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251113 Radiant Meeting Notes

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@Ryan Dayhoff

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Wed, Oct 1

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Marketing Updates

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🔹 Portfolio Summary (All Facilities Combined)

Move-ins / Move-outs: 59 move-ins vs. 77 move-outs → Net loss of 18 units.

Leads & Conversion: 99 leads with 75 move-ins → Strong 75% conversion rate.

Occupancy: 71% physical occupancy (2,251 of 3,156 units).

Economic Occupancy: 74–79% (revenue realization compared to gross potential).

Revenue: $138,289 collected so far this month.

Gross Potential Rent: $312,744/month if fully rented.

Auto Pay Enrollment: ~54% portfolio-wide.

Tenant Insurance: ~91% average coverage rate.

Delinquency (30+ Days Past Due): Over 600 tenants; some sites have 30%+ delinquency rates.

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🔸 Facility Highlights

Top Performers (Occupancy + Revenue):

Montgomery: Near 100% economic occupancy; strong conversions.

Norwich & Ocean Springs: High occupancy and revenue close to full potential.

Growth Facilities (Positive Net Rentals):

Groves (+5), Orange (+2), Pascagoula (+2), Tuscaloosa (+1).

Facilities with High Delinquency (>30%):

Montgomery (37%), Groves (33%), Pascagoula (40%).

Low Conversion or Activity Sites:

Nederland (US 69): No move-ins or leads.

Sullivan Rd & Baton Rouge: More move-outs than move-ins, low conversion.

Highest Conversion Rates:

Gautier, Norwich, Pascagoula: 90–100% from lead to rental.

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🔍 Focus Areas

Reduce delinquency, especially at Montgomery, Groves, and Pascagoula.

Increase autopay adoption (several sites below 50%).

Drive more move-ins to offset above-average move-outs.

Leverage strong lead conversion performance across the portfolio.

🔹 Portfolio-Wide Summary

Occupancy Trend:

September: Net gain in occupancy (more move-ins than move-outs).

October: Net loss in occupancy (move-outs exceeded move-ins).

Leads & Conversion:

Likely dropped in October; fewer move-ins suggest lower lead volume or weaker conversion.

Tenant Insurance:

Remained strong at ~90–95% portfolio-wide.

Auto Pay:

Consistent around 54–57% across sites; opportunity for improvement.

Delinquency (30+ Days Past Due):

High and persistent. Over 600 accounts across the portfolio.

Worst sites: Pascagoula (~40%), Montgomery (~37%), Groves (~33%).

Gross Potential Rent (GPR):

Increased at most sites due to aggressive rate hikes (especially Tuscaloosa, Norwich, Groves).

Indicates strong revenue potential despite occupancy dips.

Revenue & Economic Occupancy:

Revenue mostly flat or slightly down in October.

Economic occupancy dropped slightly due to higher GPR and lower collections.

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🔸 Facility Highlights

Table 10

Table 10

Facility

Sep→Oct Trend

GPR Change

Notes

Baton Rouge Quinn

Occupancy ↓ (–5 net units)

↑ ~13%

Solid insurance & auto pay

Sullivan Rd

Stable, slight occupancy ↓

↑ ~$5K

Lowest insurance rate (85%)

Gautier

Stable occupancy

↑ ~$1.6K

Excellent insurance (~98%)

Ocean Springs

Flat occupancy, GPR ↓ slightly

↓ ~$255

Very stable performance

Pascagoula

Occupancy ↓, major delinquency

↑ ~$4.6K

Most troubled site

Groves

Occupancy ↓, GPR ↑

↑ ~$5.8K

High delinquency risk

Bridge City

Slight occupancy ↓

↑ ~$6.8K

Balanced metrics

Tuscaloosa

Occupancy stable, GPR ↑↑

↑ ~$15K+

Poised for future revenue growth

Montgomery

Occupancy ↓, GPR ↓ slightly

↓ ~$589

Second-highest delinquency

Norwich

Strong occupancy, GPR ↑↑

↑ ~$14.8K

Strong future revenue potential

Nederland

Very stable performance

↑ ~$3.3K

Best delinquency control

Orange

Slight occupancy ↓, GPR ↑

↑ ~$6.9K

High insurance, mild decline

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🔍 Key Takeaways

October saw a pullback in performance: more move-outs, softer revenue, but stronger pricing strategy.

