- Earnings call transcript Q3 2022

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Operator

Greetings, and welcome to Radius Global Infrastructure Third Quarter 2022 Results Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Harbes, Head of Investor Relations. Thank you.

begin. may You

Jason Harbes

of And Breisinger, Third operator. questions. the Bill to Radius these detailed will an the our followed we XXXX Thank a comments, Chief by XXXX welcome, for Financial Earnings call Infrastructure more overview provide will Quarter and from moment, up third Call. Global your quarter CEO results, Glenn you, update Co-Chairman, everyone, our our In open Berkman, After a Officer.

to laws. remind made like that we many forward-looking comments would Before begin, the everyone today statements of I under considered are federal securities

As and and no as date, and these uncertainties update SEC, publicly our forward-looking expressed. to described risks cause of statements today's statements. to could those in speak results future earnings filings with obligation or statements undertake that numerous we revise differ release subject these to from the These

addition, In discuss non-GAAP financial call, information. may on today's certain we

information in can release together measure Bill? financial with this the supplemental comparable website GAAP to reconciliations financial at on information yesterday's www.radiusglobal.com. You our find available most earnings the and directly

William Berkman

over over generated streams record recent which We revenue countries. over is for to you resiliency stability evidenced our economic X,XXX risk-adjusted own Jason. GAAP to is assets continue the of the believe by of strong be sites political third This digital quarterly of business, infrastructure on we exchange global to third am call. volatile impact Even our joining growth earnings in $XX.X lease attractive continued returns. all us rates. in X,XXX amidst where current today Thank and I XX% net XX million as we the environment, quarter report Thanks, now the XXXX of pleased for conference foreign up year-over-year, our quarter and deliver what

provisions. valuable high-quality continued of quarter's the from net these escalators, well-diversified rents assets uncapped large, of portfolio predominantly growth this results digital mission-critical benefit show lease infrastructure Our underlying inflation-adjusted triple enjoy and

As growth includes will from net in in XXXX. up quarter hear organic annualized other quarter, you portfolio inflation second in X.X% which organic and up rent quarter both and X.X% had third approximately the third of X.X% from of escalators shortly, the our the growth

the supplemental our XX% as have approximately our portfolio existing escalates disclosures from escalates X% in the rents grew the September, escalates years. X.X% of as years every and and of escalators like inflation-based continue noted The our end amount growth of annually, in of we in As phase on We of every to to X rate quarterly XX% capital the continue, variability growth of deployed. we expect that note quarter, rate would in. to escalators again X

currency currency constant On by on acts and that we we Please the and million, FX is rent, would as XXXX, against because quarter, XX% portfolio our basis a exchange $XXX British dollar which $XX all rate approximately approximately rent year, collect a significantly and using have rents of grown what locally, what as impacts we to our approximately would in third XX% total million levered of in-place natural between note acquire year-over-year capital $XXX constant of a during a respectively. and increasing XX%, our past to to mute The During borrow deploy invested additional run depreciated and $X notably which rent hedge. increase. difference this rates a appreciation million to the we euros million. annualized annualized have pounds, reported U.S. the basis attributable quarter reported representing of most XX%

to the us deploy exceed quarters expect guidance X plus for $XXX year. acquisition on trajectory acquisition for Our million $XXX of to of a million where of CapEx total keeps CapEx original first our the XXXX current we calendar

is U.S. nearly dollars $XXX our we blended available with results, also compared a global strong has deployed the first produce out the cash dollar have would strengthening million On high are CapEx team the $X.X strengthening underwriting quarters, $XXX to to acquisition reported in and constant due $XXX difference million $XX U.S. as coupon have basis, fixed Please against continuing by debt appreciation basis interest drawn due euro standards most when currency again the international impacted this buy constant that to at a U.S. X a rate a the After the facilities CAP we cash due reported with we returns, this to million ability a have first only deploy. acquisitions we of what these the of Our to proud raised from acquired we on been for of dollar. lower pace currencies. for environment. we balance price what we've would of during million especially meeting value-accretive in macroeconomic currency past from extremely been of that on did and of have between The we denominated have the incremental approximately held our of rents since other maturity of dollar to XXXX. I'm or in making X.X%, notably U.S. investments, previously again year, deployed target in the benefited majority have XXX% the now our billion assets year debt euros. in note sheet

