The Rmr Group Inc. · NASDAQ:RMR
The Rmr — Investor Presentation (May 2026)
30 slides from The Rmr's investor presentation, May 2026
Slide 1: The RMR Group Investor Presentation
The RMR Group Investor Presentation May 2026 1
Slide 2: Overview of The RMR Group
Overview of The RMR Group (Nasdaq: RMR) 2
Slide 3: Compelling Investment Opportunity
Compelling Diversified revenue sources from perpetual capital and private capital clients spanning all major commercial real estate sectors. Investment Durable earnings resulting from over 70% of services revenues derived from 20-year evergreen contracts with significant termination Opportunity prov
Slide 4: A Dynamic Alternative Asset Manager Focused Solely on Real Estate
A Dynamic Alternative Asset Manager Focused Solely on Real Estate National Multi-Sector RMR Platform RMR Clients Investment Platform Over Industrial $37 Billion 32% $11.7 Billion Private Capital in AUM Residential 68% $25.4 Billion Perpetual Over Capital 800 Senior Living Real Estate Professionals M
Slide 5: National Vertically Integrated Real Estate Operating Platform Is A Differentiator
National Vertically Vertically Integrated Vertically Platform Integrated Platform Integrated Real Estate Accounting & Finance Development & Construction Energy & Sustainability Tax Operating Platform Is A Human Resources Asset Management Investor Relations Acquisitions Differentiator And Marketing T
Slide 6: Perpetual and Private Capital Assets Under Management Across a Diverse Mix of Sectors
Perpetual and Private Capital Assets Under Management Across a Diverse Mix of Commercial Real Estate Sectors Total Assets Under Management AUM by Sector AUM Growth Increasingly Driven by Private Capital. Diversified across all major CRE sectors. $41B $39B Medical Office $37B $37B $37B & Life Science
Slide 7: AUM by Client Type
AUM by Client Type Perpetual Capital Private Capital Client Description AUM Client Description AUM Owns 93 hotels and 761 net Residential Real Vertically integrated platform lease service and necessity- $9.9B Estate Funds and focused on multifamily $4.4B based retail properties Joint Ventures proper
Slide 8: RMR's Contractual Relationships
RMR’s Contractual Relationships Client Contractual Relationship RMR earns fees pursuant to Business Management and Property Management Agreements that renew each year for successive 20-year terms. • Business management revenues principally consist of monthly fees generally based on 50 bps per annum
Slide 9: Track Record of Attractive Cash Flows and Well Covered Dividend
Track Record of Attractive Cash Flows and Well Covered Dividend Management & Advisory Services Revenues Adjusted EBITDA & Adjusted EBITDA Margin (1) Adjusted EBITDA Adjusted EBITDA Margin $196M $200M $193M $190M 55% 57% 57% 59% 57% $179M $181M $182M $160 51% 51% 51% 51% 60% $167M $172M $175M 45% 42%
Slide 10: Positioned for Growth
Positioned for Growth
Slide 11: Multiple Levers to Drive Growth
Multiple Levers to Drive Growth Lever Support • Managed REIT Enterprise Value growth drives higher base management fees. The current potential upside from narrowing the gap between EV and historical Managed REITs cost of Managed REIT assets is an approximate $54 million annual revenue Enterprise Val
Slide 12: Significant Upside Potential as Managed Equity REIT Share Prices Recover
Significant Upside Potential as Managed Equity REIT Share Prices Recover Incremental Impact to RMR Annual Revenue of a $1.00 Taking Decisive Actions at Managed Equity REITs to Per Share Increase by REIT (1) Improve Share Prices DHC: • Sold $628 million of non-core assets since January 1, 2025 and fu
Slide 13: Positioned to Capitalize on Investors Reallocating Capital Towards Private Alternatives
Positioned to Capitalize on Favorable Industry Trend of Investors Reallocating Capital Towards Private Alternative Investments Global Investment Advisors – Private Markets Allocation Plans Favorable Demand Drivers Expanding Role of Alternative Plan to increase private Asset Classes market allocation
Slide 14: Gaining Traction on Private Capital Growth Initiatives
Gaining Traction on Private Capital Growth Initiatives Advancing RMR’s Private Capital Platform • RMR remains a relatively new player in the private capital space, with significant effort underway to build its global brand. • Initial fundraising efforts are primarily focused on residential and selec
