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Orange, TX

- Rat infestation in climate building- Had ordered supplies to help combat this. This might need a vendor if it has gotten worse. - 39 broken doors reported by BOG- All projects were on hold via Nick - Covered Parking only $62/month (well below nearby comps)- Parking in the area is about $75 and we are going for $64 and some are greatly more. Looks like we have had one move in for parking.

Additional parking area needs cleaned up

get pest control

Quote for gravel for parking drainage issue Groves, TX - Mound of trash sitting in back of property- Was not aware of this - 40 broken latches reported by BOG- Large amount of break ins. Not sure if more supplies have been recently ordered. Also, this could be a mix of unit door repairs that were on hold via Nick.

Summary

Move-ins stayed about the same.

Move-outs increased significantly at every property.

Net rentals dropped sharply—more people moved out than in.

Revenue and projected rent both rose about 30%, likely due to higher rent prices.

Auction-related move-outs went up slightly (from 24 to 28 units), but made up a smaller percentage of total move-outs this year—so they contributed, but weren’t the main reason for the turnover spike.

Delinquency 12/28 to 1/28

⁠

🔹 Radiant – Bridge City

Q3 2025: 6.89%

Jan 2026: 4.3% ➡️ Improved by 2.59%

🔹 Radiant – Groves

Q3 2025: 5.4%

Jan 2026: 5.39% ➡️ Flat

🔹 Radiant – Nederland

Q3 2025: 4.51%

Jan 2026: 2.52% ➡️ Improved by 1.99%

🔹 Radiant – Orange

Q3 2025: 7.10%

Jan 2026: 3.9% ➡️ Improved by 3.2%

Rate Increases

⁠

🔹 November 2025

Increased Tenants: 216

Move-outs (1st mo): 22 → 10.2%

Move-outs (2nd mo): 12 → 5.6%

Move-outs (3rd mo): 15 → 6.9%

Total Move-outs (3 mo): 49 → 22.7%

⁠

🔹 December 2025

Increased Tenants: 141

Move-outs (1st mo): 9 → 6.4%

Move-outs (2nd mo): 12 → 8.5%

Move-outs (3rd mo): —

Total Move-outs (2 mo shown): 21 → 14.9%

Radiant – Bridge City

Move-ins: 54 in Nov–Dec 2024/Jan 2025 vs 47 in Nov–Dec 2025/Jan 2026 – down ~13%.

Move-outs: 42 vs 51 – up 21%. Net rentals fell from +12 to –4 (a swing of –16), indicating a loss of occupancy.

Revenue Collected: ~$57.9K vs $69.8K – up ~20%. (Rental income rose despite fewer move-ins, reflecting higher rates.)

Projected Rent (Gross Potential): ~$60.2K vs $72.0K – up ~20%, showing higher potential rent at full occupancy. Actual occupied rent also rose ~19%.

Auction Sales: 8 units in the prior period vs 5 in the latest period were auctioned. Auctions accounted for ~19% of move-outs in 2024/25 (8 of 42) vs ~10% in 2025/26 (5 of 51), partially driving the higher turnover.

Radiant – Groves

Move-ins: 42 vs 56 – up ~33%.

Move-outs: 50 vs 85 – up 70%. Net rentals went from –8 to –29 (a further –21), showing more units leaving than entering.

Revenue Collected: ~$60.3K vs $75.1K – up ~25%. (Increased rents contributed to higher revenue.)

Projected Rent (Gross Potential): ~$58.2K vs $71.2K – up ~22%. Actual occupied rent rose ~24%.

Auction Sales: 5 units vs 9. Auctions were ~10% of move-outs in 2024/25 (5 of 50) vs ~11% in 2025/26 (9 of 85). The higher auction sales helped push move-outs up.

Radiant – Nederland

Move-ins: 35 vs 38 – up ~9%.

Move-outs: 26 vs 52 – up 100%. Net rentals swung from +9 to –10 (a drop of 19), a significant occupancy loss.

Revenue Collected: ~$48.6K vs $67.0K – up ~38%. (Strong rent increases boosted income.)

Projected Rent (Gross Potential): ~$44.5K vs $72.6K – up ~63%. Actual occupied rent rose ~45%, reflecting much higher rents or occupancy potential.

Auction Sales: 7 units vs 6. Auctions were ~27% of move-outs in 2024/25 (7 of 26) vs ~12% in 2025/26 (6 of 52). Auction volume was slightly lower in raw terms but still contributed significantly to higher move-outs.

Radiant – Orange

Move-ins: 44 vs 32 – down ~27%.

Move-outs: 31 vs 56 – up ~81%. Net rentals dropped from +13 to –24 (down 37), indicating large turnover.

Revenue Collected: ~$40.4K vs $56.8K – up ~41%. (Higher rents led to more revenue despite fewer new moves.)

Projected Rent (Gross Potential): ~$48.3K vs $59.4K – up ~23%. Actual occupied rent rose ~31%.

Auction Sales: 4 units vs 8. Auctions were ~13% of move-outs in 2024/25 (4 of 31) vs ~14% in 2025/26 (8 of 56). The doubling of auctioned units likely contributed to the jump in move-outs.

Portfolio Summary

Move-ins: 175 vs 173 (–2), essentially flat year-over-year.

Move-outs: 149 vs 244 (+95, +64%). Net rentals fell from +26 to –67 (–93), indicating overall occupancy decline.

Revenue Collected: ~$207K vs $269K (+$62K, +30%). Despite fewer move-ins, higher rents drove revenue up significantly.

Projected Rent (Gross Potential): ~$211K vs $275K (+30%), confirming a substantial rise in potential rental income (likely from rate hikes or full-fill).

Auction Sales: 24 units vs 28. Auctioned units were ~16% of total move-outs in 2024/25 vs ~11.5% in 2025/26. In total, the portfolio saw 4 more units sold at auction in the later period. These auction move-outs made a notable contribution to the higher move-out totals (although the bulk of the move-out increase was from non-auction turnovers).

Overall, all properties saw increased move-outs and decreased net rentals year-over-year, while revenue and potential rent rose (reflecting higher rental rates). Auction sales contributed several percentage points to the move-out increases but were not the sole driver.