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2025 showed clear operational progress across most BPT sites, with improved occupancy and revenue growth at three of four facilities.Leasing activity increased materially, driving occupancy gains, but was partially offset by higher move-outs and elevated auctions.Delinquency and unrentable units remain the primary headwinds entering 2026.Portfolio occupancy exited 2025 in the low-to-mid 60% range, up from the high-50s in 2024, but still below stabilized levels.
Occupancy improved from 56% to 62%.Move-ins increased sharply (+29%), driving positive net rentals.Unrentable units improved meaningfully (36 → 24).Revenue declined slightly despite higher occupancy.Key issue: Significant rise in auctions (37 vs 13), impacting revenue quality.
Strongest overall performer in 2025.Occupancy increased from 60% to 66%.Net rentals jumped (+23 vs +1).Revenue grew ~14%, outpacing occupancy growth.Unrentable units cut nearly in half (13 → 7).
Underperformed in 2025 following prior-year strength.Occupancy declined from 83% to 77%.Net rentals shifted from +62 to –10.Auctions nearly tripled, driving elevated move-outs.Revenue and Gross Potential Rent increased due to added capacity.
Most improved site year-over-year, but still lowest occupancy.Occupancy rose from 48% to 59%.Move-ins surged (+73%), producing strong net rentals.Revenue increased ~18%.Unrentable units increased (30 → 36), limiting upside.
Delinquency & AuctionsAuctions rose sharply across all sites and materially impacted net performance.Primary drag on revenue realization.Unrentable UnitsPortfolio improved overall, but Orange and Groves remain elevated.Turning offline units is one of the fastest paths to revenue growth.Revenue vs. PotentialGross Potential Rent expanded meaningfully.Opportunity exists to close the gap between potential and collected revenue through occupancy, collections, and retention.
Portfolio occupancy in early January is slightly above year-end 2025, indicating a stable start to the year.Bridge City and Nederland remain steady.Groves and Orange continue to show delinquency and unrentable pressure.Early collections are healthy, but overlocked units confirm collections remain a priority.
Occupancy and Net Rentals: Three of four sites (Groves, Bridge City, Orange) grew their occupied unit count and occupancy % in 2025. Orange and Bridge City, in particular, posted strong net rental gains. However, Nederland underperformed with an occupancy drop. As a portfolio, occupancy ended 2025 in the low-to-mid 60% range (weighted average), up from the high-50s in 2024 – an improvement, but still leaving significant vacancy to fill.Leasing Activity: Leasing volume (move-ins) increased substantially portfolio-wide. This is a positive sign of demand and marketing effectiveness, especially at Orange. The flip side is higher turnover – move-outs also rose in absolute terms. Partly this is natural with more tenants moving in, but it also indicates retention challenges. Focus on improving tenant retention could help convert those high move-in numbers into lasting occupancy gains, rather than having gains eroded by equally high move-outs.Delinquency and Auctions: A notable concern in 2025 was the spike in auction-related move-outs across all sites. In total, the portfolio saw 98 units emptied via auction in 2025 (up from roughly 35 in 2024), equating to a significant portion of total move-outs. Radiant Groves (37) and Orange (27) had the most auctions, but even Bridge City (14) and Nederland (20) saw increased tenant defaults. High auction counts impact revenue (lost rent, auction expenses) and drive up turnover. This underperformance in collections and tenant quality needs attention – tighter credit control, improved lien processes, or customer outreach might reduce these occurrences.Unrentable Units: By year-end 2025, the portfolio had 78 unrentable units, which is about 6.6% of total units. This is an improvement from the prior year’s 94 unrentables, thanks largely to maintenance efforts at Groves, Bridge City, and Nederland. However, Orange moved in the opposite direction, adding 6 more unrentables. Addressing these offline units is critical for 2026 – especially at Orange (36 unrentable) and to a lesser extent Groves (24 unrentable). Every unrentable unit represents foregone revenue and artificially lowers the occupancy ceiling. Capital improvements and maintenance at these sites should be prioritized to bring units back online.Revenue vs Potential: Portfolio Gross Potential Rent expanded significantly (+ ~$22K/month year-over-year across all sites combined), reflecting added units and rate increases. Actual collected revenue also grew, but not uniformly – Groves saw a slight decline. The gap between potential and actual revenue remains large due to occupancy deficits and delinquencies. For 2026, the focus should be on closing this gap: improving occupancy (filling vacant rentable units) and reducing bad debt so that a greater share of the GPR is realized as collected revenue.Notable Underperformers: In summary, Radiant Nederland and Radiant Orange require the most attention. Nederland’s occupancy decline and surge in move-outs (especially auctions) following its expansion signal a need for stronger leasing and tenant retention strategies. Orange, while improving, still has low occupancy and the highest maintenance backlog (unrentables) – a dual challenge of operational and physical underperformance. Radiant Groves, despite occupancy gains, warrants monitoring for its revenue softness and high delinquencies. Radiant Bridge City is performing well but should not be complacent regarding the slight uptick in auctions.
