SEC Form 10-Q filed by The RMR Group Inc.

5/7/24 4:23:40 PM ET

Professional Services

Consumer Discretionary

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rmr-20240331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-37616

THE RMR GROUP INC.

(Exact Name of Registrant as Specified in Its Charter)


Maryland			47-4122583
(State of Organization)			(IRS Employer Identification No.)

Two Newton Place, 255 Washington Street, Suite 300, Newton, MA 02458-1634

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code 617-796-8230

Securities registered pursuant to Section 12(b) of the Act:

Title Of Each Class

Trading Symbol

Name Of Each Exchange On Which Registered

Class A common stock, $0.001 par value per share

RMR

The Nasdaq Stock Market LLC

(Nasdaq Capital Market)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided in Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 3, 2024, there were 15,730,629 shares of Class A common stock, par value $0.001 per share, 1,000,000 shares of Class B-1 common stock, par value $0.001 per share, and 15,000,000 shares of Class B-2 common stock, par value $0.001 per share outstanding.


		Page
PART I.	Financial Information

Item 1.	Financial Statements (unaudited)

	Condensed Consolidated Balance Sheets — March 31, 2024 and September 30, 2023	3

	Condensed Consolidated Statements of Income — Three and Six Months Ended March 31, 2024 and 2023	4

	Condensed Consolidated Statements of Shareholders’ Equity — Three and Six Months Ended March 31, 2024 and 2023	5

	Condensed Consolidated Statements of Cash Flows — Six Months Ended March 31, 2024 and 2023	6

	Notes to Unaudited Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34

Item 4.	Controls and Procedures	34

	Warning Concerning Forward-Looking Statements	34

PART II.	Other Information

Item 1A.	Risk Factors	36

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36

Item 6.	Exhibits	37

	Signatures	38


	March 31,		September 30,
	2024		2023
Assets
Cash and cash equivalents held by The RMR Group Inc.	$	25,918	$	26,802
Cash and cash equivalents held by The RMR Group LLC	166,190		241,187
Due from related parties	87,336		111,323
Prepaid and other current assets	11,562		6,997
Total current assets	291,006		386,309



Property and equipment, net of accumulated depreciation of $3,328 and $3,212, respectively	15,210		5,446
Due from related parties, net of current portion	6,236		7,261


Equity method investments	22,068		18,651

Goodwill	71,620		1,859
Intangible assets, net of accumulated amortization of $1,991 and $983, respectively	20,477		167

Operating lease right of use assets	29,366		29,032
Deferred tax asset	16,947		18,220
Other assets, net of accumulated amortization of $83,032 and $78,324, respectively	110,771		115,479
Total assets	$	583,701	$	582,424

Liabilities and Equity

Reimbursable accounts payable and accrued expenses	$	51,103	$	77,924



Accounts payable and accrued expenses	32,569		22,578
Operating lease liabilities	5,941		5,068
Total current liabilities	89,613		105,570


Operating lease liabilities, net of current portion	24,350		25,044
Amounts due pursuant to tax receivable agreement, net of current portion	20,886		20,886


Other liabilities	19,932		7,261
Mortgage note payable	4,759		—
Total liabilities	159,540		158,761

Commitments and contingencies

Equity:
Class A common stock, $0.001 par value; 31,950,000 shares authorized; 15,731,049 and 15,712,007 shares issued and outstanding, respectively	16		16
Class B-1 common stock, $0.001 par value; 1,000,000 shares authorized, issued and outstanding	1		1
Class B-2 common stock, $0.001 par value; 15,000,000 shares authorized, issued and outstanding	15		15
Additional paid in capital	117,954		116,010
Retained earnings	425,955		413,096

Cumulative common distributions	(302,440)		(289,072)
Total shareholders’ equity	241,501		240,066
Noncontrolling interest in The RMR Group LLC	182,230		183,597
Noncontrolling interest in consolidated entity	430		—
Total noncontrolling interests	182,660		183,597
Total equity	424,161		423,663
Total liabilities and equity	$	583,701	$	582,424


	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
Revenues:
Management services	$	48,460	$	47,070	$	93,554	$	95,618

