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Occupancy: Every facility ended 2025 with lower occupancy than the prior year. The most notable declines occurred at Tuscaloosa and Sullivan, while Norwich remained the strongest performer despite a meaningful drop.Net Rentals: All sites posted net rental losses in 2025 after positive net gains in 2024, driven by higher move-outs and softer move-in activity.Revenue: Despite occupancy pressure, three of five facilities increased revenue year-over-year, reflecting successful rate management. However, relying on rate growth alone is not sustainable without stabilizing occupancy.Unrentable Units: Several sites saw increases in unrentable units, particularly Montgomery and the Baton Rouge properties, directly limiting occupancy and revenue potential.
Performance: Slight occupancy decline and modest revenue softening.Primary Focus: Turn unrentable units back online and increase move-ins through stronger marketing.Opportunity: Occupancy remains stable but below potential.
Performance: Occupancy declined materially, though revenue increased due to rate growth.Primary Focus: Rebuild occupancy through promotions and address unrentable units.Opportunity: Balance pricing strategy with leasing velocity to regain lost units.
Performance: Largest occupancy decline in the portfolio, offset by strong revenue growth.Primary Focus: Aggressively rebuild occupancy and reduce move-outs.Opportunity: With most units now rentable, the site has significant upside if demand is recaptured.
Performance: Moderate occupancy decline and slight revenue decrease.Primary Focus: Reduce unrentable units and improve tenant retention.Opportunity: Demand remains steady, but operational issues are constraining performance.
Performance: Remains the highest-occupancy and highest-revenue site, despite a notable occupancy drop.Primary Focus: Fine-tune pricing strategy and reduce churn following rate increases.Opportunity: Strong fundamentals position Norwich for quick stabilization.
Net +9 units in the first two weeks of JanuaryPortfolio occupancy at approximately 67.5%Strong collections and manageable delinquency levels
Drive occupancy growth through targeted marketing and pricing strategiesImprove tenant retention to reduce move-outsRapidly address unrentable units to unlock additional revenue
Radiant Only Meeting Notes
Year-End 2025 Performance Summary – Radiant Facilities
Portfolio Overview (2025 vs. 2024)
Radiant’s facilities experienced a challenging year in 2025, marked by declining occupancy across all sites compared to 2024. While several locations achieved revenue growth through rate increases, higher move-outs and slower move-ins resulted in net rental losses at every facility, reversing the positive momentum seen in 2024.
Overall, occupancy declined at each site, increasing vacancy entering 2026. This trend highlights the need for renewed focus on leasing velocity, tenant retention, and operational execution.
Key Portfolio Trends
Site-Level Highlights & Focus Areas
Radiant BR Quinn
Radiant BR Sullivan
Radiant Tuscaloosa
Radiant Montgomery
Radiant Norwich
January 2026 – Early Momentum
The portfolio has started 2026 with early positive leasing momentum:
These early results suggest that renewed leasing efforts and promotions are beginning to gain traction.
Outlook & Strategic Priorities for 2026
While 2025 presented challenges, the path forward is clear:
With early 2026 showing encouraging signs, focused execution at the site level positions the Radiant portfolio for stabilization and recovery throughout 2026.
Year-End 2025 Performance Review – Radiant Facilities
Cross-Site 2025 Summary and Key Trends
Radiant’s portfolio of facilities experienced mixed performance in 2025, with overall occupancy declining compared to 2024 despite some revenue growth. Across all five locations, move-ins slowed in 2025 while move-outs increased, leading to net losses in occupied units at each site (in contrast to net gains in 2024). The chart below illustrates the end-of-year occupancy rates for each facility, comparing December 2025 to December 2024. As shown, every property ended 2025 with a lower occupancy percentage than it had a year prior. For example, Norwich dropped from ~94.5% to 81% occupied, and Sullivan Road fell from ~76.5% to 69% occupied. These declines indicate higher vacancy levels entering 2026, a trend we need to address through improved retention and leasing efforts.
End-of-year occupancy rate by site, comparing Dec 2024 vs Dec 2025. Each facility saw a decrease in occupancy % at the end of 2025.
