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Radiant Meeting Notes

🔷 Radiant Storage Portfolio Summary (Excludes Gautier, Pascagoula, Ocean Springs)

📊 Portfolio-Wide Performance

Move-Ins: 19

Move-Outs: 33

Net Rentals: –14 (decline in occupied units)

Leads Created: 30

Leads Converted: 21

Conversion Rate: ~70% (strong overall lead-to-lease efficiency)

Tenant Insurance Participation: ~92% (portfolio average)

Autopay Enrollment: ~53%

Delinquent Accounts (total): 294

Gross Potential Rent (GPR): ~$163,345

Actual Occupied Rent: ~$97,219

Average Economic Occupancy: ~81%

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🏢 Facility-Level Breakdown

1. Baton Rouge – Quinn Dr

Move-Ins / Outs: 1 / 5 → Net: –4

Leads / Converted: 2 / 1 → Conversion Rate: 50%

Insurance: 91% | Autopay: 59%

Economic Occupancy: 88.1%

Delinquent Accounts: 21

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2. Montgomery

Move-Ins / Outs: 5 / 6 → Net: –1

Leads / Converted: 10 / 8 → Conversion Rate: 80%

Insurance: 97% | Autopay: 47%

Economic Occupancy: 102.8% (collected more than standard GPR)

Delinquent Accounts: 119 (highest in the group)

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3. Norwich

Move-Ins / Outs: 3 / 9 → Net: –6

Leads / Converted: 3 / 3 → Conversion Rate: 100%

Insurance: 92% | Autopay: 51%

Economic Occupancy: 77.7%

Delinquent Accounts: 66

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4. Sullivan Rd

Move-Ins / Outs: 1 / 5 → Net: –4

Leads / Converted: 2 / 1 → Conversion Rate: 50%

Insurance: 85% | Autopay: 54%

Economic Occupancy: 69.5% (lowest in group)

Delinquent Accounts: 25

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5. Tuscaloosa

Move-Ins / Outs: 9 / 8 → Net: +1

Leads / Converted: 13 / 8 → Conversion Rate: 61.5%

Insurance: 94% | Autopay: 54%

Economic Occupancy: 67.2%

Delinquent Accounts: 63

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🔚 Key Takeaways

Tuscaloosa is the only facility with net rental growth in November so far, despite having the lowest economic occupancy.

Montgomery has excellent conversion and rent collection performance but is burdened by high delinquency.

Norwich showed flawless lead conversion but lost six tenants, impacting revenue.

Overall portfolio performance reflects strong leasing efficiency but ongoing occupancy and collection challenges — especially at Sullivan Rd and Norwich.

🔷 Portfolio Summary: September vs. October 2025

Leasing Activity

Move-ins increased across the portfolio from 55 in September to 84 in October – a 53% increase, indicating improved leasing effectiveness or demand.

Move-outs dropped significantly from 104 in September to 93 in October, reflecting reduced churn.

Despite increased move-ins, net rentals improved only slightly (from –49 in September to –9 in October), suggesting high turnover persisted in some facilities.

Revenue Trends

Gross Potential Rent (GPR) rose modestly across all sites, reflecting either rent growth or increased rentable inventory.

Actual Occupied Rent fell sharply at most facilities (e.g., Norwich and Montgomery), indicating either rent concessions, vacant unit growth, or billing delays.

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🏢 Facility-Level Comparison

1. BR Quinn

Move-ins rose slightly from 5 → 7, while move-outs dropped from 10 → 9.

Net rentals improved from –5 → –2, indicating minor occupancy recovery.

GPR ticked up from $11,703 → $11,859, while actual rent collected dropped sharply from $10,491 → $7,819, suggesting potential delinquency or billing issues.

Key Insight: Despite stable leasing, Quinn’s revenue dip may signal increased concessions or non-payment.

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2. BR Sullivan

Dramatic leasing jump: Move-ins surged from 3 → 18, with move-outs up from 6 → 14.