and a With most course, be to which, where to highly properties the processing data potential communication of grow and of demand, to jurisdictions landlords. million global team infrastructure, acquire owned the broaden, acquisition our investment continuing addressable our addressable in capital where networks to with keep fragmented storage, up continues of supporting assets a current these provides range market plus to total set pace presently by of originators of we operate our addressable types of continue of X of to data with market digital and delivery continues data grow, asset into potential

always us, which seeking allocation for area time. always a are optimize of macroeconomic in real we are highly volatility the We mindful to and key recent environment capital is

the in our to of jurisdictions, delivered market couple more the interest near-term it best reviewing the of achieve deployed local on income. recent capital our past, are conditions return. we nominal interest constantly future attractive updating generate deploying objective to function into other to addition on long-term interest cash returns costs targeted criteria, updates. has A our is opportunities. backdrop With higher the to against factor risk-adjusted financing In treasury of with we In underwriting hand until rate increases, expect return unlevered income

operational cost areas potential structure We identify are cost greater efficiencies. reduction SG&A reviewing of and to also financial our and

digital results optimize our testing also owners structured our provide to more Glenn Glenn? CFO, current Breisinger, of offers now to infrastructure Lastly, overview property holdings finance new detail. financial in an are and our returns. we will

Glenn Breisinger

Bill. Thanks,

We to the in continue the taking deploy grow our third advantage quarter, global footprint to opportunities capital. of portfolio investment expanding across

we with by respect XX% of in-place Bill Canadian U.S. denominated previously developed mentioned, a rents in based network XX% rents of real our in remaining comprised to X,XXX XX% euros, dollars, streams and of tenant our investment are in XX% September, of $XXX.X grade. dollars end in base pounds, other remainder XX% over which the interest of tower Chile majority dollars, operators, as and companies in annualized over and as XX% million the With X% of As with mobile own sites lease property currencies. are September Mexico. represented of located X,XXX X% markets the Approximately Brazil, in in in global predominantly are in Australian XX, XX% British the

against or either has of our muting impact uncapped portfolio nearly provides directly rates. impact the inflation, which indices, the inflation whether meaningful rising interest contractual Importantly, protection while indirectly of with escalators rising of to local XX% linked also us

profit what Geographically, fixed $XX.X rose million cash fixed located are escalator a year-over-year as million, and The in refer rents gross of to escalators we up margin are U.S., XX% growing and other Australia. annually. Revenues XX% XX% approximately in portfolio flow contractual these XX%. at of our quarter in the to has were Canada that the generally primarily resulting to $XX.X profit gross

our a have escalators In third enhancements, our of This mix reflect simple the SG&A in of which We new years, from each the acquired compares growth X.X% on $XXX.X was anticipate has quarter, we these currency onetime by impacts of escalators, inflation-based contractual pace organic which burdened expenses across we a At primarily countries when fully new will organic that streams. to that a gross a approximately on spent same-store basis, Please which compared origination factors increase note for of in rates quarter, in this we inflation cap the of This revenue X.X% acquiring beginning streams Our jurisdiction. sales. to previous CapEx a all which X% excluding by third revenue a reflects lower resulted growth we for constant assets million due in ground generated approximately the spend net basis, foreign investment net that taxes. does X.X% third in generate from and decrease partially impacted with of revenue X.X% lease different organic in our $XX.X exchange not existing across currency deployed churn, significant resulting different rents vary our million represents XXX deployed of to by that acquired This and of reflect to X.X% of expenses lease cash primarily million to year-over-year and the the the quarter growth property rents of yield $X.X that offset We of fee was increase includes acquisition approximately combination quarter quarter. basis. million due contractual total many in XXXX. the initial growth interest portfolio the from jurisdictions. on acquisition been flow of annual are in quarter, XXXX. $XX.X XX% are cash quarter, revenue rent the associated third margin additional

$X.X website or in the Please after market to capped debt coupon had the weighted cash average capacity and markets, September of and Radius interest-only third quarter. $X.X is of for our fixed credit had The subject of and additional available in billion uncommitted ability debt weighted X.X% our equity $XXX supplemental average net the remaining of approximately capital issue balance company or of gross order or as desired. posted to to of to market various investment as Bill? also Radius borrowing is under yesterday if details. which needed materials billion the addition XX. to additional to debt and available to $XXX our for years. million maturity outstanding conditions, worldwide of facilities close refer Again, sheet end of rate incremental million $XXX of access liquidity, of a outstanding now all liquidity, debt total approximately a the X.X debt has million with Turning of

William Berkman

Thanks, questions. please Thank open for the Glenn. you. Operator, call

Operator

[Operator Instructions].

