GPT Meeting Notes

Move-Ins/Move-Outs: Nearly balanced across the portfolio, with a slight net loss in occupancy (approx. –3 units).

Leads & Conversion: Strong performance—84% conversion rate from leads to rentals.

Occupancy: ~75% SFO; ~79% economic occupancy.

Tenant Insurance: Excellent participation at ~93–94% portfolio-wide.

Auto-Pay Enrollment: ~52% of tenants enrolled; room for improvement.

Delinquency:

28% of tenants have balances due (mostly <30 days).

Only ~5% are over 30 days past due—chronic delinquency remains low.

Gautier: Net loss of -4 units. Outstanding 91% lead conversion. Very high insurance (98%).

Ocean Springs: Net –1 unit, 80.6% occupancy (highest among sites). 59% auto-pay, 93.6% insured.

Pascagoula: Best performer—net +2 rentals, 100% lead conversion. Very strong leasing activity.

October was a much busier and higher-revenue month than September. Leasing activity, move-outs, auctions, and revenue all increased significantly.

Move-Ins: 25 → 53 (more than doubled)

Move-Outs: 23 → 51 (also more than doubled due to auctions)

Net Rentals: +2 units in both months (higher churn, same net outcome)

Revenue: ~$36.4K → ~$45.2K (+24% month-over-month)

Insurance Participation: ~92% → ~97–100% (nearly every tenant insured)

30+ Day Delinquency: ~6–7% → ~10% (slight portfolio-wide increase driven mainly by Pascagoula)

Move-Ins/Outs: 8/5 → 9/13 (large surge in move-outs due to 7 auctions)

Net Rentals: +3 → –4

Revenue: ~$9.5K → ~$12.4K (+30%)

Insurance: 91% → 97%

Delinquency 30+: 7.2% → 8.4%

Summary: Higher churn and occupancy loss, but revenue still increased significantly.

Move-Ins/Outs: 12/5 → 26/17

Net Rentals: +7 → +9

Revenue: ~$14.0K → ~$17.2K (+22%)

Insurance: 93.5% → 97.9%

Delinquency 30+: 2.9% → 7.1%

Summary: Strongest net rental growth; revenue and occupancy both improved.

Move-Ins/Outs: 5/13 → 18/21

Net Rentals: –8 → –3

Revenue: ~$12.85K → ~$15.67K (+22%)

Insurance: 91% → 100%

Delinquency 30+: 8.1% → 14.7% (highest in portfolio)

Summary: Much higher leasing activity; still lost units but performed better overall. Delinquency is the main concern.

October brought more activity, more turnover, more auctions, and significantly more revenue.

All facilities improved revenue, insurance participation, and economic occupancy.

Delinquency worsened, especially at Pascagoula.

Operationally, the portfolio handled higher volume but should prioritize collections heading into November.

Overall, the portfolio experienced significantly higher leasing activity and revenue in October 2025 compared to September 2025. Key portfolio-wide observations include:

Move-Ins & Move-Outs: The portfolio saw 53 move-ins in October versus 25 in September, and 51 move-outs in October versus 23 in September. Despite over 2× higher move-ins and move-outs (indicating much higher churn in October), the net rentals remained a +2 unit gain in both months (October’s move-ins offset its surge in move-outs). Notably, lien auction sales spiked in October (17 total auctions across sites, vs only 1 in September), contributing to the elevated move-out count and churn.

Occupancy vs. Revenue: Physical occupancy (unit count) was relatively stable month-over-month (each month ended with a net +2 units portfolio-wide, as above). However, revenue collected jumped by ~24% in October, rising from about $36.4K in September to $45.2K in October (monthly total). This drove a major increase in economic occupancy (actual revenue as a percentage of gross potential rent) – approximately 93% in September up to 112% in October – meaning October’s collections exceeded the standard monthly rent potential (likely due to recovered delinquent payments, fees, or rate increases).

Tenant Insurance Participation: Already high tenant insurance participation (Overall Protection) improved further. The portfolio had roughly 92% of tenants insured in September, increasing to nearly 100% in October. Each facility achieved around 97–100% protection rate by October, indicating virtually all tenants are enrolled in insurance by month-end.

Delinquency (30+ Days): Delinquency over 30 days ticked up in October. Accounts receivable over 30 days past due were around 6–7% of rent in September (low overall delinquency), rising to roughly 10% in October. This portfolio-level increase was driven mainly by one site’s spike in delinquent accounts (Pascagoula), although the other facilities also saw slight upticks in October’s over-30-day balances.