Net rentals swung from –3 → +4, showing solid net growth.

GPR rose modestly ($16,946 → $17,454), but actual rent dropped by ~21% ($10,828 → $8,551).

Key Insight: Sullivan is regaining occupancy, but collections lag behind – watch delinquency and conversion rates.

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3. Tuscaloosa

Strong move-in rebound: 19 → 26, while move-outs dropped sharply (55 → 30).

Net rentals improved from a severe –36 in Sept to –4 in Oct – a huge operational gain.

GPR climbed ($46,132 → $47,516), yet actual rent declined from $33,911 → $23,186.

Key Insight: One of the most improved facilities in occupancy retention, but collections are not keeping pace.

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4. Montgomery

Move-ins rose slightly (17 → 19), but move-outs increased from 23 → 25, keeping net rentals flat at –6.

GPR grew from $18,723 → $19,285, while actual rent dropped ~28% ($20,597 → $14,873).

Key Insight: Leasing is consistent, but turnover and collection weakness offset gains in potential rent.

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5. Norwich

Move-ins: 11 → 14; move-outs: 10 → 15 → net rental decline from +1 to –1.

GPR saw a healthy rise ($65,771 → $67,744), but actual rent fell 27% ($50,915 → $37,007).

Key Insight: Norwich is expanding potential but losing ground on occupancy or revenue capture.

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🔚 Final Takeaways

The Radiant portfolio improved significantly in leasing velocity and net rentals, particularly in Tuscaloosa and Sullivan.

However, collection efficiency deteriorated, as actual occupied rent fell across all sites, possibly driven by delinquencies, concessions, or vacant transitions.

Facilities like Quinn and Montgomery need attention on revenue realization despite stable GPR.

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Rate Increases

ECRI Summary — Radiant Baton Rouge, Radiant Montgomery, Radiant… (as shown in filter)

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November 2025 (Month-to-Date)

ECRI Activity

272 tenants received rate increases

Eligible tenants: 950

Average Length of Stay: 31 months

Rate Change Performance

Old Avg Rate: $85.62

New Avg Rate: $108.90

Average Increase:

+27.2%

+ $23.28 per unit

Move-Out Impact

9 move-outs attributed to ECRI (highlighted in red)

Rent Roll Impact (Rolling 3 Months)

Rent Before: $23,289

Rent After: $29,622

Avg $/sqft:

Before: $0.73

After: $0.95

Net Revenue Impact

+ $5,461 increase in revenue over the 3-month period

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High-Level Takeaways

Strong November performance with meaningful rate lifts (+27%).

Low move-out count (9) given the number of increases (272)—a favorable ratio.

Revenue increased by $5.5K over the trailing 3 months.

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Radiant Storage Portfolio Performance Update (Nov 1–13, 2025)

This report covers month-to-date performance for the Radiant Storage portfolio, excluding the Mississippi locations (Gautier, Pascagoula, and Ocean Springs). The report includes individual metrics for each facility and a consolidated portfolio summary. Key performance indicators include move-ins, move-outs, net rentals, leads and conversion rates, tenant insurance and autopay participation, delinquency (over 30 days past due), gross potential rent (GPR), economic occupancy, and revenue.

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Radiant Storage – Baton Rouge Quinn Dr (LA)

Baton Rouge Quinn Dr recorded 1 move-in and an estimated 5 move-outs, resulting in a net rental loss of –4 units. The facility received 2 new leads, with 1 converted to a rental (50% conversion rate). Tenant insurance participation is strong at ~91.5%, and ~59% of tenants are enrolled in autopay. While the total 30+ day delinquency amount was not provided, 21 accounts (17.95% of tenants) are delinquent. The site has a Gross Potential Rent of ~$12,618/month, with an economic occupancy of ~88%. Estimated revenue for the period is ~$12k.

Table 11

Table 11

Metric

Baton Rouge – Quinn Dr

Move-Ins (MTD)

Move-Outs (MTD)

~5 (est.)

