The Rmr Group Inc. · NASDAQ:RMR
The Rmr — Q1 2026 Earnings Presentation
31 slides from The Rmr's earnings presentation, Feb 4, 2026
Slide 1: Financial Results and Supplemental Information
Financial Results and Supplemental Information FISCAL FIRST QUARTER 2026 February 4, 2026
Slide 2: Table of Contents
Table of Contents QUARTERLY RESULTS Fiscal First Quarter 2026 Highlights...................................................................................................................................................................... 5 FINANCIALS Key Financial Data .............................
Slide 3: Quarterly Results
—— i Quarterly Results | BE
Slide 4: The RMR Group Inc. Announces Fiscal First Quarter 2026 Financial Results
The RMR Group Inc. Announces Fiscal First Quarter 2026 Financial Results Newton, MA (February 4, 2026). The RMR Group Inc. (Nasdaq: RMR) today announced its “We largely exceeded our expectations for RMR’s first financial results for the fiscal quarter ended December 31, 2025. quarter results as shar
Slide 5: Fiscal First Quarter 2026 Highlights
Fiscal First Quarter 2026 Highlights • Assets Under Management of $37.2 billion. • Net income of $26.8 million, net income margin of 40.2% and net income attributable to The RMR Group Inc. of Financial $12.2 million, or $0.71 per diluted share. Highlights • Adjusted Net Income Attributable to The RM
Slide 6: Financials
Financials
Slide 7: Key Financial Data
Key Financial Data (dollars in thousands, except per share amounts) As of and for the Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 GAAP Financial Measures Net Income $ 26,838 $ 7,582 $ 14,108 Net Income Margin 40.2% 16.6% 29.8% Net Income Attributable to The RMR Group In
Slide 8: Adjusted Net Income Attributable to The RMR Group Inc. Bridge
Adjusted Net Income Attributable to The RMR Group Inc. Bridge $0.24 $0.22 $0.22 $0.03 $0.20 $0.20 Per Share $(0.03) $0.18 $0.02 $(0.02) $0.16 $(0.02) $0.14 $0.12 Adjusted net Lower business Higher depreciation Higher interest Lower equity based Higher property net Adjusted net income Q4 2025 managem
Slide 9: Distributable Earnings Bridge
Distributable Earnings Bridge $0.56 $0.04 $0.54 $0.52 $0.06 $0.50 $0.48 $0.47 $(0.06) $0.46 $(0.01) Per Share $0.44 $0.44 $0.42 $0.40 $0.38 $0.36 $0.34 $0.32 Distributable Earnings Lower tax distributions Higher property NOI Lower business Other, net Distributable Earnings Q4 2025 due to changes in
Slide 10: AUM by Source
AUM by Source (dollars in thousands) As of December 31, 2025 As of December 31, 2024 $11,841,066 $12,481,808 32% 31% AUM $25,366,327 $27,780,038 68% 69% $37,207,393 $40,261,846 Perpetual Capital Managed Public Real Estate Capital Private ManagedCapital Private Real Estate Capital $8,655,407 $9,305,5
Slide 11: AUM by Source (Continued)
AUM by Source (Continued) (dollars in thousands) As of December 31, 2025 Commercial Real Estate Sector / Strategy AUM Fee-Earning AUM Perpetual Capital Service Properties Trust (NASDAQ: SVC) Net Leased Service-Focused Retail & Hotels $ 9,840,200 $ 5,814,058 Diversified Healthcare Trust (NASDAQ: DHC)
Slide 12: Management and Advisory Services Revenues by Source
Management and Advisory Services Revenues by Source For the Three Months Ended (dollars in thousands) Base Business Management & Advisory Revenues Base Property Management & Other Revenues $28,760 $28,347 $26,698 $14,574 $15,148 $14,158 $7,068 $6,807 $5,539 $4,960 $5,280 $6,150 $21,159 $21,692 $21,5
Slide 13: Well-Covered Dividend
Well-Covered Dividend (amounts in thousands, except per share amounts) Dividends paid by The RMR Group Inc. are funded through a combination of Distributable Earnings generated by The RMR Group LLC and cash and cash equivalents held by The RMR Group Inc., as illustrated below: Calculation of Distrib
Slide 14: GAAP Results: Condensed Consolidated Statements of Income
GAAP Results: Condensed Consolidated Statements of Income (dollars in thousands) 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 m
Slide 15: GAAP Results: Condensed Consolidated Statements of Income (Continued)