Our first from of comes line James. question the Raymond Prentiss with Ric

Richard Prentiss

quick of couple questions. A

quarter. move annually, way of side working of glad from see to us CPI the the headed the think those as know continue I the think First, you're leases could to -- up some in to How about these we ROE? should the you for Is updating where escalator external update mentioned starting be through is XX% a where inflation get of markets sense far how in? process about there to all different you through

William Berkman

No, Ric through average handy? weighted want have do of take do it's expectation, Glenn, a sort you question. to good it you the

Glenn Breisinger

sure. Yes,

think the in-place at jurisdictions rents if think compared rate I -- Canada, you today North versus rents have out XX% running run is called in you of inflation in the you range. at and you're the about trailing all on basis, stated the a look marketplaces, probably inflation that. out that jurisdiction, probably in those way to basis annualized how best to And various the where factor those fixed in we at are probably America present components, by a on and the Australia X% So you're if about about our think look

William Berkman

the is got sort I inflation weighted And do our next today I will in within XX -- terms it because would but that to you on where of mean when lagging. approach in -- kicks Ric, months of it averages, just we're it always catches is up, expectation expect

lag it if even still inflation be we'll still went we'll So lag; makes higher if inflation that higher, if and sense. went lower,

Richard Prentiss

stock? or what buy saying consider what Second liquidity with is a assets land and the best asset the front, covering any to can guys digital back long There sources the other question, other or for time cash you flexibility was a that obviously, been desire on towers at using any infrastructure. tower sometimes when buy space trading asset in to is your Do acquisition yourself are have your or at. look going of you you

William Berkman

board million absolutely, we of answer to would around the upwards stock, -- to buyback our probably We should do flexibility have is think our $XXX I we decide we do. Yes, of -- that.

at So convert, the what look given buyback offers time, our whichever we're stock. both think, better we we at one elsewhere of We a the market. doing of look in a the than return buybacks at our

always -- really, just But buying it going way, I We we spread between our can think from we growth. inflation. that has as say asset put we feel this buying an it not It's get to deck it's we organic I we for our of our supplemental not just just business really time. may stand know I it's not is the that buying back think versus us. assets, our more about stock, test we're when be there perspective about in can what out buying a buy to a guess, comparison the today, always

a rooftops. example, actually It's that assets roughly of incremental just tenants an we incremental are isn't our XX% a tower It As because and space add a rooftop. rooftop. can there's

and long-term selectively. the with And about Malone, stock partners wouldn't board investment of we talk about heritage, not if our being think we when at that a it's we So master buybacks. it know been he's buyback you making perspective, use every

on definitely our it's So radar.

at kind for cash view $XXX it, it think roughly the I attention X.X%. now way you of we with could call right it's borrowed that million of

it's fast got You used. years on capture because as can as spread to to weighted that be a X.X you maturity average want

assets. want So then take I to if then you ask way what's returns, new you to may And say and best that, you don't say day, capture using complete spread buybacks asset the wake and X got optimization we've to yourself, We've circularly away. get but on. want it fastest yourself, to do thing you buybacks. you which, optimize right just are focus X that way that single months we course, to you're of up of saying more to Long-winded act to returns, undermine every we that allocators got

for we're influence our right certainly much. it, that in very could if speaking, practically just at view. price sure think I we in We expectation announced the buy now, would not substantially, we our least

the every especially what we're course, top the of we so And we into buying cash. that out of we the have, still we rather returns that the are on drive think think when we're when we quarter, about we spread there getting it. of that then back speak, cycle with so saying that the justify combine And think that to on course, with, of that organic growth can doing,

usual it's very just think I as on asset. a steady business

the long-winded for answer. Sorry

Richard Prentiss

point, point, think at message some out, too. we thoughtful. market because there's the it's raise, hear can and but sometimes there's some you where just send what No, like no, That's to debt at want you point also equity remarks, that to because on see the his Glenn you about raises, touched it's

you're So equity reflect to you're that that seeing the producing. your you value want

