Business
The RMR Group Inc. Announces First Quarter Fiscal 2022 Results
Net Income of $18.3 Million, or $0.49 Per Diluted Share Adjusted Net Income of $0.46 Per Diluted Share, a 12% Increase from Last Year Adjusted EBITDA of
About this update from The Rmr Group Inc.
[{"type":"text","content":"\nNet Income of $18.3 Million, or $0.49 Per Diluted Share\n\nAdjusted Net Income of $0.46 Per Diluted Share, a 12% Increase from Last Year\n\nAdjusted EBITDA of $23.3 Million, a 9% Increase from Last Year\n\nTotal AUM Grows to $33.4 Billion, with Managed Private Real Estate Capital AUM Growing to $3.2 Billion\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nThe RMR Group Inc. (Nasdaq: RMR) today announced its financial results for the fiscal quarter ended December 31, 2021.\n\nAdam Portnoy, President and Chief Executive Officer, made the following statement regarding the first quarter fiscal 2022 results:\n\n“During the first fiscal quarter, RMR reported management and advisory services revenues of $46.0 million, an increase of 11% from last year, despite the continued impact of COVID-19 variants across many aspects of our clients’ businesses. Similarly, adjusted earnings per share and Adjusted EBITDA increased 12% and 9%, respectively, over the prior year. This growth was driven primarily by increases in the enterprise values of our Managed Equity REITs, the expanded scale of Sonesta leading to greater business management fees and increased client redevelopment activities leading to higher construction management fees.\n\n“This quarter, RMR made significant progress in growing its private capital assets under management, announcing approximately $1.9 billion of private capital transactions. In addition, the pending Monmouth industrial real estate transaction valued at approximately $4.0 billion is expected to be partly funded with private capital raised from large institutional joint venture partners. Not only do these transactions grow RMR’s assets under management, but they also highlight RMR’s alignment with our clients’ shareholders by expanding their access to capital and growth opportunities with high quality assets.\n\n“With over $181 million of cash and no debt, we remain well positioned to pursue a range of capital allocation strategies, with a primary focus on driving private capital growth across the platform.”\n\nFirst Quarter Fiscal 2022 Highlights:\n\n\nAs of December 31, 2021, The RMR Group LLC had $33.4 billion of assets under management, or AUM, compared to $32.1 billion as of December 31, 2020.\n\n\n\nTotal management and advisory services revenues for the quarter ended December 31, 2021 were $46.0 million, compared to $...