Slide 15: RMR Residential – Multifamily Investment Platform
RMR Residential – Multifamily Investment Platform RMR Residential Recent Acquisitions • Structural Housing Undersupply: An ongoing national Greenwich, CT housing shortage exceeding 4.7 million units continues • Joint Venture Acquisition to support long-term rental demand. • Residential garden style
Slide 16: RMR Trades at a Steep Discount to Its Underlying Value
RMR Trades at a Steep Discount to Its Underlying Value An illustrative SOTP analysis of RMR and its various investments suggests that the implied market value of RMR’s 20-year evergreen management fee income may be trading at only ~4.9x EBITDA RMR Valuation Analysis Value ($M) 1 Per Share RMR Market
Slide 17: Key Takeaways
Key Takeaways • Over $37 billion of AUM, +20% since 2020 driven by Vertically Integrated private capital AUM growth. Platform Diversified • Durable portfolio and deep relationships with well- across All Major CRE capitalized institutional investors. Sectors • Long operating history managing public a
Slide 18: Appendix
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Slide 19: Governed by a Highly Skilled Board of Directors
Governed by a Highly Skilled Board of Directors 33% Female and Members of Underrepresented Communities Ann Logan Rosen Plevneliev Walter C. Watkins Jr. Independent Director Lead Independent Independent Director 67% Director Independent 8.0 years Average Tenure Jonathan Veitch Adam Portnoy Matthew Jo
Slide 20: Demonstrated Commitment to Sustainability
Demonstrated Commitment to Sustainability Impact Through Action Enabling Client Efficiency • Zero Emissions Promise by 2050 for all RMR managed • Established strategies for public equity and private capital properties. – Implementing best practices for energy, water and – Reduce GHG emissions 50% pe
Slide 21: Annual Sustainability Report
Annual Sustainability Report 2025 Annual Sustainability Report To access sustainability reports, visit RMR’s website at www.rmrgroup.com/corporate-sustainability 21
Slide 22: Financials
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Slide 23: GAAP Results: Condensed Consolidated Statements of Income
GAAP RESULTS: CONDENSED CONSOLIDATED STATEMENTS OF INCOME For the Three Months Ended (dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Revenues: Management services (1) $ 40,683 $ 41,909 $ 44,382 Incentive fees (2) — 23,625 19 Advisory services 1,349 1,177 1,104 Total management
Slide 24: GAAP Results: Condensed Consolidated Statements of Income (ctd)
GAAP RESULTS: CONDENSED CONSOLIDATED STATEMENTS OF INCOME (ctd) For the Three Months Ended (dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Operating income $ 7,041 $ 32,085 $ 7,560 Interest income 516 535 1,377 Interest expense (2,611) (2,647) (871) Change in fair value of Ear
Slide 25: GAAP Results: Condensed Consolidated Balance Sheets
GAAP RESULTS: CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands) March 31, 2026 September 30, 2025 Assets Cash and cash equivalents held by The RMR Group Inc. $ 17,380 $ 19,478 Cash and cash equivalents held by The RMR Group LLC 62,724 42,819 Due from related parties 82,974 79,703 Prepaid
Slide 26: Definitions
Definitions
Slide 27: Non-GAAP Financial Measures and Certain Definitions
NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS RMR presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the SEC, including Adjusted Net Income Attributable to The RMR Group Inc., Adjusted Net Income Attributable to The RMR Group Inc. per diluted share, EB
Slide 28: Non-GAAP Financial Measures and Certain Definitions (continued)
NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS (continued) • Assets Under Management (AUM) All references in this presentation to AUM on, or as of, a date are calculated at a point in time. • AUM is calculated as: (i) the historical cost of real estate and related assets, excluding depreciation
Slide 29: Warning Regarding Forward-Looking Statements
Warning Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “
Slide 30: Two Newton Place, Newton, MA
Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458 RMRGROUP.COM 30