Explore

251001 Radiant Meeting notes

Agenda

Agenda

Done

Topic

Notes

Date

Added by

E-Mail Nick the recommend PPC budget changes in lieu of Sparefoot spend

@Ryan Dayhoff

⁠

Wed, Oct 1

There are no rows in this table

⁠

Cubby Rollout

10/21/2025 all Radiant Sites

⁠

Radiant Portfolio – Q3 2025 Summary

Revenue: Q3 2025 revenue totaled $120.7K, up 13.9% from $105.9K in Q3 2024. Growth was led by Tuscaloosa (+61% YOY from added units), with Montgomery, Norwich, and Sullivan showing steady gains. Baton Rouge was slightly down.

Occupancy: Portfolio occupancy held steady at ~78% of square footage (vs. 79% last year). Actual occupied space increased year-over-year, with strong performance in Montgomery, Baton Rouge, and Norwich. Tuscaloosa’s occupancy percentage dipped due to new capacity added, but leased square footage rose.

Leads: Total leads increased 10% YOY to 443 in Q3 2025. Tuscaloosa and Montgomery drove the largest gains. Lead sources were dominated by the call center (156), Storagely (~179), and SpareFoot (~60). Local walk-ins, referrals, and website leads made up the balance.

Scheduled Rate Increases: 389 tenant increases are scheduled for Q4 2025, effective mostly in November, adding ~$8.4K/month in rent. Montgomery and Norwich represent the largest shares, with meaningful contributions from Baton Rouge, Sullivan, and Tuscaloosa.

Bottom Line: Radiant posted double-digit revenue growth, stable occupancy, and stronger leasing activity. With a significant slate of rent increases scheduled, we expect further revenue uplift in Q4 and continued momentum heading into 2026.

⁠

Would you like me to also prepare this as a one-page investor briefing with charts and tables (site by site), so you have a polished handout alongside your talking points?

Radiant Portfolio – Q3 2025 Performance by Site

Baton Rouge – Quinn Dr.

Revenue: $9.8K (↓6.8% vs. $10.6K in Q3 2024)

Occupancy: 80.0% (up from 78.2% last year)

Leads: 36 (flat YOY)

Rate Increases Scheduled: 44 tenants, +$1,034/month, avg. +36%

Montgomery

Revenue: $18.3K (↑7.1% vs. $17.1K in Q3 2024)

Occupancy: 79.7% (up from 76.3%)

Leads: 90 (↑20% vs. 75)

Rate Increases Scheduled: 88 tenants, +$1,947/month, avg. +58%

Norwich

Revenue: $50.7K (↑1.5% vs. $49.9K in Q3 2024)

Occupancy: 90.5% (flat vs. 90.8%)

Leads: 92 (↑16% vs. 79)

Rate Increases Scheduled: 152 tenants (Oct–Nov), +$2,963/month, avg. +12%

Sullivan Rd.

Revenue: $10.0K (↑16.5% vs. $8.6K in Q3 2024)

Occupancy: 75.5% (flat vs. 76.7%)

Leads: 22 (↓51% vs. 45)

Rate Increases Scheduled: 69 tenants, +$1,712/month, avg. +42%

Tuscaloosa

Revenue: $31.8K (↑61.2% vs. $19.7K in Q3 2024)

Occupancy: 69.7% (down from 74.1% due to added capacity; occupied sq. ft. up YOY)

Leads: 203 (↑22% vs. 167)

Rate Increases Scheduled: 36 tenants, +$781/month, avg. +19%

⁠

Portfolio Total (Q3 2025):

Revenue: $120.7K (↑13.9% YOY)

Occupancy: ~78% (stable YOY, absolute occupied sq. ft. increased)

Leads: 443 (↑10% YOY)

Rate Increases Scheduled (Q4 2025): 389 tenants, +$8.4K/month

⁠

⁠

⁠

⁠

Rate Increases — Radiant Portfolio

Executed in Q3 2025 (based on Rent Last Changed between Jul 1–Sep 30)

Counts by site (tenants impacted):

Baton Rouge – Quinn Dr.: 12

Montgomery: 40

Norwich: 67

Sullivan Rd.: 17

Tuscaloosa: 164

Portfolio total: 300 executed tenant increases in Q3.

Scheduled for Q4 2025 (effective dates in Oct–Nov)

By site (count, monthly $, avg. %):

Baton Rouge – Quinn Dr.: 44 | +$1,034/mo | +43.2% avg

Montgomery: 88 | +$1,947/mo | +65.6% avg

Norwich: 152 | +$2,963/mo | +16.3% avg

Sullivan Rd.: 69 | +$1,712/mo | +50.1% avg

Tuscaloosa: 36 | +$781/mo | +22.6% avg

Portfolio total (Q4 scheduled): 389 increases | +$8,437/mo | ~37.1% average uplift across affected tenants.