Overall Occupancy: Portfolio occupancy (across 5 facilities) stands at approximately 64.4% by unit count as of January 13, 2026, which is slightly above the end of 2025 level. This suggests a modest uptick in occupied units in the first weeks of 2026. By area (square footage), occupancy is about 68.5%, indicating that larger units are more occupied (higher area occupancy than unit occupancy).Site Snapshots:Radiant Groves: 254 units occupied out of 415 (≈61.2% occupied). This is roughly on par with December’s occupancy. Groves has 25 units still unrentable (6% of its inventory) and currently 26 units overlocked (delinquent). Early January leasing or vacates haven’t significantly changed its occupancy, so 2026 focus remains on reducing those 25 offline units and curing delinquencies to prevent another wave of auctions.Radiant Bridge City: 186 units occupied out of 286 (≈65.0% occupied). Bridge City enters 2026 maintaining its improved occupancy. Only 7 units (2.4%) are unrentable, reflecting continued good maintenance, and 9 units are overlocked for non-payment. The site appears stable, with the priority to keep occupancy on its upward trajectory and resolve the few delinquencies.Radiant Nederland: Note: The management system now reports Nederland in two segments (Sp and US69). Combined, Nederland has 164 occupied of 214 total units (~76.6% occupancy), consistent with late-2025 levels. Unrentable units total 12 (around 5.6%), and there are about 7 overlocked units between the two segments. The early 2026 focus for Nederland is leasing up the remaining new capacity and lowering delinquencies – no significant change in occupancy has occurred in the first two weeks of the year, so effort is needed to accelerate move-ins.Radiant Orange: 160 units occupied out of 272 (≈58.8% occupied) as of Jan 13, essentially holding the 59% level from year-end. Orange still has 36 units (13.2%) unrentable – the highest volume in the portfolio – and 12 units overlocked for delinquency. The management update underscores that Orange’s issues persist into 2026. Management should prioritize the refurbishment of those 36 units and resolving delinquencies to unlock growth.Revenue and Collections: In the first 13 days of January, initial revenue collections have been reported (e.g., ~$54k received via credit card payments across the portfolio in MTD January). Early-month collections look healthy, but the overlocked unit counts (total 54 across all sites in mid-Jan) show that delinquency management remains a key concern into 2026. Efforts such as increasing auto-pay enrollment (Bridge City shows ~169 units on auto-pay) and insurance compliance are being tracked as per the management summary, indicating management’s proactive measures to stabilize cash flow.
BPT Meeting Notes
Radiant BPT – 2025 Year-End Summary (Concise)
Overall Portfolio Snapshot
Site-Level Highlights
Radiant Groves
Focus for 2026: Improve collections, reduce delinquencies, and convert higher occupancy into stronger revenue.
Radiant Bridge City
Focus for 2026: Maintain momentum and continue managing delinquency early.
Radiant Nederland
Focus for 2026: Lease-up remaining inventory, stabilize retention, and reduce auction activity.
Radiant Orange
Focus for 2026: Address maintenance backlog and reduce delinquency to unlock further occupancy gains.
Portfolio-Wide Focus Areas
January 2026 Early Read
Executive Outlook
Radiant BPT exited 2025 with improved fundamentals and leasing momentum, particularly at Bridge City and Orange. However, collections, delinquency control, and unit readiness will determine how much of the growing Gross Potential Rent converts into actual revenue in 2026. Addressing these items early positions the portfolio for meaningful upside in the year ahead.
Radiant BPT 2025 Year-End Performance Review
Radiant Groves
2025 vs 2024 Key Metrics (Radiant Groves)
Table 9
Metric
2024
2025
Move-Ins (annual)
191
247
Move-Outs (annual, total)
196 (incl. 13 auctions)
258 (incl. 37 auctions)
Net Rentals (units)
+8
+26
Unrentable Units (Dec EOY)
36
24
Occupancy Rate (Dec EOY)
56.2%
62.0%
Gross Potential Rent (Dec)
$19,328
$22,954
Revenue Collected (annual)
$271,602
$264,357
There are no rows in this table
Radiant Groves saw improved occupancy in 2025, rising from about 56% at end of 2024 to 62% by end of 2025. This gain was driven by higher leasing activity – move-ins increased by 29% year-over-year (247 in 2025 vs 191 in 2024). Move-outs also rose (258 vs 196), largely due to a spike in auction-related move-outs (37 units were vacated via auction in 2025, up from 13 in 2024). Excluding those delinquency-driven vacates, net rentals was a positive +26 units, indicating solid leasing momentum and more tenants gained than lost through normal operations. Unrentable units improved significantly, dropping from 36 units offline at 2024 year-end to 24 by end of 2025, suggesting successful maintenance or renovation efforts returned 12 units to service.
