The Rmr Group Inc. · NASDAQ:RMR
The Rmr — Q2 2026 Earnings Presentation
30 slides from The Rmr's earnings presentation, May 7, 2026
Slide 1: Financial Results and Supplemental Information
Financial Results and Supplemental Information FISCAL SECOND QUARTER 2026 May 6, 2026
Slide 2: Table of Contents
Table of Contents QUARTERLY RESULTS Fiscal Second Quarter 2026 Highlights ............................................................................................ 5 FINANCIALS Key Financial Data .....................................................................................................
Slide 3: Quarterly Results
7) = a) O pA Quarterly R RM
Slide 4: The RMR Group Inc. Announces Fiscal Second Quarter 2026 Financial Results
The RMR Group Inc. Announces Fiscal Second Newton, MA (May 6, 2026). The RMR Group Inc. (Nasdaq: RMR) today announced its financial results for the fiscal quarter ended March 31, 2026. Quarter 2026 Financial Results Dividend RMR has declared a quarterly dividend on its Class A Common Stock and Class
Slide 5: Fiscal Second Quarter 2026 Highlights
Fiscal Second Quarter 2026 Highlights • Assets Under Management of $37.1 billion. • Net income of $2.1 million, net income margin of 4.9%, net income attributable to The RMR Group Inc. of $1.0 million, or Financial $0.05 per diluted share, Adjusted Net Income Attributable to The RMR Group Inc. of $2
Slide 6: Financials
Financials RMR.
Slide 7: Key Financial Data
Key Financial Data (dollars in thousands, except per share amounts) As of and for the Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 GAAP Financial Measures Net Income $ 2,059 $ 26,838 $ 7,694 Net Income Margin 4.9% 40.2% 16.9% Net Income Attributable to The RMR Group Inc. $ 1,00
Slide 8: Distributable Earnings Bridge
Distributable Earnings Bridge $0.50 $0.48 $0.47 $0.46 $0.02 $0.44 $0.44 $0.42 $(0.04) $(0.01) Per Share $0.40 $0.38 $0.36 $0.34 $0.32 $0.30 Distributable Earnings Lower business management Decrease in investment Increase in distributions from Distributable Earnings Q1 2026 fees driven primarily by h
Slide 9: AUM by Source
AUM by Source (dollars in thousands) As of March 31, 2026 As of March 31, 2025 $11,742,033 $12,385,889 32% 31% AUM $25,395,924 $27,456,405 68% 69% $37,137,957 $39,842,294 Perpetual Capital Private Capital $8,555,941 $9,208,876 33% 35% Fee- Earning $17,373,154 $17,357,601 AUM 67% 65% $25,929,095 $26,
Slide 10: AUM by Source (Continued)
AUM by Source (Continued) (dollars in thousands) As of March 31, 2026 Commercial Real Estate Sector / Strategy AUM Fee-Earning AUM Perpetual Capital Service Properties Trust (NASDAQ: SVC) Net Leased Service-Focused Retail & Hotels $ 9,914,548 $ 5,477,874 Diversified Healthcare Trust (NASDAQ: DHC) Se
Slide 11: 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 $26,698 $27,261 $25,254 $16,430 $15,407 $4,564 $5,539 $6,579 $14,158 $5,533 $7,112 $4,960 $20,690 $21,159 $20,6
Slide 12: 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 13: GAAP Results: Condensed Consolidated Statements of Income
GAAP Results: Condensed Consolidated Statements of Income (dollars in thousands) For the Three Months Ended 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 14: GAAP Results: Condensed Consolidated Statements of Income (Continued)
GAAP Results: Condensed Consolidated Statements of Income (Continued) (dollars in thousands) For the Three Months Ended 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
Slide 15: 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 March 31, 2026 December 31, 2025 March 31, 2025 Numerators: Net income attributable to The RMR Group Inc. $ 1,007 $ 12,190 $ 3,616 Less: income attributable to unvested parti
Slide 16: 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 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures
Slide 18: 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 March 31, 2026, excluding the redempt
Slide 19: 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, 2025, exclud
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 March 31, 2025, excluding
Slide 21: Reconciliation of EBITDA and Adjusted EBITDA
Reconciliation of EBITDA and Adjusted EBITDA (dollars in thousands) For the Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 Net income $ 2,059 $ 26,838 $ 7,694 Income tax expense 589 4,661 1,378 Depreciation and amortization 4,448 4,687 2,457 Interest expense 2,611 2,647 871 EBITD
Slide 22: 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 March 31, 2026 December 31, 2025 March 31, 2025 Calculation of Net Income Margin: Total manageme
Slide 23: Appendix
Appendix RMR.
Slide 24: Notes
Notes (dollars in thousands) Notes to Page 11 – Management and Advisory Services Revenues by Source The following tables present revenues by client and exclude incentive fees earned from the Perpetual Capital clients of $0, $23,625 and $19 during the three months ended March 31, 2026, December 31, 2
Slide 25: Notes (Continued)
Notes (Continued) (dollars in thousands) Notes to Page 11 – Management and Advisory Services Revenues by Source (Continued) For the Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 CONSTRUCTION SUPERVISION REVENUES DHC $ 326 $ 275 $ 233 ILPT 81 126 41 OPI 240 307 350 SVC 128 884 65
Slide 26: Notes (Continued)
Notes (Continued) (dollars in thousands) Notes to Page 12 – Well-Covered Dividend Notes to Page 22 – 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 27: Notes (Continued)
Notes (Continued) (dollars in thousands) Notes to Page 13 – 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 28: 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 29: 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 30: 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”,