The Rmr Group Inc. · NASDAQ:RMR
The Rmr — Investor Presentation (April 2026)
30 slides from The Rmr's investor presentation, April 2026
Slide 1: The RMR Group Investor Presentation April 2026
The RMR Group Investor Presentation April 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 nearly 70% of services revenues derived from 20-year evergreen contracts with significant termination Opportunity pr
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% $11.8 Billion Private Capital in AUM Residential 68% $25.4 Billion Perpetual Nearly Capital 900 Senior Living Real Estate Professionals
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 AUM Across a Diverse Mix of CRE 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 & Life Science Indu
Slide 7: AUM by Client Type
AUM by Client Type Perpetual Capital Private Capital Client Description AUM Client Description AUM Owns 94 hotels and 760 net Vertically integrated platform lease service and necessity- Residential Joint $9.9B focused on multifamily $4.4B based retail properties Ventures properties across the Sunbel
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 $57 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 $605 million of non-core asset sales in 2025 and fully repai
Slide 13: Positioned to Capitalize on Investors Reallocating Capital Towards Private Alternatives
Positioned to Capitalize on Favorable Industry Trend of Investors Reallocating Capital Towards Private Alternative Investments Global Investment Advisors – Private Markets Allocation Plans Favorable Demand Drivers Expanding Role of Alternative Plan to increase private Asset Classes market allocation
Slide 14: Gaining Traction on Private Capital Growth Initiatives
Gaining Traction on Private Capital Growth Initiatives Advancing RMR’s Private Capital Platform • RMR remains a relatively new player in the private capital space, with significant effort underway to build its global brand. • Initial fundraising efforts are primarily focused on residential and selec
Slide 15: RMR Residential – Multifamily Investment Platform
RMR Residential – Multifamily Investment Platform RMR Residential Recent Acquisitions Oviedo, FL • Structural Housing Undersupply: An ongoing national • Acquisition housing shortage exceeding 4.7 million units continues • Residential garden style to support long-term rental demand. • 275 Units • Wid
Slide 16: RMR Trades at a Steep Discount to Its Underlying Value
RMR Trades at a Steep Discount to Its Underlying Value An illustrative SOTP analysis of RMR and its various investments suggests that the implied market value of RMR’s 20-year evergreen management fee income may be trading at only ~4.4x EBITDA RMR Valuation Analysis Value ($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) December 31, 2025 September 30, 2025 December 31, 2024 Revenues: Management services (1) $ 41,909 $ 44,286 $ 46,183 Incentive fees (2) 23,625 337 68 Advisory services 1,177 1,115 1,141 Total m
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) December 31, 2025 September 30, 2025 December 31, 2024 Operating income $ 32,085 $ 10,861 $ 13,388 Interest income 535 1,082 1,556 Interest expense (2,647) (1,676) (699) Change in fair v
Slide 25: GAAP Results: Condensed Consolidated Balance Sheets
GAAP RESULTS: CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands) December 31, 2025 September 30, 2025 Assets Cash and cash equivalents held by The RMR Group Inc. $ 18,829 $ 19,478 Cash and cash equivalents held by The RMR Group LLC 30,486 42,819 Due from related parties 109,948 79,703 Prep
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