William Berkman

of we just equity us think it, is match release equity, when originations. really need it a ever we you against perfect just world, In nothing to on you're the Equity we'll touch episodically about me when for I going need When it want to, hunch because have we course, think perfect. to comes absolutely. the but a you raise, ask No, anyway. just-in-time

the done assets some reinvest. triple-net where take decide or do every approach not they selectively whether cash past, done traditional subsidiary or want we to issue equity the then it a or the REITs level on of where sell we've use as year, in issuing you the you and equity that have So you're frankly,

without sell the going time you our what We a you're of for can multiple to of our use the assets So do much that we cash we typically haven't can reinvest think liked higher it's stay long to at. hold best to than that. cash of like at because if sort the a invested, friction. any We

that a sell people Now approach original buying and pioneers long for the worked said, of buy the time. for land being

capital something watch tool toolbox. another is it's the we in formation just So

Richard Prentiss

me. we was saw that announced for appreciate Tower that. of there finally X I Vodafone where portfolio get Vantage is Last obviously

William Berkman

Yes.

Richard Prentiss

money been put private private you space. looking is infrastructure money, There of equity Have engage a got approached? of you saying, could be lot it out to we've approach to a guys Would lot a in with the we're you work digital in there and platform?

William Berkman

that's is just don't capital can of really types a think comment ability we sort over no talking what amount It's also finance, I say our as And with willing wink pure anybody. guess need I think guess, flexible. but we can when right specific to any think it. to our and time. to capital but the what our form we're don't out about we're has of one, of we then to of there's is And wrong a, we everybody policy everybody just substantial out. all I different I really should answer, or would I the anybody the like rumors. there a The thinking is There is, funds. do what that's Board things you of I in company number question else set lose of Look, on to from And future. always to listen say. not are always We I sleep

Operator

Instructions]. [Operator

Badri from comes question of with line Suisse. Credit next Sami the Our

Ahmed Badri

and please? that really else made targeted percentage returns kind on expand maybe were I remarks invested of Could earlier comment, something think expand a on regarding you just color give framing. or a Could you you you comment? didn't us on hear that comment of your capital. prepared more that just I

William Berkman

foremost, France, X this every heard compare of different what's we I And IRR. great we commands saying because the demands, it's to year you Brazil start I other and different finance we're achieve why say year theory, U.S. a what mix an the than So ground Sure. expect the reporting it to when going first yield me sort in think our What before, know No, in risk just the mean up example. sales equity single the it's to classic question. to if we jurisdiction will you've the I ourselves expect would a first to countries and to different. from and that's as a is of threshold same-store say very "first premium -- countries? also yield" going be achieve not as of differs you're actual

is X I is, there saying no that money we return say then So the we've got process whatever and the only holistic to set to would be that's criteria. What X.X% overall first clearly, want we return that earn the of above portion. go is into but

hit organic Just spread we can don't to see organic again, home to and ourselves we driven we growth on top spread. growth, we we just it as and a have just of do more expect think business, the

we I GAAP is but and third and EBITDA, the buying to parcel this it's accounting we accountants, just is first mind, origination the as which and CapEx. our SG&A, think the distorts really the our at year when it investors, our to rules yield part that it's thing us look where explain of hard in expense view assets, when make

the side, it. a on we Now deduction positive get for

what that's X where market from we in the is asset then, of we it to X rooftop below And the of can look year, is the think grow price, obvious, the think going is at think of market organic can that up the a years, add what IRS yields. inflation next we that thing, about then is them show, can yields context So course, to think least very we really whether or since we we and because when another are years. the other is growth, think deduct deals, tenant. And year happen at renewal, the doesn't us prevailing the bring rents when the which in purchase we about letting XX% the first it's that we we

returns, not suffice say, And rethinking, speak, our a that's our store capital ability allocate, is there. So to we to an underwriters. each a measure. just back time shareholder, that measure, to amount as of it's investment think rethinking the you're going But jurisdiction as so committee, your something huge but different. to I rules question And set is we've on you're if betting spent on our yield out ability

