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The RMR Group
The RMR Group (RMR) investor relations material
The RMR Group Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 Feb, 2026
Executive summary
First quarter 2026 results exceeded expectations, with Distributable Earnings of $0.47 per share, Adjusted Net Income of $0.20 per share, and Adjusted EBITDA of $19.5 million, driven by strong REIT performance and asset sales.
Net income attributable to shareholders rose 91.1% year-over-year to $12.2 million, supported by higher incentive fees and cost containment.
Earned $23.6 million in incentive fees for 2025, primarily from DHC and ILPT, reflecting their outperformance.
Increased ownership in Seven Hills Realty Trust (SEVN) to 20.3% by fully backstopping its rights offering.
Managed over $37 billion in assets, with a diversified platform across residential and commercial real estate.
Financial highlights
Net income of $26.8 million, net income margin of 40.2%, and net income attributable to the company of $12.2 million ($0.71 per diluted share) for Q1 2026.
Adjusted Net Income attributable to the company was $3.4 million ($0.20 per diluted share); Distributable Earnings were $15.2 million ($0.47 per diluted share); Adjusted EBITDA was $19.5 million with a margin of 42.9%.
Management, incentive, and advisory services revenues grew 40.8% to $66.7 million, with incentive fees up $23.6 million.
Recurring service revenues were $43 million, down $2.5 million sequentially due to AlerisLife wind down and SVC asset sales.
Ended quarter with $149.3 million in liquidity, including $49.3 million in cash and $100 million in undrawn credit.
Outlook and guidance
Management expects to execute strategic goals in 2026, supported by a scalable platform and strong liquidity.
Next quarter, recurring service revenues expected to decrease to ~$41 million due to lower construction fees and asset sales.
Adjusted EBITDA guidance for next quarter: $17–$19 million; Distributable Earnings: $0.41–$0.43 per share; Adjusted Net Income: $0.12–$0.14 per share.
Tax rate expected to rise to ~17% in the second quarter.
Focus remains on launching a multifamily fund and moving assets off balance sheet within fiscal 2026.
How 40 years experience shapes current strategy
How does vertical integration benefit RMR?
What are RMR's 'related businesses' focus?
DHC's unencumbered assets: future plans?
Multifamily fund: timeline for full funding?
AI initiatives: impact on RMR's cost structure?
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Next The RMR Group earnings date
Q2 20266 May, 2026
The RMR Group
Next The RMR Group earnings date
Q2 20266 May, 2026
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Frequently asked questions
The RMR Group, Inc. is an experienced real estate company that provides advisory and management services to its four publicly traded real estate investment trusts (REITs) operating in the U.S. and Canada. The company also provides property management services through its three operating companies, covering properties primarily in the northeastern region of the United States.
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