Tenant insurance remains a major strength, while delinquency and auto pay need urgent attention.

Most facilities raised rates, positioning for future revenue—but they must now fill units and improve collections to capitalize.

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Rate Increases

ECRI Summary — Radiant Baton Rouge / Radiant Bridgeport (as shown)

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November 2025 (Month-to-Date)

This is the first month showing meaningful ECRI activity.

Rate Increase Performance

579 tenants received increases

Average Length of Stay: 38 months

Old Avg Rate: $97.01

New Avg Rate: $119.35

Average Increase:

+23%

+ $22.34 per unit

Move-Out Impact

18 move-outs within the 3-month window (highlighted in red, likely above target)

Rent Roll Impact (3-Month Rolling)

Rent Before: $56,170

Rent After: $69,103

Average $/sqft:

Before: $0.76

After: $0.96

Revenue Change

+ $10,825 revenue growth over the 3-month period (This is the net gain after accounting for move-outs.)

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High-Level Takeaway

November shows a strong ECRI performance, with:

Significant tenant increases (579)

A strong average lift (23%)

Solid revenue growth ($10.8k over 3 months)

Slightly elevated move-outs (18), but still outweighed by gains

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November 2025 Month-to-Date Performance Summary (Nov 1–13, 2025)

Portfolio-Wide Performance (All Facilities)

As of November 13, 2025, the entire Radiant Storage portfolio (13 facilities) has recorded 59 move-ins and 77 move-outs. This is a net decrease of 18 occupied units month-to-date, indicating slightly more move-outs than move-ins so far. On the marketing side, the portfolio generated roughly 99 new leads, of which 75 have converted to move-ins – an impressive conversion rate of about 75%. This strong conversion rate suggests our team is effectively turning inquiries into new rentals.

In terms of customer financial engagement, about half of our tenants (≈54%) are enrolled in autopay, and a large majority (around 91%) carry tenant insurance coverage (averaged across all sites). Delinquency is an area to monitor: approximately 600 tenants (over a quarter of occupied customers) are over 30 days past due on rent across the portfolio. In some locations, delinquent accounts comprise more than 30% of the tenant base, which is quite high and may require attention (e.g. collections or customer outreach).

Looking at occupancy and revenue, the portfolio’s physical occupancy is around 71% (with 2,251 units occupied out of 3,156 total units). The gross potential rent across all facilities is about $312,744 per month if every unit were rented at standard rates. Currently, the occupied units are producing roughly ~$232K in rent (in aggregate), which means we’re realizing roughly 74–79% of our maximum revenue potential in economic terms. In other words, our economic occupancy (revenue-based occupancy) is in the high 70s percentage-wise. In terms of actual cash flow, the portfolio has collected about $138,289 in revenue so far this month (through Nov 13), which is roughly on track for mid-month (about half of the monthly potential).

Facility Performance Breakdown

Below is a breakdown of key performance metrics for each facility month-to-date in November 2025. For each location, we highlight move-ins and move-outs, lead volume and conversion, occupancy (physical and economic), and other operational metrics like autopay enrollment, insurance uptake, and delinquency.

Radiant Storage – Baton Rouge (Quinn Dr)

Moves: Baton Rouge has seen 1 move-in and 5 move-outs so far, a net change of –4 units. Leads & Conversion: The site received 2 new leads and converted 1 of them into a rental, for a 50% conversion rate. Occupancy & Revenue: About 78% of its units are occupied, and those occupied units are generating approximately $11,118 in rent against a $12,618 gross potential (monthly). This equates to an economic occupancy of roughly 88% (i.e. the facility is earning about 88% of its potential revenue). Other Metrics: Around 59% of Baton Rouge tenants are on autopay, and about 91% have tenant insurance. 21 tenants (approximately 17.9% of its occupied customers) are delinquent over 30 days, which is on the higher side.

Radiant Storage – Bridge City

Moves: There have been 8 move-ins and 10 move-outs at Bridge City, for a net of –2 units this month. Leads & Conversion: The facility generated 11 leads and 9 of those turned into rentals, an excellent conversion rate of about 82%. Occupancy & Revenue: Physical occupancy is roughly 65.7% of units. The occupied units are contributing about $21,089 in rent versus a $27,875 gross potential, yielding an economic occupancy around 76% (i.e. ~76% of possible revenue is being realized). Other Metrics: Approximately 59.6% of tenants use autopay and 89.9% have insurance at Bridge City. The site has 38 tenants (>30 days delinquent), which is about 20.2% of its occupied customers in delinquency.