Another common trend was a decline in net rentals (move-ins minus move-outs) in 2025. In 2024, all sites achieved positive net rentals (more move-ins than move-outs), boosting occupancy. However, in 2025 every facility saw net losses – meaning move-outs exceeded move-ins. The bar chart below highlights this reversal. Notably, Tuscaloosa had a net loss of 54 units in 2025 after a net gain of 104 in 2024, and Norwich lost 48 units after gaining 23 the prior year. This pattern suggests 2024’s occupancy gains were largely eroded in 2025. Key contributors likely include demand softening and possibly rent increases or service issues that drove move-outs. Reducing turnover and re-capturing occupancy will be a primary focus going forward.
Net rentals (move-ins minus move-outs) by site in 2024 vs 2025. All sites that gained rentals in 2024 saw net losses in 2025, indicating higher move-outs relative to move-ins.
From a revenue standpoint, total rental revenues for 2025 generally held steady or increased despite occupancy declines, owing to rate adjustments. The total annual revenue by site (shown below) reveals that three of five facilities (Sullivan, Tuscaloosa, Norwich) collected more rent in 2025 than in 2024. For instance, Sullivan’s rental income grew to about $155.3k in 2025, up from $145.4k in 2024【18†】, and Norwich increased to roughly $690.6k from $665.7k【18†】. This suggests that rent rate increases or improved revenue management offset some occupancy loss. However, Quinn and Montgomery saw slight revenue declines (~4–5% drops) alongside their occupancy dip【18†】. Maintaining revenue growth while occupancy slips is not sustainable long-term, so boosting occupancy will be critical even as we continue dynamic pricing. Next, we break down performance and concerns at each facility in detail.
Total annual revenue by site for 2024 vs 2025. Despite lower occupancy, some sites grew revenue in 2025 (Sullivan, Tuscaloosa, Norwich), indicating higher rates, while others saw slight declines (Quinn, Montgomery).
Radiant BR Quinn (Baton Rouge – Quinn)
2025 Performance: BR Quinn had a slight downturn in 2025. Move-ins for the year totaled 67, down from 79 in 2024, while move-outs were 69 (versus 73 in 2024)【18†】. This led to a net rental loss of 2 units in 2025, a reversal from the net gain of +6 the year before. Occupancy fell modestly from 77.6% in Dec 2024 to 75.0% in Dec 2025【18†】, ending the year with around 113 units occupied out of 150. Notably, 5 units became unrentable during 2025 (up from 0 previously)【18†】, which contributed to the occupancy challenge by reducing available rentable units. Gross potential rent for the property increased to about $11.7k monthly by year-end 2025 (from ~$9.0k a year prior)【18†】, likely reflecting rate increases or added rentable square footage. However, actual collected revenue for 2025 was slightly lower at $137.3k, down ~4% from $143.6k in 2024【18†】, consistent with the slight occupancy drop.
Areas for Focus: Quinn’s performance indicates it is stable but underperforming its potential. The priority is to address the 5 unrentable units – getting those units repaired and back online could immediately improve occupancy and potential income. Additionally, while move-outs decreased slightly, move-ins fell more sharply; we should boost marketing efforts to drive more move-ins and fill the vacancies. With occupancy at only 75%, there is room to grow revenue by improving fill rate (especially now that rates have risen, we want to capitalize on that by increasing occupied units). In summary, BR Quinn needs attention on maintenance (to reduce unrentable downtime) and leasing momentum to regain the occupancy it had a year ago.
Radiant BR Sullivan (Baton Rouge – Sullivan Road)
2025 Performance: Sullivan Road saw a notable softening in occupancy in 2025. Annual move-ins were 71, down from 90 in 2024, while move-outs ticked up to 83 (from 86 in 2024)【18†】. This resulted in a net loss of 12 units over the year (after a +4 net gain in 2024). Occupancy declined from roughly 76.5% at end of 2024 to 69% at end of 2025【18†】, indicating about 104 occupied of 150 units at year-end. Part of the occupancy drop is explained by an increase in unrentable units from 1 to 5 during 2025【18†】. These additional offline units (likely due to needed repairs or renovations) effectively lowered the available inventory and need to be addressed. On a positive note, revenue grew despite fewer occupied units – Sullivan collected about $155.3k in 2025, up ~7% from $145.4k in 2024【18†】. This was aided by a higher gross potential rent of ~$12.7k/month by Dec 2025 (vs ~$8.5k a year prior)【18†】, suggesting significant rental rate increases. In short, Sullivan traded off some occupancy for higher rates in 2025.
