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BPT Meeting Notes

⭐ Portfolio Summary (All BPT Properties Combined)

Properties included: Groves, Bridge City, Nederland, Orange

Occupancy (Unit %)

Oct: 65.0%

Nov: 64.6% ➡️ Slight portfolio softening (-0.4 pts) driven primarily by declines in Nederland and Orange.

Move Activity

Move-Ins:

Oct: 60 total

Nov: 55 total

Move-Outs:

Oct: 64 total

Nov: 63 total

➡️ Net rentals improved slightly in November (-4 vs -8 in October).

Financial Metrics (Total Across Portfolio)

GPR:

Oct: $97,506

Nov: $102,219 ➡️ +4.8% month-over-month

Actual Occupied Rent (AOR):

Oct: $70,607

Nov: $71,862 ➡️ +1.8%

Revenue Collected:

Oct: $81,136

Nov: $70,145 ➡️ –13.5% (driven heavily by declines at Groves and Nederland)

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📍 Property-Level Metrics (Oct → Nov)

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1. Radiant – Groves

Occupancy

Oct: 65.0%

Nov: 65.06% ✔️ Minor improvement

Operational Activity

Move-Ins: 17 → 25

Move-Outs: 25 → 25

Financials

GPR: $27,818 → $28,862

AOR: $21,884 → $22,551

Revenue Collected: $24,659 → $21,847 ➡️ Revenue dropped despite increased move-ins — likely timing/collections related.

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2. Radiant – Bridge City

Occupancy

Oct: 68.4%

Nov: 68.0% ⬇️ Slight decline

Operational Activity

Move-Ins: 12 → 12

Move-Outs: 13 → 13

Financials

GPR: $24,010 → $25,134

AOR: $16,253 → $16,949

Revenue Collected: $18,564 → $17,791

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3. Radiant – Nederland

Occupancy

Oct: 62.7%

Nov: 61.1% ⬇️ Largest decline in the portfolio

Operational Activity

Move-Ins: 14 → 6

Move-Outs: 8 → 10 ➡️ This site drove most of the portfolio softening.

Financials

GPR: $21,550 → $23,074

AOR: $13,777 → $14,581

Revenue Collected: $17,312 → $14,366

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4. Radiant – Orange

Occupancy

Oct: 65.0%

Nov: 64.34% ⬇️ Slight decline

Operational Activity

Move-Ins: 17 → 12

Move-Outs: 18 → 15

Financials

GPR: $24,128 → $25,148

AOR: $17,692 → $17,781

Revenue Collected: $20,601 → $16,140

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📊 High-Level Takeaways

What improved

✔ GPR up across all sites ✔ AOR up across all sites ✔ Move-ins improved at Groves ✔ Net rentals improved portfolio-wide

What declined

⚠ Revenue collected dropped significantly (timing + delinquency impact) ⚠ Occupancy declined at 3 of 4 properties ⚠ Nederland continues to be the major drag on portfolio performance

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📄 Narrative Summary — Radiant BPT Portfolio (Oct → Nov 2025)

The Radiant BPT portfolio experienced modest softening in occupancy from October to November, paired with stronger top-line rent growth but a decline in revenue collected. The overall picture reflects stable demand in some pockets (particularly Groves and Bridge City), while Nederland and Orange continue to drag portfolio performance.

Portfolio occupancy dipped slightly from 65.0% to 64.6%, driven mainly by declines at Nederland and Orange. Move-in volume was fairly stable month-over-month (60 → 55), and move-outs remained consistent (64 → 63), resulting in a slightly better net rental position compared to October.

Financially, the portfolio saw healthy growth in both GPR and AOR, with GPR rising 4.8% and AOR climbing 1.8% month over month. This indicates that rate strategies are working and that the rent roll is improving. However, revenue collected decreased by 13.5%, driven largely by weaker collections at Groves and Nederland. This suggests that delinquency and payment timing influenced November’s revenue more than operational performance.

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📍 Property-Level Narratives

Groves

Groves showed stable occupancy, inching up from 65.0% to 65.06%, and delivered a strong increase in move-ins (17 → 25) while maintaining the same level of move-outs. Despite operational strength and a lift in both GPR and AOR, revenue collected dipped, pointing to collections timing or growing delinquency. Still, Groves was the strongest driver of improved move-in activity at the portfolio level.

Bridge City

Bridge City remained steady, with a minor occupancy dip from 68.4% to 68.0%. Both rent roll metrics improved, with GPR and AOR up month-over-month. Move-in and move-out volumes were identical to October, showing consistent demand performance. Revenue collected declined slightly, but overall stability makes Bridge City one of the more predictable assets in the portfolio right now.

Nederland

Nederland saw the largest decline in occupancy, dropping from 62.7% to 61.1%. The dramatic reduction in move-ins (14 → 6) combined with higher move-outs drove the softening. Despite occupancy challenges, rent roll metrics improved, meaning rate strategy is functioning — but lack of demand is suppressing performance. Collections were also down significantly. Nederland remains the primary underperformer, and operational attention is still needed to restore leasing velocity and revenue consistency.

Orange

Orange experienced a slight occupancy decline from 65.0% to 64.34%. Move-ins decreased (17 → 12) and move-outs remained elevated, though slightly improved from October. As with the other sites, Orange showed strong rent roll growth with increases in both GPR and AOR, but revenue collected fell sharply, which signals delinquency pressure or delays in payment posting. Orange is performing moderately well on the rent roll side but is being offset by collections softness.

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🔎 Portfolio Themes & Implications

Rent roll is trending in the right direction across the board — all properties increased GPR and AOR.

Demand is uneven, with Groves and Bridge City holding steady while Nederland and Orange lose occupancy.

Collections represent the biggest gap, driving the decline in revenue collected despite stronger GPR/AOR.

Net rentals improved, showing less negative move-in/out performance, which should support occupancy stabilization once collections catch up.

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