Radiant Storage – Gautier

Moves: Gautier has had 3 move-ins and 7 move-outs, a net –4 in occupied units month-to-date. Leads & Conversion: It saw 11 new leads and 10 conversions, which is a 90.9% conversion rate – extremely high for lead-to-rental. Occupancy & Revenue: About 75.4% of units are occupied. Current occupied rent is approximately $9,066 out of a $10,701 gross potential, so economic occupancy is ~85% of rent potential. Other Metrics: Autopay participation is about 50.5%, and 97.9% of tenants have insurance – one of the highest insurance rates. 23 tenants are 30+ days delinquent (around 24.2% of occupied tenants).

Radiant Storage – Groves

Moves: Groves has 14 move-ins and 9 move-outs, giving a net gain of +5 units – a healthy increase in occupancy this month. Leads & Conversion: It attracted 32 leads and 20 of them converted to move-ins, which is about a 62.5% conversion rate (a bit lower than some others, likely due to the high volume of leads). Occupancy & Revenue: Physical occupancy at Groves is roughly 66.3%. The occupied units are bringing in about $23,053 in rent against a $28,862 gross potential. That’s an economic occupancy around 80% of the potential revenue. Other Metrics: Autopay usage is ~49.5%, and 95.6% of tenants have insurance at this location. Delinquency is high: 90 tenants (about 32.7% of occupied units) are over 30 days delinquent at Groves, which is one of the highest levels in the portfolio.

Radiant Storage – Montgomery

Moves: Montgomery has logged 5 move-ins and 6 move-outs (net –1) so far in November. Leads & Conversion: It received 10 leads and 8 of those became rentals, an 80% conversion rate, which is quite strong. Occupancy & Revenue: Physical occupancy is about 68.9% of units. Interestingly, the occupied units’ rent ($21,404) is roughly on par with (actually slightly above) the gross potential $20,814 for the facility. This suggests an economic occupancy near 100% or a touch higher – possibly due to premium rents or additional fees boosting actual revenue above standard rates. In essence, Montgomery is earning essentially all of its potential revenue at the moment. Other Metrics: Autopay participation is around 47.2%, with an excellent 97.2% of tenants insured. However, 119 tenants (approximately 36.9% of occupied customers) are 30+ days delinquent – the highest delinquency count in the portfolio, which is a serious concern to address.

Radiant Storage – Nederland (Spurlock)

Moves: The Spurlock facility in Nederland has 4 move-ins and 6 move-outs (net –2 units) so far this month. Leads & Conversion: It saw 5 new leads with 4 conversions, yielding an 80% conversion rate. Occupancy & Revenue: Approximately 75.2% of units are occupied. Current rent from occupied units is about $10,293 versus a $13,631 gross potential, giving an economic occupancy around 75–76%. Other Metrics: Autopay usage is about 56.8%, and 92.0% of tenants have insurance at Spurlock. 15 tenants (around 17.0% of occupied) are over 30 days delinquent on rent, which is relatively moderate compared to other sites.

Radiant Storage – Nederland (US 69)

Moves: The Nederland US 69 location has had 0 move-ins and 4 move-outs, for a net of –4 units (a decline in occupancy this month). Leads & Conversion: It did not receive any new leads in this period, so there were no conversions to report. Occupancy & Revenue: About 81.4% of units are occupied – one of the higher occupancy rates. Those occupied units generate roughly $10,743 in rent compared to $12,501 potential, which means the economic occupancy is about 86% of max revenue. Other Metrics: Autopay enrollment is around 46.8%, and 91.1% of tenants have insurance. There are 23 delinquent tenants (29.1% of occupied) who are 30+ days behind on payments, which is relatively high.

Radiant Storage – Norwich

Moves: Norwich has 3 move-ins and 9 move-outs so far, a net change of –6 units (occupancy decline). Leads & Conversion: It generated 3 leads and all 3 converted into rentals, a 100% conversion rate (small sample size, but great outcome). Occupancy & Revenue: The facility is about 84.8% occupied by unit count, which is quite high. In terms of revenue, current occupied rent is approximately $51,852 versus a $66,708 gross potential. That’s an economic occupancy of roughly 78% of potential revenue. Other Metrics: Autopay participation is ~51.2%, and 92.2% of tenants have insurance. 66 tenants (around 22.4% of the customer base) are over 30 days delinquent at Norwich.

