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📊 Portfolio Overview

Move-Ins / Move-Outs: 32 move-ins vs. 33 move-outs → net loss of 1 unit

Leads & Conversions: ~58 leads, ~40 move-ins → ~69% conversion rate

Tenant Insurance: ~93% of tenants insured

Autopay Participation: ~54% enrolled

Delinquency: 212 past due accounts, 56 over 30 days delinquent

Gross Potential Rent (GPR): ~$108,000

Economic Occupancy: ~77.2%

Revenue Collected (MTD): ~$44,700

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🏢 Facility-Level Highlights

Bridge City

Net loss of 2 units

82% conversion rate

20% tenants past due

Economic occupancy: ~76%

Revenue: $10.9K

Groves

Net gain of 5 units

63% conversion rate

Highest delinquency: ~33% past due

Economic occupancy: ~80%

Revenue: $11.8K

Nederland – Spurlock

Net loss of 2 units

80% conversion rate

Low delinquency: ~17% past due

Economic occupancy: ~76%

Revenue: $5.7K

Nederland – US 69

Net loss of 4 units

No new leads/move-ins

~29% tenants past due

Highest economic occupancy: ~86%

Revenue: $5.6K

Orange

Net gain of 2 units

70% conversion rate

26% tenants past due

Economic occupancy: ~73%

Revenue: $10.5K

📊 Portfolio Summary – September vs. October

Overall Portfolio Trends

Move-ins & Move-outs: Activity increased in October.

September: 67 move-ins / 69 move-outs (net -2)

October: 76 move-ins / 77 move-outs (net -1) → Occupancy remained essentially flat both months.

Demand & Conversion: Lead volume and conversions improved in October, driving more move-ins.

Financial Performance Improved:

Gross Potential Rent (GPR): ↑ from ~$103k → ~$105.5k

Revenue Collected: ↑ from ~$84.5k → ~$93.3k (~10% increase)

Economic Occupancy: ↑ from ~82% → ~88%

Insurance Participation: Already strong; increased further to 95%+ portfolio-wide.

Autopay: Stable around 50–60% of tenants.

Delinquency:

September: ~3% over 30 days

October: ~8–9% over 30 days → Delinquencies worsened, largely driven by Groves.

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🏢 Facility-Level Comparison

Radiant Groves

Leasing Activity:

Sep: Strong (31 MIs / 24 MOs)

Oct: Slowed (19 MIs / 20 MOs) → net -1

Revenue: Increased from ~$22.9k → ~$24.7k.

Insurance: Jumped to nearly 99%.

Concern: Major rise in delinquency (3.2% → 12.3%).

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Radiant Bridge City

Leasing:

Sep: 13 MIs / 13 MOs (flat)

Oct: 18 MIs / 16 MOs → net +2

Revenue: Increased from ~$22.7k → ~$24.7k.

Economic Occupancy: Improved to ~90%.

Delinquency: Rose from 3.6% → 8.7%, but still moderate.

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Radiant Nederland (Spurlock + US 69 Combined)

Leasing: Big rebound in October

Sep: -9 net units

Oct: -2 net units (much improved)

Revenue: Increased from ~$21.6k → ~$23.4k.

Insurance: Up sharply to 96% insured tenants.

Delinquency: Dropped from 3.3% → 0% (all resolved/cleared).

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Radiant Orange

Leasing:

Both months: perfectly flat (17/17 and 22/22)

Turnover: Activity increased in October, but occupancy stable.

Revenue: Jumped from ~$17.2k → ~$20.6k (~20% increase).

Economic Occupancy: Improved from ~73% → ~85%.

Delinquency: Increased from 4.5% → 8.6%.

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🔎 High-Level Takeaways

Revenue and economic occupancy improved across the entire portfolio in October.

Demand strengthened with more move-ins month-over-month.

Insurance participation is extremely strong and still improving.

Nederland saw the biggest operational improvement, especially in delinquency resolution.

Groves is the largest concern, with the steepest rise in 30-day+ delinquencies.

