The RMR Group (RMR) Investor presentation summary

Investment highlights

• Diversified revenue streams from perpetual and private capital clients across all major commercial real estate sectors, with over $37 billion in AUM as of March 31, 2026.

• Over 70% of service revenues are secured by 20-year evergreen contracts with significant termination provisions, ensuring durable earnings.

• Attractive fee upside from incentive fees and potential promote income on private capital co-investments, with historical annual incentive fees averaging ~$100 million (2016-2019).

• Highly profitable business model with annual Adjusted EBITDA margins exceeding 40%.

• Consistent quarterly dividend growth and a strong liquidity position of ~$120 million following recent investments.

Platform and operations

• National, vertically integrated real estate operating platform with more than 30 offices and over 800 professionals.

• Deep expertise across accounting, finance, development, construction, technology, and ESG, supporting execution across asset classes and markets.

• Commitment to sustainability, targeting net zero emissions by 2050 and significant reductions in energy, water, and waste.

• Technology infrastructure investments drive operational efficiencies and asset-level performance.

• Shared services model enhances productivity and investor results.

Assets under management and client base

• $25.4 billion in perpetual capital and $11.7 billion in private capital, diversified across industrial, residential, senior living, medical office, life science, hotels, retail, and office sectors.

• Major clients include Service Properties Trust, Diversified Healthcare Trust, Industrial Logistics Properties Trust, Office Properties Income Trust, Seven Hills Realty Trust, and Sonesta.

• Management agreements feature long-term renewals and significant termination fees, providing revenue stability.

• Private capital growth is increasingly driving AUM expansion.