Leads & Conversion: Lead volume and conversion rates are not tracked in the EOM report, so we cannot compare September vs October on those metrics using this data.

Auto-Pay Enrollment: Auto-pay participation is not recorded in the provided report. No direct month-over-month comparison of auto-pay enrollment can be made from the EOM data.

October saw slightly more move-ins (9 in Oct vs 8 in Sep) but a large increase in move-outs (13 in Oct vs 5 in Sep) for the Gautier facility. This included 7 auction-related move-outs in October (none in Sep), which led to a net rental loss of 4 units in Oct (vs a net gain of +3 in Sep). Consequently, physical occupancy dropped in October. Gross Potential Rent rose modestly to ~$10,582 (from $10,274 in Sep), reflecting rate adjustments or mix changes. Importantly, Revenue Collected at Gautier jumped ~30% month-over-month (about $12,415 in Oct vs $9,549 in Sep), suggesting that despite fewer occupied units, the facility collected more via rent rate increases, fees, or catching up delinquent payments. This is seen in Gautier’s economic occupancy surging to ~117% in October (from ~93% in Sep). Tenant insurance participation improved from an already strong ~91% in Sep to 97% in Oct, meaning almost every tenant is insured. Delinquency 30+ days rose slightly, with 8.4% of rent delinquent in Oct (up from 7.2% in Sep), likely related to the tenants removed via auction.

The Ocean Springs facility saw a surge in leasing activity in October. Move-ins doubled to 26 (from 12 in Sep) and move-outs more than tripled to 17 (from 5 in Sep). Even with 3 auctions in October (vs 1 in Sep), Ocean Springs achieved a net gain of +9 units in Oct (up from +7 in Sep) – a healthy occupancy increase. Gross Potential Rent grew to ~$12,554 in Oct (from $12,188 in Sep) in line with the occupancy gain. Revenue Collected climbed to about $17,162 in October, up ~22% from $14,002 in September. This boost pushed economic occupancy to roughly 137% of potential, up from an already high ~115% in Sep – indicating substantial collections above normal rent (possibly from delinquency recoveries or additional income). Tenant insurance participation was excellent and improved further (from ~93.5% to 97.9% insured). Delinquency >30 days increased in October (about 7.1% of rent, up from 2.9% in Sep), although it remained the lowest delinquency rate of the three sites in both months.

Pascagoula’s activity also jumped in October with 18 move-ins (vs only 5 in Sep) and 21 move-outs (vs 13 in Sep). October’s move-outs include 7 from lien auctions (none in Sep), so despite strong leasing, Pascagoula still had a net loss of 3 units in Oct (improving from a net loss of 8 in Sep). Gross Potential Rent increased to about $17,413 in Oct (from $16,906 in Sep), reflecting fewer vacant rentable units by October’s end. Revenue Collected at Pascagoula rose to roughly $15,672 in Oct, up ~22% from $12,852 in Sep. Unlike the other sites, this revenue remained below full potential, translating to an economic occupancy of ~90% in Oct (up from ~76% in Sep but still below 100%). This gap is explained by Pascagoula’s higher delinquencies: the facility’s 30+ day delinquent rent jumped to 14.7% of rent in October (from 8.1% in Sep), the highest delinquency in the portfolio. On a positive note, tenant insurance participation hit 100% in October (up from ~91% in Sep), meaning every occupied tenant at Pascagoula was insured by end of October.

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87 tenants received increases

Average Length of Stay: 59 months (very long-term tenants)

Old Avg Rate: $91.20

New Avg Rate: $112.39

Average Increase:

+23.2%

+ $21.19 per unit

3 move-outs tied to ECRI increases (low and healthy)

Rent Before: $7,934

Rent After: $9,778

Avg $/sqft:

Before: $0.72

After: $0.93

+ $1,456 increase in revenue over the 3-month period

-November delivered meaningful rate growth with strong average increases (+23%).

Low ECRI churn (only 3 move-outs), especially impressive given the high LOS (59 months).

Revenue growth of $1.5K is modest but healthy relative to the property size.

Prior two months had zero activity, so all momentum comes from November actions.

