Business
The RMR Group Inc. Announces Fourth Quarter 2021 Results
Net Income of $30.8 Million, or $0.82 Per Diluted Share Adjusted Net Income of $0.50 Per Diluted Share, a 6% Sequential Quarter Increase and a 28% Increase
About this update from The Rmr Group Inc.
[{"type":"text","content":"\nNet Income of $30.8 Million, or $0.82 Per Diluted Share\n\nAdjusted Net Income of $0.50 Per Diluted Share, a 6% Sequential Quarter Increase and a 28% Increase from Last Year\n\nAdjusted EBITDA of $26.3 Million, an 8% Sequential Quarter Increase and a 27% Increase from Last Year\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nThe RMR Group Inc. (Nasdaq: RMR) today announced its financial results for the fiscal quarter ended September 30, 2021.\n\nAdam Portnoy, President and Chief Executive Officer, made the following statement regarding the fourth quarter fiscal 2021 results:\n\n“During the quarter, management and advisory services revenues increased 16.5% from last year, to $46.8 million, and marked RMR’s fifth straight quarter of sequential growth. This growth was driven by steady increases in property management fees due to recent REIT acquisitions, increased construction management fees tied to our expanded oversight of client redevelopment activities and continued revenue growth at our Managed Operating Companies. In addition to growth in Adjusted Net Income and Adjusted EBITDA, Adjusted EBITDA Margin increased 240 basis points sequentially to 53.5% this quarter and is now just below pre-pandemic levels, which is a testament to the high-quality operating leverage inherent in RMR’s structure.\n\nWe believe fiscal 2022 will bring RMR significant opportunities to see continued increases in revenues, including potential incentive management fees from the Managed Equity REITs, as our clients execute on their strategic plans during what we expect to be a period of continued economic recovery. After our special dividend distribution of $7.00 per share in September, RMR has nearly $160 million of cash and no debt and remains well positioned to pursue a range of capital allocation strategies, with a concentrated focus on the growth of our private capital business.”\n\nFourth Quarter Fiscal 2021 Highlights:\n\n\nAs of September 30, 2021, The RMR Group LLC had $32.7 billion of assets under management, or AUM, compared to $32.4 billion as of September 30, 2020.\n\n\nTotal management and advisory services revenues for the quarter ended September 30, 2021, were $46.8 million, compared to $40.2 million for the quarter ended September 30, 2020.\n\n\nThe RMR Group LLC’s AUM and management and advisory services revenues by source are as follows (doll...