The following management's discussion and analysis of financial condition and
results of operations describes the principal factors affecting the results of
our operations, financial condition, and changes in financial condition for the
three and six months ended June 30, 2022. This discussion should be read in
conjunction with the accompanying Unaudited Condensed Consolidated Financial
Statements, and the notes thereto set forth in Part I, Item 1 of this Quarterly
Report and the Annual Report.

Insight

We are a holding company with no material assets other than our limited
liability company interests in APW OpCo LLC ("APW OpCo"), the parent of AP WIP
Investments Holdings, LP ("AP Wireless") and its consolidated subsidiaries. We
were incorporated as Landscape Acquisition Holdings Limited ("Landscape") on
November 1, 2017 and were formed to undertake an acquisition of a target company
or business.

On February 10, 2020 (the "Closing Date"), we acquired a 91.8% interest in APW
OpCo through a merger of one of Landscape's subsidiaries with and into APW OpCo,
with APW OpCo surviving such merger as a majority owned subsidiary of ours.
Following the acquisition, the remaining 8.2% interest in APW OpCo was owned by
certain Radius executive officers and members of APW OpCo who chose to roll over
their investments in AP Wireless as of the Closing Date. Certain securities of
APW OpCo issued and outstanding are subject to time and performance vesting
conditions. In addition, all securities of APW OpCo held by persons other than
the Company are exchangeable for shares of our Class A Common Stock. Assuming
all APW OpCo securities had vested and no securities had been exchanged for
Class A Common Stock, we would have owned approximately 87% of APW OpCo as of
June 30, 2022.

AP Wireless and its subsidiaries continue to exist as separate subsidiaries of
Radius and those entities are separately financed, with each having debt
obligations that are not obligations of Radius. For a discussion of our material
debt obligations, see "-Contractual Obligations and Material Cash Requirements"
below.

AP Wireless

AP Wireless is one of the largest international aggregators of rental streams
underlying wireless and other critical digital infrastructure sites through the
acquisition of telecom real property interests and contractual rights. AP
Wireless typically purchases, primarily for a lump sum, the right to receive
future rental payments generated pursuant to an existing lease (and any
subsequent lease or extension or amendment thereof) between a property owner and
an owner of a wireless tower, antennae, or other digital infrastructure asset
(each such lease, a "Tenant Lease"). Typically, AP Wireless acquires the rental
stream by way of a purchase of a real property interest underlying or containing
the wireless tower, antennae or other digital infrastructure asset, most
commonly easements, usufructs, leasehold and sub-leasehold interests, or fee
simple interests, each of which provides AP Wireless the right to receive the
rents from the Tenant Lease. In addition, AP Wireless purchases contractual
interests, such as an assignment of rents, either in conjunction with the
property interest or as a stand-alone right.

AP Wireless's primary objectives are to acquire, aggregate and hold underlying
real property interests and revenue streams critical for wireless and other
digital communications. AP Wireless purchases the right to receive future rental
payments generated pursuant to an existing Tenant Lease between a property owner
and an owner of a wireless tower, antennae or other essential communications
infrastructure either through an up-front payment or on an installment basis
from landowners who have leased their property to companies that own
telecommunications infrastructure assets. The real property interests (other
than fee simple interests which are perpetual) typically have stated terms of 30
to 99 years, although some are shorter, and provide AP Wireless with the right
to receive the future income from the future Tenant Lease rental payments over a
specified duration. In most cases, the stated term of the real property interest
is longer than the remaining term of the Tenant Lease, which provides AP
Wireless with the right and opportunity for renewals and extensions. In addition
to real property rights, AP Wireless acquires contractual rights by way of an
assignment of rents. The rent assignment is a contractual obligation pursuant to
which the property owner assigns to AP Wireless its right to receive all
communications rents relating to the property, including rents arising under the
Tenant Lease. A rent assignment relates only to an existing Tenant Lease and
therefore would not provide AP Wireless the ability automatically to benefit
from lease renewals beyond those provided for in the existing Tenant Lease.
However, in these cases, AP Wireless either limits the purchase price of the
asset to the term of the current Tenant Lease or obtains the ability to
negotiate future leases and a contractual obligation from the property owner to
assign rental streams from future Tenant Lease renewals.