Occupancy overall remained stable, but October showed better rent collection and cash flow.

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Rate Increases

ECRI Summary — Radiant Bridge City, Radiant Groves… (as shown in filter)

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November 2025 (Month-to-Date)

ECRI Activity

220 tenants received increases

Eligible tenants: 718

Average Length of Stay: 39 months

Rate Change Performance

Old Avg Rate: $113.40

New Avg Rate: $135.01

Average Increase:

+19.1%

+ $21.61 per unit

Move-Out Impact

6 move-outs from ECRI increases (slightly elevated but manageable)

Rent Roll Impact (Rolling 3 Months)

Rent Before: $24,947

Rent After: $29,703

Avg $/sqft:

Before: $0.81

After: $0.98

Net Revenue Impact

+ $3,908 growth over the trailing 3 months

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High-Level Insight

Strong, positive November performance:

Good increase penetration (220 increases)

Solid rate lift (+19%)

Manageable drag from move-outs (6)

Revenue improved ~$4K over the 3-month period, with no prior activity in Sept or Oct.

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Radiant BPT Portfolio Performance Summary (Nov 1–13, 2025)

Portfolio-Wide Summary (MTD November 1–13, 2025)

During the first 13 days of November 2025, the Radiant BPT self-storage portfolio (5 facilities) saw a total of 32 move-ins and 33 move-outs, yielding a net change of -1 unit (one fewer occupied unit than at the start of the month). In the same period, the portfolio generated ~58 new leads and converted ~40 of those leads into actual move-ins (an overall conversion rate of roughly 69%). This indicates a healthy lead-to-rental conversion performance across the portfolio. Tenant interest remained strong, as evidenced by the steady lead volume and high conversion efficiency.

Operationally, the portfolio maintains very high tenant insurance participation (about 93% of tenants carry insurance) and over half of all tenants (~54%) are enrolled in autopay for their monthly rent. These high participation rates in insurance and autopay reflect strong adoption of risk mitigation and payment convenience programs across the properties. Delinquency is being closely monitored – 212 tenants (about 26% of occupied units) have an outstanding balance, and of those, 56 accounts are over 30 days past due (approximately 18.5% of occupied units). This indicates that while a quarter of tenants are behind on payments to some extent, a smaller subset (about one in five occupied units) are seriously delinquent (beyond one month in arrears).

In financial terms, the portfolio’s gross potential rent (GPR) – the total monthly rent if all units were rented at standard rates – is about $108,017 per month. As of Nov 13, the occupied units are generating approximately $83,409 in actual rent, which translates to an economic occupancy of roughly 77.2% (actual rent being 77% of GPR). This gap between GPR and actual revenue is due to vacant units, discounts, or delinquencies. Month-to-date revenue collected (payments) through November 13 is approximately $44.7k, reflecting the cash inflows so far this month against the charges billed. Overall, the portfolio is performing steadily – modest net rental loss of one unit, strong lead conversion, high insurance/autopay uptake, and economic occupancy around 77%, with some delinquency pressure that warrants continued attention.

Facility-Level Performance (Nov 1–13, 2025)

Below is a breakdown of key performance metrics for each facility in the Radiant portfolio for the month-to-date:

Radiant Storage – Bridge City

Move-Ins/Outs: 8 move-ins and 10 move-outs, for a net loss of 2 units. This slight decline in occupancy indicates move-outs outpaced move-ins in early November for Bridge City.

Leads & Conversions: The facility generated 11 new leads and converted 9 of them into move-ins (conversion rate ~81.8%), demonstrating very high effectiveness in turning inquiries into rentals.

Insurance & Autopay: Tenant insurance participation is about 90%, and approximately 60% of Bridge City’s tenants are on autopay. This shows strong engagement in both programs at this location.

Delinquency: 38 accounts (around 20% of occupied units) are currently past due on rent. (Note: This includes all past-due accounts; the subset over 30 days delinquent is smaller.) The facility is managing delinquencies, but roughly one-fifth of tenants have an outstanding balance at mid-month.