Despite higher occupancy and restored units, annual revenue at Groves dipped slightly in 2025 (down about 2.7%). Gross Potential Rent (GPR) – the monthly rent potential at full occupancy – climbed nearly 19% (to ~$22.9k). The revenue decline alongside occupancy gains points to revenue yield issues, likely from rent concessions, delinquency write-offs, or rate reductions. The surge in auctions (delinquent accounts) is a concern, as it not only elevated turnover but also represents lost income. In summary, Radiant Groves improved its occupancy and unit availability in 2025, but the increase in tenant defaults and a slight drop in revenue signal a need for better rent collection and income management.
Figure: Radiant Groves experienced an upward trend in occupancy through 2025, ending the year ~6 percentage points higher than 2024. However, the site faced elevated move-out activity due to delinquent account auctions, which tempered net occupancy gains. (Chart omitted)
Radiant Bridge City
2025 vs 2024 Key Metrics (Bridge City)
Table 17
Metric
2024
2025
Move-Ins (annual)
172
188
Move-Outs (annual, total)
179 (incl. 8 auctions)
181 (incl. 14 auctions)
Net Rentals (units)
+1
+23
Unrentable Units (Dec EOY)
13
7
Occupancy Rate (Dec EOY)
60.1%
66.0%
Gross Potential Rent (Dec)
$19,936
$22,438
Revenue Collected (annual)
$239,409
$272,126
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Radiant Bridge City delivered a strong performance in 2025. Occupancy rose from ~60% to 66% by year-end, reflecting steady improvement. Move-ins increased (~9% higher than 2024), and move-outs were virtually flat (181 vs 179). Notably, net rentals jumped to +23 (from only +1 in 2024), indicating that, excluding auction vacates, far more tenants were gained than lost. The number of auction-related move-outs did rise (14 in 2025 vs 8 prior year), but even with those factored in, Bridge City achieved a net occupancy increase.
Unrentable units were reduced almost by half, down to 7 units at the end of 2025. This reduction in offline units helped boost available inventory and potential income. Gross Potential Rent grew about 12.5%, in line with higher occupancy and likely rate increases, and actual collected revenue climbed ~13.7% year-over-year to $272K. This revenue growth outpaced the occupancy gain, suggesting effective rental rate management or ancillary income growth. Overall, Bridge City’s 2025 results were positive: higher occupancy, higher revenue, and fewer offline units. The primary caution is the moderate increase in delinquency/auctions; continued attention to collections can further solidify performance, but no major underperformance issues stand out for Bridge City in 2025.
Figure: Radiant Bridge City maintained a consistently higher occupancy throughout 2025 compared to 2024, ending the year about 6 points higher. The site’s leasing momentum and reduced downtime of units contributed to notable revenue growth. (Chart omitted)
Radiant Nederland
2025 vs 2024 Key Metrics (Nederland)
Table 18
Metric
2024
2025
Move-Ins (annual)
157
130
Move-Outs (annual, total)
102 (incl. 7 auctions)
164 (incl. 20 auctions)
Net Rentals (units)
+62
–10
Unrentable Units (Dec EOY)
15
11
Occupancy Rate (Dec EOY)
83.3%
77.0%
Gross Potential Rent (Dec)
$14,548
$23,250
Revenue Collected (annual)
$195,723
$245,940
There are no rows in this table
Radiant Nederland had a challenging 2025, reversing some of the gains of 2024. Occupancy fell from a very high 83% at 2024’s end down to 77% by end of 2025 – a drop of over 6 percentage points. After a strong 2024 in which net rentals added 62 occupied units, 2025 saw a net rental loss of 10 units (excluding auctions). The site struggled with lower move-in volume (130, down 17% from prior year) while move-outs spiked sharply to 164. Particularly concerning, delinquency-related move-outs (auctions) nearly tripled – 20 auctions in 2025 versus 7 in 2024 – contributing heavily to the occupancy decline. This indicates both a retention issue and possibly a wave of tenant defaults.