AP Wireless's primary long-term objective is to continue to grow its business
organically, through annual rent escalators, the addition of new tenants and/or
lease modifications, and acquisitively, as it has done in recent years, and
fully take advantage of the established asset management platform it has
created.

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Key Performance Indicators

Leases

Leases is an operating metric that represents each lease we acquire. Each site
purchased by us consists of at least one revenue producing lease stream, and
many of these sites contain multiple lease streams. We had 8,556 and 8,186
leases as of June 30, 2022 and December 31, 2021, respectively.

Sites

Sites is an operating metric that represents each individual physical location
where we have acquired a real property interest or a contractual right that
generates revenue. We had 6,545 and 6,211 different communications sites as of
June 30, 2022 and December 31, 2021, respectively, throughout the U.S. and 20
other countries.

Main factors affecting the financial condition and results of operations

We operate in a complex environment with several factors affecting our operations in addition to those described above. The following analysis describes the main factors and events that could affect our financial condition and results of operations.

Foreign Currency Translation

Our business operates in twelve different functional currencies. Our reporting
currency is the U.S. Dollar. Our results are affected by fluctuations in
currency exchange rates that give rise to translational exchange rate risks. The
extent of such fluctuations is determined in part by global economic conditions
and macro-economic trends.

Movement in exchange rates have a direct impact on our reported revenues.
Generally, the impact on operating income or loss associated with exchange rate
changes on reported revenues is partially offset from exchange rate impacts on
operating expenses denominated in the same functional currencies.

Additionally, we have debt facilities denominated in Euros and Pound Sterling.
Movement to the exchange rates for the Euro and Pound Sterling will impact the
amount of our reported interest expense.

Interest rate fluctuations

Changes in global interest rates may have an impact on the acquisition price of
real property interests. Changes to the acquisition price can impact our ability
to deploy capital at targeted returns. Historically, we have limited interest
rate risk on debt instruments primarily through long-term debt with fixed
interest rates.

Competition

We face varying levels of competition in the acquisition of assets in each
operating country. Some competitors are larger and include public companies with
greater access to capital and scale of operations than we do. Competition can
drive up the acquisition price of real property interests, which would have an
impact on the amount of revenue acquired on an annual basis.

Network Consolidation

Most of our Tenant Leases associated with our acquired assets permit the tenant
to cancel the lease at any time with limited prior notices. Generally, such
lease terminations are permitted with only 30 to 180 days' notice from the
tenant. The risk of termination is greater upon network sharing or a network
consolidation and merger between two MNOs.

Main elements of the income statement

Revenue

We generate revenue by acquiring the right to receive future rentals from wireless communications sites and other operating digital infrastructure generated pursuant to existing tenant leases between a landlord and companies that own and

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operate cellular communication towers and other telecommunications infrastructure. Revenue is generated on existing tenant leases in place, amendments and extensions to existing tenant leases in place and additional tenant leases on site.

Revenue is recorded as earned over the period in which the lessee is given
control over the use of the communication site and recorded over the term of the
lease. Rent received in advance is recorded when we receive advance rental
payments from the in-place tenants. Contractually owed lease prepayments are
typically paid one month to one year in advance.

Selling, general and administrative expenses

Selling, general and administrative expense predominantly relates to activities
associated with the acquisition of real property interest assets and consists
primarily of sales and related compensation expense, marketing expense, data
accumulation cost, underwriting costs, legal and professional fees, travel and
facilities costs.

