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 nearly 70% of services revenues from 20-year evergreen contracts with significant termination provisions.

• Attractive fee upside from incentive fees and potential promote income on private capital co-investments, with annual Adjusted EBITDA margins over 40%.

• Track record of increasing shareholder returns through quarterly dividend growth and a scalable infrastructure supporting growth.

• Valuation discount to industry peers presents meaningful upside opportunity.

Platform and operations

• Over $37 billion in AUM as of December 31, 2025, diversified across industrial, residential, senior living, medical office, life science, hotels, retail, and office sectors.

• Nearly 900 real estate professionals and more than 30 offices nationwide support a vertically integrated platform.

• Deep bench of experienced professionals, shared services, and investment in technology infrastructure drive productivity and efficiency.

• Commitment to ESG initiatives, including sustainability programs and positive community impact.

Financial performance and growth

• AUM growth increasingly driven by private capital, with sector diversification: industrial (18%), office (16%), hotel (16%), retail (13%), residential (12%), medical office & life science (11%), senior living (14%).

• Durable earnings from long-term management agreements, with significant termination fees estimated at $1.4 billion if perpetual capital clients terminated agreements.

• Adjusted EBITDA margins consistently above 40%, with annual dividend per share growing at an 8% CAGR since 2017.

• Multiple levers for growth include managed REIT enterprise value growth, expansion of private capital vehicles, and strategic use of the balance sheet.