Radiant Storage – Gautier (GPT)
Revenue: $32.4K vs. $25.7K (+26%) Occupancy: 87.3% vs. 65.4% (+21.9 pts) Q4 Rate Increases: 60 tenants, avg +$20.72 (+26.1%), adds ~$1.2K/month Radiant Storage – Ocean Springs (GPT)
Revenue: $42.7K vs. $42.2K (+1%) Occupancy: 78.7% vs. 75.4% (+3.3 pts) Q4 Rate Increases: 72 tenants, avg +$19.49 (+28.1%), adds ~$1.4K/month Radiant Storage – Pascagoula (GPT)
Revenue: $53.5K vs. $46.3K (+16%) Occupancy: 82.1% vs. 83.0% (-0.9 pts) Q4 Rate Increases: 60 tenants, avg +$20.35 (+19.3%), adds ~$1.2K/month GPT Portfolio (Total)
Revenue: $128.7K vs. $114.2K (+12.7%) Occupancy: 82.4% vs. 74.5% (+7.9 pts) Leads: 149 vs. 116 (+28%) Q4 Rate Increases: 192 tenants, avg +$20 (+25%), adds ~$3.9K/month GPT Portfolio – Q3 2025 Performance Summary
Revenue: Portfolio revenue grew 12.7% YoY, from $114.2K in Q3 2024 to $128.7K in Q3 2025. Gautier (+26%) and Pascagoula (+16%) drove the gains, while Ocean Springs was flat (+1%). Occupancy: Portfolio occupancy improved from 74.5% last year to 82.4% in Q3 2025. Gautier led the improvement (+22 points), Ocean Springs edged higher (+3 points), and Pascagoula held steady. Leads: Lead activity rose 28% YoY (149 vs. 116). Ocean Springs more than doubled leads, positioning it for further occupancy gains. Rate Increases: In Q4, 192 tenants (~51% of occupied units) are receiving rent increases averaging +25% per tenant, adding about $3.9K/month in recurring revenue. Outlook: With occupancy stabilized in the 80s and rent increases rolling through in October and November, the portfolio is positioned to deliver continued revenue growth in Q4 and finish 2025 stronger than 2024.
Rate Increase Update – GPT Portfolio
In Q3 2025, we executed 174 tenant rate increases across the portfolio, averaging about $18.50 per unit (+24%), which added roughly $3.2K in new monthly revenue.
Gautier: 54 tenants, avg +$18.92 (+24.5%), +$1,022/month Ocean Springs: 48 tenants, avg +$17.85 (+27.3%), +$856/month Pascagoula: 72 tenants, avg +$18.61 (+20.1%), +$1,340/month Looking ahead, in Q4 2025 we have 192 increases already scheduled, averaging about $20 per unit (+25%), which will generate an additional $3.9K/month once fully implemented.
Gautier: 60 tenants, avg +$20.72 (+26.1%), +$1,243/month Ocean Springs: 72 tenants, avg +$19.49 (+28.1%), +$1,403/month Pascagoula: 60 tenants, avg +$20.35 (+19.3%), +$1,221/month Portfolio-wide, the impact of Q3 executed and Q4 scheduled increases together totals over $7K/month in incremental recurring revenue, ensuring continued growth into year-end.
GPT Portfolio Performance Update – Q3 2025 (vs. Q3 2024)
Overall Summary: The GPT self-storage portfolio delivered solid growth in the third quarter of 2025 compared to Q3 2024. Total revenue for Q3 2025 was $128,670, up 12.7% from $114,152 in the same period last year. Occupancy (by square footage) improved from about 74.5% a year ago to 82.4% at the end of Q3 2025. Lead volumes increased, and we have implemented a series of rent rate increases going into Q4 to continue driving revenue. Below is a breakdown by property and key performance metrics, followed by a brief outlook for Q4.
