in a timely manner or at all, including the risk that any required antitrust and foreign investment approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect us or the expected benefits of the proposed transaction or that the approval of our stockholders is not obtained; the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure (a) to receive any required antitrust and foreign investment approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals) and (b) to satisfy conditions related to (i) there being no event of default under certain of the Company's existing debt facilities, (ii) certain waivers of change of control provisions under certain of the debt agreements of the Company and its subsidiaries being in full force and effect at the closing, including the possibility that such waivers fail to be in full force and effect at the closing because any two of William H. Berkman, Scott G. Bruce and Richard I. Goldstein have ceased to continue in their current capacities as Chief Executive Officer, President and Chief Operating Officer of the Company, respectively, at the closing, and (iii) the Company having a specified minimum cash balance and the Company or any of its subsidiaries having an additional specified amount of additional cash, in each case at the closing; the possibility that compliance with the minimum cash condition to the consummation of the proposed transaction may limit the growth of the Company's business, depending on the availability to the Company of other sources of capital that are permitted under the terms of the definitive agreement entered into in connection with the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction, including in circumstances that would require us to pay a termination fee or other expenses; the effect of the announcement or pendency of the proposed transaction on our ability to retain and hire key personnel, our ability to maintain the relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; risks related to diverting management's attention from our ongoing business operations; the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; 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, 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 (Unaudited)

    (in USD thousands, except share and per share amounts)

     

     

    Three months

    ended

    March 31,

    2023

     

     

    Three months

    ended

    March 31,

    2022

     

    Revenue

     

    $

    41,214

     

     

    $

    30,599

     

    Cost of service

     

     

    1,892

     

     

     

    841

     

    Gross profit

     

     

    39,322

     

     

     

    29,758

     

    Operating expenses:

     

     

     

     

     

     

    Selling, general and administrative

     

     

    29,464

     

     

     

    22,687

     

    Share-based compensation

     

     

    5,184

     

     

     

    4,592

     

    Amortization and depreciation

     

     

    23,085

     

     

     

    18,751

     

    Impairment - decommissions

     

     

    1,050

     

     

     

    765

     

    Total operating expenses

     

     

    58,783

     

     

     

    46,795

     

    Operating loss

     

     

    (19,461

    )

     

     

    (17,037

    )

    Other income (expense):

     

     

     

     

     

     

    Realized and unrealized gain (loss) on foreign currency debt

     

     

    (15,479

    )

     

     

    24,232

     

    Interest expense

     

     

    (17,671

    )

     

     

    (16,098

    )

    Other income (expense), net

     

     

    3,215

     

     

     

    1,092

     

    Total other income (expense), net

     

     

    (29,935

    )

     

     

    9,226

     

    Loss before income tax expense (benefit)

     

     

    (49,396

    )

     

     

    (7,811

    )

    Income tax expense (benefit)

     

     

    (1,584

    )

     

     

    (3,166

    )

    Net loss

     

     

    (47,812

    )

     

     

    (4,645

    )

    Net loss attributable to noncontrolling interest

     

     

    (2,227

    )

     

     

    (208

    )

    Net loss attributable to common stockholders

     

    $

    (45,585

    )

     

    $

    (4,437

    )

     

     

     

     

     

     

     

    Loss per common share:

     

     

     

     

     

     

    Basic and diluted

     

    $

    (0.48

    )

     

    $

    (0.05

    )

    Weighted average common shares outstanding:

     

     

     

     

     

     

    Basic and diluted

     

     

    95,821,985

     

     

     

    92,104,971

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    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)

     

     

    March 31,

    2023

     

     

    December 31,

    2022

     

    Assets

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    197,879

     

     

    $

    224,258

     

    Restricted cash

     

     

    2,417

     

     

     

    1,971

     

    Short-term investments

     

     

    34,612

     

     

     

    39,205

     

    Total cash, cash equivalents, restricted cash, and short-term investments

     

     

    234,908

     

     

     

    265,434

     

    Trade receivables, net

     

     

    11,317

     

     

     

    8,200

     

    Prepaid expenses and other current assets

     

     

    29,747

     

     

     

    28,773

     

    Total current assets

     

     

    275,972

     

     

     

    302,407

     

    Real property interests, net:

     

     

     

     

     

     

    Right-of-use assets - finance leases, net

     

     

    415,981

     

     

     

    379,052

     

    Telecom real property interests, net

     

     

    1,582,164

     

     

     

    1,569,676

     

    Real property interests, net

     

     

    1,998,145

     

     

     

