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    Tremont Mortgage Trust Announces Second Quarter 2021 Results

    7/27/21 4:15:00 PM ET
    $TRMT
    $RMR
    $RMRM
    Real Estate Investment Trusts
    Consumer Services
    Professional Services
    Consumer Discretionary
    Get the next $TRMT alert in real time by email

    Second Quarter Net Income Per Diluted Share of $0.01

    Net Income Includes Merger Related Transaction Expenses of $0.22 per Diluted Share

    Second Quarter Adjusted Distributable Earnings Per Diluted Share of $0.25

    Tremont Mortgage Trust (NASDAQ:TRMT) today announced financial results for the quarter and six months ended June 30, 2021.

    Tom Lorenzini, President of TRMT, made the following statement:

    "TRMT's portfolio continues to perform well as we execute on our business objective of investing capital in first mortgage loans secured by middle market and transitional commercial real estate. All our loans remain current on debt service and our portfolio risk ratings remain stable, which speaks to the strong credit quality of our borrowers and our manager's ability to originate high quality loans. Our deal pipeline remains active with more than $600 million in transactions in various stages of review, underwriting and diligence, and we are focused on reinvesting capital as additional loans repay during the second half of 2021.

    Furthermore, we remain on track to complete our merger with RMR Mortgage Trust during the third quarter of 2021. We believe this strategic transaction will provide compelling benefits to TRMT shareholders while creating a larger, more diversified commercial mortgage REIT approaching $1 billion in assets when fully invested."

    Quarterly Results

     

    Three Months Ended

    (dollars in thousands, except per share data)

    June 30, 2021

     

    June 30, 2020

     

    Change

    Net income

    $98

     

    $2,362

     

    (95.9%)

    Net income per diluted share

    $0.01

     

    $0.29

     

    (96.6%)

    Adjusted Distributable Earnings

    $2,048

     

    $2,433

     

    (15.8%)

    Adjusted Distributable Earnings per diluted share

    $0.25

     

    $0.30

     

    (16.7%)

    Income from investments, net

    $3,160

     

    $3,128

     

    1.0%

    Book value per share

    $10.81

     

    $10.72

     

    0.8%

    Additional information and a reconciliation of net income determined in accordance with U.S. generally accepted accounting principles, or GAAP, to Distributable Earnings and Adjusted Distributable Earnings for the quarters and six months ended June 30, 2021 and 2020, appear later in this press release.

    Portfolio Summary and Recent Investment Activities

    (dollars in thousands)

    June 30, 2021

     

    March 31, 2021

     

    December 31, 2020

    First mortgage loans

    13

     

    13

     

    14

    Total loan commitments

    $246,029

     

    $268,379

     

    $293,890

    Maximum weighted average maturity (years)

    2.2

     

    2.4

     

    2.6

    Weighted average coupon rate

    5.61%

     

    5.73%

     

    5.70%

    Weighted average all in yield

    6.36%

     

    6.43%

     

    6.39%

    Weighted average LIBOR floor

    1.94%

     

    2.10%

     

    2.10%

    Weighted average risk rating

    3.0

     

    2.9

     

    3.2

    Weighted average loan to value

    65%

     

    67%

     