Areas for Focus: The key concern for Sullivan is recovering occupancy. At only 69% occupied, the property is under-leveraged – even though revenue held up via rate hikes, sustained low occupancy can hurt long-term income and market perception. We should focus on filling units back up through promotional leasing and perhaps adjusting rates if they’ve become uncompetitive after the 2025 increases. Additionally, reducing unrentable units (currently 5) is critical; maintenance should prioritize turning those units so they can generate rent again. With those fixes and a renewed leasing push, BR Sullivan can aim to bounce back toward the mid-70s occupancy or higher, closer to its 2024 level, while retaining the pricing gains achieved.
Radiant Tuscaloosa
2025 Performance: Our Tuscaloosa facility experienced the most significant downturn in 2025. Move-ins plummeted to 350 for the year (from 467 in 2024) while move-outs increased to 404 (up from 363)【18†】. The result was a net loss of 54 units – a steep swing from the net gain of +104 in the prior year. Occupancy consequently fell from 73.8% in Dec 2024 to just 56.0% in Dec 2025【18†】. This drop indicates that over the year, Tuscaloosa went from roughly 740 occupied units (out of ~1000+) down to around 560 occupied units. On a positive note, the site made great progress on unit quality: unrentable units dropped to 3 by year-end 2025 from 15 a year before【18†】. Renovating and returning those 12 units to service likely contributed to an increase in gross potential rent to ~$34.5k/month by Dec 2025 (though that figure was actually down from ~$43.2k in Dec 2024, perhaps due to rate adjustments or reclassification of unit mix)【18†】. Interestingly, annual revenue rose ~20% to $449.7k in 2025 (from $374.5k in 2024)【18†】 despite far fewer occupied units. This suggests aggressive rate increases or additional income streams propped up revenue, even as occupancy cratered.
Areas for Focus: Tuscaloosa’s priority must be rebuilding occupancy. A 56% occupancy rate is well below acceptable, indicating a large inventory of vacant units. High move-out volume in 2025 is a red flag – we should investigate causes (e.g. customer service issues, competition, price sensitivity after rate hikes) and implement a tenant retention program to prevent further losses. At the same time, marketing efforts and perhaps pricing incentives are needed to boost the low move-in count. The bright side is that nearly all units are now rentable (only 3 unrentables remain), so the facility is physically ready to take on new tenants; we need to drive demand to fill these units. Given that revenue still grew in 2025 (thanks to rate increases), Tuscaloosa has significant upside if we can recapture occupancy while maintaining reasonable rates. In summary, reversing the occupancy decline here is critical for 2026, making Tuscaloosa one of the top focus sites.
Radiant Montgomery
2025 Performance: Montgomery’s performance also declined in 2025, though less dramatically than Tuscaloosa. The property saw 187 move-ins (versus 181 in 2024) – so demand held steady – but move-outs spiked to 207 (from 148 in 2024)【18†】. This surge in departures caused a net loss of 20 units for the year, erasing the +33 net gain achieved in 2024. Occupancy slipped accordingly from 65.9% in Dec 2024 to 61.0% in Dec 2025【18†】, meaning roughly 61% of units occupied at year-end. A major concern is the jump in unrentable units to 37 by the end of 2025 (up from 6 a year prior)【18†】. Having 37 units (likely ~10% or more of total units) offline for maintenance or other issues severely impacts both occupancy and gross potential. Indeed, gross potential rent rose to ~$18.9k in Dec 2025 (from $16.2k), reflecting perhaps additional units or higher rates, but many of those units were not income-producing due to their unrentable status【18†】. Annual revenue for 2025 came in at $300.9k, slightly below 2024’s $308.5k (a ~2.5% drop)【18†】, which is expected given the occupancy decline.
Areas for Focus: For Montgomery, reducing the number of unrentable units is the most urgent need. With 37 units unavailable to rent, we are effectively limiting our own occupancy – fixing and turning those units should be a top maintenance priority for early 2026. Additionally, the spike in move-outs suggests potential issues with tenant satisfaction or competition; we should analyze feedback or exit reasons and take steps to improve retention (e.g. enhanced customer service, facility improvements, or loyalty incentives). Since move-in volume was actually slightly higher in 2025, the demand is there – but we lost too many existing tenants. Plugging that leak will help Montgomery return to occupancy growth. In parallel, once units are repaired, ensuring they are quickly leased (possibly via promotions or outreach) will help boost the occupied percentage back into the high 60s. With occupancy just 61%, Montgomery has room to increase revenue once we resolve these operational issues.
