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Move-ins: Down by 80 units across all properties.Move-outs: Increased by 49 units.Revenue & Rent: Despite fewer occupied units, revenue and occupied rent went up across the portfolio, suggesting stronger rent pricing or better-paying tenants.
Q3 2025: 5.44%Jan 2026: 1.79%
➡️ Improved by 3.65%Q3 2025: 4.21%Jan 2026: 2.52%
➡️ Improved by 1.69%Q3 2025: 7.47%Jan 2026: 2.7%
➡️ Improved by 4.77%Q3 2025: 10.47%Jan 2026: 4.81%
➡️ Improved by 5.66%Q3 2025: 6.09%Jan 2026: 2.20%
➡️ Improved by 3.89%
Increased Tenants: 273Move-outs (1st mo): 16 → 5.9%Move-outs (2nd mo): 18 → 6.6%Move-outs (3rd mo): 11 → 4.0%Total Move-outs (3 mo): 45 → 16.5%
Increased Tenants: 397Move-outs (1st mo): 31 → 7.8%Move-outs (2nd mo): 21 → 5.3%Move-outs (3rd mo): —Total Move-outs (2 mo shown): 52 → 13.1%
BR Quinn: Slight drop in move-ins and a rise in move-outs (some due to auction); occupancy down, but rent and revenue up.BR Sullivan: Move-ins dropped sharply; over a quarter of move-outs were auction-related; major net rental decline, but financials improved.Tuscaloosa: Both move-ins and move-outs fell; net occupancy dipped slightly; rent and revenue increased.Montgomery: Move-ins flat, but move-outs nearly tripled (25% due to auction); largest net rental loss; small revenue growth.Norwich: Big drop in move-ins with steady move-outs; occupancy down, but revenue up solidly.
Move-ins/Move-outs: Tenant turnover increased. Move-ins fell from 16 to 14 (–2), while move-outs rose from 14 to 23 (+9). This higher outflow vs inflow caused net rentals (occupied less vacated) to drop by 11 (from +2 to –9). Such turnover shifts are directly tracked by move-in/move-out counts.Auctions: In 2025–26 there were 2 move-outs due to auctions (0 in the prior year). These auction sales accounted for about 8.7% of the 23 total move-outs in 2025–26, modestly contributing to the higher turnover.Rent/Revenue: Despite higher turnover, occupied rent and revenue both increased. Occupied rent grew by $3,791.84 and revenue by $6,976.57, reflecting stronger income in 2025–26. Overall, revenue is up even as net rentals fell.
Move-ins/Move-outs: Move-ins fell sharply (23→13, –10) while move-outs more than doubled (10→22, +12). Net rentals plunged by 22 (from +13 to –9), indicating a significant decline in occupancy. High tenant turnover is signaled by these metrics.Auctions: Six of the 22 move-outs in 2025–26 were due to auctions. This represents about 27.3% of move-outs, a major factor in the increased turnover.Rent/Revenue: Occupied rent rose by $7,705.14 and revenue by $8,772.52, reflecting higher rents or occupancy values on remaining units. However, the sharp net rental drop suggests more vacancies despite higher rents.
Move-ins/Move-outs: Both move-ins and move-outs fell year-over-year (move-ins –42 to 65, move-outs –30 to 58). Net rentals fell modestly (down 12 from +19 to +7). The declines indicate slower turnover overall.Auctions: There were 8 auction move-outs in 2025–26 (versus none prior), representing 13.8% of the 58 move-outs. These sales modestly contributed to move-outs.Rent/Revenue: Despite lower turnover, occupied rent rose by $2,132.92 and revenue by $8,753.70, indicating higher effective rents or occupancy compared to the prior year.
Move-ins/Move-outs: Move-ins were essentially flat (34→35, +1), but move-outs surged (31→89, +58). Net rentals plunged by 57 (from +3 to –54), indicating a large loss of occupied units. This sharp increase in turnover is notable.Auctions: Twenty-two of the 89 move-outs in 2025–26 were auction-related (about 24.7%). Auction sales thus accounted for roughly a quarter of all move-outs, heavily contributing to the occupancy decline.Rent/Revenue: Occupied rent increased by $4,618.22 and revenue by $1,366.57, showing modest income growth despite the occupancy hit. The relatively small revenue gain suggests that lost rent from extra move-outs was not fully offset by higher rents.
Move-ins/Move-outs: Move-ins fell significantly (50→23, –27) while move-outs were unchanged (51 both periods). Net rentals therefore dropped by 27 (from –1 to –28), indicating a decline in occupied units.Auctions: In 2025–26 there were 8 auction move-outs (0 in 2024–25). These sales made up ~15.7% of move-outs, contributing to lower occupancy.Rent/Revenue: Occupied rent rose slightly by $1,353.44 and revenue by $9,152.43. Even with fewer move-ins, higher rents or occupancy on remaining units led to increased income.