Revenue (Q3 2025 vs. Q3 2024)
Each facility saw year-over-year revenue growth in Q3 2025, with especially strong gains at Gautier and Pascagoula:
Radiant Storage – Gautier (GPT): Q3 2025 revenue was $32,407 vs. $25,678 in Q3 2024, an increase of $6,729 (+26%). Growth accelerated through the quarter – for example, September revenue jumped to ~$11.3k from ~$7.9k in Sept 2024 as occupancy improved. Radiant Storage – Ocean Springs (GPT): Q3 2025 revenue was $42,738 vs. $42,170 in Q3 2024, up $568 (+1%). Revenue was roughly flat in July–August year-over-year, with a modest uptick in September 2025 (~$14.6k vs. $13.5k last year) that pushed the quarter slightly above last year’s level. Radiant Storage – Pascagoula (GPT): Q3 2025 revenue was $53,526 vs. $46,304 in Q3 2024, an increase of $7,221 (+16%). Monthly revenues were consistently higher than last year, notably in August (~$18.8k vs. $15.96k) and September (~$17.8k vs. $14.39k), reflecting strong leasing momentum. Total GPT Portfolio: Combined Q3 2025 revenue was $128,670, up $14,519 (+12.7%) from $114,152 in Q3 2024. This growth was driven primarily by higher occupancy and effective rent increases at Gautier and Pascagoula, while Ocean Springs maintained stable revenue year-over-year. Occupancy (by Square Footage)
Occupancy across the portfolio improved significantly over the past year, contributing to the revenue gains. All facilities are now around or above the 80% occupancy mark by square footage:
Gautier: 87.3% occupied (sq. ft.) at end of Q3 2025, up from 65.4% a year ago. Gautier saw the largest occupancy jump (+21.8 percentage points) as it continues to lease up rapidly. Ocean Springs: 78.7% occupied, up from 75.4% last year (+3.3 points). Occupancy made a modest gain; there is still room to increase filled space here. Pascagoula: 82.1% occupied, roughly flat versus 83.0% a year ago (slight 0.8-point decrease). Pascagoula remains our most consistently occupied site, staying in the low-80% range. Portfolio Average: 82.4% occupied as of Q3 2025 vs 74.5% in Q3 2024. This ~8 percentage point improvement reflects successful leasing efforts, particularly at Gautier. Higher occupancy has translated into greater rental income, especially at facilities that were still ramping up last year. Lead Activity
Marketing and sales lead activity increased overall, which bodes well for future occupancy gains, especially at Ocean Springs:
Gautier: Received 49 new leads in Q3 2025, up slightly from 47 in Q3 2024 (+4%). Lead volume held steady, supporting Gautier’s continued occupancy climb. Ocean Springs: Received 48 leads in Q3 2025, more than double the 21 leads in Q3 2024 (+129%). This significant boost in inquiries is a positive sign, and converting these leads will be key to raising Ocean Springs’ occupancy in coming months. Pascagoula: Received 52 leads in Q3 2025, up from 48 in Q3 2024 (+8%). Steady interest remains for Pascagoula, which has helped maintain its occupancy. Total Leads: 149 leads across the portfolio in Q3 2025 vs 116 leads in Q3 2024 (+33 leads, +28%). The increased marketing activity and demand, particularly at Ocean Springs, contributed to this jump. We will focus on improving lead conversion rates to turn this interest into new move-ins. Scheduled Rate Increases (Q4 2025)
To continue driving revenue and increase rent roll yield, we have scheduled rent rate increases for many existing tenants in Q4 2025. These rate adjustments will bolster our top line going forward:
Overall: A total of 192 tenants (about 51% of occupied units) across the GPT portfolio are set to receive rate increases during Q4. These took effect in two waves: 87 increases effective October 1, 2025, and 105 effective November 1, 2025. (No additional increases are scheduled for December in this cycle.) On average, rents are rising roughly $20 per unit, which is about a 25% increase per affected tenant. Once all implemented, these adjustments add approximately $3,867 in incremental monthly revenue portfolio-wide. Gautier: 60 tenants had increases (mostly on Nov 1). The average increase was +$20.72 per month (about +26.1% per tenant), adding $1,243 in monthly rent once fully in effect. Gautier’s high occupancy and strong demand allowed us to push rates significantly on renewals. Ocean Springs: 72 tenants with increases (split between Oct and Nov). Avg increase +$19.49 per month (+28.1%), adding $1,403 monthly. Ocean Springs had the highest average percentage increase, reflecting a strategy to improve economic occupancy even as physical occupancy is still ramping up. Pascagoula: 60 tenants with increases (majority on Oct 1). Avg increase +$20.35 per month (+19.3%), adding $1,221 monthly. Pascagoula’s rent increases were a bit more modest in percentage terms, as its rates were already closer to market; even so, nearly half the tenant base saw an adjustment. These scheduled rate increases in Q4 ensure that our revenue growth is not only coming from higher occupancy but also from improved rental rates. We communicated the increases to affected tenants with proper notice, and so far compliance and collections are in line with expectations.
Q4 Outlook
Heading into Q4 2025, we are focused on maintaining the positive momentum in both occupancy and revenue:
Revenue Growth: The rent increases mentioned above will start contributing in Q4. We expect a full-quarter benefit in Q4 from the October increases, and two months’ benefit from the November increases. This should provide a nice lift to same-store revenue in addition to whatever occupancy gains we achieve. We’ll monitor tenant response to the higher rates, but delinquency levels remain manageable and within budgeted ranges after prior increases. Occupancy & Leasing: Historically, the late fall and winter months can slow down in the self-storage leasing cycle. However, with occupancies now at ~82% (and Gautier nearing 90%), we have less pressure to aggressively drive move-ins with discounts. Our plan is to selectively use promotions to keep filling units at Ocean Springs (which still has ~21% vacancy to monetize) while sustaining the strong occupancy at Gautier and Pascagoula. The significantly higher lead volume at Ocean Springs in Q3 is encouraging – our team will capitalize on this interest by improving follow-ups and conversions in Q4. Even a modest uptick in Ocean Springs’ occupied square feet by year-end would further boost our rental income. Operational Focus: We will continue to tighten expense control and delinquency management as we push rents. With half of the tenant base seeing increases, our site managers are staying on top of customer questions and offering renewals where appropriate to retain valued tenants. So far, we haven’t seen abnormal move-outs due to the rate adjustments, but we’ll watch the impact in October/November. Any vacated units will be quickly turned to capitalize on the generally high occupancy environment. Outlook: Overall, we anticipate Q4 2025 to show continued year-over-year growth in revenue, driven by the implemented rent increases and sustained high occupancy. The portfolio is entering Q4 on a strong footing – occupancy levels are healthy and rate hikes are boosting our revenue per square foot. Barring any seasonal slowdown that’s deeper than usual, we are on track to finish 2025 with improved financial performance across the GPT portfolio compared to last year. We will carry this momentum and pricing power into the new year, positioning the portfolio for continued growth in 2026. 
