The Rmr Group Inc. · NASDAQ:RMR
The Rmr — RMR Group — Investor Presentation (April 2026)
30 slides from The Rmr's investor presentation, Apr 2, 2026
Slide 1: The RMR Group Investor Presentation April 2026
1 The RMR Group Investor Presentation April 2026
Slide 2: Overview of The RMR Group
2 Overview of The RMR Group (Nasdaq: RMR)
Slide 3: Compelling Investment Opportunity
3 Diversified revenue sources from perpetual capital and private capital clients spanning all major commercial real estate sectors. Durable earnings resulting from nearly 70% of services revenues derived from 20-year evergreen contracts with significant termination provisions. Attractive fee upside
Slide 4: A Dynamic Alternative Asset Manager Focused Solely on Real Estate
4 Industrial Residential Senior Living Medical Office Life Science Hotels Retail Office Over $37 Billion in AUM RMR Platform Nearly 900 Real Estate Professionals More than 30 Offices Nationwide Approximately 1,800 Properties National Multi-Sector Investment Platform RMR Clients Private Real Estate V
Slide 5: Key Differentiators
5 Key Differentiators • Deep Bench of Experienced Professionals: Market knowledge and expertise positions RMR to execute on compelling investment opportunities. • Shared Services: Platform improves productivity and operating efficiency, while enhancing asset-level economics and striving for superior
Slide 6: Perpetual and Private Capital AUM Across Diverse CRE Sectors
6 Industrial 18% Office 16% Hotel 16% Senior Living 14% Retail 13% Residential 12% Medical Office & Life Science 11% $26B $27B $28B $30B $33B $32B $33B $37B $36B $41B $39B $37B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 Perpetual Capital Private Capital AUM by Sector Diversified acr
Slide 7: Private Capital and Perpetual Capital Clients
7 Residential Joint Ventures Vertically integrated platform focused on multifamily properties across the Sunbelt. $4.4B Industrial Real Estate Funds Portfolio of “Core Plus” industrial real estate. $4.0B Medical Office & Life Science Real Estate Funds Portfolio of “Core Plus” medical office and life
Slide 8: RMR's Contractual Relationships
8 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 multiplied by the lower of: (1) the historical cost of real es
Slide 9: Track Record of Attractive Cash Flows and Well Covered Dividend
9 $92M $100M $107M $120M $108M $91M $93M $106M $102M $91M $81M $19M 55% 57% 57% 59% 57% 51% 51% 51% 51% 45% 42% 43% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% $0 $20 $40 $60 $80 $100 $120 $140 $160 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Adjusted EBITDA Adjusted EBITDA Ma
Slide 10: Positioned for Growth
Positioned for Growth
Slide 11: Multiple Levers to Drive Growth
11 Multiple Levers to Drive Growth Lever Support Managed REITs Enterprise Value Growth • Managed REIT Enterprise Value growth drives higher base management fees. The current potential upside from narrowing the gap between EV and historical cost of Managed REIT assets is an approximate $57 million an
Slide 12: Managed REIT Accomplishments (ILPT, DHC, SVC)
12 ILPT: • Maintained a well-leased, high-quality industrial portfolio, with consolidated occupancy in the mid-90% range and long lease terms supporting stable cash flows. • Executed strong leasing activity, driving rental rate growth and supporting continued organic cash flow growth across the port
Slide 13: Favorable Industry Trend Toward Private Alternative Investments
13 Positioned to Capitalize on Favorable Industry Trend of Investors Reallocating Capital Towards Private Alternative Investments Source: Hamilton Lane 2026 Annual Global Private Wealth Survey. Favorable Demand Drivers Expanding Role of Alternative Asset Classes Limited Partners’ Need for Investment
Slide 14: Gaining Traction on Private Capital Growth Initiatives
14 Gaining Traction on Private Capital Growth Initiatives Capital Formation Team Build-Out Mary Smendzuik Senior Vice President, Head of Domestic Capital Formation • Joined RMR in June 2025. • Leads private capital fundraising initiatives in North America. • Focused on expanding RMR’s relationships
Slide 15: RMR Residential – Multifamily Investment Platform
15 RMR Residential – Multifamily Investment Platform Raleigh, NC RMR Residential Recent Acquisitions Pompano Beach, FL • Acquisition • Residential garden style • 266 Units Oviedo, FL • Acquisition • Residential garden style • 275 Units • Joint Venture Acquisition • Residential mid-rise • 225 Units S
Slide 16: RMR Trades at a Steep Discount to Its Underlying Value
16 RMR Trades at a Steep Discount to Its Underlying Value (1) In millions, except per share data. (2) Management fees include base fees for perpetual capital (20-year evergreen contracts). See slide 8. EBITDA is a non-GAAP financial measure; a reconciliation to the most directly comparable GAAP meas
Slide 17: Key Takeaways
17 Key Takeaways Vertically Integrated Platform Diversified across All Major CRE Sectors • Over $37 billion of AUM, +20% since 2020 driven by private capital AUM growth. • Durable portfolio and deep relationships with well-capitalized institutional investors. • Long operating history managing public
Slide 18: Appendix
Appendix
Slide 19: Governed by a Highly Skilled Board of Directors
Ann Logan Independent Director Rosen Plevneliev Lead Independent Director Walter C. Watkins Jr. Independent Director 33% Female and Members of Underrepresented Communities 67% Independent 8.0 years Average Tenure Governed by a Highly Skilled Board of Directors Jonathan Veitch Independent Director Ad
Slide 20: Demonstrated Commitment to Sustainability
20 Demonstrated Commitment to Sustainability (1) Certifications as of December 31, 2025. • Established strategies for public equity and private capital – Implementing best practices for energy, water and emissions conservation across commercial, industrial and multifamily properties that align with
Slide 21: Annual Sustainability Report 2025
21 Annual Sustainability Report 2025 Annual Sustainability Report To access sustainability reports, visit RMR’s website at www.rmrgroup.com/corporate-sustainability
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Slide 23: GAAP Results: Condensed Consolidated Statements of Income
23 For the Three Months Ended 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 management, incentive and advisory services revenues 66,711 45,738 47,392 Incom
Slide 24: GAAP Results: Condensed Consolidated Statements of Income (ctd)
24 For the Three Months Ended 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 value of Earnout liability 3,639 2,469 3,410 Loss on investments (1,661) (3,090) (1,0
Slide 25: Condensed Consolidated Balance Sheets
25 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 Prepaid and other current assets 12,595 13,731 Loans held for investment, ne
Slide 26: Definitions
Definitions
Slide 27: Non-GAAP Financial Measures Definitions
27 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, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and
Slide 28: Definitions: Assets Under Management
28 • 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, amortization, impairment charges or other non-cash reserves
Slide 29: Forward-Looking Statements
29 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”, “expect”, “anticipate”, “intend”, “plan”, “
Slide 30: Two Newton Place, Newton, MA
30 Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458 RMRGROUP.COM