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Key Site Highlights (2025 vs 2024)

BR Quinn

Occupancy: 75.0% (down slightly)

Leasing: fewer move-ins, slightly higher move-outs; auctions increased

Net rentals: small decline

Revenue: down ~4% YoY

Focus: lease-up vacancy created by auctions + return unrentable units to service (5 units offline) while protecting higher rate structure.

BR Sullivan

Occupancy: 68.2% (down ~7.5 pts)

Leasing: move-outs exceeded move-ins; auctions increased (13)

Net rentals: negative (worse than 2024)

Revenue: up ~7% YoY

Focus: rebuild occupancy without giving back rate gains; tighten delinquency controls to reduce auction churn.

Gautier

Occupancy: 69.0% (down ~6.6 pts)

Leasing: higher move-outs driven by auctions (24)

Net rentals: negative after strong 2024

Revenue: up ~20% YoY

Focus: refill units cleared by auctions—this site has strong revenue-per-occupied-unit momentum.

Ocean Springs

Occupancy: 81.6% (up ~16 pts, major gain)

Net rentals: strong positive (+29)

Revenue: up slightly (~1%)

Focus: now that occupancy is healthy, shift to rate optimization (reduce discounting, controlled rent lifts) to convert occupancy gains into stronger revenue growth.

Pascagoula

Occupancy: 68.4% (down ~7.2 pts)

Leasing: net loss; auctions were very high (34)

Revenue: essentially flat YoY

Focus: lease-up vacancy + prevent another heavy auction cycle; big upside because all units are rentable (0 unrentables).

Groves

Occupancy: 57.4% (up ~5.8 pts)

Net rentals: positive (+26) with strong move-ins

Revenue: slightly down (~3%)

Focus: improve yield per unit (pricing/fees) so revenue catches up to leasing progress; continue lease-up (still >40% vacant).

Bridge City

Occupancy: 68.1% (up ~5.9 pts)

Net rentals: positive (+23)

Revenue: up ~14% YoY

Focus: keep momentum—continue leasing while maintaining pricing power.

Tuscaloosa

Occupancy: 60.8% (down ~17.8 pts, largest drop)

Leasing: move-outs surged (59 auctions); net rentals –54

Revenue: up ~20% YoY

Focus: major 2026 opportunity: refill vacancy created by auctions while keeping higher rates—this is one of the highest upside sites.

Montgomery

Occupancy: 64.7% (down ~5 pts)

Leasing: auctions jumped (49), net rentals –20

Revenue: slightly down (~2%)

Focus: lease-up after tenant cleanup; maintain pricing discipline and reduce future delinquency.

Norwich

Occupancy: 56.2% (down ~13.5 pts)

Leasing: very high move-outs; net rentals –48

Revenue: up ~4% YoY

Focus: aggressive lease-up + retention improvements; stabilize churn—vacancy is the biggest headwind.

Nederland (US 69)

Occupancy: 55.3% (down ~6.3 pts)

Revenue: up ~26% YoY (one of the strongest increases)

Focus: convert pricing wins into growth by lifting occupancy (large vacancy remains).

Orange

Occupancy: 70.0% (up ~11 pts)

Net rentals: strong positive (+32)

Revenue: up ~18% YoY

Focus: maintain balanced growth—continue lease-up while steadily optimizing rates as the site stabilizes.

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January 2026 Kickoff (brief)

Radiant started 2026 with occupancy holding steady around year-end levels: ~68% occupied by unit count (about 2,141 of 3,156 units) and ~71% by square footage. Portfolio gross potential rent remains about $261K/month, with roughly $53.6K/month sitting in vacant-unit opportunity. Early-year collections activity is steady, and several sites that cleared significant delinquency via auctions in 2025 are positioned to lease back units with higher-quality tenants.

Radiant Facilities – 2025 Year-End Performance Review

Executive Summary

2025 was a year of mixed performance for Radiant’s self-storage portfolio. Overall occupancy across the 13 facilities ended the year in the mid-70% range, slightly down from 2024. Total move-ins fell short of move-outs, leading to modest net occupancy losses at several sites. However, despite softer occupancy, revenue held steady or grew at most locations, thanks largely to rate increases and improved revenue management. The portfolio’s gross potential rent (if all units were rented at standard rates) grew significantly, reaching about $261k in monthly rent potential across all facilities. This indicates strong pricing power and upside if vacancies can be filled. At the same time, delinquency-related auctions spiked in 2025, suggesting collections challenges but also an opportunity – many non-paying tenants were cleared out, which, if replaced with paying customers in 2026, could boost occupancy and income.