Financials: Gross Potential Rent for Bridge City is about $27,875 per month, while the occupied rent (current economic rent being collected on occupied units) is roughly $21,089, translating to an economic occupancy of ~75.7%. MTD revenue collected through Nov 13 is approximately $10,947.

Radiant Storage – Groves

Move-Ins/Outs: 14 move-ins and 9 move-outs, resulting in a net gain of 5 units – Groves saw a solid occupancy increase in the first half of November.

Leads & Conversions: It attracted 32 new leads and converted 20 into rentals (conversion rate ~62.5%), a decent conversion rate though a bit lower than some peers. The high lead volume indicates strong demand in this market.

Insurance & Autopay: About 95.6% of tenants at Groves have insurance coverage – the highest in the portfolio – and roughly 49.5% are enrolled in autopay. There is room to increase autopay participation, but insurance uptake is excellent.

Delinquency: 90 accounts (around 32.7% of occupied units) show as past due on rent. This is the highest delinquency count among the facilities. Many of these are likely in early-stage delinquency; the site also has several accounts in the lien process. Addressing delinquencies at Groves is a priority given about one-third of tenants are behind on payments.

Financials: Groves has a Gross Potential Rent of roughly $28,862 per month, with current occupied rent at about $23,053 (economic occupancy ~79.9% of GPR). Month-to-date, Groves has collected approximately $11,784 in revenue.

Radiant Storage – Nederland Spurlock

Move-Ins/Outs: 4 move-ins and 6 move-outs, for a net loss of 2 units so far in November. Occupancy has dipped slightly at the Spurlock facility.

Leads & Conversions: 5 new leads were generated and 4 converted to move-ins (conversion 80%), a strong conversion rate albeit from a smaller lead pool.

Insurance & Autopay: Approximately 92.0% of tenants have insurance, and 56.8% are on autopay. These healthy rates suggest good adoption of insurance and automatic payments among Spurlock’s tenant base.

Delinquency: 15 accounts (~17.0% of occupied units) are past due on rent. This is a relatively low delinquency rate for the portfolio, indicating better payment status at Spurlock (only about one in six tenants behind on rent).

Financials: The Spurlock facility’s Gross Potential Rent is about $13,631 per month, with current occupied rent around $10,293 (economic occupancy ~75.5% of GPR). As of Nov 13, it has collected roughly $5,733 in MTD revenue.

Radiant Storage – Nederland US 69

Move-Ins/Outs: 0 move-ins and 4 move-outs, yielding a net loss of 4 units month-to-date. US 69 experienced a decline in occupancy in early November with no new move-ins to offset departures.

Leads & Conversions: The facility had 0 new leads logged in this period (and thus 0 conversions). Essentially, US 69 did not generate any new tenant inquiries in the first half of the month, which contributed to its lack of move-ins.

Insurance & Autopay: About 91.1% of current tenants have insurance, and 46.8% are on autopay at US 69. While insurance participation is strong, less than half of tenants use autopay – presenting an opportunity to improve automated payment adoption.

Delinquency: 23 accounts (~29.1% of occupied units) are past due on rent. A sizable portion of this facility’s tenants are behind on payments, so tightening collections and follow-ups at US 69 is important.

Financials: The Gross Potential Rent for US 69 is approximately $12,501 per month, with current occupied rent at roughly $10,743 (economic occupancy ~85.9% of GPR, the highest economic occupancy in the portfolio). Month-to-date revenue collected is about $5,565 for this location.

Radiant Storage – Orange

Move-Ins/Outs: 6 move-ins and 4 move-outs, for a net gain of 2 units in the first part of November. Orange saw a modest increase in occupancy.

Leads & Conversions: 10 new leads were generated and 7 converted to rentals, a 70% conversion rate which is quite solid. This indicates effective sales/marketing at the Orange facility.

Insurance & Autopay: 93.3% of Orange’s tenants have insurance (very high participation), and 56.7% are enrolled in autopay. These figures are in line with the portfolio averages, showing strong program adoption.