Incentive fees	60		—		359		—
Advisory services	1,126		1,139		2,251		2,230
Total management, incentive and advisory services revenues	49,646		48,209		96,164		97,848
Reimbursable compensation and benefits	22,629		14,883		39,457		29,206
Reimbursable equity based compensation	242		3,232		2,569		5,521
Other reimbursable expenses	145,232		142,095		341,230		326,584
Total reimbursable costs	168,103		160,210		383,256		361,311

Total revenues	217,749		208,419		479,420		459,159
Expenses:
Compensation and benefits	44,168		34,536		78,940		67,800
Equity based compensation	700		3,769		3,529		6,619
Separation costs	410		500		3,954		938
Total compensation and benefits expense	45,278		38,805		86,423		75,357
General and administrative	11,641		9,460		21,152		18,623
Other reimbursable expenses	145,232		142,095		341,230		326,584
Transaction and acquisition related costs	2,628		—		6,615		—
Depreciation and amortization	1,223		272		1,646		540
Total expenses	206,002		190,632		457,066		421,104
Operating income	11,747		17,787		22,354		38,055

Interest income	2,523		2,234		6,031		4,004



Gain on equity method investments	563		28,164		4,612		22,850
Income before income tax expense	14,833		48,185		32,997		64,909
Income tax expense	(2,120)		(6,883)		(4,758)		(9,367)
Net income	12,713		41,302		28,239		55,542

Net income attributable to noncontrolling interest in The RMR Group LLC	(6,863)		(22,829)		(15,394)		(30,732)
Net loss attributable to noncontrolling interest in consolidated entity	12		—		14		—
Net income attributable to The RMR Group Inc.	$	5,862	$	18,473	$	12,859	$	24,810

Weighted average common shares outstanding - basic	16,515		16,408		16,511		16,406
Weighted average common shares outstanding - diluted	31,539		31,430		31,525		31,422

Net income attributable to The RMR Group Inc. per common share - basic	$	0.35	$	1.11	$	0.77	$	1.49
Net income attributable to The RMR Group Inc. per common share - diluted	$	0.34	$	1.11	$	0.75	$	1.48


															Noncontrolling Interests in:
	Class A Common Stock		Class B-1 Common Stock		Class B-2 Common Stock		Additional Paid In Capital		Retained Earnings		Cumulative Common Distributions		Total Shareholders' Equity		The RMR Group LLC		Consolidated Entity		Total Equity
Balance at September 30, 2023	$	16	$	1	$	15	$	116,010	$	413,096	$	(289,072)	$	240,066	$	183,597	$	—	$	423,663

Share awards, net	—		—		—		588		—		—		588		—		—		588
Net income	—		—		—		—		6,997		—		6,997		8,531		(2)		15,526

Tax distributions to member	—		—		—		—		—		—		—		(4,102)		—		(4,102)
Common share distributions	—		—		—		—		—		(6,684)		(6,684)		(4,800)		—		(11,484)
Acquisition of MPC Partnership Holdings LLC	—		—		—		—		—		—		—		—		444		444
Balance at December 31, 2023	16		1		15		116,598		420,093		(295,756)		240,967		183,226		442		424,635
Share awards, net	—		—		—		1,356		—		—		1,356		—		—		1,356
Net income	—		—		—		—		5,862		—		5,862		6,863		(12)		12,713
Tax distributions to member	—		—		—		—		—		—		—		(3,059)		—		(3,059)
Common share distributions	—		—		—		—		—		(6,684)		(6,684)		(4,800)		—		(11,484)
Balance at March 31, 2024	$	16	$	1	$	15	$	117,954	$	425,955	$	(302,440)	$	241,501	$	182,230	$	430	$	424,161



Balance at September 30, 2022	$	16	$	1	$	15	$	113,136	$	355,949	$	(262,496)	$	206,621	$	163,118	$	—	$	369,739
Share awards, net	—		—		—		594		—		—		594		—		—		594
Net income	—		—		—		—		6,337		—		6,337		7,903		—		14,240

Tax distributions to member	—		—		—		—		—		—		—		(3,839)		—		(3,839)
Common share distributions	—		—		—		—		—		(6,642)		(6,642)		(4,800)		—		(11,442)

Balance at December 31, 2022	16		1		15		113,730		362,286		(269,138)		206,910		162,382		—		369,292
Share awards, net	—		—		—		1,015		—		—		1,015		—		—		1,015
Net income	—		—		—		—		18,473		—		18,473		22,829		—		41,302
Tax distributions to member	—		—		—		—		—		—		—		(4,545)		—		(4,545)
Common share distributions	—		—		—		—		—		(6,641)		(6,641)		(4,800)		—		(11,441)
Balance at March 31, 2023	$	16	$	1	$	15	$	114,745	$	380,759	$	(275,779)	$	219,757	$	175,866	$	—	$	395,623