Key successes in 2025 included double-digit revenue growth at multiple facilities (e.g. Nederland, Tuscaloosa, Gautier), often achieved despite lower occupancy – a sign of effective rate adjustments. Several sites (Orange, Bridge City, Ocean Springs, Groves) increased occupancy and still grew revenue, demonstrating healthy demand. Areas for improvement center on occupancy recovery and delinquency management. Sites like Tuscaloosa, Norwich, and Sullivan saw significant occupancy drops due to high move-out volumes (including many lien auctions), highlighting the need to refill vacant units and curb tenant defaults. Overall, the portfolio ends 2025 with solid revenue performance and improved unit pricing, but with higher vacancy (approx. 32% of units vacant) – converting that vacancy into paying occupancy will be the primary opportunity in 2026.

(Visual charts below illustrate the year-over-year occupancy rates and total revenues by site, comparing 2025 vs 2024.)

Figure: Occupancy Rate (%) by Site – 2024 vs 2025.

Site-by-Site Performance Breakdown (2025 vs 2024)

Radiant – BR Quinn (Baton Rouge, Quinn)

Occupancy: 75.0% at end of 2025 vs 77.6% in 2024 (a slight decline of ~2.6 percentage points). Occupied units fell from 118 to 113 out of ~150 total.

Move-Ins: 67 in 2025 vs 79 in 2024.

Move-Outs: 77 in 2025 vs 73 in 2024. Notably, 8 of 2025’s move-outs were lien auctions (delinquent accounts cleared), up from 0 in 2024.

Net Rentals: –2 in 2025 (a net loss of 2 units) vs +6 net gain in 2024.

Unrentable Units: 5 units unrentable at 2025 year-end (under repair/unavailable) vs 0 the prior year.

Gross Potential Rent: ~$11,700/month (Dec 2025) vs ~$9,050/month (Dec 2024). This ~29% increase reflects rental rate hikes and unit mix changes.

Total Revenue: $137.3k in 2025, down 4% from $143.6k in 2024.

Analysis: Quinn saw a slight occupancy dip and a 4% revenue decline year-over-year. The revenue drop is moderate given the occupancy loss, implying rate increases partially offset the tenant churn. The jump in auction-related move-outs (8 delinquent tenants cleared) hurt occupancy in the short term but should improve tenant quality going forward. The site’s gross potential rent rose significantly, indicating higher pricing – a positive sign if occupancy can be rebuilt. Focus for 2026 will be on backfilling those vacated units and reducing unrentable down units (5 units offline) to capitalize on the higher rent rates. Overall, Quinn remains near 75% occupied with solid potential for revenue growth if vacancies are leased.

Radiant – BR Sullivan (Baton Rouge, Sullivan)

Occupancy: 68.2% (2025) vs 75.7% (2024), a drop of ~7.5 points.

Move-Ins: 91 in 2025 vs 98 in 2024.

Move-Outs: 103 in 2025 vs 95 in 2024 (including 13 auctions in 2025 vs none in 2024).

Net Rentals: –12 (net loss) in 2025 vs –4 in 2024.

Unrentable Units: 4 units at end of 2025 vs 2 units prior year.

Gross Potential Rent: ~$18,100/mo (Dec 2025) vs ~$16,200/mo (Dec 2024).

Total Revenue: $203.5k in 2025, up ~6.8% from $190.6k in 2024.

Analysis: Sullivan Road’s occupancy slipped to ~68%, reflecting a net loss of 12 units during 2025. Elevated move-outs (including 13 lien sales of delinquent units) outpaced move-ins. Despite fewer tenants, revenue increased ~7% year-over-year – a strong indicator that aggressive rate increases or fees made up for the occupancy loss. Gross potential rent climbed as well, so the site is charging more per unit. The challenge ahead is to rebuild occupancy (over 30% of units empty) without sacrificing the hard-won pricing gains. Filling vacant units, possibly with improved marketing or promotions, could significantly boost revenue given the higher rental rates now in place. Additionally, reducing tenant delinquencies (which led to 13 auctions) will be key to stabilizing occupancy and income.

