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Radiant Meeting Notes
📊 Radiant Portfolio – October → November 2025 Summary
Portfolio-Level Rollup (5 Properties)
(Summed units; weighted metrics calculated from extracted data)
Table 2
Metric
Oct 2025
Nov 2025
Change
Total Units
1,523
1,523
—
Occupied Units
1,112
1,056
▼ 56
Vacant Units
374
424
▲ 50
Occupancy %
73.0%
69.4%
▼ 3.6 pp
Complimentary Units
2
1
▼ 1
There are no rows in this table
Topline Takeaway:
Portfolio-wide occupancy declined ~3.6 pts month-over-month, driven primarily by Tuscaloosa, Montgomery, and Norwich—consistent with seasonal slowdown and churn.
🏷️ Property-by-Property Detail
Below is the detailed October → November metric comparison for each site.
1. BR Quinn
Table 3
Metric
Oct
Nov
Change
Total Units
150
150
—
Occupancy %
81.0%
76.0%
▼ 5.0 pp
Occupied Units
121
114
▼ 7
Vacant Units
27
31
▲ 4
Complimentary
1
1
—
There are no rows in this table
🔎 Note: Quinn saw noticeable softening in November; likely driven by normal delinquency churn + seasonal move-outs.
2. BR Sullivan
Table 4
Metric
Oct
Nov
Change
Total Units
177
177
—
Occupancy %
72.0%
67.0%
▼ 5.0 pp
Occupied Units
127
120
▼ 7
Vacant Units
46
52
▲ 6
Complimentary
0
0
—
There are no rows in this table
🔎 Note: Sullivan mirrors Quinn’s behavior, with a nearly identical drop in occupancy.
3. Tuscaloosa
Table 5
Metric
Oct
Nov
Change
Total Units
381
381
—
Occupancy %
63.0%
59.1%
▼ 3.9 pp
Occupied Units
239
225
▼ 14
Vacant Units
136
153
▲ 17
Complimentary
0
0
—
There are no rows in this table
🔎 Note: Tusc saw the biggest absolute loss in occupied units (14). Vacancy growth aligns with expected winter softness, but we'll want to ensure marketing stays aggressive.
4. Montgomery
Table 6
Metric
Oct
Nov
Change
Total Units
467
467
—
Occupancy %
69.0%
67.7%
▼ 1.3 pp
Occupied Units
324
316
▼ 8
Vacant Units
127
130
▲ 3
Complimentary
1
0
▼ 1
There are no rows in this table
🔎 Note: Montgomery shows the smallest decline, performing more resiliently than the rest of the portfolio.
5. Norwich
Table 7
Metric
Oct
Nov
Change
Total Units
348
348
—
Occupancy %
86.0%
80.7%
▼ 5.3 pp
Occupied Units
301
281
▼ 20
Vacant Units
38
58
▲ 20
Complimentary
0
0
—
There are no rows in this table
🔎 Note: Norwich had the largest occupancy decline by unit count (20 units). This may warrant proactive demand stimulation (PPC, promos) to avoid slipping further into Q1.
📌 Key Portfolio Insights
1. Occupancy dropped across all five properties.
Normal for November, but Norwich and Tuscaloosa are the largest drivers.
2. Month-end occupancy fell ~3.6 pts portfolio-wide.
3. Complimentary units remain controlled (1 → 0).
4. Vacancy increased by 50 units portfolio-wide.
This aligns with both seasonality and delinquency churn, matching earlier patterns you’ve flagged.
📄 Narrative Summary — Radiant Portfolio Performance (October → November 2025)
Across the Radiant portfolio, performance softened from October to November, driven primarily by seasonal slowing in demand, elevated move-outs, and ongoing delinquency churn. While all five properties experienced a month-over-month dip in occupancy, the magnitude of the decline varied by market, with a few properties showing outsized shifts that will require targeted attention heading into Q1.
Portfolio-wide occupancy decreased from 73.0% in October to 69.4% in November, a 3.6-point decline, representing 56 fewer occupied units month-over-month. This was accompanied by a portfolio-wide vacancy increase of 50 units, consistent with typical end-of-year seasonality but also reflective of weaker inbound demand in a few key markets.
Norwich and Tuscaloosa were the largest contributors to the overall softness. Norwich fell 5.3 points, driven by a significant reduction in occupied units (–20), while Tuscaloosa dropped nearly 4 points, losing 14 occupied units. These two assets accounted for more than 60% of the portfolio’s total occupancy loss. Both properties entered November with lower marketing traction, so rising vacancy here wasn’t unexpected, but it underscores the need for more aggressive promotional and PPC strategy as we approach winter.
The Baton Rouge assets (Quinn and Sullivan) also saw declines—each dropping roughly 5 points—largely tied to seasonal move-outs and the ongoing cleanup of delinquent accounts. While demand in these submarkets is historically slower this time of year, improved call response, remarketing, and consistent enforcement of the collections schedule should help prevent deeper erosion.
Montgomery was the most stable performer in November, giving back only 1.3 points of occupancy (–8 units). The asset continues to show relatively healthy move-in velocity compared to the rest of the portfolio and maintained strong operational consistency throughout the month.
Complimentary units remain tightly controlled across the entire portfolio, and no significant changes occurred in unit counts or rentable inventory.
Overall, the November results reflect a combination of expected seasonal trends and lingering operational challenges in high-delinquency markets. As we move into December and January—typically the slowest leasing months—we'll want to remain focused on: tightening collections, boosting marketing efficiency in underperforming markets, executing targeted rate strategies, and protecting occupancy at the higher-performing sites. These actions will help stabilize the portfolio and position us for stronger leasing momentum as we enter the spring leasing cycle.
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