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Occupancy improved modestly across the portfolio, ending 2025 at approximately 79%, up from about 77% in 2024.Net rentals were positive (+13 units) for the year, a meaningful improvement over 2024’s flat performance.Ocean Springs drove portfolio gains, more than offsetting declines at Gautier and Pascagoula.Total revenue increased ~5% year over year, supported by rate growth and improved collections despite mixed occupancy trends.
Ocean Springs experienced strong demand, with significantly higher move-ins and controlled move-outs, resulting in substantial net occupancy gains.Gautier and Pascagoula both experienced higher move-outs than move-ins, leading to occupancy declines and highlighting retention and demand challenges.Overall tenant activity remained healthy, but churn increased at underperforming sites.
Gautier achieved the strongest revenue growth (~20%), despite lower occupancy, reflecting effective rate increases and improved revenue management.Ocean Springs and Pascagoula revenues were relatively flat, indicating that occupancy gains (Ocean Springs) and pricing gains (Pascagoula) have not yet fully translated into revenue.Gross Potential Rent increased at all sites, confirming successful market rent adjustments and continued upside as occupancy stabilizes.
2025 Outcome: Occupancy declined to ~72%, driven by net move-out losses and increased unrentable units.Positive: Revenue grew materially due to higher rents and better collections.2026 Focus:Recover occupancy through targeted marketing and retention effortsReduce unrentable units via maintenance and turn projectsBalance continued rate growth with demand recovery
2025 Outcome: Best-performing site, with occupancy rising to ~83% and strong net rental gains.Challenge: Revenue growth lagged occupancy gains due to timing and concessions.2026 Focus:Shift from lease-up to yield optimizationReduce concessions and implement strategic rate increasesMaintain high occupancy while driving higher effective rents
2025 Outcome: Occupancy declined to ~79%, with ongoing net rental losses.Revenue: Flat year-over-year despite higher market rents.2026 Focus:Rebuild occupancy through pricing strategy and local marketingAddress increasing unrentable unitsImprove tenant retention and competitive positioning
Occupancy remains stable overall at approximately 78%, in line with year-end levels.Ocean Springs and Pascagoula showed early positive leasing activity, offsetting a slower start at Gautier.January revenue collections are tracking consistently with late-2025 performance.Early trends suggest no material deterioration, with opportunity for seasonal leasing momentum as Q1 progresses.
Higher market rents,Clear operational focus areas, andStrong upside potential through occupancy recovery and yield management.
GPT Meeting Notes
2025 Year-End Executive Summary – Radiant GPT Facilities
Portfolio Overview (2025 vs. 2024)
Leasing & Demand Trends
Revenue & Pricing Performance
Site-Level Highlights & Focus Areas
Radiant Gautier
Radiant Ocean Springs
Radiant Pascagoula
Early 2026 Performance Update (January)
Investor Takeaway
2025 delivered measured portfolio improvement, highlighted by Ocean Springs’ turnaround and Gautier’s revenue growth. While challenges remain at Gautier and Pascagoula, the portfolio enters 2026 with:
Execution on these priorities in early 2026 will be critical to converting operational progress into sustained revenue and NOI growth.
2025 Year-End Performance Review – Radiant GPT Facilities
Overall Portfolio Overview (2025 vs. 2024)
Occupancy & Rentals: By the end of 2025, the combined occupancy across the three Radiant facilities stood at roughly 78.7%, up from about 76.5% a year earlier. This overall gain was driven largely by Radiant Ocean Springs, which saw a dramatic occupancy increase (ending 2025 at 83% vs. ~67% in Dec 2024)【16†】. In contrast, Radiant Gautier and Radiant Pascagoula experienced occupancy declines in 2025 – Gautier fell to 72% (from ~78.6% in 2024) and Pascagoula to 79% (from ~86.2%)【16†】. Net rentals (move-ins minus move-outs) across the portfolio totaled +13 units for 2025, an improvement over 2024’s essentially flat performance. Ocean Springs contributed a net gain of +29 units, more than offsetting net losses at Gautier and Pascagoula (detailed below). The chart in Figure 1 visualizes the year-end occupancy rates by site for 2024 vs. 2025, highlighting these shifts.