Radiant – Gautier

Occupancy: 69.0% (2025) vs 75.6% (2024), down ~6.6 points.

Move-Ins: 84 in 2025 vs 93 in 2024.

Move-Outs: 90 in 2025 vs 74 in 2024 (24 auctions in 2025; 0 in 2024).

Net Rentals: –6 in 2025 vs +19 in 2024 (2024 had strong net gain).

Unrentable Units: 1 unit (2025) vs 1 unit (2024).

Gross Potential Rent: ~$16,400/mo vs ~$14,800/mo a year prior.

Total Revenue: $180.3k in 2025, up ~20.0% from $150.2k in 2024.

Analysis: Gautier experienced an occupancy decline to 69% after a net loss of 6 units in 2025 (versus a sizable net gain in 2024). Notably, move-outs spiked (90 vs 74), including 24 auctioned units from non-paying tenants. Despite fewer occupied units, revenue jumped by 20%, indicating substantial rate increases or improved ancillary income. This suggests management opted to prioritize revenue per unit over maximum occupancy – and it paid off financially. With gross potential rent up, each occupied unit is more valuable. The goal for 2026 will be to replace the tenants lost to auctions and other move-outs, thereby pushing occupancy back up while retaining the higher rental rates. If Gautier can recapture even a portion of the 24 auctioned units with paying renters, it will further boost an already strong revenue trajectory.

Radiant – Ocean Springs

Occupancy: 81.6% (2025) vs 65.6% (2024), up 16.0 points (one of the biggest occupancy gains).

Move-Ins: 120 in 2025 vs 94 in 2024.

Move-Outs: 91 in 2025 vs 100 in 2024 (15 auctions in 2025; 0 in 2024).

Net Rentals: +29 in 2025 (net gain) vs –6 in 2024.

Unrentable Units: 2 units vs 2 units (no change).

Gross Potential Rent: ~$21,900/mo vs ~$19,400/mo in Dec 2024.

Total Revenue: $237.4k in 2025, up ~1.3% from $234.3k in 2024.

Analysis: Ocean Springs was a standout performer in occupancy – jumping to 81.6% (from mid-60s) by adding a net 29 units in 2025. Strong move-in volume and fewer move-outs (despite 15 auctions) drove this improvement. Interestingly, revenue increased only slightly (+1.3%). This modest revenue uptick, despite a big occupancy surge, implies that rental rates or promotional discounts in 2025 may have been lower (perhaps used to fill units). In effect, management successfully filled a lot of vacant units – a positive for future cash flow – but likely at the cost of lower pricing on those new rentals. For 2026, Ocean Springs is well positioned: with over 80% occupancy, the focus can shift to revenue optimization – gradually raising rates on its now larger tenant base. The facility’s gross potential rent has grown, and converting some of the remaining 18% vacancy into revenue at higher rates will further improve performance. Overall, 2025’s strategy of trading price for occupancy has created a fuller facility that can now yield greater income.

Radiant – Pascagoula

Occupancy: 68.4% (2025) vs 75.6% (2024), down ~7.2 points.

Move-Ins: 83 (2025) vs 95 (2024).

Move-Outs: 93 (2025) vs 85 (2024), including 34 auctions in 2025 (none in 2024).

Net Rentals: –10 in 2025 vs +10 in 2024.

Unrentable Units: 0 units vs 0 units (none unrentable).

Gross Potential Rent: ~$14,800/mo vs ~$13,400/mo a year prior.

Total Revenue: $148.2k in 2025, roughly flat (+0.9%) vs $146.8k in 2024.

Analysis: Pascagoula saw occupancy slip to about 68% after a net loss of 10 units in 2025. Move-ins slowed and move-outs rose, exacerbated by 34 delinquent units being auctioned (a significant turnover event). Despite losing tenants, annual revenue held essentially flat year-over-year (~$148k), indicating that higher rental rates made up for the occupancy decline. This is a positive sign: management maintained revenue by increasing yield per unit. The site has zero unrentable units, so all 240 units are available – about 32% of them vacant at year’s end. With gross potential rent up to $14.8k/month, Pascagoula has revenue upside if it can backfill vacancies. Priority for 2026 will be to improve occupancy again (perhaps via marketing or incentives to drive move-ins) now that many non-paying tenants have been cleared out. Keeping delinquency in check (to avoid another wave of auctions) will also help stabilize occupancy and grow actual collected revenue beyond the flat performance of 2025.