    67%

    • As previously reported, in April 2021, TRMT amended the agreement governing its loan secured by an office property located in Metairie, LA to extend the maturity date of the loan by six months to October 11, 2021 and to eliminate any further borrower extension rights.
    • In May 2021, TRMT originated a first mortgage loan of $15.2 million that was used to refinance an office property with 125,000 square feet located in Westminster, CO. This loan requires the borrower to pay interest at the floating rate of LIBOR plus a premium of 375 basis points per annum. This floating rate loan includes an initial funding of $13.5 million and a future funding allowance of $1.7 million for tenant improvements, leasing commissions and capital expenditures and has a three year initial term with two, one-year extension options, subject to the borrower meeting certain conditions.
    • Also in May 2021, TRMT received $36.7 million of repayment proceeds from the borrower relating to its loan that was secured by an industrial facility located in Barrington, NJ, which included the $36.2 million principal amount outstanding under the loan, as well as accrued interest, an exit fee and TRMT's associated legal expenses.
    • In June 2021, at the borrower's request, TRMT amended the agreement governing its loan secured by an office property located in Houston, TX to extend the maturity date of the loan by 45 days to August 10, 2021. As of June 30, 2021, the outstanding principal amount under this loan was $14.5 million.
    • In July 2021, the borrower under TRMT's loan secured by a retail property located in Paradise Valley, AZ notified TRMT that the property is expected to be sold during the third quarter of 2021. Upon sale, TRMT expects to be repaid the principal amount outstanding under the loan, as well as accrued interest, an exit fee and TRMT's associated legal expenses. As of June 30, 2021, the outstanding principal amount under this loan was $11.2 million.
    • Also in July 2021, the borrower under TRMT's loan secured by a multifamily property located in Houston, TX notified TRMT that the property is expected to be sold during the third quarter of 2021. Upon sale, TRMT expects to be repaid the principal amount outstanding under the loan, as well as accrued interest, an exit fee and TRMT's associated legal expenses. As of June 30, 2021, the outstanding principal amount under this loan was $27.9 million.
    • Also in July 2021, the borrower under TRMT's loan secured by an office property located in Dublin, OH notified TRMT that the property is expected to be refinanced during the third quarter of 2021. Upon refinance, TRMT expects to be repaid the principal amount outstanding under the loan, as well as accrued interest, an exit fee and TRMT's associated legal expenses. As of June 30, 2021, the outstanding principal amount under this loan was $21.6 million.

    Merger with RMR Mortgage Trust

    As previously announced, TRMT and RMR Mortgage Trust (NASDAQ:RMRM) entered into a definitive agreement and plan of merger, dated April 26, 2021, or the Merger Agreement, pursuant to which TRMT will merge with and into RMRM, with RMRM continuing as the surviving company, or the Merger. Pursuant to the terms of the Merger Agreement, TRMT's shareholders will receive 0.52 of one newly issued common share of RMRM for each common share of TRMT they hold, with cash paid in lieu of fractional shares. Completion of the Merger will require certain approvals of TRMT's and RMRM's shareholders and the satisfaction or waiver of other conditions. The record date for determining the shareholders entitled to receive notice of, and to vote at, the TRMT and RMRM special meetings of shareholders is July 14, 2021. The special meetings of shareholders of TRMT and RMRM are scheduled to be held on September 17, 2021 and, pending the requisite approval by TRMT and RMRM shareholders, the Merger is expected to close during the third quarter of 2021.

    Recent Financing Activities

    • During the second quarter of 2021, Citibank, N.A., or Citibank, advanced $13.5 million to TRMT under its master repurchase facility, and TRMT repaid $38.1 million of outstanding balances under its master repurchase facility with Citibank.
    • As of June 30, 2021, TRMT had an aggregate $156.2 million outstanding principal balance under, and was in compliance with all covenants and other terms of, its master repurchase facility with Citibank.

    Distributions

    • On May 20, 2021, TRMT paid a quarterly distribution to common shareholders of record as of April 26, 2021 of $0.10 per common share, or approximately $0.8 million in aggregate.
    • On July 15, 2021, TRMT declared a quarterly distribution for the second quarter of 2021 payable on August 19, 2021 to its shareholders of record as of July 26, 2021 of $0.10 per common share, or approximately $0.8 million in aggregate.

    Conference Call

    At 10:00 a.m. Eastern Time on Wednesday, July 28, 2021, President, Tom Lorenzini, and Chief Financial Officer and Treasurer, Doug Lanois, will host a conference call to discuss TRMT's second quarter 2021 financial results. The conference call telephone number is (833) 366-1119. Participants calling from outside the United States and Canada should dial (412) 902-6771. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Wednesday, August 4, 2021. To access the replay, dial (412) 317-0088. The replay pass code is 10157613.

    A live audio webcast of the conference call will also be available in a listen-only mode on TRMT's website, which is located at www.trmtreit.com. Participants wanting to access the webcast should visit TRMT's website about five minutes before the call. The archived webcast will be available for replay on TRMT's website after the call. The transcription, recording and retransmission in any way of TRMT's second quarter conference call are strictly prohibited without the prior written consent of TRMT.

