Business
The RMR Group Inc. Announces First Quarter Fiscal 2020 Results
Net Income Attributable to The RMR Group Inc. of $0.58 Per Diluted Share and Adjusted Net Income Attributable to The RMR Group Inc. of $0.57 Per Diluted
About this update from The Rmr Group Inc.
[{"type":"text","content":"\nNet Income Attributable to The RMR Group Inc. of $0.58 Per Diluted Share and Adjusted Net Income Attributable to The RMR Group Inc. of $0.57 Per Diluted Share\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nThe RMR Group Inc. (Nasdaq: RMR) today announced its financial results for the fiscal quarter ended December 31, 2019.\n\n\nAdam Portnoy, President and Chief Executive Officer, made the following statement regarding the first quarter fiscal 2020 results:\n\n\n“During the first fiscal quarter, we continued to assist our Client Companies with both the integration of recently completed acquisitions and their strategic repositioning efforts. The integration of Service Properties Trust’s $2.4 billion net leased retail portfolio acquisition has progressed as planned, with the incremental financial benefits to The RMR Group remaining in line with our forecasts.\n\n\nWe also continued making significant progress in executing on the repositioning efforts at Office Properties Income Trust and Diversified Healthcare Trust, which we believe will lead to increases in total shareholder returns at each of these Client Companies. More specifically, Office Properties Income Trust recently announced aggregate property sales for the 2019 calendar year of $848.9 million and Diversified Healthcare Trust recently announced the completion of the restructuring of its business arrangements with its largest tenant, Five Star Senior Living Inc., and that it has sold or has under agreement to sell approximately $678 million of properties.\n\n\nAt the close of the first fiscal quarter, our balance sheet continues to leave us well positioned to assess strategic opportunities for future growth, with $385.7 million of cash and no debt.”\n\n\nFirst Quarter Fiscal 2020 Highlights:\n\n\n\nAs of December 31, 2019, The RMR Group Inc. had $32.2 billion of gross assets under management compared to gross assets under management of $29.7 billion as of December 31, 2018. Fee paying assets under management was $24.9 billion on December 31, 2019 compared to $23.4 billion on December 31, 2018.\n\n\nTotal management and advisory services revenues for the quarter ended December 31, 2019 were $48.1 million, compared to $168.4 million for the quarter ended December 31, 2018. No incentive business management fees were earned for the three year measurement period ended December 31, 2...