Radiant – Groves

Occupancy: 57.4% (2025) vs 51.6% (2024), up ~5.8 points.

Move-Ins: 128 vs 102.

Move-Outs: 102 vs 88 (37 auctions in 2025; 13 in 2024).

Net Rentals: +26 in 2025 vs +14 in 2024.

Unrentable Units: 1 unit vs 0 units.

Gross Potential Rent: ~$21,200/mo vs ~$19,700/mo in Dec 2024.

Total Revenue: $212.5k in 2025, down ~2.7% from $218.3k in 2024.

Analysis: Groves improved occupancy to 57% (from ~52%) with a net gain of 26 units – continuing an upward trend. Move-ins were strong (the highest volume of any site), offsetting the impact of 37 auctions (which, though high, cleared more delinquent accounts than in 2024). Revenue, however, dipped ~2.7% despite higher occupancy. This suggests that average rental rates in 2025 were lower – possibly due to move-in concessions or inherited lower rates for new tenants. In effect, Groves “bought” occupancy growth at the cost of some revenue per unit. The gross potential rent rose to $21.2k/month, reflecting rate increases, but actual collections fell slightly. For 2026, the strategy should shift to monetizing the occupancy gains: with more units now rented, even small rate adjustments or fee additions can swing revenue upward. Also, at just 57% occupied, Groves has substantial room for growth – every new tenant adds revenue. The key is to continue filling units (there’s still 43% vacancy to target) while gradually firming up rents so that revenue catches up with the occupancy progress.

Radiant – Bridge City

Occupancy: 68.1% (2025) vs 62.1% (2024), up ~5.9 points.

Move-Ins: 107 vs 87.

Move-Outs: 84 vs 78 (14 auctions in 2025; 8 in 2024).

Net Rentals: +23 in 2025 vs +9 in 2024.

Unrentable Units: 0 units vs 0 units.

Gross Potential Rent: ~$26,300/mo vs ~$23,100/mo in Dec 2024.

Total Revenue: $303.5k in 2025, up ~13.7% from $267.0k in 2024.

Analysis: Bridge City had an excellent year, boosting occupancy to 68% (net +23 units) and driving a nearly 14% increase in revenue. Move-ins were robust, and while move-outs ticked up slightly (with a few more auctions than last year), the site achieved solid net growth. Importantly, Bridge City managed to raise rental income substantially in parallel with occupancy gains – a sign of healthy demand and pricing power. Gross potential rent grew to $26.3k, indicating higher rates and possibly more rentable space (no units are unrentable). At year-end, ~32% of units remain vacant, offering more upside. The task for 2026 is to keep the momentum: continue leasing up while maintaining the higher rent levels. With performance trending positively on both occupancy and revenue, Bridge City appears to be on a path of sustained improvement, and if the current approach continues, it could push past the 70% occupancy mark and set new revenue highs in 2026.

Radiant – Tuscaloosa

Occupancy: 60.8% (2025) vs 78.6% (2024), down 17.8 points (largest drop in the portfolio).

Move-Ins: 126 vs 113.

Move-Outs: 180 vs 94 (a massive 59 auctions in 2025; 0 in 2024).

Net Rentals: –54 in 2025 vs +19 in 2024.

Unrentable Units: 0 units vs 0 units.

Gross Potential Rent: ~$31,700/mo vs ~$26,500/mo in Dec 2024.

Total Revenue: $327.5k in 2025, up ~20.1% from $272.7k in 2024.

Analysis: Tuscaloosa’s metrics tell a dramatic story. The facility deliberately purged a large number of delinquent tenants – 59 units were auctioned – which, combined with normal departures, led to 180 move-outs (nearly double the prior year). Consequently, occupancy plummeted from 79% to about 61%, a net loss of 54 occupied units. Despite this, revenue surged by 20% to $327k, the second-highest revenue among all sites. How? Aggressive rate increases and fees on remaining and new tenants evidently outweighed the lost rent from vacated units. Gross potential rent jumped significantly, reflecting these higher price points. In essence, management traded occupancy for revenue, removing non-payers and focusing on fewer, higher-paying renters. This strategy boosted short-term cash flow and cleansed the tenant base, but it leaves a lot of vacant units to fill (nearly 40% of the facility is empty now). The priority in 2026 is to refill those 50+ vacant units with paying customers. If Tuscaloosa can recapture occupancy while maintaining its higher rental rates, it will unlock enormous revenue growth (each 1% occupancy regained now adds significant dollars given the $31.7k monthly potential rent). Monitoring delinquency will remain important to avoid repeating such a large tenant turnover, but Tuscaloosa’s bold reset in 2025 positions it well for revenue acceleration as occupancy is rebuilt.