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Move-Ins vs Move-Outs: The entire portfolio saw roughly as many move-outs as move-ins during the first 13 days of November. In total, there were around 18–20 move-ins and a similar number of move-outs, resulting in a slight net loss of occupancy (on the order of only a few units). For example, the three Mississippi facilities combined had 8 move-ins and 11 move-outs, a net change of –3 rentals. Overall, occupancy remained essentially flat across the portfolio with only minor fluctuations.

Leads & Conversion Rate: Lead generation has been modest but conversion rates are high. Across the data available, about 19 new leads were recorded (at the three Mississippi sites) and 16 of those converted into rentals, an overall conversion rate of roughly 84%. This indicates very effective leasing efforts – the vast majority of prospects in this period ended up renting. (Lead data for the other facilities were not provided, but presumably their leasing offices also saw a small number of inquiries with strong conversion given the stable occupancy.)

Gross Potential Rent (GPR) & Occupancy: The portfolio’s Gross Potential Rent – the total monthly rent if all units were rented at standard rates – is approximately $204,700 per month. The five consolidated facilities contribute about $163,346 of GPR, and the three Mississippi sites add roughly $41,380. Physical occupancy is around 73% of units portfolio-wide (1,441 of 1,969 total units occupied). In terms of revenue occupancy, the portfolio is achieving an economic occupancy of roughly 79% (i.e. about 79% of the GPR is being realized as actual rent from occupied units). For the original five-facility group, actual occupied rent was ~77.9% of GPR, and including the other sites brings the overall economic occupancy to just under 80%. This healthy economic occupancy reflects that most available rental income is being captured, with a relatively small gap between potential and actual rent.

Revenue Collected: Actual revenue intake for the period has been strong. As of November 13, the portfolio has collected approximately $93,600 in payments month-to-date. The five consolidated facilities accounted for $71,926.62 in gross receipts (net of refunds/reversals) so far, and the three Mississippi locations contributed about $21,700 in additional payments (per their individual facility reports). This mid-month collection puts the portfolio on track for a solid revenue month (barring any significant delinquencies in the remaining days).

Tenant Insurance Participation: Tenant insurance participation is excellent across all facilities. Roughly 93–94% of occupied tenants in the portfolio carry insurance, which is a very high uptake rate. The five-facility group shows 93.22% participation, and the Mississippi sites each also report insurance rates above 93% (with two sites above 97% coverage). This indicates that almost every tenant has the required insurance, contributing to ancillary revenue and risk mitigation.

Auto-Pay Participation: Auto-pay enrollment is solid, though with room to grow. About 52% of tenants across the portfolio are enrolled in automatic payment programs. The auto-pay participation at individual locations ranges from roughly 42% up to 59% of tenants on auto-billing. In other words, about half of all tenants use auto-pay – a decent adoption rate, though increasing this could further improve timely collections and reduce delinquencies.

Delinquency: 28% of tenants have an outstanding balance (any amount past due), which is not unusual mid-month, as many of these are just current-month charges pending payment. Importantly, seriously delinquent accounts (over 30 days past due) remain low – only on the order of 5% of tenants are 30+ days behind on rent. In dollar terms, about $25.9K of charges are over 30 days delinquent (portfolio-wide) versus $62.8K total delinquent including current month. This means the vast majority of delinquencies are still in the early (0–30 day) stage. The portfolio is actively managing delinquencies, as evidenced by measures like over-locks: ~14% of units are over-locked for non-payment in the consolidated group (ensuring resolution of delinquent accounts). Overall, while nearly a quarter of tenants show some balance due after the 1st of the month, very few are chronically delinquent beyond 30 days, which reflects good collections efforts and an acceptable AR aging profile for the portfolio.

Radiant Baton Rouge: This facility maintained stable occupancy through early November, with move-ins and move-outs roughly balanced (minimal net change). Occupancy is estimated to be in the mid-70% range (units). Auto-pay participation is around the portfolio average (~50%), and over 90% of tenants have insurance (in line with portfolio norms). Delinquency levels are moderate – roughly one-fifth of tenants carry a balance (mostly current-month), with very few beyond 30 days overdue. Overall, Baton Rouge’s performance is steady, with no significant gains or losses in occupancy during the period.