	Six Months Ended March 31,
	2024		2023
Cash Flows from Operating Activities:
Net income	$	28,239	$	55,542
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	1,646		540
Straight line office rent	(155)		(147)
Amortization expense related to other assets	4,708		4,708
Provision for deferred income taxes	1,273		3,860
Operating expenses paid in The RMR Group Inc. common shares	2,068		1,688


Distributions from investments	1,195		1,025
Gain on equity method investments	(4,612)		(22,850)

Changes in assets and liabilities:
Due from related parties	29,366		(8,718)

Prepaid and other current assets	(3,192)		(158)
Reimbursable accounts payable and accrued expenses	(26,821)		598
Accounts payable and accrued expenses	1,301		6,027
Net cash from operating activities	35,016		42,115

Cash Flows from Investing Activities:
Acquisition of MPC Partnership Holdings LLC, net of cash acquired	(78,771)		—
Purchase of property and equipment	(1,873)		(1,878)



Net cash used in investing activities	(80,644)		(1,878)

Cash Flows from Financing Activities:
Distributions to noncontrolling interests	(16,761)		(17,984)
Distributions to common shareholders	(13,368)		(13,283)
Repurchase of common shares	(124)		(79)



Net cash used in financing activities	(30,253)		(31,346)


(Decrease) increase in cash and cash equivalents	(75,881)		8,891
Cash and cash equivalents at beginning of period	267,989		189,088
Cash and cash equivalents at end of period	$	192,108	$	197,979

Supplemental Disclosures:
Income taxes paid	$	6,537	$	5,857




Non-cash investing and financing activities:
Recognition of right of use assets and related lease liabilities	$	2,961	$	4,023

Recognition of earnout liability	$	14,547	$	—
Write-off of fully depreciated property and equipment	$	522	$	229
Assumption of mortgage note payable	$	5,429	$	—


Cash consideration paid by RMR LLC	$	84,474
Earnout	14,547
Total consideration	$	99,021


Assets acquired:
Cash and cash equivalents	$	5,703

Real estate	8,460
Due from related parties	6,788
Prepaid and other current assets	1,373
Intangible assets:
Property management and investment management agreements	13,694
Trade name	5,047
Investor relationships	1,874
Acquired leases	703
Total intangible assets	21,318

Total assets acquired	43,642
Liabilities assumed:
Mortgage note payable	4,726


Other liabilities	9,213
Total liabilities	13,939
Net identifiable assets acquired	29,703
Noncontrolling interests in consolidated entity	(444)
Goodwill	69,762
Total consideration	$	99,021


Land	$	1,400
Building and improvements	7,060
Acquired leases	703
Total real estate and acquired leases	$	9,163


	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Total revenues	$	217,749	$	225,331	$	491,038	$	492,983
Net income	14,406		36,247		24,350		40,341
Net income attributable to The RMR Group Inc.	6,617		16,267		11,132		18,135


	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Income taxes computed at the federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	2.5	%	3.1	%	2.6	%	3.0	%

Permanent items	0.5	%	0.2	%	0.6	%	0.3	%
Net income attributable to noncontrolling interest	(9.7)	%	(10.0)	%	(9.8)	%	(9.9)	%

Total	14.3	%	14.3	%	14.4	%	14.4	%


	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
	Total						Total
	Management						Management
	and Advisory		Total				and Advisory		Total
	Services		Reimbursable		Total		Services		Reimbursable		Total
	Revenues		Costs		Revenues		Revenues		Costs		Revenues
Perpetual Capital:
DHC	$	6,089	$	26,789	$	32,878	$	5,482	$	28,597	$	34,079
ILPT	9,289		8,939		18,228		9,244		9,215		18,459
OPI	7,708		47,914		55,622		9,877		83,449		93,326
SVC	11,090		60,139		71,229		9,970		20,230		30,200
Total Managed Equity REITs	34,176		143,781		177,957		34,573		141,491		176,064
SEVN	1,195		1,478		2,673		1,139		1,186		2,325
TA (1)	—		—		—		3,785		1,748		5,533
	35,371		145,259		180,630		39,497		144,425		183,922