Interestingly, Gross Potential Rent surged by ~60% in 2025, and actual revenue collected jumped ~25%. This suggests that new rentable square footage or significant rate increases came into play (the facility’s capacity expanded, as evidenced by GPR growth). Indeed, the Nederland property appears to have added units or combined an additional location in 2025, boosting total unit count and potential rent. However, filling that new capacity proved difficult in the short term – move-ins did not keep pace with the larger inventory, causing occupancy % to drop. On a positive note, unrentable units fell from 15 to 11, indicating some progress on unit readiness.
In summary, Radiant Nederland’s performance in 2025 underperformed expectations: despite higher revenue potential, the site saw occupancy and net rentals decline. The expansion or added phase drove revenue up, but the elevated turnover and delinquency (20 auctions) and decreased occupancy rate highlight the need for focused leasing and tenant retention efforts in 2026 to stabilize this location.
Figure: Radiant Nederland’s occupancy trended lower in 2025 compared to 2024, with a notable dip in the second half of the year as new capacity came online but vacancies rose. The year-over-year comparison shows 2025 occupancy lagging behind 2024 levels in most months. (Chart omitted)
Radiant Orange
2025 vs 2024 Key Metrics (Radiant Orange)
Table 19
Metric
2024
2025
Move-Ins (annual)
123
213
Move-Outs (annual, total)
131 (incl. 7 auctions)
208 (incl. 27 auctions)
Net Rentals (units)
–1
+32
Unrentable Units (Dec EOY)
30
36
Occupancy Rate (Dec EOY)
48.0%
59.0%
Gross Potential Rent (Dec)
$16,086
$17,014
Revenue Collected (annual)
$171,178
$201,447
There are no rows in this table
Radiant Orange showed significant improvement in 2025 but remains the lowest-performing site in occupancy. Year-end occupancy climbed to 59%, up from 48% a year prior, a sizable 11-point increase. This was fueled by an intense increase in leasing activity – move-ins surged by 73% (213 vs 123). Move-outs also rose (208 vs 131), but the vast majority were the result of higher tenant churn from vastly increased rentals and some elevated delinquency. The site recorded 27 auctions (up from 7), second only to Groves in absolute number, which indicates more defaults contributing to move-outs. Even so, net rentals ended at +32 units, a strong turnaround from the net negative in 2024, meaning the location did manage to grow its occupied count substantially over the year (when excluding the auction losses).
Annual revenue for Orange increased ~18% to $201K, paralleling the occupancy gains. Gross Potential Rent saw a modest ~6% uptick, reflecting that rent rates or total rentable space had a smaller increase relative to other sites – the revenue growth is primarily volume-driven (i.e. filling more units). A point of concern is that unrentable units actually increased in 2025, rising from 30 to 36 units. By December 2025, fully 13% of Orange’s units were offline/unrentable, the highest proportion among the facilities. This suggests ongoing capital or maintenance issues at Orange, which constrain how high occupancy can go (even at 100% leasing of rentable units, the offline units cap the achievable occupancy at ~87%).
In summary, Radiant Orange made strides in occupancy and revenue during 2025, demonstrating strong leasing momentum. However, it still lags in overall occupancy rate, and the increase in unrentable units is a red flag. The site’s improvement is encouraging, but further attention is needed to rehab and turn those 36 unrentable units and to reduce tenant defaults (27 auctions) so that the positive leasing trend can translate into even higher occupancy and revenue in 2026.
Figure: Radiant Orange’s monthly occupancy trended upward throughout 2025, consistently outperforming 2024 on a month-by-month basis, though the overall level remains lowest among the sites. The chart would show a steep climb in mid-2025 as aggressive leasing took effect. (Chart omitted)
Portfolio-Wide Insights and Focus Areas
Across the Radiant BPT portfolio, 2025 showed generally positive momentum with higher occupancy rates and revenues at most sites, but also revealed some areas needing improvement. Below are key cross-site insights and underperformance highlights:
Management Summary – January 2026 Update
As of mid-January 2026, the portfolio’s performance is showing some early trends:
Outlook: The January 2026 snapshot suggests that the portfolio is carrying forward the occupancy gains from 2025, with no major fluctuations so far. The primary challenges highlighted – high unrentable counts at Orange (and to a lesser extent Groves), and high delinquency/overlocked units at Groves and Orange – are front and center in the new year. Management’s focus for Q1 2026 should be on converting more of the Gross Potential Rent into actual revenue: by filling the vacant units (leveraging the improved occupancy momentum at sites like Orange and Bridge City), expediting the turn of unrentable units (especially the 36 at Orange), and curbing delinquencies through stricter collections to reduce those overlocked units. By addressing these areas, Radiant BPT facilities can build on 2025’s improvements and drive significantly better performance in 2026.
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