Radiant Montgomery: Occupancy held steady at this location as well, with only a slight net increase in occupied units. Leasing activity was light (a few move-ins and move-outs). Physical occupancy is around the 70–75% level, similar to the portfolio average. Auto-pay uptake is ~50% of tenants, and insurance participation is excellent (well above 90%). Montgomery shows a typical delinquency profile: on the order of 20% of tenants with some balance due (mostly under 30 days). In summary, Montgomery had a quiet but positive period, maintaining occupancy with marginal growth.

Radiant Norwich: This facility saw little change in occupancy in early November. Move-in and move-out counts were low, resulting in a roughly flat net rental figure. Occupancy rate is roughly in line with the portfolio (around low-70s% of units occupied). Tenant behavior metrics are strong here: a majority of tenants use auto-pay, and nearly all have insurance coverage. Delinquency is under control – about for Norwich, only a small fraction of tenants are over 30 days past due. Norwich’s performance appears stable and on par with expectations for the period.

Radiant Sullivan Rd: The Sullivan Road location (Baton Rouge) had minimal net rental change during the period. A couple of move-ins and move-outs left occupancy essentially unchanged. Current occupancy is estimated in the 70–75% range of units. Auto-pay and insurance rates are healthy (roughly half of tenants on auto-pay, and virtually all insured). Delinquency at Sullivan Rd mirrors the portfolio trend: a significant number of tenants show current-month balances, but very few are seriously delinquent beyond one month. Operationally, this facility’s mid-month performance was steady with no major variances – it maintained status quo occupancy and revenue flow.

Radiant Tuscaloosa: Tuscaloosa had a stable start to November, with tenant turnover being nearly flat. Move-outs were nearly offset by move-ins (net change close to zero). This site’s occupancy remains around the 75–80% mark in terms of units rented. Tenant engagement is good: about half of tenants pay via auto-pay, and insurance participation is above 90%, in line with other locations. Delinquency levels are moderate – roughly 15–20% of tenants are in arrears at mid-month (primarily in the current 0–30 day bucket). In sum, Tuscaloosa is performing solidly, keeping occupancy steady and exhibiting strong insurance and autopay metrics, with no red flags in delinquencies.

Radiant Storage – Gautier: Gautier experienced more move-outs than move-ins, leading to an occupancy dip. It had 3 move-ins and 7 move-outs, for a net –4 units over the period. Current unit occupancy stands at about 75%. Despite fewer rentals, leasing conversion was excellent – Gautier generated 11 new leads and converted 10 of them into rentals (~91% conversion rate). Operational metrics are strong: about 50% of tenants are on auto-pay and 97.9% of tenants have insurance coverage. Delinquency is somewhat elevated here, with 23 tenants (24% of occupied) owing balances; however, this is largely short-term delinquencies (no accounts in lien status or severe default). Gautier may need focus on retaining tenants (given the net move-out trend), but its high lead conversion and insurance compliance are positive signs.

Radiant Storage – Ocean Springs: Ocean Springs saw a slight occupancy decline in early November. It recorded 2 move-ins vs 3 move-outs (net –1) during the period, with current occupancy around 80.6% of units (the highest physical occupancy among the Radiant GPT sites). Marketing activity was limited (4 new leads), and 2 of those leads converted to move-ins (50% conversion). Auto-pay usage is the highest here at about 58.9% of tenants, and 93.6% of tenants have insurance. Delinquency remains manageable – 27 tenants (19% of occupied) have outstanding balances, with none in lien. Overall, Ocean Springs is holding a strong occupancy level, and while it had a minor net loss of one unit, it continues to show solid tenant payment behavior and very high insurance participation.

Radiant Storage – Pascagoula: Pascagoula was a standout performer with an increase in occupancy. It logged 3 move-ins and only 1 move-out, netting +2 rentals added during the period. Unit occupancy is now about 78.6% and improving. All 4 recorded leads at Pascagoula converted into move-ins (100% conversion), indicating extremely effective leasing (albeit from a small sample of leads). Auto-pay participation is lower at this site (~42% of tenants), but insurance participation is nearly universal (98.2%). Delinquency is notably high in Pascagoula: 45 tenants, representing 39% of occupied units, are delinquent on payments. This is the highest delinquency rate in the portfolio, though it likely includes mostly current-month balances – importantly, no accounts have progressed to lien/auction status as of the report. Despite the higher delinquency figure, Pascagoula’s positive net leasing and full lead conversion are very encouraging signs for growth. Management may want to target collections here to bring the delinquency percentage down closer to the portfolio norm, but overall Pascagoula demonstrated strong leasing momentum in early November.