The Rmr Group Inc. · NASDAQ:RMR
The Rmr — Q4 2025 Earnings Presentation
31 slides from The Rmr's earnings presentation, Nov 13, 2025
Slide 1: Financial Results and Supplemental Information
Financial Results and Supplemental Information FISCAL FOURTH QUARTER 2025 November 12, 2025
Slide 2: Table of Contents
Table of Contents QUARTERLY RESULTS Fiscal Fourth Quarter 2025 Highlights ................................................................................................................................................................. 5 FINANCIALS Key Financial Data ................................
Slide 3: Quarterly Results
—— i Quarterly Results | BE
Slide 4: The RMR Group Inc. Announces Fiscal Fourth Quarter 2025 Financial Results
The RMR Group Inc. Announces Fiscal Fourth Quarter 2025 Financial Results Newton, MA (November 12, 2025). The RMR Group Inc. (Nasdaq: RMR) today announced its “RMR’s fourth quarter results were consistent with our financial results for the fiscal quarter ended September 30, 2025. expectations, suppo
Slide 5: Fiscal Fourth Quarter 2025 Highlights
Fiscal Fourth Quarter 2025 Highlights • Assets Under Management of $39.0 billion. • Net income of $7.6 million, net income margin of 16.6% and net income attributable to The RMR Group Inc. of Financial $3.4 million, or $0.20 per diluted share. Highlights • Adjusted Net Income Attributable to The RMR
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 September 30, 2025 June 30, 2025 September 30, 2024 GAAP Financial Measures Net Income $ 7,582 $ 9,295 $ 12,486 Net Income Margin 16.6% 21.1% 25.7% Net Income Attributable to The RMR Group Inc. $
Slide 8: Adjusted Net Income Attributable to The RMR Group Inc. Bridge Per Share
Adjusted Net Income Attributable to The RMR Group Inc. Bridge $0.30 $0.28 $0.28 $0.26 $0.24 $(0.05) $0.01 $0.22 $0.22 Per Share $0.02 $0.20 $(0.02) $(0.02) $0.18 $0.16 $0.14 $0.12 Adjusted net Higher Higher interest Higher depreciation Higher property net Other, net Adjusted net income Q3 2025 compe
Slide 9: Distributable Earnings Bridge Per Share
Distributable Earnings Bridge $0.50 $0.02 $0.48 $0.03 $0.46 $(0.03) $0.44 $0.44 $0.43 $(0.01) $0.42 Per Share $0.40 $0.38 $0.36 $0.34 $0.32 Distributable Earnings Higher business Higher property NOI Higher compensation Other, net Distributable Earnings Q3 2025 management fees due due to residential
Slide 10: AUM by Source
AUM by Source (dollars in thousands) As of September 30, 2025 As of September 30, 2024 $12,265,158 $12,761,376 31% 31% AUM $26,703,782 $28,098,949 69% 69% $38,968,940 $40,860,325 Perpetual Capital Managed Public Real Estate Capital Private ManagedCapital Private Real Estate Capital $9,081,027 $9,586
Slide 11: AUM by Source (Continued)
AUM by Source (Continued) (dollars in thousands) As of September 30, 2025 Commercial Real Estate Sector / Strategy AUM Fee-Earning AUM Perpetual Capital Service Properties Trust (NASDAQ: SVC) Hotels & Net Leased Service-Focused Retail $ 10,750,102 $ 6,410,822 Diversified Healthcare Trust (NASDAQ: DH
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 $27,807 $28,964 $15,850 $14,574 $14,409 $7,068 $7,216 $7,054 $5,280 $6,660 $5,198 $21,692 $20,591 $21,9
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 September 30, 2025 June 30, 2025 September 30, 2024 Revenues: Management services (1) $ 44,286 $ 42,724 $ 46,878 Incentive fees 337 229 484 Advisory services 1,115 1,115 1,128 Total management
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 September 30, 2025 June 30, 2025 September 30, 2024 Operating income $ 10,861 $ 9,973 $ 9,983 Interest income 1,082 1,182 1,734 Interest expense (1,676) (1,062) (612) Change in fai
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 September 30, 2025 June 30, 2025 September 30, 2024 Numerators: Net income attributable to The RMR Group Inc. $ 3,414 $ 4,186 $ 5,336 Less: income attributable to unvested pa
Slide 17: GAAP Results: Condensed Consolidated Balance Sheets
GAAP Results: Condensed Consolidated Balance Sheets (dollars in thousands) September 30, 2025 September 30, 2024 Assets Cash and cash equivalents held by The RMR Group Inc. $ 19,478 $ 23,189 Cash and cash equivalents held by The RMR Group LLC 42,819 118,410 Due from related parties 79,703 134,030 Pr
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 September 30, 2025, excluding the red
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 June 30, 2025, excluding
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 September 30, 2024, exclu
Slide 22: Reconciliation of EBITDA and Adjusted EBITDA
Reconciliation of EBITDA and Adjusted EBITDA (dollars in thousands) For the Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024 Net income $ 7,582 $ 9,295 $ 12,486 Income tax expense 2,064 1,753 2,904 Depreciation and amortization 3,741 3,006 1,833 Interest expense 1,676 1,062 81
Slide 23: Calculation of Net Income Margin, Adjusted EBITDA Margin, Distributable Earnings and Distributable Earnings Per Share
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 September 30, 2025 June 30, 2025 September 30, 2024 Calculation of Net Income Margin: Total mana
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 $337, $229 and $484 during the three months ended September 30, 2025, June 30, 2025 and September 30, 202
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 September 30, 2025 June 30, 2025 September 30, 2024 CONSTRUCTION SUPERVISION REVENUES DHC $ 342 $ 213 $ 450 ILPT 217 105 119 OPI 417 375 519 SVC 401
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”,