    1,948,728

     

    Intangible assets, net

     

     

    11,811

     

     

     

    12,121

     

    Property and equipment, net

     

     

    1,291

     

     

     

    1,241

     

    Goodwill

     

     

    80,509

     

     

     

    80,509

     

    Deferred tax asset

     

     

    1,636

     

     

     

    306

     

    Restricted cash, long-term

     

     

    61,595

     

     

     

    88,054

     

    Other long-term assets

     

     

    21,209

     

     

     

    20,124

     

    Total assets

     

    $

    2,452,168

     

     

    $

    2,453,490

     

    Liabilities and Stockholders' Equity

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable and accrued expenses

     

    $

    44,121

     

     

    $

    48,767

     

    Rent received in advance

     

     

    33,938

     

     

     

    26,551

     

    Finance lease liabilities, current

     

     

    14,392

     

     

     

    15,589

     

    Telecom real property interest liabilities, current

     

     

    4,564

     

     

     

    7,975

     

    Total current liabilities

     

     

    97,015

     

     

     

    98,882

     

    Finance lease liabilities

     

     

    21,768

     

     

     

    22,277

     

    Telecom real property interest liabilities

     

     

    4,076

     

     

     

    4,483

     

    Long-term debt, net of debt discount and deferred financing costs

     

     

    1,521,802

     

     

     

    1,503,352

     

    Deferred tax liability

     

     

    134,238

     

     

     

    131,229

     

    Other long-term liabilities

     

     

    11,585

     

     

     

    10,473

     

    Total liabilities

     

     

    1,790,484

     

     

     

    1,770,696

     

    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 March 31, 2023 and December 31, 2022, respectively

     

     

    —

     

     

     

    —

     

    Series B Founder Preferred Stock, $0.0001 par value; 1,386,033 shares authorized; 1,386,033

    shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively

     

     

    —

     

     

     

    —

     

    Class A Common Stock, $0.0001 par value; 1,590,000,000 shares authorized; 99,541,524 and

    95,283,563 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively

     

     

    10

     

     

     

    10

     

    Class B Common Stock, $0.0001 par value; 200,000,000 shares authorized; 10,378,327 and

    12,795,694 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively

     

     

    —

     

     

     

    —

     

    Additional paid-in capital

     

     

    1,082,943

     

     

     

    1,060,055

     

    Accumulated other comprehensive loss

     

     

    (64,622

    )

     

     

    (85,936

    )

    Accumulated deficit

     

     

    (384,404

    )

     

     

    (338,819

    )

    Total stockholders' equity attributable to Radius Global Infrastructure, Inc.

     

     

    633,927

     

     

     

    635,310

     

    Noncontrolling interest

     

     

    27,757

     

     

     

    47,484

     

    Total liabilities and stockholders' equity

     

    $

    2,452,168

     

     

    $

    2,453,490

     

    See accompanying notes to condensed consolidated financial statements.

    RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

    (in USD thousands)

     

     

    Three months

    ended

    March 31,

    2023

     

     

    Three months

    ended

    March 31,

    2022

     

    Cash flows from operating activities:

     

     

     

     

     

     

    Net loss

     

    $

    (47,812

    )

     

    $

    (4,645

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

     

     

     

    Amortization and depreciation

     

     

    23,085

     

     

     

    18,751

     

    Amortization of finance lease and telecom real property interest liabilities discount

     

     

    460

     

     

     

    367

     

    Impairment - decommissions

     

     

    1,050

     

     

     

    765

     

    Realized and unrealized gain on foreign currency debt

     

     

    15,479

     

     

     

    (24,232

    )

    Amortization of debt discount and deferred financing costs

     

     

    1,715

     

     

     

    1,106

     

    Provision for bad debt expense

     

     

    (64

    )

     

     

    98

     

    Share-based compensation

     

     

    5,184

     

     

     

    4,592

     

    Deferred income taxes

     

     

    (3,446

    )

     

     

    (3,986

    )

    Change in assets and liabilities:

     

     

     

     

     

     

    Trade receivables, net

     

     

    (2,790

    )

     

     

    (1,707

    )

    Prepaid expenses and other assets

     

     

    1,813

     

     

     

    1,563

     

    Accounts payable, accrued expenses and other long-term liabilities

     

     

    (3,391

    )

     

     

    (1,309

    )

    Rent received in advance

     

     

    6,700

     

     

     

    3,978

     

    Net cash used in operating activities

     

     

    (2,017

    )

     

     

    (4,659

    )

     

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

     

     