Net Rentals

–4

Leads (MTD)

Conversion Rate

50%

Tenant Insurance Participation

~91.5%

Autopay Participation

~59.0%

Delinquency >30 Days

(Not available; 21 accounts delinquent)

Gross Potential Rent (Monthly)

~$12,618 (est.)

Economic Occupancy

~88% (est.)

Revenue (Nov 1–13)

~$12k (est.)

There are no rows in this table

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Radiant Storage – Montgomery (AL)

Montgomery saw 5 move-ins and approximately 6 move-outs, for a net rental loss of –1. Of 10 leads, 8 converted to rentals (80% conversion). Tenant insurance participation is high at ~97.2%, while autopay enrollment stands at ~47.2%. The facility has a high number of delinquent accounts (119 or ~37% of tenants). Despite this, economic occupancy is strong (~103%), with GPR at ~$20,814/month. Estimated revenue is ~$23k.

Table 12

Table 12

Metric

Montgomery

Move-Ins (MTD)

Move-Outs (MTD)

~6 (est.)

Net Rentals

–1

Leads (MTD)

Conversion Rate

80%

Tenant Insurance Participation

~97.2%

Autopay Participation

~47.2%

Delinquency >30 Days

(Not available; 119 accounts delinquent)

Gross Potential Rent (Monthly)

~$20,814 (est.)

Economic Occupancy

~103%

Revenue (Nov 1–13)

~$23k (est.)

There are no rows in this table

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Radiant Storage – Norwich (CT)

Norwich reported 3 move-ins and no confirmed move-outs, resulting in a net gain of +3 units. All 3 leads converted, for a 100% conversion rate. Tenant insurance and autopay participation are ~92.2% and ~51.2%, respectively. 66 accounts (~22%) are delinquent. GPR is ~$66,708/month, and economic occupancy is ~77.7%. Estimated revenue is ~$55k for the period.

Table 13

Table 13

Metric

Norwich

Move-Ins (MTD)

Move-Outs (MTD)

0 (est.)

Net Rentals

Leads (MTD)

Conversion Rate

100%

Tenant Insurance Participation

~92.2%

Autopay Participation

~51.2%

Delinquency >30 Days

(Not available; 66 accounts delinquent)

Gross Potential Rent (Monthly)

~$66,708 (est.)

Economic Occupancy

~77.7% (est.)

Revenue (Nov 1–13)

~$55k (est.)

There are no rows in this table

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Radiant Storage – Sullivan Rd (LA)

Sullivan Rd had 1 move-in and an estimated 5 move-outs, resulting in a net rental loss of –4 units. It generated 2 leads, with 1 converted (50% conversion). Tenant insurance participation is ~85.4%, and autopay is ~54.5%. There are 25 delinquent accounts (20.3%). The GPR is ~$16,827/month, and economic occupancy is ~69.5%. Estimated revenue is ~$12k.

Table 14

Table 14

Metric

Sullivan Rd

Move-Ins (MTD)

Move-Outs (MTD)

~5 (est.)

Net Rentals

–4

Leads (MTD)

Conversion Rate

50%

Tenant Insurance Participation

~85.4%

Autopay Participation

~54.5%

Delinquency >30 Days

(Not available; 25 accounts delinquent)

Gross Potential Rent (Monthly)

~$16,827 (est.)

Economic Occupancy

~69.5% (est.)

Revenue (Nov 1–13)

~$12k (est.)

There are no rows in this table

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Radiant Storage – Tuscaloosa (AL)

Tuscaloosa was the top performer in leasing activity, with 9 move-ins and an estimated 8 move-outs, resulting in a net gain of +1. Of 13 leads, 8 converted (~61.5% conversion). Tenant insurance participation is ~94.0%, and autopay enrollment is ~53.8%. Delinquency is notable, with 63 accounts (26.9%) past due. GPR is ~$46,379/month, and economic occupancy is ~67.1%. Estimated revenue is ~$31k.

Table 15