Figure 1: Occupancy Rates at Year-End 2024 vs. 2025 for each Radiant facility. Ocean Springs achieved a significant increase in occupancy, while Gautier and Pascagoula saw declines.
Move-Ins & Move-Outs: Tenant movement was robust in 2025, with total move-ins slightly outpacing 2024 in aggregate, but move-outs also increased. Ocean Springs led in leasing activity (118 move-ins, up from 86 in 2024) and managed to keep move-outs relatively controlled (89 in 2025 vs. 81 prior)【16†】. Gautier saw fewer move-ins in 2025 (84, down from 94) and higher move-outs (90 vs. 78), contributing to its occupancy dip【16†】. Pascagoula similarly had more move-outs (126) than move-ins (116) in 2025, whereas in 2024 the gap was narrower (114 outs vs. 110 ins)【16†】. These dynamics yielded net rental results that varied by site: Ocean Springs’ net gain surged, while Gautier and Pascagoula posted net losses. Figure 2 illustrates the net rentals for each site in 2025 compared to 2024.
Figure 2: Net Rentals (Move-Ins minus Move-Outs) by site. Positive values indicate net occupancy gains. Ocean Springs saw a strong net gain in 2025 (29 more move-ins than move-outs), a substantial improvement over 2024. Gautier and Pascagoula had net losses (negative values) in 2025, reversing Gautier’s 2024 gains and deepening Pascagoula’s prior losses.
Revenue & Gross Potential: Overall annual revenue for the Radiant portfolio grew modestly in 2025, totaling approximately $434.9k (vs. ~$412.6k in 2024, about a 5.4% increase). Notably, Radiant Gautier’s revenue jumped by ~20% year-over-year despite lower occupancy, suggesting successful rental rate increases or fee income growth【16†】. Ocean Springs and Pascagoula revenues were essentially flat (~1% gains) – indicating that Ocean Springs’ occupancy gains came late in the year or at discounted rates, and Pascagoula’s lost occupancy dampened revenue growth【16†】. Gross Potential Rent (theoretical fully-leased rent) climbed at all sites, reflecting rate adjustments: by December 2025, combined gross potential was higher than Dec 2024, with each facility raising posted rates (e.g. Gautier’s gross potential rent ~$9.8k in Dec 2025, up from ~$8.4k a year prior【16†】). Figure 3 compares 2025 vs. 2024 total revenue by site, showing Gautier’s revenue improvement and the relatively flat revenue at the other two facilities.
Figure 3: Total Annual Revenue Collected by Site, 2025 vs. 2024 (in thousands of dollars). Gautier achieved notable revenue growth in 2025, whereas Ocean Springs and Pascagoula saw only slight increases. This suggests an opportunity to improve revenue in 2026, especially at Ocean Springs given its higher occupancy.
Radiant Gautier – 2025 Performance
Occupancy & Rentals: Radiant Gautier finished 2025 at 72% occupancy, down from ~79% the previous December【16†】. This decline was due to move-outs exceeding move-ins: 84 move-ins for the year versus 90 move-outs, yielding a net rental loss of –6 units【16†】. (In 2024, Gautier had a net gain of +16 units, so 2025 marked a reversal.) The higher turnover was partially influenced by auctions and vacated delinquent units, and Gautier also saw an uptick in unrentable units – 18 units unrentable at year-end (up from 16 a year prior)【16†】, indicating some units were out of service (likely for maintenance or refurbishment). Lower available inventory and higher churn directly impacted occupancy.
Financial Performance: Impressively, annual revenue at Gautier grew to $111.3k in 2025, about +20% over 2024’s ~$92.7k【16†】. This revenue increase despite lower occupancy suggests effective rate management – possibly rent increases or improved collection of fees. Indeed, Gautier’s Gross Potential Rent rose to about $9,835 by Dec 2025 (from ~$8,440 in Dec 2024)【16†】, reflecting higher asking rents. Actual collected revenue tracked closer to potential in 2025 than before. However, the Occupied Unit Rate (actual rent per occupied unit) still has room to grow, as some units remain rented below potential.