Ahmed Badri

it. Got

sure I'm I'm clear. so Just

I think right. your explanation was good, pretty

it? then parts So These timing come a could some way follow kind origination. these Is of factor, after medium are stabilize of have could in could for kind down another factors and be factor term just to that I to transitory a the right finally be X effects moving bit region they little be And of ironed interpret the yields start before out. up. why a

William Berkman

wouldn't say all, moment I jurisdiction say, to country's would that we the No, happening to because about. be first different this think based be that. on wants given yields do and at thing guess everybody that That's I to in it fits in I to I going time. X every hate would were size But too. what's

will real to think to for the if the it trickle days. read investor classes, I of more overall should the we're environment. we which, that with to afraid see for landowners I'm also the our whether know have down yet that think At to or inure to probably relatively course, begin current capital I will when sell market benefit. private market, of don't lag. But estate moment, will sudden still there's not I a of But When environment all think adjust of need optimistic capital. don't individual who out net XX I've people second to early a they've greater I that presentations, we'll in need a more in forces volatility, see think the for be the triple again, because a macro for prices XX seeing greater thing need the about us. they're all seller. case is traditional a a the likely they and we're be do adjusts lag, know that's months other I or before stable got some of pricing there. probably current just because

We that any in yet material haven't seen form.

So going of don't now, I'm crystal yields against I about ball. would hopeful what guess, just to have them that lower. stable expecting go have yields would you're sort for remain the go a we to right moment that I I up will saying expectation say with, that purchase. the

Ahmed Badri

Got it. Got it.

I apologize. I X follow-ups. actually Okay. have

X would first quick one. be So a

margin and management just modeling. EBITDA adjusted guys for would Your range like perspective, the like came EBITDA couple a least just And around margins in higher than structurally it that hover forward doing it just business XXXX. is you things quarters, at typically are the what to bit guys going even of a we've little assume sounds next maybe different been safe from reported adjusted you cost

we're unfavorable are is situation motivated Does So are the and economic on where more more deals, where and that from cases, way think most the rising that's thereby, forces weighting side, question one. and many dynamics including or create Radius a turbulence, a and around seller's rates economic Question X we Radius side pieces perspective. moving a the are both just the in and there's positioned. in because that so here a gives situation lot seeing opportunities is here seller better creating just sellers economic about is it better the trying globally, you to

... So

William Berkman

answer question. answer let first, EBITDA Let and your I'll Glenn margin me the X second

moment, enough. address to to we trying their volatility, was about sell it X will really course, owners sure of giant returns when I'm was it by this country I see think haven't a trying The potential property when clear and how At before to it in all giving the if, yields, spark We're way. will and seen probably more and want I wasn't property. country. I second you material be to we

they in I expect little Our that your experience just as property that when. takes to know expect would mentioned answers don't just net traditional don't triple when have see I individual the flow it will need through the that question. when expectation to would more a because owners. happen. to volume. before, while, people way I we'd in kick is it guys again are I I hope capital typically markets know are. I

And guess, economic and the levered to not of we be On clear. -- I gross On time I in of you the XX.X But gross is XX.Xx forces, have at probably cash, I we're that's rent. plus hope said way the local XX.Xx at you our because a debt our is view that's net clear. this in that really hedged FX. business currency, borrowing are basis,

example, we to So that the we the means if weakens, a That as amount an amount. euro lower the amount. a means pay amount lower interest back of is debt owe is of have

on that makes That the you an existing we've and as that's as us all economic it's So up the basis. even itself. at hope I unlevered, forward to sense. movement impact volatile curve it's the on time, interest a be at And the because probably as noticed, forces other say would changing rate would in and the levered why a giant I down want the economic funny -- to muted we is -- thing are look force. what happens but all in

we a the important to it, So about have cost we still lazy like for be if separate we will it cost X.X% us, a because get probably we way. it most think does when of Academically, and borrow. incremental as to thing to go be really we the you know the spread it want. wanted returns say, and do that with can we blend we'll But cash