Private Capital:
AlerisLife (2)	1,451		—		1,451		1,369		—		1,369
Sonesta	2,000		—		2,000		2,032		29		2,061
RMR Residential	5,462		7,413		12,875		—		—		—


Other private entities	5,362		15,431		20,793		5,311		15,756		21,067
	14,275		22,844		37,119		8,712		15,785		24,497



Total revenues	$	49,646	$	168,103	$	217,749	$	48,209	$	160,210	$	208,419


	Six Months Ended March 31, 2024						Six Months Ended March 31, 2023
	Total						Total
	Management						Management
	and Advisory		Total				and Advisory		Total
	Services		Reimbursable		Total		Services		Reimbursable		Total
	Revenues		Costs		Revenues		Revenues		Costs		Revenues
Perpetual Capital:
DHC	$	12,410	$	72,005	$	84,415	$	11,938	$	80,469	$	92,407
ILPT	18,330		19,615		37,945		18,264		19,951		38,215
OPI	16,187		116,291		132,478		20,085		178,984		199,069
SVC	22,713		133,938		156,651		19,738		40,825		60,563
Total Managed Equity REITs	69,640		341,849		411,489		70,025		320,229		390,254
SEVN	2,628		3,012		5,640		2,230		2,323		4,553
TA (1)	—		—		—		7,976		3,476		11,452

	72,268		344,861		417,129		80,231		326,028		406,259

Private Capital:
AlerisLife (2)	2,833		—		2,833		2,633		97		2,730
Sonesta	4,223		—		4,223		4,158		544		4,702
RMR Residential	6,176		8,325		14,501
Other private entities	10,664		30,070		40,734		10,826		34,642		45,468
	23,896		38,395		62,291		17,617		35,283		52,900



Total revenues	$	96,164	$	383,256	$	479,420	$	97,848	$	361,311	$	459,159


	March 31, 2024						September 30, 2023
	Accounts		Reimbursable				Accounts		Reimbursable
	Receivable		Costs		Total		Receivable		Costs		Total
Perpetual Capital:
DHC	$	5,614	$	9,420	$	15,034	$	5,953	$	13,434	$	19,387
ILPT	4,269		5,272		9,541		4,597		5,869		10,466
OPI	7,075		27,116		34,191		7,427		51,912		59,339
SVC	5,307		9,422		14,729		5,528		8,423		13,951
Total Managed Equity REITs	22,265		51,230		73,495		23,505		79,638		103,143
SEVN	1,251		1,412		2,663		1,663		1,921		3,584

	23,516		52,642		76,158		25,168		81,559		106,727

Private Capital:
AlerisLife (1)	551		—		551		74		—		74
Sonesta	83		—		83		89		—		89

RMR Residential	5,497		—		5,497		—		—		—
Other private entities	4,561		6,722		11,283		4,634		7,060		11,694
	10,692		6,722		17,414		4,797		7,060		11,857

	$	34,208	$	59,364	$	93,572	$	29,965	$	88,619	$	118,584




	March 31, 2024
	Total		Level 1		Level 2		Level 3



Due from related parties related to share based payment awards	$	8,261	$	8,261	$	—	$	—
Equity method investment in SEVN	22,068		22,068		—		—


Employer compensation liability related to share based payment awards	8,261		8,261		—		—

Earnout liability	14,847		—		—		14,847


Declaration	Record	Paid	Distributions		Total
Date	Date	Date	Per Common Share		Distributions
Six Months Ended March 31, 2024
10/12/2023	10/23/2023	11/16/2023	$	0.40	$	6,684
1/11/2024	1/22/2024	2/15/2024	0.40		6,684

			$	0.80	$	13,368
Six Months Ended March 31, 2023
10/13/2022	10/24/2022	11/17/2022	$	0.40	$	6,642
1/12/2023	1/23/2023	2/16/2023	0.40		6,641

			$	0.80	$	13,283


			Distributions Per		Total		RMR LLC		RMR LLC
Declaration	Record	Paid	RMR LLC		RMR LLC		Distributions		Distributions
Date	Date	Date	Membership Unit		Distributions		to RMR Inc.		to ABP Trust
Six Months Ended March 31, 2024
10/12/2023	10/23/2023	11/16/2023	$	0.32	$	10,148	$	5,348	$	4,800
1/11/2024	1/22/2024	2/15/2024	0.32		10,147		5,347		4,800