Areas of Focus: For 2026, Gautier’s priorities should be occupancy recovery and unit turnarounds. The site needs to refill the units lost in 2025 – focusing on marketing and promotions to drive move-ins, and improving customer retention to reduce move-outs. Additionally, the increase in unrentable units (18 units offline) demands attention: investing in maintenance and renovations will restore these units to revenue-generating status. By returning units to service and maintaining the aggressive rate strategy (while balancing competitiveness), Gautier can capitalize on its strong revenue per occupied unit to grow overall revenue further 【0†file】. The challenge is to achieve this without sacrificing occupancy – a balance of rate increases and occupancy gains will be key for Gautier in 2026.
Radiant Ocean Springs – 2025 Performance
Occupancy & Rentals: Radiant Ocean Springs was the standout performer in 2025. Occupancy soared to 83% at year-end, up from about 67% a year prior【16†】. This ~16 percentage-point jump was driven by very strong leasing activity: 118 move-ins in 2025 (a ~37% increase over the 86 move-ins in 2024)【16†】. Move-outs totaled 89, only slightly higher than the prior year, resulting in a net gain of +29 units – a six-fold improvement over 2024’s net +5【16†】. Essentially, Ocean Springs not only backfilled all vacates but also added a significant number of new tenants, demonstrating effective marketing and demand capture. Notably, Ocean Springs even reduced its unrentable units from 11 to 10 by end of 2025【16†】, indicating improved facility upkeep and maximized rentable inventory. With 145 units occupied out of ~175, this facility is now the most filled in the portfolio.
Financial Performance: Despite the big occupancy jump, revenue at Ocean Springs saw only a modest uptick to $161.4k for 2025 (from $159.3k in 2024)【16†】. Several factors may explain this disconnect: (1) Many of the occupancy gains occurred later in the year, so they didn’t contribute to a full year of revenue; (2) Management may have used concessions or introductory discounts to achieve leasing momentum; and/or (3) Rental rates may have been held steady or even lowered to drive occupancy. In fact, Ocean Springs’ Gross Potential Rent did increase to about $12,542 by Dec 2025 (up ~11% from ~$11,256 in Dec 2024)【16†】, suggesting rate increases were implemented. However, the Actual Occupied Rent lagged, implying that average effective rent per unit is still below potential – likely due to discounts or legacy tenants on older rates. Now that occupancy is high, the site is well positioned to focus on revenue optimization.
Areas of Focus: Going into 2026, Ocean Springs should shift toward yield management. With occupancy in the mid-80% range (and rising), the property has pricing power to reduce concessions and carefully increase rates for new leases and renewals. The goal will be to convert those occupancy gains into strong revenue growth in 2026. Additionally, maintaining the occupancy momentum will be important – sustaining marketing efforts to keep fill rates high, while ensuring customer service remains strong to minimize turnover at these higher occupancy levels. Ocean Springs has a small number of unrentable units (10) left; expediting any needed repairs on those will push occupancy even higher. Overall, 2025 established Ocean Springs as a high-occupancy facility – the task for 2026 is to translate that into correspondingly high income and NOI 【0†file】.
Radiant Pascagoula – 2025 Performance
Occupancy & Rentals: Radiant Pascagoula faced headwinds in 2025. Occupancy declined to 79% at the end of 2025, down from a very strong 86% at the end of 2024【16†】. Throughout the year, the site struggled with more move-outs than move-ins: 116 move-ins could not keep pace with 126 move-outs, yielding a net loss of –10 units occupied【16†】. (2024 had already seen a slight net loss of –4, so 2025’s leasing deficit worsened.) Contributing factors may include increased competition or tenant turnover in that market. Additionally, Pascagoula’s unrentable unit count rose from 9 to 12 units by December 2025【16†】, indicating that some units went offline (possibly due to storm damage or deferred maintenance given the Gulf Coast location). The combination of fewer occupied units and more offline units reduced the effective supply and occupancy significantly.