Radiant Norwich
2025 Performance: Norwich had been our strongest performer in 2024 and remained solid in 2025, though it too saw occupancy decline. Move-ins totaled 139 for the year (down from 179 in 2024) while move-outs increased to 187 (up from 156)【18†】. Consequently, Norwich recorded a net loss of 48 units in 2025, after a net gain of +23 the prior year. This brought occupancy down from an extremely high 94.5% in Dec 2024 to 81.0% in Dec 2025【18†】. Even at 81% occupied, Norwich is still our most occupied site by percentage, but the drop represents a significant number of vacated units given this facility’s large size. 9 units became unrentable during 2025 (where there were none in 2024)【18†】, which may have contributed slightly to the occupancy dip and needs addressing. Despite the occupancy loss, Norwich achieved record revenue in 2025: about $690.6k, up ~3.7% from $665.7k in 2024【18†】. Gross potential rent grew to roughly $61.2k monthly by year-end (vs $51.3k a year prior)【18†】, reflecting rental rate increases. Essentially, Norwich traded a bit of occupancy for higher rent per unit in 2025, and remained the revenue leader among the facilities.
Areas for Focus: Norwich is still a healthy performer with 81% occupancy and strong cash flow, but the trends warrant attention. Losing 48 tenants net is significant – we should investigate if recent rate increases might have driven some price-sensitive customers away. With rates up and 9 units offline, management should focus on competitive pricing and quick unit turns. There may be an opportunity to offer targeted promotions to attract new customers and climb back above 90% occupancy, which is where Norwich excelled previously. Additionally, the 9 unrentable units should be restored to rentable condition promptly to maximize inventory. In summary, for Norwich we want to fine-tune our revenue management (ensure we’re not pushing rates too hard at the expense of occupancy) and maintain its quality leadership to keep customer turnover low. This site is a key income generator, so stabilizing its occupancy in the low 80s or higher will be important in 2026.
January 2026 – Early Performance Update
As we enter 2026, the initial data for January shows some positive momentum in leasing, though overall occupancy remains a challenge. From January 1 through 13, the five Radiant facilities have recorded 31 move-ins and 22 move-outs. This is a net gain of 9 units in the first two weeks of the year – an encouraging start, indicating that move-in activity is outpacing move-outs so far. Reflecting this, as of January 13 the consolidated occupancy stands at 1028 occupied units out of 1523 (≈67.5% occupancy) across all sites. While 67.5% is still below our year-ago levels, the slight uptick in occupied units in early January is a step in the right direction.
It’s worth noting that collections in early 2026 have been strong as well. In the first 13 days, about $101.8k in total rent and retail revenue was booked portfolio-wide, and most tenants remain current (delinquency among current tenants >30 days past due is around $37k, or ~5.6% of receivables, which is manageable). The improved net rentals suggest that our renewed focus on leasing – through New Year promotions and outreach – is paying off. We should continue this push throughout Q1 to build back occupancy. Additionally, ongoing efforts to turn unrentable units into revenue-generating ones will gradually raise the occupancy ceiling in coming months.
In summary, 2025 was a challenging year in which occupancy slipped at every Radiant facility, largely due to elevated move-outs and some units being out of service. However, revenue was bolstered by rate increases, softening the financial impact. Going forward, our strategy is clear: drive occupancy growth in 2026 by (1) aggressively marketing and pricing to attract new move-ins, (2) improving tenant retention to reduce move-outs, and (3) swiftly rehabbing unrentable units to expand our rentable supply. Early January results are promising, with a net gain in occupied units across the portfolio. By sustaining this momentum and addressing site-specific issues (e.g. high vacancies in Tuscaloosa, maintenance needs in Montgomery, etc.), we anticipate a strong rebound in occupancy and overall performance in 2026. The goal is to recapture the gains of 2024 and push each facility to its full revenue potential in the year ahead.
Sources: Data extracted from Radiant’s 2025 year-end occupancy and financial reports【18†】 and the January 1–13, 2026 Management Summary. These reports detail all key metrics (move-ins, move-outs, occupancy %, unrentable units, gross potential rent, and revenue) used in the analysis.
Sources
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