Radiant Storage – Ocean Springs

Moves: Ocean Springs has had 2 move-ins and 3 move-outs, resulting in a net of –1 unit this month. Leads & Conversion: The site received 4 leads and 2 were converted to rentals, a 50% conversion rate. Occupancy & Revenue: Unit occupancy is about 80.6%. Notably, the occupied rent ($13,295) is essentially at 100% of gross potential ($13,040) – in fact, slightly above 100%. This indicates economic occupancy around 100%; the facility is capturing nearly all possible revenue (the slight above-100% could be due to premium rents or services). Other Metrics: Around 58.9% of tenants use autopay, and 93.6% have insurance. Ocean Springs has 27 tenants (about 19.1% of occupied units) 30+ days delinquent.

Radiant Storage – Orange

Moves: The Orange facility reports 6 move-ins and 4 move-outs, a net gain of +2 units so far in November. Leads & Conversion: It accumulated 10 new leads and 7 converted into rentals, for a solid 70% conversion rate. Occupancy & Revenue: Physical occupancy is around 66.2% of units. The occupied units contribute approximately $18,231 in rent versus a $25,148 gross potential, which translates to an economic occupancy of roughly 72–73%. Other Metrics: Autopay enrollment is about 56.7%, and 93.3% of tenants have insurance. 46 tenants (around 25.6% of the customer base) are over 30 days past due on rent at Orange.

Radiant Storage – Pascagoula

Moves: Pascagoula has 3 move-ins and 1 move-out, yielding a net increase of +2 units this month (a positive growth in occupancy). Leads & Conversion: It received 4 leads and all 4 converted to move-ins, an outstanding 100% conversion rate. Occupancy & Revenue: About 78.6% of units are occupied. The occupied rent roll is around $12,996 compared to a $17,640 gross potential, so economic occupancy is roughly 74% of potential revenue. Other Metrics: Only about 42.1% of tenants are on autopay here (one of the lower rates), but 98.3% have insurance – one of the highest insurance uptakes in the portfolio. 45 tenants (approximately 39.5% of occupied customers) are over 30 days delinquent, which is quite high in percentage terms.

Radiant Storage – Sullivan Rd

Moves: Sullivan Rd has seen 1 move-in and 5 move-outs, for a net –4 units in November to date. Leads & Conversion: The facility had 2 new leads and 1 converted into a rental, a 50% conversion rate. Occupancy & Revenue: Current unit occupancy is about 69.5%. Occupied units are generating roughly $11,700 in rent against a $16,827 gross potential, which means economic occupancy is around 69–70% of revenue potential (a bit lower than the portfolio average). Other Metrics: Autopay participation is 54.5%, and 85.4% of tenants have insurance (lower than others). There are 25 delinquent tenants (about 20.3% of the site’s occupants) who are over 30 days past due.

Radiant Storage – Tuscaloosa

Moves: Tuscaloosa has 9 move-ins and 8 move-outs, netting +1 additional occupied unit so far this month. Leads & Conversion: It generated 13 leads and 8 were converted to rentals, which is roughly a 61.5% conversion rate. Occupancy & Revenue: This location’s physical occupancy is about 61.4%, which is on the lower end. The occupied units are bringing in around $31,145 in rent versus a $46,379 gross potential – an economic occupancy of roughly 67%. (There’s plenty of upside here if more units are rented or revenue per unit increases.) Other Metrics: Autopay is utilized by about 53.8% of tenants, and 94.0% have insurance. 63 tenants (approximately 26.9% of occupied units) are over 30 days delinquent on rent at Tuscaloosa.

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Overall, the month-to-date data for November 2025 shows relatively mixed performance. The entire portfolio is slightly down in occupancy (net loss of 18 units) despite some facilities like Groves, Orange, Pascagoula, and Tuscaloosa adding units. Lead conversion is strong across most sites, indicating effective sales handling. Economic occupancy (revenue realization) is in the 70–80% range for most properties, with a few achieving ~100%. However, delinquency levels are elevated at many locations – a trend that may need action (such as more rigorous collections or tenant outreach). We should continue focusing on driving move-ins (and reducing move-outs where possible), while also improving autopay adoption and keeping delinquency in check to boost actual revenue relative to our gross potential. The mid-month figures suggest we are on track, but there is room for improvement in occupancy and collections as we progress through the rest of the month.