Financial Performance: Pascagoula’s annual revenue remained essentially flat – about $162.1k in 2025 vs. $160.6k in 2024【16†】 (a ~0.9% increase). The loss of tenants offset any benefits from rate increases. Still, Gross Potential Rent did increase to $16,417 by year-end (from ~$15,021 a year prior)【16†】, indicating that market rates were pushed upward. However, with nearly 21% of units vacant at year-end and some likely rent concessions to attract new tenants, actual collected revenue did not grow much. Simply put, Pascagoula did not realize its potential in 2025: high posted rates couldn’t translate into higher income due to occupancy challenges. On a positive note, the facility’s absolute revenue remains the highest of the three sites (benefiting from the largest unit count and still decent occupancy), but the trend is of concern.
Areas of Focus: For 2026, Pascagoula needs an occupancy turnaround and careful attention to product quality. The priority should be regaining tenants to move occupancy back into the 80+% range – this may involve targeted local marketing, promotions to incentivize move-ins, and possibly re-evaluating rate levels to ensure they are competitive in the Pascagoula market. Since unrentable units increased to 12, maintenance efforts must be stepped up: addressing facility issues will both reduce the unrentable count (adding rentable inventory) and improve tenant satisfaction (helping retention). Pascagoula should also review why move-outs have been high (exit surveys could help) – whether due to auctions, economic factors, or service issues – and mitigate those causes. With its relatively high gross potential rent, the site has revenue upside if it can rebuild occupancy; achieving that will be key to improving investor returns from this facility 【0†file】.
Early January 2026 Update – Performance to Date
Occupancy and Activity (Jan 1–13, 2026): The new year has started with stable overall occupancy for Radiant. As of January 13, 2026, combined occupancy is around 78% (349 occupied units out of 446) – roughly on par with late 2025. However, the first two weeks show divergent trends by site. Radiant Gautier began slowly, with 0 move-ins and 3 move-outs during the first 13 days of January【12†】. This has further softened Gautier’s occupancy, underscoring the need for the renewed marketing push discussed above. In better news, Radiant Ocean Springs continued its leasing momentum into 2026, recording 3 move-ins vs. 2 move-outs in the same period【12†】. Radiant Pascagoula also saw a slight positive uptick with 7 move-ins and 6 move-outs in early January【12†】. The latter two facilities each achieved a net +1 unit in the first half of the month, essentially balancing out Gautier’s net –3, so the portfolio’s net occupancy is down by only 2 units so far in 2026. This is a minor dip, and with seasonal leasing activity likely to pick up, there’s opportunity for improvement in the coming weeks.
Revenue Collection (Jan 2026): On the revenue side, collections in the first 13 days of January total ~$29.3k across all three sites. This includes rents, fees, and other charges collected month-to-date. There were minimal refunds or reversals, and bad debt was modest (about $4.7k charged off). Occupancy rates month-to-date remain roughly equivalent to the ending 2025 levels (All-units occupancy ~78%), so revenue trends should begin to mirror late-2025 performance. Notably, Ocean Springs’ high occupancy gives it potential to contribute a larger share of revenue as the year progresses, especially if rate increases are implemented. Gautier’s revenue will depend on stopping its occupancy slide, and Pascagoula’s on recouping lost tenants.
Outlook: In summary, 2026 has kicked off on a steady note. The portfolio’s occupancy and revenue are holding close to year-end levels, with Ocean Springs and Pascagoula showing early positive net rentals balancing Gautier’s slow start【12†】. The focus areas identified – boosting Gautier and Pascagoula occupancy and maximizing Ocean Springs’ revenue yield – remain highly relevant as we move deeper into Q1. Management’s proactive steps in these areas will determine whether the strong foundational improvements of 2025 (especially at Ocean Springs) can translate into superior financial performance in 2026. Investors can be encouraged by Ocean Springs’ growth and Gautier’s revenue gains, but should also watch for execution of the improvement plans at all sites. With continued diligent management, Radiant’s facilities are positioned to increase both occupancy and income in 2026, building on the mixed yet overall positive results of 2025.
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