Stock-based compensation expense

Stock-based compensation expense is recognized for stock awards granted to employees and non-employees over the required service period associated with the award, based on the award’s fair value at Date of grant.

Realized and unrealized gain (loss) on foreign currency debt

Our debt facilities are denominated in Euros, Pound Sterling and U.S. Dollars,
with U.S. Dollars being our functional currency. Obligation balances denominated
in Euros and Pound Sterling are translated to U.S. Dollars in the balance sheet
date and any resulting remeasurement adjustments are reported in our condensed
consolidated statement of operations as a gain (loss) on foreign currency debt.

Interest expense, net

Interest expense primarily includes interest due under our debt agreements and
amortization of deferred financing costs and debt discounts, net of interest
earned on invested cash.

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 net interest expense, income tax expense (benefit), and
depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA
and further adjusting for non-cash impairment-decommissions expense, realized
and unrealized gains and losses on foreign currency debt, realized and
unrealized foreign exchange gains/losses associated with non-debt transactions
and balances denominated in a currency other than the functional currency,
share-based compensation expense and transaction-related costs recorded in
selling, general and administrative expenses incurred for incremental business
acquisition pursuits (successful and unsuccessful) and related financing and
integration activities. Management believes the presentation of EBITDA and
Adjusted EBITDA provides valuable additional information for users of the
financial statements in assessing our financial condition and results of
operations. Each of EBITDA and Adjusted EBITDA has important limitations as
analytical tools because they exclude some, but not all, items that affect net
income, therefore the calculation of these financial measures may be different
from the calculations used by other companies and comparability may therefore be
limited. You should not consider EBITDA, Adjusted EBITDA or any of our other
non-GAAP financial measures as an alternative or substitute for our results.

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The following are reconciliations of EBITDA and Adjusted EBITDA to net income (loss), the most comparable GAAP measure:

                                                Three months       Six months       Three months       Six months
                                                   ended             ended             ended             ended
                                                  June 30,          June 30,          June 30,          June 30,
(in thousands)                                      2022              2022              2021              2021
(unaudited)
Net income (loss)                              $       23,552     $     18,907     $      (37,337 )   $    (45,522 )
Amortization and depreciation                          19,324           38,075             15,575           29,655
Interest expense, net                                  16,714           32,812             12,267           21,254
Income tax expense (benefit)                             (577 )         (3,743 )            6,144            5,422
EBITDA                                                 59,013           86,051             (3,351 )         10,809
Impairment-decommissions                                1,272            2,037              1,707            2,394
Realized/unrealized (gain) loss on foreign
currency debt                                         (58,667 )        (82,899 )            3,662          (10,945 )
Share-based compensation expense                        5,496           10,088              3,842            7,945
Non-cash foreign currency adjustments                   4,177            4,582                (90 )          2,003
Transaction-related costs                                 472              612              1,724            1,724
Adjusted EBITDA                                $       11,763     $     20,471     $        7,494     $     13,930



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.

                                                      Six months       Six months
                                                        ended            ended
                                                       June 30,         June 30,
(in thousands)                                           2022             2021
(unaudited)

Investments in real estate and similar interests

  intangible assets                                  $    259,721     $    

223 239

Committed contractual payments for investments

real estate and intangible investments 7,036 11,152 Foreign exchange effects and other

            (12,627 )         (1,211 )
Acquisition Capex                                    $    254,130     $    233,180



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

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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:

                                               Six months
                                                 ended           Year ended
                                                June 30,        December 31,
(in thousands)                                    2022              2021
Revenue for year ended December 31                             $      

103,609

Annualized in-place rents as of December 31                    $      

117,924

Annualized in-force rents at June 30th $131,661

Comparison of operating results for the three months ended June 30, 2022
and June 30, 2021

Our selected financial information for the three months ended June 30, 2022 and
2021 set forth below has been extracted without material adjustment from our
unaudited condensed consolidated financial information included elsewhere in
this Quarterly Report.

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