Radiant – Montgomery

Occupancy: 64.7% (2025) vs 69.7% (2024), down ~5.0 points.

Move-Ins: 105 vs 100.

Move-Outs: 125 vs 100 (49 auctions in 2025; 2 in 2024).

Net Rentals: –20 in 2025 vs +0 in 2024 (no net change prior year).

Unrentable Units: 0 units vs 0 units.

Gross Potential Rent: ~$28,100/mo vs ~$25,400/mo in Dec 2024.

Total Revenue: $290.6k in 2025, down ~2.4% from $297.9k in 2024.

Analysis: Montgomery had a challenging 2025. Occupancy slipped to 64.7% after net loss of 20 units. Move-outs spiked (125 vs 100), largely due to 49 auctions of delinquent accounts, which is a significant clean-out. Revenue dipped ~2.4%, a modest decline given the occupancy loss. This indicates that higher rents or other income nearly compensated for having fewer paying tenants. Indeed, gross potential rent rose to $28.1k/month, pointing to rate increases. So, like Tuscaloosa (though to a lesser extent), Montgomery accepted a short-term occupancy hit to improve tenant quality and revenue per unit. Entering 2026, about 35% of units are vacant, representing an opportunity. The site’s focus should be on marketing and sales to drive move-ins, now that problematic tenants are gone. If Montgomery can refill even half of the 49 auctioned units with paying renters, it will substantially boost both occupancy and revenue. Given the higher rent levels now in place, the revenue upside is strong – management just needs to execute on occupancy recovery while keeping new tenants paying on time.

Radiant – Norwich

Occupancy: 56.2% (2025) vs 69.7% (2024), down ~13.5 points.

Move-Ins: 97 vs 95.

Move-Outs: 145 vs 76 (15 auctions in 2025; 0 in 2024).

Net Rentals: –48 in 2025 vs +19 in 2024.

Unrentable Units: 0 units vs 0 units.

Gross Potential Rent: ~$21,000/mo vs ~$18,500/mo in Dec 2024.

Total Revenue: $203.6k in 2025, up ~3.7% from $196.3k in 2024.

Analysis: Norwich saw one of the steepest occupancy declines, falling to 56% (from ~70%) due to a heavy surge in move-outs – nearly double the prior year. A net 48-unit loss is substantial. Much of this churn came from clearing out bad debt: 15 units went to auction. Yet impressively, revenue still grew by 3.7% in 2025. This again underscores the effect of rent increases; the facility generated more income with far fewer occupied units. The gross potential rent has increased to $21k, reflecting those pricing actions. Norwich now has a high vacancy rate (almost 44% of units open). The silver lining is that the site is earning roughly the same money from a smaller tenant base, so any new rentals will translate directly into revenue growth. For 2026, Norwich’s mandate is to aggressively lease up empty units. With such a low current occupancy, there is significant room for improvement – even reaching 70% again (where it was in 2024) would greatly boost revenue on top of the higher rates now in effect. It will be important to manage tenant turnover better (the 2025 turnover was extraordinarily high) perhaps through stricter tenant screening or improved customer retention, to stabilize occupancy as it grows.

Radiant – Nederland (US 69)

Occupancy: 55.3% (2025) vs 61.6% (2024), down ~6.3 points.

Move-Ins: 86 vs 78.

Move-Outs: 96 vs 80 (20 auctions in 2025; 7 in 2024).

Net Rentals: –10 in 2025 vs –2 in 2024.

Unrentable Units: 0 units vs 0 units.

Gross Potential Rent: ~$19,700/mo vs ~$17,600/mo in Dec 2024.

Total Revenue: $183.4k in 2025, up ~25.7% from $145.9k in 2024.