we borrowing good is as to shareholders and of now. us everybody our which of crystal I the cost average it's is That's not all years. will years most is think our our we X.X weighted thing, ball, which what refi think ball of to very the else's have from maturity important X.X means second be crystal do And good. when as

that applying And And hope owning liquidity; believe about I good get does spread; purposes. tax leverage two, we those increase long want our more we we addition we on excess escalators, such think so an with there's and we world. as interest then think, can want when we are One the as have delever the a as term, QX. mark-to-market steady that do it's for really $XXX approximately that while from by we I weigh we rents, I three, these the by currently is borrowings to you. it volatility, natural shield deduction. we And end say just of organic as acquiring our in by, us helped things million think assets that have us we of X terrific delever as to get powerful to pretty borrow evidenced NOLs to of growth give

want EBITDA margin, the that? you to On Glenn, do address

Glenn Breisinger

guidance Yes, don't forward, Sami, on we your are right. projecting but sure. instincts give

and consistently the the and the -- would seen gross see to continue on relative scale revenues operations expect to margin. in the see You've we cost to

would -- yes, margin So time. gross the we adjusted improve continue this the directionally to see expect to EBITDA over

Operator

line Piecyk Our next from comes LightShed. of Walter with question the

William Berkman

I I the make of fame we point in to want so that earnings. minutes, XX didn't were Walt, hall over think your we quarterly out.

Walter Piecyk

XX. over At least

William Berkman

trying. Well, we're

Walter Piecyk

got guys you it's in business. to not your dumb like terms next a is anything there This even from churn question, nature -- X.XXXX. a aside to so give there of anything global But elevate You we maybe the think as just economic actually only think X maybe the possibility, of slightest issues as if given that should churn? happening likelihood, decimal, you year? what's is be a about like probably could the there the bit X.X, current quarter, just in up into about But go is

William Berkman

I is, our think to kudos I crystal which we've in years of of give and them which of terms all our now so part don't ball, steady XX-plus underwriting been I credit. at X%, of around think, -- not for that sort the day-to-day, really team, actually all right I I'm

think see then Going But the stand that tried I make forward, of going to time buying cause because will we're sure predict sites really didn't and we to we hard we again, mission-critical. the Ukraine being that's test don't anything war. that

runs probably I is but around X% Anything roughly... you? do tell it I can what possible, think So

Walter Piecyk

stuff government. has you there purchased news been impact that any chance There's about by the the Is recently any guys? Telecom in that, on maybe Italia

William Berkman

down again it that They're is EU. What the collectively barring together. is underwriting. of about part now we love It comes to Italy

because But locations, we're pick replicated. So I and of from switching Italy. got under a most their ones for mission-critical the ground its don't some good is a to really us service stations great just pay what the incumbent a important hard for happens a piece that to in comes case but we to like they us that the ground we when And Telco no right for Italia sure mission-critical be rooftops capital effectively frankly, we want or towers, and, making credit make just which on don't what's buying can't are diligence. structure, work just down just to on we're secured feel their the choice either matter lot And of of Telecom you've them. have buying

them with we to on these closer shed we're of can think them I and leaseback, maintain having even provide relationship in to tried just But sale think great from buying we a getting things When capital I they lot what to to other long time ago, party. being basis. sale-leaseback we're really important. is a a I see provider third a a so addition our addition, In them tenants say another

Walter Piecyk

My were on about was the the U.K. there's out, -- more risk question, remember the some financing of And state the the coming a underneath Italy, think rents potential was. what do about country X issue forget about leases should regulate in less whether could like we point into the paying exact think any or kind as ways you and towers? ground I Bill, what it's or if government -- first telco, ground year the -- leases ago, risk they're them like their when ownership in owns a is of I for some that regulate the noise you using to

William Berkman

it do. that. for how I have we as they a possible, long, law really hard especially long I message just countries to even that's EU, I strong contractual Italy. international you It's between sending contract, countries, is view anything think if think Look, tell like And haul That's they in that to a just want but would a override the these to property.

and in anything, it's recourse coming not you're U.S. paying you not well, your real they just the imagine because have saying, taking So you yes, property, are you we're saying...

