Business
The RMR Group Inc. Announces Third Quarter Fiscal 2020 Results
Net Income Attributable to The RMR Group Inc. of $0.41 Per Diluted Share and Adjusted Net Income Attributable to The RMR Group Inc. of $0.38 Per Diluted
About this update from The Rmr Group Inc.
[{"type":"text","content":"\nNet Income Attributable to The RMR Group Inc. of $0.41 Per Diluted Share and Adjusted Net Income Attributable to The RMR Group Inc. of $0.38 Per Diluted Share\n\n\n$393.7 Million of Cash and No Debt at June 30, 2020\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nThe RMR Group Inc. (Nasdaq: RMR) today announced its financial results for the fiscal quarter ended June 30, 2020.\n\n\nAdam Portnoy, President and Chief Executive Officer, made the following statement regarding the third quarter fiscal 2020 results:\n\n\n“In the fiscal third quarter, we generated net income of $15.4 million, Adjusted EBITDA of $19.6 million and Adjusted EBITDA Margin of 47.1%. While our results reflect the adverse impacts of the pandemic on our Managed Equity REITs’ share prices, we were pleased fee paying assets under management increased sequentially and management services revenues increased each successive month in the quarter.\n\n\nThis quarter, we continued assisting our Client Companies to navigate through this uniquely challenging environment. During the quarter, we assisted several of our Client Companies in raising more than $2 billion of capital in total to help increase liquidity and meet near-term debt maturities. While markets remain volatile, we are also encouraged by the overall high rent collection levels and waning tenant rent relief requests across the retail, office and industrial assets we manage on behalf of our Client Companies. Further, during the quarter, our Managed Equity REITs executed over 1.6 million square feet in new and renewal leasing transactions and we managed over $40.0 million in capital projects for our Client Companies.\n\n\nAt the close of the quarter, our dividend remains secure and our balance sheet leaves us well positioned to take advantage of potential strategic opportunities with $393.7 million of cash and no debt.”\n\n\nThird Quarter Fiscal 2020 Highlights:\n\n\n\nAs of June 30, 2020, The RMR Group LLC had $32.0 billion of gross assets under management compared to gross assets under management of $30.6 billion as of June 30, 2019. Fee paying assets under management was $20.8 billion on June 30, 2020 compared to $23.5 billion on June 30, 2019.\n\n\nTotal management and advisory services revenues for the quarter ended June 30, 2020 were $39.3 million, compared to $44.4 million for the quarter ended June 30, 2019.\n...