⁠

⁠

⁠

⁠

⁠

Radiant Portfolio Q3 2025 Performance Update

Executive Summary

In the third quarter of 2025, the Radiant self-storage portfolio delivered strong year-over-year growth in revenue, stable occupancy, and increased leasing activity. Total Q3 2025 rental revenue was $120.7K, a 13.9% increase from $105.9K in Q3 2024【41†】. Occupancy remained healthy at roughly 78% of square footage occupied, slightly lower than a year ago as new capacity was added. Lead volumes rose about 10% year-over-year, reflecting successful marketing efforts【14†】. We also initiated an aggressive rent optimization program, scheduling 389 tenant rate increases for early Q4 2025 (Oct–Nov), which will boost monthly rent by about $8.4K in total once implemented. The following sections provide a detailed breakdown by site and metric.

Revenue Performance (Q3 2025 vs Q3 2024)

Overall portfolio revenue grew to $120,667 in Q3 2025 from $105,932 in Q3 2024 (+13.9% YoY)【41†】. Below is the revenue by property, with year-over-year changes for the quarter:

Baton Rouge – Quinn Dr.: Collected $9,839 in Q3 2025, a 6.8% decrease from $10,560 in Q3 2024. This slight decline occurred despite higher occupancy, indicating lower effective rates or concessions.

Montgomery: Collected $18,342 in Q3 2025, up +7.1% from $17,120 in Q3 2024. Increased occupancy and improved pricing drove revenue growth at this site.

Norwich: Collected $50,682 in Q3 2025, a +1.5% uptick from $49,927 in Q3 2024. Norwich remains our highest-grossing facility, sustaining high occupancy and modest rate increases.

Sullivan Rd.: Collected $10,041 in Q3 2025, a +16.5% jump from $8,622 in Q3 2024. Effective lease-up of units and reduced discounts contributed to the strong growth at Sullivan.

Tuscaloosa: Collected $31,764 in Q3 2025, a +61.2% surge from $19,704 in Q3 2024. This substantial increase was driven by new unit inventory added over the past year and higher rental rates. Even with occupancy percentage dipping (due to the added units), the additional leased square footage boosted revenue significantly.

Portfolio Total: Q3 2025 revenue was $120.7K vs $105.9K in Q3 2024, a $14.7K increase (+13.9%) overall【41†】. Notably, Tuscaloosa’s expansion accounted for a large portion of the YOY gain, while other sites contributed steady incremental growth.

Occupancy (Square Footage)

Portfolio occupancy (by square footage) stood at ~78% as of September 30, 2025, compared to ~79% a year prior. The slight dip in overall occupancy percentage is primarily due to new capacity added in Tuscaloosa; in absolute terms, occupied square footage portfolio-wide actually grew year-over-year. Key site occupancy metrics include:

Baton Rouge – Quinn Dr.: 80.0% of total sq. ft. occupied at Q3 ’25 end, up from 78.2% in Q3 ’24. Occupied area increased from 16,900 to 17,650 sq. ft., reflecting improved occupancy on a slightly reduced total unit count.

Montgomery: 79.7% occupied, up from 76.3% a year ago. Montgomery saw a significant occupancy gain (occupied sq. ft. rose from 38,130 to 39,972) as move-ins outpaced move-outs, filling more of the 50,150 sq. ft. available.

Norwich: 90.5% occupied, essentially unchanged from 90.8% last year. Norwich remains near full capacity (32,310 occupied of 35,708 sq. ft.), maintaining very high occupancy levels year-round.

Sullivan Rd.: 75.5% occupied, roughly flat vs 76.7% in Q3 ’24. Occupied square footage (16,865 sq. ft.) was similar to last year (17,425), as the site maintained stable occupancy with minimal unit count changes.

Tuscaloosa: 69.7% occupied, down from 74.1% a year ago. The percentage decline is due to an increase in total rentable area (from 33,875 to 37,599 sq. ft. available). Importantly, occupied space actually grew from 25,115 to 26,188 sq. ft. – about +4% in occupied area YOY – but with 27% more total space available, the occupancy rate appeared lower. Tuscaloosa’s new climate-controlled building opened in late 2024, and lease-up is ongoing, so we expect the occupancy percentage to trend upward as those units fill.

Overall, the portfolio added occupied square footage year-over-year, and excluding the new Tuscaloosa expansion, occupancy percentages improved at all sites. High occupancies at Norwich (90%+) and the steady gains in Montgomery and Baton Rouge are positive signs of demand. The focus is now on backfilling the new Tuscaloosa units to raise the portfolio occupancy closer to the mid-80% range.