			$	0.64	$	20,295	$	10,695	$	9,600
Six Months Ended March 31, 2023
10/13/2022	10/24/2022	11/17/2022	$	0.32	$	10,114	$	5,314	$	4,800
1/12/2023	1/23/2023	2/16/2023	0.32		10,113		5,313		4,800

			$	0.64	$	20,227	$	10,627	$	9,600


		Lesser of Historical Cost of Assets
		Under Management or
		Total Market Capitalization as of
		March 31,
REIT	Primary Strategy	2024		2023
DHC	Medical office and life science properties, senior living communities and other healthcare related properties	$	3,644,100	$	3,153,102
ILPT	Industrial and logistics properties	4,603,897		4,486,121
OPI	Office properties primarily leased to single tenants and those with high credit quality characteristics	2,728,780		3,104,337
SVC	Hotels and service-focused retail net lease properties	6,756,986		7,457,879
		$	17,733,763	$	18,201,439


	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
	Base		Base						Base		Base
	Business		Property		Construction				Business		Property		Construction
	Management		Management		Supervision				Management		Management		Supervision
REIT	Revenues		Revenues		Revenues		Total		Revenues		Revenues		Revenues		Total
DHC	$	4,154	$	1,415	$	520	$	6,089	$	3,415	$	1,490	$	577	$	5,482
ILPT	5,875		3,341		73		9,289		5,791		3,315		138		9,244
OPI	3,307		3,630		771		7,708		3,720		3,537		2,620		9,877
SVC	7,910		1,484		1,696		11,090		8,558		945		467		9,970
	$	21,246	$	9,870	$	3,060	$	34,176	$	21,484	$	9,287	$	3,802	$	34,573


Exhibit Number						Description


3.1						Articles of Amendment and Restatement of the Registrant. (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-207423) filed with the SEC on October 14, 2015.).
3.2						Articles of Amendment, filed July 30, 2015. (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-207423) filed with the SEC on October 14, 2015.).
3.3						Articles of Amendment, filed September 11, 2015. (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-207423) filed with the SEC on October 14, 2015.).
3.4						Articles of Amendment, filed March 9, 2016. (Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 001-37616) filed with the SEC on March 11, 2016.).
3.5						Articles of Amendment, filed November 14, 2022. (Incorporated by reference to the Registrant's Annual Report on Form 10-K (File No. 001-37616) filed with the SEC on November 14, 2022.).
3.6						Fourth Amended and Restated Bylaws of the Registrant adopted September 13, 2017. (Incorporated by reference to the Registrant's Current report on Form 8-K (File No. 001-37616) filed with the SEC on September 15, 2017.).
4.1						Form of The RMR Group Inc. Share Certificate for Class A Common Stock. (Incorporated by reference to the Registrant’s Amendment No. 1 to Registration Statement on Form S-1 (File No. 333-207423) filed with the SEC on November 2, 2015.).
4.2						Registration Rights Agreement, dated as of June 5, 2015, by and between the Registrant and ABP Trust (formerly known as Reit Management and Research Trust). (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-207423) filed with the SEC on October 14, 2015.).

31.1						Rule 13a-14(a) Certification. (Filed herewith.)
31.2						Rule 13a-14(a) Certification. (Filed herewith.)
32.1						Section 1350 Certification. (Furnished herewith.)
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						XBRL Taxonomy Extension Schema Document. (Filed herewith.)
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.)
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.)
101.LAB						XBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.)
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.)
104						Cover Page Interactive Data File. (formatted as Inline XBRL and contained in Exhibit 101.)


			By:			/s/ Matthew P. Jordan
						Matthew P. Jordan
						Executive Vice President, Chief Financial Officer and Treasurer (principal financial officer and principal accounting officer)
						Dated: May 7, 2024

Date	Price Target	Rating	Analyst
4/19/2024		Mkt Perform	JMP Securities
8/9/2022		Perform	Oppenheimer
1/5/2022	$43.00 → $39.00	Equal-Weight	Morgan Stanley
10/22/2021	$38.00	Neutral	Citigroup
8/31/2021	$41.00 → $43.00	Equal-Weight	Morgan Stanley

SEC Form 10-Q filed by The RMR Group Inc.

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