Analysis: Nederland’s occupancy declined to 55%, continuing to hover around the mid-50s, but the site delivered one of the highest revenue increases in the portfolio at +25.7%. This jump to $183k revenue was achieved even though net rentals were –10 (occupancy loss). The key driver was pricing: Nederland significantly raised rates (gross potential rent went up ~12%) and perhaps introduced new revenue streams. Essentially, the facility is generating far more income per rented unit than before – an encouraging sign of pricing power. With 45% vacancy, however, there’s a lot of idle capacity. Management should aim to translate some of that unrealized potential into actual revenue by boosting occupancy. Even modest occupancy gains in 2026, if done at these higher rent levels, will yield outsized revenue growth. The site did have 20 auctions, indicating some tenant cleanup was done. Going forward, keeping delinquency low and focusing on new leases will be the path to continue the impressive revenue momentum. Nederland’s performance shows that the market can bear higher rates; the next step is filling more units to capitalize on those rates.

Radiant – Orange

Occupancy: 70.0% (2025) vs 59.0% (2024), up 11.0 points.

Move-Ins: 129 vs 95.

Move-Outs: 97 vs 86 (27 auctions in 2025; 7 in 2024).

Net Rentals: +32 in 2025 vs +9 in 2024.

Unrentable Units: 0 units vs 0 units.

Gross Potential Rent: ~$26,500/mo vs ~$22,500/mo in Dec 2024.

Total Revenue: $282.3k in 2025, up ~17.7% from $239.7k in 2024.

Analysis: Orange had a very strong 2025, achieving double-digit growth in both occupancy and revenue. Occupancy rose to 70% (net +32 units), crossing the key 70% threshold, which indicates a healthy leasing environment at this site. Even with 27 auctions (clearing some delinquent tenants), move-ins far outpaced move-outs. Revenue climbed nearly 18%, reaching $282k – a substantial gain driven by the combination of more tenants and higher rents. Gross potential rent is now $26.5k/month, up from $22.5k, reflecting confident pricing. Orange is effectively firing on all cylinders: it’s attracting new renters and charging them more on average than in 2024. With 30% vacancy still left, there’s room to grow, but Orange’s performance is among the best in the portfolio for 2025. The focus for 2026 will be to maintain this balance of occupancy and rate growth. As occupancy enters the 70s%, the facility can shift toward maximizing revenue per unit (since it has achieved a solid tenant base). If Orange continues this trajectory, it will approach full stabilization quickly, making it a star performer in terms of both occupancy rate and income generation.

January 2026 Management Summary & Outlook

Entering 2026, the portfolio is starting from a position of strong revenue potential but with elevated vacancy. As of mid-January 2026, overall occupancy across all Radiant facilities stands at roughly 68% by unit count (approximately 2,141 units occupied of 3,156 total), and about 71% by square footage. This is comparable to the year-end 2025 occupancy level, indicating that occupancy has held steady in the first couple of weeks of the new year. The combined gross potential rent for the portfolio is about $261,000 per month, underscoring how much revenue is on the table if vacancies are filled. Currently, the vacant units represent roughly $53.6k in unrealized monthly rent (the “Gross Vacant Rate”) across all sites – a prime opportunity for revenue growth in 2026.

Early 2026 collections and rental activity are encouraging. Management reports show that in the first 13 days of January, payments have been coming in via various channels (with electronic payments dominating) and occupancy has remained stable. Several facilities that underwent heavy auction activity in late 2025 (e.g. Tuscaloosa, Montgomery) are now beginning the year with cleaner ledgers and are poised to benefit from new move-ins. The focus for Q1 2026 is leasing up the vacant inventory: marketing campaigns and promotions are likely underway to convert the high vacancy at sites like Norwich, Nederland, and Tuscaloosa into move-ins. At the same time, maintaining disciplined revenue management is key – the portfolio achieved significant rent increases in 2025, and those gains should be preserved.

In summary, Radiant’s portfolio enters 2026 with positive momentum in revenue and improved operational efficiency (problem tenants cleared, many units renovated/unlocked). The task ahead is to translate occupancy opportunities into results – every percentage point increase in occupancy will directly boost cash flow given the strong rent per unit metrics now in place. Investors can be optimistic: the groundwork done in 2025 (higher rents, better-paying tenant mix) means that any uptick in occupancy in 2026 should have an outsized benefit on revenue. Management’s priority will be driving that occupancy growth and continuing to manage delinquencies to ensure 2026 builds on the financial successes of 2025, while closing the gap between actual and potential income. With the first signs of 2026 showing stability, the portfolio is well-positioned to seize the substantial revenue upside in the coming year.

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