Lead Volume and Sources

Lead Volume: Radiant’s marketing efforts yielded 443 total new leads in Q3 2025, a +10.2% increase from 402 leads in Q3 2024【14†】. Lead growth was especially strong at our largest properties: Tuscaloosa generated 203 leads (up +21.6% from 167) and Montgomery 90 leads (+20% from 75). Norwich saw 92 leads (+16% from 79) and Baton Rouge held steady with 36 leads (flat year-over-year). Sullivan Rd. experienced a drop to 22 leads (from 45 in Q3 ’24), likely due to reduced local marketing spend in that smaller market. Overall, the portfolio’s lead funnel expanded, which bodes well for future occupancy and revenue as these inquiries convert to rentals.

Lead Sources: In Q3 2025 we tracked lead sources closely to understand marketing ROI. The largest share of our leads came through phone inquiries to our call center (156 leads). This reflects the effectiveness of our call-center marketing and call handling for prospects. Our online aggregator partnerships were the next biggest contributors: the Storagely platform drove a total of ~179 leads (including 103 direct online inquiries and an additional 76 that reached us via Storagely but were handled by phone or other channels). Similarly, SpareFoot contributed around 57–63 leads (18 direct online, 39 via call center, plus a few via other channels). These aggregator sites continue to be valuable lead generators for Radiant.

Traditional and organic channels accounted for a smaller portion of leads: we logged 10 direct website leads through our own site, 9 walk-in leads from drive-by traffic, and 4 leads from previous/existing tenant referrals in Q3. Additionally, one lead came through our storEDGE Rental Center kiosk. The data shows that while online and call center channels dominate our lead generation, maintaining a local presence and referral program still adds a meaningful trickle of prospects. We will continue to allocate marketing spend toward high-performing sources like the call center, Storagely, and SpareFoot while nurturing cost-effective organic leads.

Scheduled Rent Increases (Revenue Management)

As part of our revenue management strategy, we have a wave of scheduled rent increases for existing tenants set to take effect in early Q4 2025. As of September 30, the production report shows 389 tenants portfolio-wide have rate hikes scheduled for October or November 2025. Once all are implemented, these adjustments will add approximately $8,437 in monthly rental income, strengthening our revenue run-rate heading into year-end.

The breakdown of scheduled rate increases by property is as follows (most effective in November 2025, except where noted):

Baton Rouge – Quinn Dr.: 44 tenants scheduled for increases (Nov 2025), totaling +$1,034 per month once in effect (a weighted average +36.2% rent increase). Many of these are customers who have been in place >6 months without a rate adjustment.

Montgomery: 88 tenants scheduled (Nov 2025), totaling +$1,947 per month (avg. +57.5% increase). The higher percentage jump reflects numerous tenants coming off introductory discounts (e.g. $1 first month offers converting to standard rates).

Norwich: 95 tenants in Oct 2025 and another 57 tenants in Nov 2025 – combined roughly 152 increases adding +$2,963 monthly (weighted avg. ~+12% per increase). Norwich had not seen widespread increases in over a year, so these are modest adjustments on an already well-occupied facility.

Sullivan Rd.: 69 tenants scheduled (Nov 2025), adding +$1,712 per month (avg. +41.9% increase). This market can sustain sizeable rate lifts on many units that were below market rent.

Tuscaloosa: 36 tenants scheduled (Nov 2025), adding +$781 per month (avg. +19.2% increase). A number of customers from the initial lease-up of the new building are receiving their first rate step-up after move-in promotions.

Portfolio Impact: These scheduled increases are an important driver for same-store revenue growth. In total, the 389 rent adjustments represent about a 7–8% bump on the affected units’ rents, or roughly $8.4K in incremental monthly revenue across the portfolio. We expect the effective date of most of these changes to be November 1, 2025 (with Norwich’s first batch on October 1, 2025). There is minimal pushback anticipated, but we will monitor occupancies closely post-increase. This proactive approach should bolster Q4 and full-year 2025 revenue, while keeping tenant rates within market range. It demonstrates our commitment to improving same-property NOI through revenue management.

Conclusion

Q3 2025 results for the Radiant portfolio were very encouraging: double-digit revenue growth, stable high occupancies, and increased lead flow show that demand for our storage units remains robust. We are capitalizing on this momentum by implementing rent increases for existing tenants where appropriate, which will further enhance revenue going forward. Each facility has specific areas of focus – for instance, leasing up new units in Tuscaloosa and driving more marketing in Sullivan – but as a whole, the portfolio is trending in a positive direction. We will discuss these results and our go-forward strategy in more detail during the investor call, highlighting how Radiant’s operational improvements and revenue management are translating into improved financial performance. We remain confident in continued growth into Q4 and 2026 based on these Q3 achievements.

Sources: Performance data is drawn from internal management reports and production system exports for the Radiant portfolio, including the Q3 2024 vs Q3 2025 facility comparison reports【11†】【12†】【13†】, lead activity logs【34†】, and the rent roll/production report as of 9/30/2025【42†】. All figures cited are actual values from these reports.

Want to print your doc?
This is not the way.

Try clicking the ··· in the right corner or using a keyboard shortcut (

CtrlP

) instead.