Move-ins/Move-outs: Across the portfolio, move-ins fell (230→150, –80) and move-outs rose (194→243, +49). Net rentals decreased by 129 (from +36 to –93), a large year-over-year decline in occupied units. Overall turnover was markedly higher.Auctions: There were 46 auction-related move-outs in 2025–26 (none in 2024–25). These accounted for 18.93% of total move-outs, significantly impacting occupancy.Rent/Revenue: Total occupied rent increased by $19,601.56 and total revenue by $35,021.79. Despite the occupancy loss, higher rents or other factors drove overall income up.
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Portfolio Overview (Nov–Jan: 2024–25 vs. 2025–26)
Auctions 12/28 to 1/28
🔹 Radiant – BR Quinn
🔹 Radiant – BR Sullivan
🔹 Radiant – Tuscaloosa
🔹 Radiant – Montgomery
🔹 Radiant – Norwich
Rate Increases
🔹 November 2025
🔹 December 2025
Property Highlights
Bottom line: Occupancy declined, primarily due to increased move-outs and auctions. However, revenue and rent still climbed year-over-year, indicating financial resilience despite operational churn.
Radiant Portfolio Nov–Dec–Jan 2025–26 vs 2024–25 (YoY Analysis)
We performed a year-over-year comparison of each property and the overall portfolio for the three-month periods Nov 2024–Jan 2025 vs Nov 2025–Jan 2026. Year-over-year (YoY) analysis directly compares performance in the same period of consecutive years. Key metrics include move-ins and move-outs (tenant turnover), net rentals (net occupancy change), move-outs due to auction, occupied rent, and total revenue. The tables below summarize each metric’s totals for the period in 2024–25 and 2025–26, and the absolute change. We then describe whether each metric is up or down YoY and note auction impacts.
Radiant – BR Quinn
Table 21
Metric
Nov2024–Jan2025
Nov2025–Jan2026
Change
Move Ins
16
14
–2
Move Outs
14
23
+9
Net Rentals
2
–9
–11
Move-outs due to auction
n/a
2
n/a
Actual Occupied Rent ($)
31,279
35,070.84
+3,791.84
Revenue Collected ($)
33,566.12
40,542.69
+6,976.57
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Radiant – BR Sullivan
Table 22
Metric
Nov2024–Jan2025
Nov2025–Jan2026
Change
Move Ins
23
13
–10
Move Outs
10
22
+12
Net Rentals
13
–9
–22
Move-outs due to auction
n/a
6
n/a
Actual Occupied Rent ($)
28,619.50
36,324.64
+7,705.14
Revenue Collected ($)
33,459.14
42,231.66
+8,772.52
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Radiant – Tuscaloosa
Table 23
Metric
Nov2024–Jan2025
Nov2025–Jan2026
Change
Move Ins
107
65
–42
Move Outs
88
58
–30
Net Rentals
19
7
–12
Move-outs due to auction
n/a
8
n/a
Actual Occupied Rent ($)
83,299
85,431.92
+2,132.92
Revenue Collected ($)
83,692.09
92,445.79
+8,753.70
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Radiant – Montgomery
Table 24
Metric
Nov2024–Jan2025
Nov2025–Jan2026
Change
Move Ins
34
35
+1
Move Outs
31
89
+58
Net Rentals
3
–54
–57
Move-outs due to auction
n/a
22
n/a
Actual Occupied Rent ($)
60,575
65,193.22
+4,618.22
Revenue Collected ($)
73,737.88
75,104.45
+1,366.57
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Radiant – Norwich
Table 25
Metric
Nov2024–Jan2025
Nov2025–Jan2026
Change
Move Ins
50
23
–27
Move Outs
51
51
0
Net Rentals
–1
–28
–27
Move-outs due to auction
n/a
8
n/a
Actual Occupied Rent ($)
151,432
152,785.44
+1,353.44
Revenue Collected ($)
166,128
175,280.43
+9,152.43
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Portfolio Summary (All Properties Combined)
Table 26
Metric
Nov2024–Jan2025
Nov2025–Jan2026
Change
Move Ins
230
150
–80
Move Outs
194
243
+49
Net Rentals
36
–93
–129
Auctions
0
46
+46
Auction Impact (%)
0%
18.93%
+18.93%
Actual Occupied Rent ($)
355,204.50
374,806.06
+19,601.56
Revenue Collected ($)
390,583.23
425,605.02
+35,021.79
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In summary, almost every property saw year-over-year declines in net rentals (more move-outs than move-ins) and substantial contributions from auction sales to tenant turnover. Occupied rent and revenue generally rose despite higher turnover, reflecting strong rent growth.
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