Delinquency: 46 accounts (~25.6% of occupied units) are past due on rent. About a quarter of tenants at Orange are behind on payments to some degree, so collections efforts should continue to focus here as well.

Financials: Orange has a Gross Potential Rent of about $25,148 per month, with current occupied rent around $18,231 (economic occupancy ~72.5% of GPR). It has collected roughly $10,505 in revenue MTD through November 13.

Radiant BPT Portfolio – September vs. October 2025 Performance Comparison

Portfolio Overview

Occupancy and Demand: The Radiant BPT portfolio saw a slight uptick in move-in activity in October compared to September, but this was met with a parallel rise in move-outs. In total, October recorded 76 move-ins vs. 77 move-outs, while September had 67 move-ins vs. 69 move-outs, resulting in a near-neutral net change for both months (approximately -1 net in October vs -2 in September, essentially flat occupancy). This suggests overall occupancy held steady month-over-month. New customer lead volumes appear to have increased modestly in October (supporting the higher move-in count), and the conversion rate of leads to rentals remained strong – roughly in the high 60% range – if not improving slightly with the boosted October leasing activity.

Financial Performance: Portfolio-wide revenue metrics improved from September to October. Gross Potential Rent (GPR) edged up about 2–3% month-over-month (approximately $103k in September to $105.5k in October), reflecting either rate increases or added rentable capacity. More importantly, the portfolio captured a greater share of this potential revenue in October: economic occupancy (actual revenue collected as a percentage of GPR) rose from roughly 82% in September to about 88% in October, indicating better rent collection and fewer concessions or delinquencies dragging down realized income. As a result, total revenue for the portfolio climbed by around 10%, with October collections at approximately $93.3k versus about $84.5k in September. Tenant insurance participation – already very high – increased further, approaching 95%+ portfolio-wide by the end of October as more tenants adopted insurance coverage. Autopay participation held relatively steady, with roughly half to around 60% of tenants enrolled in automatic payments across the portfolio. One area of concern is delinquency: the percentage of accounts over 30 days past due jumped from around 3% in September to roughly 8–9% in October at the portfolio level, driven largely by spikes at certain facilities (most notably Groves, as detailed below).

Radiant – Groves

Occupancy & Rentals: Radiant Groves experienced a notable slowdown in October compared to the prior month. Move-ins dropped to 19 (from 31 in September), while move-outs eased to 20 (from 24). This shift flipped net rentals to a slight negative in October (-1, after a +7 net gain in September), indicating a small dip in occupied unit count. The decline in move-in volume suggests that October saw either fewer new leads or a lower conversion rate than the robust leasing seen in September.

Financial & Other Metrics: Despite the mild occupancy dip, Groves actually achieved higher revenue in October. GPR inched up from about $27.0k in Sep to $27.8k in Oct, and the site’s economic occupancy improved as more of that potential rent was realized – October’s revenue collected was ~$24.7k, up from ~$22.9k in September. Tenant insurance participation at Groves, already high, jumped from roughly 94% to nearly 99% of tenants with insurance. Autopay enrollment remains relatively low here compared to other sites (on the order of half of tenants enrolled), with little change month-to-month. A concerning trend was the spike in delinquency: accounts over 30 days past due surged from about 3.2% of receivables in September to roughly 12.3% in October, indicating a significant rise in seriously delinquent accounts and balances at Groves.

Radiant – Bridge City

Occupancy & Rentals: Bridge City saw a pickup in rental activity moving into October. Move-ins increased to 18 (from 13 in September), slightly outpacing the rise in move-outs (16, from 13). This yielded a net gain of +2 units in October (versus 0 net change in September), indicating a modest occupancy increase. The improvement likely reflects a mild uptick in demand coupled with continued strong conversion of inquiries into new rentals.