    Investments in real property interests and related intangible assets

     

     

    (43,688

    )

     

     

    (73,128

    )

    Advance deposits made for real property interest investments

     

     

    (2,589

    )

     

     

    —

     

    Proceeds from sales of real property interests

     

     

    213

     

     

     

    —

     

    Proceeds from maturities of short-term investments

     

     

    5,000

     

     

     

    —

     

    Purchases of property and equipment

     

     

    (231

    )

     

     

    (195

    )

    Net cash used in investing activities

     

     

    (41,295

    )

     

     

    (73,323

    )

     

     

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

     

     

    Borrowings under debt agreements

     

     

    —

     

     

     

    256,203

     

    Repayments of term loans and other debt

     

     

    —

     

     

     

    (1,804

    )

    Debt issuance costs

     

     

    —

     

     

     

    (5,653

    )

    Proceeds from exercises of stock options

     

     

    204

     

     

     

    88

     

    Repayments of finance lease and telecom real property interest liabilities

     

     

    (11,075

    )

     

     

    (4,359

    )

    Net cash provided by (used in) financing activities

     

     

    (10,871

    )

     

     

    244,475

     

     

     

     

     

     

     

     

    Effect of change in foreign currency exchange rates on cash, cash equivalents

    and restricted cash

     

     

    1,791

     

     

     

    (6,426

    )

     

     

     

     

     

     

     

    Net change in cash and cash equivalents and restricted cash

     

     

    (52,392

    )

     

     

    160,067

     

     

     

     

     

     

     

     

    Cash and cash equivalents and restricted cash at beginning of period

     

     

    314,283

     

     

     

    632,193

     

    Cash and cash equivalents and restricted cash at end of period

     

    $

    261,891

     

     

    $

    792,260

     

     

     

     

     

     

     

     

    Supplemental disclosure of cash and non-cash transactions:

     

     

     

     

     

     

    Cash paid for interest

     

    $

    18,008

     

     

    $

    15,459

     

    Cash paid for income taxes

     

    $

    373

     

     

    $

    150

     

    See accompanying notes to condensed consolidated financial statements.

    Non-GAAP Financial Measures

    We use certain additional financial measures not defined by generally accepted accounting principles in the United States ("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 and gross profit. 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 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)

     

    Three months

    ended

    March 31,

    2023

     

     

    Three months

    ended

    March 31,

    2022

     

    (unaudited)

     

     

     

     

     

     

    Net loss

     

    $

    (47,812

    )

     

    $

    (4,645

    )

    Amortization and depreciation

     

     

    23,085

     

     

     

    18,751

     

    Interest expense

     

     

    17,671

     

     

     

    16,098

     

    Income tax expense (benefit)

     

     

    (1,584

    )

     

     

    (3,166

    )

    EBITDA

     

     

    (8,640

    )

     

     

    27,038

     

    Impairment – decommissions

     

     

    1,050

     

     

     

    765

     

    Realized and unrealized (gain) loss on foreign currency debt

     

     

    15,479

     

     

     

    (24,232

    )

    Share-based compensation expense

     

     

    5,184

     

     

     

    4,592

     

    Non-cash foreign currency adjustments

     

     

    (34

    )

     

     

    405

     

    Transaction-related costs

     

     

    7,195

     

     

     

    140

     

    Adjusted EBITDA

     

    $

    20,234

     

     

    $

    8,708

    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 and underwriting activities included in selling, general and administrative expenses in the condensed 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 condensed 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.

    (in thousands)

     

    Three months

    ended

    March 31,

    2023

     

     

    Three months

    ended

    March 31,

    2022

     

    (unaudited)

     

     

     

     

     

     

    Investments in real property interests and related

    intangible assets

     

    $

    43,688

     

     

    $

    73,128

     

    Committed contractual payments for investments

    in real property interests and intangible assets

     

     

    5,279

     

     

     

    4,123

     

    Foreign exchange translation impacts and other

     

     

    (748

    )

     

     

    (2,614

    )

    Acquisition Capex

     

    $

    48,219

     

     

    $

    74,637

     

    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 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)

     

    Three months

    ended

    March 31,

    2023

     

     

    Year ended

    December 31,

    2022

     

    (unaudited)

     

     

     

     

     

     

    Revenue for year ended December 31

     

     

     

     

    $

    135,456

     

    Annualized in-place rents as of December 31

     

     

     

     

    $

    157,553

     

    Annualized in-place rents as of March 31

     

    $

    165,779

     

     

     

     

     

    1 Please see page 9 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/20230509005961/en/

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