Walter Piecyk

[Indiscernible].

William Berkman

is Everybody business you That me? doing to job. good make are have we going estate real the to what say, do in to being said, sure we a

and just we've why being could that, options exploring your ourselves think to relationship a pretty to good my tenant energy-related business. that's various More diversified. going on but having because like And spread with with not powerful. be We we're come point a been them, that's which to have of I make well back as sure about

who again, Ukraine predict to happen So in it's world. war, this going I the knows didn't

Walter Piecyk

say but Never just... never,

William Berkman

come may buy bought and Telecom Italia, Musk he everything. Elon

Walter Piecyk

a than if you this setting number XXXX it environment, But call about and maybe the year, is number, I acquisition pause prepared when XXXX? take if shake having the apologize. a a you to of kind kind anticipate this year think then we higher kind executed the obviously wait rates financing on how and next -- I without Or year, given of So CapEx this in see for to would what missed do to remarks, out? of in

William Berkman

think necessarily all, that mentioned of shake $XXX I would debt. X.X% because, a wait we've first earlier, of cost million rates of roughly, Well, out cash pause I take at don't to got until investable as we sort of

we'll that next think being give the the that's me good what's when call of shape we're with question at think should our stuff impact but said, more way, is happen our to an by matter on That probably rigs, That because can in about I big I guidance. rates. So as you as now fourth to was going no what's ask year's I end else. the moving going world quickly, Congress have And worried anything happen with the today. as and the quarter

Operator

Jon question comes Jefferies. of next from the Petersen Our with line

Jonathan Petersen

know rising and thinking your think just I thing, about a But guess few I'm acquisitions. I but of good yields we in should capital tackled on cost a Obviously, rising the of then different kind that's how this going about So angles. been probably from has escalators due inflation. to

I perspective, rising things? going So from curious X in Because you up in cost of expectations underwriting inflation X would like your an But going imagine how how acquisition yields X short factor I'm those balance with you do debt. aren't just for underwriting?

William Berkman

So actually, we X% around an keep fixed apples-to-apples the don't. world. us projections comparison. whole kind We across still of have lets It our just at typically

higher. benefit So running extra inflation if we an -- it's is

our collect buying basis. for we on, bring If either world lot about buying, that market the go place rate see we it is property up, we're an just I say, the which example, cap rents lower for of underwriting, a of cap high come." I as below to to really for to mentioned of we the that contract or to from That's do another or paid we when going we're "Oh, on that, are a course, we're or owner as going it. the the rate multiples pay. the really me, we're the what time whatever yield That necessarily think an But of going a think besides rent paid -- the or know like X earlier, on market. of we're yield the [indiscernible] though we spend is on to historical never likes think amount real yield want not to influence, years. on paying. you've we about We them tenant think that course, person value last tools our less ease whatever the everybody would more reason, a but just there's Or yet excuse And IRR even reason, right that. if

have another there add below they then is when sort If Is across is energy do collect? RF we Do just planning certain generators lease it therefore, that's on given they need we up. think need a can at rooftop, backup. we as generator, a -- think the not we is think do have half they don't sites But battery IRR that tenant, extra city, they look it we a market? rent for and in we of So space. a that generators

as underwriting our to going and that like calculus as just much things spread. So finance

say And so we're that's hear think we business. why a spread-only don't think I us just you'll

Jonathan Petersen

Got question X I you. And other on acquisitions. then guess,

potentially isn't create that good site about do for potential expect kind think offset? think from the about should we'll there seller of we from Just of an a that and side, acquisition much extent you the guys corner, that a guys? how the should kind you mean lower for see as I around recession wanting liquidity. you might that thing opportunities Or just volume generate to the we is of individual owners to

William Berkman

money forces the any origination of and be maybe optimistic. we've more I'm optimistic can because sort of think I'm the remain people that some there'd volume I aware Well, you need very that more would theory just in don't the guess them of to because going are they're world economic be in are at get we some the because attention. thoughtful pay pace educated what's been. normal more to and going happening would

in I will think a perhaps we're and both up we'll from from ever price being hopeful But So that promise can't it months I does see whether go comes. volume And it's re-rating a for months if that. if now that us. or said, now, know yields don't all we uptick XX or an it happen, where XX

I capital when mine. And what such can areas raising and mission-critical head the just may to that what we've we think to cost, do capital, can, out I our when our And you locked-in supposed need right? we so you not other do I at that And ratified tried we guess, space we want work do. to am we feel our can I in you're feel which that's hopeful of that notice we volatility, knew we it a it, is -- that what keep optimistic low both down, so put to lucky perhaps with there.