GAAP Results: Condensed Consolidated Statements of Income (Continued) (dollars in thousands) 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
Slide 16: GAAP Results: Earnings Per Common Share
GAAP Results: Earnings Per Common Share (amounts in thousands, except per share amounts) As of and for the Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 Numerators: Net income attributable to The RMR Group Inc. $ 12,190 $ 3,414 $ 6,380 Less: income attributable to unveste
Slide 17: 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 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures
Slide 19: Reconciliation of Adjusted Net Income and Adjusted Net Income Per Diluted Share
Reconciliation of Adjusted Net Income and Adjusted Net Income Per Diluted Share (amounts in thousands, except per share amounts) The following table presents the impact of certain individually significant items on the financial results for the three months ended December 31, 2025, excluding the rede
Slide 20: Reconciliation of Adjusted Net Income and Adjusted Net Income Per Diluted Share (Continued)
Reconciliation of Adjusted Net Income and Adjusted Net Income Per Diluted Share (Continued) (amounts in thousands, except per share amounts) The following table presents the impact of certain individually significant items on the financial results for the three months ended September 30, 2025, exclu
Slide 21: Reconciliation of Adjusted Net Income and Adjusted Net Income Per Diluted Share (Continued)
Reconciliation of Adjusted Net Income and Adjusted Net Income Per Diluted Share (Continued) (amounts in thousands, except per share amounts) The following table presents the impact of certain individually significant items on the financial results for the three months ended December 31, 2024, exclud
Slide 22: Reconciliation of EBITDA and Adjusted EBITDA
Reconciliation of EBITDA and Adjusted EBITDA (dollars in thousands) For the Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 Net income $ 26,838 $ 7,582 $ 14,108 Income tax expense 4,661 2,064 2,476 Depreciation and amortization 4,687 3,741 2,347 Interest expense 2,647 1,676
Slide 23: Calculation of Net Income Margin, Adjusted EBITDA Margin, Distributable Earnings
Calculation of Net Income Margin, Adjusted EBITDA Margin, Distributable Earnings and Distributable Earnings Per Share (amounts in thousands, except per share amounts) As of and for the Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 Calculation of Net Income Margin: Total m
Slide 24: Appendix
Appendix
Slide 25: Notes
Notes (dollars in thousands) Notes to Page 12 – Management and Advisory Services Revenues by Source The following tables present revenues by client and exclude incentive fees earned from SEVN of $41, $337 and $68 during the three months ended December 31, 2025, September 30, 2025 and December 31, 20
Slide 26: Notes (Continued)
Notes (Continued) (dollars in thousands) Notes to Page 12 – Management and Advisory Services Revenues by Source (Continued) For the Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 CONSTRUCTION SUPERVISION REVENUES DHC $ 275 $ 342 $ 964 ILPT 126 217 170 OPI 307 417 652 SVC 8
Slide 27: Notes (Continued)
Notes (Continued) (dollars in thousands) Notes to Page 13 – Well-Covered Dividend Notes to Page 23 – Calculation of Net Income Margin, Adjusted EBITDA Margin, Distributable Earnings and Distributable Earnings Per Share The following illustrative diagram presents certain tax information pertaining to
Slide 28: Notes (Continued)
Notes (Continued) (dollars in thousands) Notes to Page 14 – GAAP Results: Condensed Consolidated Statements of Income (1) Management services revenues include base business management fees earned from the Managed Equity REITs that are calculated monthly based upon the lower of (i) the average histor
Slide 29: 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 30: 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 31: Warning Concerning Forward-Looking Statements
Warning Concerning 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”,