Radiant Storage Portfolio: September vs. October 2025 Performance

Overall Portfolio Performance

Move-Ins vs. Move-Outs: The portfolio saw a drop in move-ins in October compared to September, while move-outs increased. This led to a lower net rental figure in October. In September, move-ins exceeded move-outs (positive net rentals, meaning overall occupancy grew), but October had more move-outs than move-ins, resulting in net move-outs for the portfolio. This suggests a seasonal slowdown: the summer’s strong rental activity tapered off into the fall. Overall, occupancy for the portfolio slipped slightly in October after seeing gains in September.

Leads & Conversion Rates: Data on new leads and conversion rates were not provided in the EOM report, but given the decline in move-ins, it’s likely that October had fewer new inquiries or a lower conversion rate than September. In other words, even if lead volumes were similar, fewer of those leads converted to move-ins in October, contributing to the drop in rentals. Improving lead generation and boosting the conversion rate (turning inquiries into rentals) will be important to counteract the seasonal dip in move-ins.

Tenant Insurance (Protection Plans): Tenant insurance penetration remains very high across the portfolio. Most facilities have over 90% of tenants insured, which held steady or even inched up from September to October. This is a strong point: the portfolio is maintaining excellent protection plan enrollment. (For example, several sites have ~95% of tenants on insurance, with even the lowest around 85%.) The consistently high insurance uptake indicates staff are effectively selling tenant insurance at move-in and maintaining compliance – a positive trend with additional revenue and risk mitigation benefits.

Auto Pay Enrollment: Auto-pay usage is moderate and relatively consistent, at roughly 50–60% of tenants enrolled on average. There was no dramatic change from September to October – any improvements were marginal. This means about half of all customers pay via automatic payments, leaving significant room to increase enrollment. Improving this metric is an opportunity for the portfolio: moving more tenants to auto pay could help reduce delinquencies and ensure timely payments. Emphasizing auto-pay signup (for example, at move-in or renewal) could be a focus going forward, especially at facilities on the lower end of enrollment.

Delinquency (>30 Days Past Due): Delinquency remains an area of concern, especially at certain facilities. Portfolio-wide, accounts over 30 days past due did not improve meaningfully in October – in some locations they remained flat or even increased slightly. A few facilities have very high delinquency rates (over 30% of units or tenants delinquent), which persisted into October. For example, Radiant Pascagoula and Radiant Montgomery each have roughly one-third of their tenants delinquent by over 30 days, which is alarmingly high. Other sites are in the 18–25% range of tenants delinquent. October saw some delinquent tenants removed via auction (resulting in move-outs due to non-payment), which can clean up accounts receivable; however, those auctions also contributed to the net occupancy loss. Overall, the portfolio’s delinquency over 30 days was roughly unchanged or slightly down by the end of October thanks to collections efforts, but it remains elevated in several markets. This is a critical area to monitor – high delinquencies at sites like Pascagoula and Montgomery need targeted intervention (collections, liens/auctions, or payment plans) to improve cash flow.

Gross Potential Rent (GPR): Gross potential rent increased in October for most of the portfolio. GPR represents the total rent revenue if all units were rented at standard rates, and in October many facilities saw their GPR rise compared to September. This was driven by rate increases and revenue management strategies: several properties raised rental rates on units going into October. For example, Radiant Tuscaloosa and Radiant Norwich implemented aggressive rate hikes – their potential rent jumped significantly in October (double-digit percentage increases). Many other sites (Orange, Bridge City, Sullivan, etc.) also showed higher GPR month-over-month, reflecting optimized pricing. Only a couple of facilities saw a slight dip in GPR (e.g. Ocean Springs and Montgomery had minor GPR declines), likely due to rate adjustments downward or unit reclassification to address local demand. In summary, the portfolio’s potential revenue capacity grew in October, a positive sign that management is pushing rates where market conditions allow.