And for that. so always watching we're

Operator

line the with Our next question Stanley. of comes Flannery Simon from Morgan

Simon Flannery

about of what it. color is So deal than on -- little just bit fewer the was quarter fewer how last... getting there And Was that you this sort you can your opportunities is of us that was a cleared activity acquisition and What hurdles? that the it I fewer your topic just CapEx, going this of surfaced? to about part with were give flow? know the levels But over FX it

William Berkman

variability in It's We've there's this just always that quarter-to-quarter. put line funny.

do is because the of can These on you can side, just to timing. for game. a and for quarterly and easy close take why social whatever deals we we this you when of sometimes we close close. try quarter, don't and the And fast of make other some are we it These I'm variability as predict annual to which of can their are and guidance own desperately to life beings give is than more think appreciate the can't the M&A an really this human sure -- We it like we sometimes just reason, lags. and

So into I number anything read wouldn't all. me... the at To

Simon Flannery

usual. much It as was business pretty

William Berkman

but we lower, the look country it much for in as is bigger Pretty try quarter, we When much quarter same-store what achieve? we're when of country, groom up did quarter it we'll business because another we it a then really end usual, could the year, have One correct. was to And be the by you studying what even sales. it, at IRR? though actually it's

Simon Flannery

going I And fixed, give Great. color cetera, said we SG&A, structure. what think cost of bit expect you or lot your et little perhaps should talked And your there? is variable, -- us then just below but on I not you've the a think past, about the in examining a more

William Berkman

environment, can to our and says just efficiency been Yes. where think course, think us just, acquire we've we this you any of can and you that I because mean, so worldwide I hard much. out to before to so hard to a, didn't our things we got what running notice wring don't to give attention expectation. pay entire team always we I just, is

we but hopeful making I'm it's and can promises, think something. not I in, So any a dig definitely out place I'm we that can wring

the Now time about some well. when we're think said, that we expenses, that NOL we our think just it adds nuts tax of being every to that do such as

if reduce speak. them. the to course, burden, it's some better But of of to so we So don't, [indiscernible] sharing

Simon Flannery

you think Okay. your significantly approach in of And asset times the The last quarter new in broadening then couple potentially X a Is me. types. -- anything there ... just hinted for about or your I last

William Berkman

course, underneath And own property property triple the And We're actual them. structure Oftentimes, new. the of that everybody type data net net then, it the I just of indoor some well. as of Europe, anything lot under easements a it's got is out. out. wouldn't the in towers, building of same double actually; speak, to wall, have the the DAS time, thing. side lease just remind power and and we switching switching get or rooftop centers center, oftentimes, we're we a centers, there antennas, mostly sell like to owning still where there's so rents, We've so indoor where triple-net say an we the

often we've we what location. a contract build-to-suit right work. been doing. I'm all development a and get actually but there. return, in such that super couple we can extra hopeful of a returns, all they're hundred has better We We've particular trying headache sites these think just rolling paid with that ground. have a even tower growing doing they're than different now a higher really know in got good we're sleeves good kind win tenant is we really places, So because win towers up keep when do, place, a And I do that's dabble build, we business to good. you out the our as sites the we teams probably that can given material, some coming not and of to that of of like the a for the It's because out in difficult it we some difficult

Operator

like I'd questions further closing no management call remarks. back for are There to in to queue. the hand the

William Berkman

Thanks, everybody, for joining us.

everybody anything available to us to about and you. always shareholders are analysts I reach Of to talk our any of or we everything. wish well. Thank to out us course, want should

Operator

teleconference. gentlemen, this today's Ladies does for and you participation. your Thank conclude

a day. at your disconnect this You lines may time, and wonderful have

Radius Global Infrastructure (RADI) 13 Nov 222022 Q3 Earnings call transcript