Financial & Other Metrics: Bridge City’s performance metrics improved alongside its higher move-ins. Gross Potential Rent was essentially flat ($27.2k in Sep vs $27.3k in Oct), but revenue collected rose from about $22.7k to $24.7k. This boost in collections drove economic occupancy up to roughly 90% in October (from ~84% in Sep), meaning a greater fraction of potential rent was realized. Tenant insurance participation edged up from roughly 90.7% to ~93.4% of tenants insured, and autopay usage remained robust at roughly 60% of tenants on automatic payments. Like the portfolio trend, Bridge City’s delinquency ticked upward – the over-30-day delinquent rate grew from about 3.6% in September to 8.7% in October – but remained under 10%, indicating that while some more accounts fell behind, the issue is not yet severe at this site.

Radiant – Nederland (Spurlock & US 69)

Occupancy & Rentals: The Nederland locations (Spurlock and US 69, combined for reporting) saw a significant rebound in October. Move-ins surged to 17 new rentals in October (a sharp rise from just 6 in September), while move-outs increased to 19 (from 15). The result was net -2 units in October, a marked improvement compared to the -9 net loss in September – essentially, the steep occupancy drop Nederland experienced in September was largely stemmed in October. This leasing turnaround suggests a substantial increase in lead generation in October and a much higher conversion of those leads to move-ins (relative to the very soft performance in September).

Financial & Other Metrics: Revenue and other key metrics improved in tandem with Nederland’s leasing uptick. Gross Potential Rent grew from about $25.4k in Sep to $26.3k in Oct, and actual revenue collected rose from approximately $21.6k to $23.4k. Consequently, economic occupancy climbed to roughly 89% in October (up from ~85% in September), indicating better income yield against the property’s potential. Insurance participation at Nederland also jumped, from about 90.6% of tenants insured in Sep to 96.0% in Oct, reflecting successful enrollment of new tenants in protection plans. Autopay participation held roughly steady around the mid-50% of tenants mark, similar to prior levels. Notably – and in contrast to other sites – Nederland completely cleared its serious delinquencies by end of October: the over-30-day delinquency rate went from ~3.3% in September down to 0% in October. This suggests that the facility either resolved or auctioned out all delinquent accounts during October, eliminating any 30+ day past due balances (a positive development for cash flow and credit control).

Radiant – Orange

Occupancy & Rentals: Radiant Orange maintained stable occupancy from September to October. Both move-ins and move-outs increased in October – with 22 move-ins and 22 move-outs, up from 17 of each in September – but remained perfectly balanced each month, yielding zero net rentals in both periods. The higher turnover in October indicates increased activity (more tenants moving out and more moving in), yet inflows kept pace with outflows to hold the occupancy level steady. This points to healthy demand and effective leasing: Orange was able to replace every vacating tenant with a new move-in during the month, sustaining occupancy.

Financial & Other Metrics: Orange achieved a substantial jump in revenue in October despite flat occupancy. Gross Potential Rent nudged up slightly (from ~$23.4k in Sep to ~$24.1k in Oct), but monthly revenue collected leapt from about $17.2k to $20.6k – roughly a 20% increase. This drove economic occupancy from approximately 73% in September to 85% in October, a significant improvement in rent realization (suggesting fewer concessions or better delinquency recovery). Tenant insurance participation also crept higher, from about 91.6% to 93.2% of tenants insured, and autopay usage remained around the 55–57% range of tenants on automatic pay – consistent with prior levels. Like other sites, Orange did see delinquency rise: accounts 30+ days past due increased from roughly 4.5% in Sep to 8.6% in Oct of receivables. While this is a notable increase, the delinquency level at Orange is still below 10% and on par with Bridge City’s, indicating some deterioration but not an outlier scenario.

Overall, the month-over-month trends for Radiant BPT show a portfolio that is largely stable in occupancy, with improving revenue and rent collection efficiency in October. The boost in move-ins (especially at Bridge City and Nederland) and strong insurance uptake are positive signs, while the spikes in delinquency at certain facilities (particularly Groves) will warrant attention going forward. The portfolio’s conversion rates and demand appear solid, and with nearly all tenants insured and a majority on autopay, the fundamentals are strong – positioning the portfolio well if the delinquency issues can be addressed in the coming months.