Revenue & Economic Occupancy: Total revenue collected was roughly flat to slightly lower in October versus September. The loss of occupied units in October offset the benefit of higher rental rates in many cases. In September, revenue had risen with the occupancy gains; in October, with occupancy slipping, revenue growth stalled despite higher rates. Several facilities with big GPR increases did not see equivalent revenue jumps in the same month, which is expected – rate increases apply gradually and vacancy remained for some units. As a result, economic occupancy (actual revenue as a percentage of potential) was a bit lower in October for those properties. For example, sites like Tuscaloosa and Norwich that raised rates saw their economic occupancy percentage dip slightly (since potential rent grew faster than actual revenue). On the other hand, facilities that maintained occupancy or saw little rate change (e.g. Ocean Springs) kept their economic occupancy stable. Overall, the portfolio’s economic occupancy in October was slightly below September’s level, reflecting the combination of slightly reduced occupancy and expanding potential rent. In other words, the properties are pricing higher (which is good for future revenue) but currently collecting on a smaller occupied base, so there is a slight short-term efficiency drop. As those higher rates translate into actual revenue over time (and if occupancy stabilizes), we should see economic occupancy improve. For now, total October revenue was about on par with September, with some facilities up and others down, and plenty of upside if the vacant potential can be filled.

Facility-by-Facility Highlights

Baton Rouge – Quinn Dr. (Radiant BR Quinn)

Occupancy & Rentals: Strong leasing in September turned to an occupancy slip in October. In September, Quinn had 7 move-ins and only 3 move-outs, for a net gain of +4 units (boosting occupancy into the low 80s% range). In October this reversed – move-ins dropped to 5 while move-outs spiked to 10, yielding a net –5 units (occupancy fell a few points). After growing in September, the facility gave back those gains in October, ending slightly below its August occupancy level. Physical occupancy at end of October was about 81% (down from ~82% in September EOM).

Leads/Conversion: While specific lead numbers aren’t available, the dramatic fall in move-ins suggests either fewer leads or lower conversion in October. September’s high conversion (7 move-ins) could not be replicated in October.

Rates & Revenue: Management raised rental rates for many units going into October, as evidenced by a ~13% jump in Gross Potential Rent. GPR increased from roughly $10.3k in September to $11.7k in October (monthly potential). Despite fewer occupied units, the higher rates helped support revenue. Actual revenue collected was roughly flat month-over-month – October’s loss of paying tenants offset the benefit of higher pricing. Consequently, economic occupancy slipped slightly: with more potential rent on the table and slightly less actually collected, the revenue efficiency declined a bit in October.

Insurance & Auto Pay: Quinn boasts one of the highest insurance attachment rates in the portfolio (~91% of tenants insured). This remained very high both months. Auto-pay enrollment is around 59%, which is decent but leaves room to grow – no significant change from Sep to Oct.

Delinquency: Delinquency at Quinn is comparatively low (around 18% of tenants past due) relative to other sites. It saw minimal change between September and October. The store did process at least one auction in October (one delinquent tenant’s unit was vacated), which helped keep the 30+ day delinquency in check. Overall, Quinn’s receivables health is good, and October’s slight uptick in move-outs was partly due to cleaning out non-paying accounts.

Baton Rouge – Sullivan Rd. (Radiant BR Sullivan)

Occupancy & Rentals: Performance was steady but slightly down. September and October each saw a modest number of move-ins and move-outs. In October, Sullivan had a small net loss of occupied units (move-outs edged out move-ins by a couple units). Occupancy remains in the low 80s percentage-wise, similar to Quinn. Essentially, Sullivan was stable – no large swings – with perhaps a minor occupancy dip in October.

Leads/Conversion: No data provided, but Sullivan’s stable numbers imply consistent lead flow and conversion. There was no spike or crash in rentals, so marketing performance was likely steady month-to-month.

Rates & Revenue: Sullivan implemented rate increases for October, boosting its Gross Potential Rent notably (GPR was up by about $5.1k). This suggests management is pushing rents here as well. Actual revenue for October was roughly flat versus September – the small occupancy loss balanced out the higher rental rates. Economic occupancy might have dipped a touch due to the higher GPR, but not dramatically.

Insurance & Auto Pay: Sullivan has the lowest tenant insurance uptake of the group (around 85% of tenants insured in Oct). While still strong, it lags other locations – an area for potential improvement. Auto-pay participation is ~54%, on the lower side as well. These figures were largely unchanged from September. Emphasizing insurance and auto-pay at this site could help boost ancillary revenue and reduce delinquencies.

Delinquency: Delinquency is moderate (~20% of customers) and held steady into October. Sullivan did not see major deterioration in AR – but about one in five tenants being 30+ days behind is still significant. Continued focus on collections is needed to bring this down. No unusual jump in lien/auction activity was noted; October’s situation was similar to September’s.