Research Reports

Key takeaways

Over $37 Billion AUM as of March 31, 2026, with 68% from perpetual capital and 32% from private capital across major CRE sectors.

Over 70% of services revenues from 20-year evergreen contracts with significant termination provisions, supporting durable earnings.

Adjusted EBITDA margins over 40%, with ~$120 million liquidity post recent SVC and Greenwich investments.

Potential $54 million annual revenue upside from narrowing EV gap in managed REITs and incentive fees averaging ~$100 million annually 2016-2019.

Raised quarterly dividend to $0.45 per share ($1.80 annualized) in April 2024, with 8% CAGR historically.

Expanding private capital via new hires in capital formation and fundraising for $250 million Enhanced Growth Venture.

Full analysis

The investor presentation furnishes key operational metrics and strategic updates under Item 7.01, emphasizing The RMR Group's position as a real estate-focused alternative asset manager with a vertically integrated platform across more than 30 offices. AUM reached over $37 billion as of March 31, 2026, driven increasingly by private capital at $11.7 billion (32%), diversified across sectors like industrial (18%), office (16%), and hotels (15%). Revenue stability stems from long-term contracts, with business management fees at 50 bps on historical cost or market cap, property management at 3% of rents, and incentive fees at 12% above benchmarks. Recent actions at managed REITs like ILPT, DHC, and SVC—including asset sales, refinancings, and debt management—aim to enhance share prices, unlocking $54 million in potential base fee revenue from EV growth. Private capital initiatives feature new senior VPs for domestic and international fundraising, plus a $250 million EGV targeting property and GP economics. With 40%+ EBITDA margins and dividend growth, the presentation signals scalability and upside from valuation discounts versus peers.

RMR · The RMR Group Inc.

Summary

Key takeaways

Full analysis