    Supplemental Data

    A copy of TRMT's Second Quarter 2021 Supplemental Operating and Financial Data is available for download at TRMT's website, www.trmtreit.com. TRMT's website is not incorporated as part of this press release.

    About Tremont Mortgage Trust

    TRMT is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. TRMT is managed by an affiliate of The RMR Group Inc. (NASDAQ:RMR). Substantially all of RMR's business is conducted by its majority owned subsidiary, The RMR Group LLC, which is an alternative asset management company with $32 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about TRMT, please visit www.trmtreit.com.

    Non-GAAP Financial Measures

    TRMT presents Distributable Earnings and Adjusted Distributable Earnings, which are considered "non-GAAP financial measures" within the meaning of the applicable rules of the Securities and Exchange Commission, or SEC. Distributable Earnings and Adjusted Distributable Earnings do not represent net income or cash generated from operating activities and should not be considered as alternatives to net income determined in accordance with GAAP or indications of TRMT's cash flows from operations determined in accordance with GAAP, measures of TRMT's liquidity or operating performance or indications of funds available for TRMT's cash needs. In addition, TRMT's methodologies for calculating Distributable Earnings and Adjusted Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures; therefore, TRMT's reported Distributable Earnings and Adjusted Distributable Earnings may not be comparable to the distributable earnings and adjusted distributable earnings as reported by other companies.

    TRMT calculates Distributable Earnings as net income, computed in accordance with GAAP, including realized losses not otherwise included in net income determined in accordance with GAAP, and excluding: (a) the management incentive fees earned by TRMT's manager, if any; (b) depreciation and amortization, if any; (c) non-cash equity compensation expense; (d) unrealized gains, losses and other similar non-cash items that are included in net income for the period of the calculation (regardless of whether such items are included in or deducted from net income or in other comprehensive income under GAAP), if any; and (e) one-time events pursuant to changes in GAAP and certain non-cash items, if any. Distributable Earnings are reduced for realized losses on loan investments when amounts are deemed uncollectable.

    TRMT defines Adjusted Distributable Earnings as Distributable Earnings excluding certain non-recurring expenses, such as transaction expenses related to the Merger and the other transactions contemplated by the Merger Agreement.

    In order to maintain its qualification for taxation as a REIT, TRMT is generally required to distribute substantially all of its taxable income, subject to certain adjustments, to its shareholders. TRMT believes that one of the factors that investors consider important in deciding whether to buy or sell securities of a REIT is its distribution rate. Over time, Distributable Earnings has been a useful indicator of distributions to TRMT's shareholders and is a measure that is considered by TRMT's Board of Trustees when determining the amount of such distributions. TRMT believes that Distributable Earnings and Adjusted Distributable Earnings provide meaningful information to consider in addition to net income and cash flows from operating activities determined in accordance with GAAP. These measures help TRMT to evaluate its performance excluding the effects of certain transactions, the variability of any management incentive fees that may be paid or payable and GAAP adjustments that TRMT believes are not necessarily indicative of TRMT's current loan portfolio and operations. In addition, Distributable Earnings is used in determining the amount of base management and management incentive fees payable by TRMT to TRMT's manager under TRMT's management agreement.

    Please see the pages attached hereto for a more detailed statement of TRMT's operating results and financial condition and for an explanation of TRMT's calculation of Distributable Earnings and Adjusted Distributable Earnings and a reconciliation of net income determined in accordance with GAAP to those amounts.

    TREMONT MORTGAGE TRUST

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (amounts in thousands, except per share data)

    (unaudited)

     

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

    INCOME FROM INVESTMENTS:

     

     

     

     

     

     

     

     

    Interest income from investments

     

    $

    4,148

     

     

    $

    4,496

     

     

    $

    8,634

     

     

    $

    8,780

     

    Less: interest and related expenses

     

    (988)

     

     

    (1,368)

     

     

    (2,123)

     

     

    (3,125)

     

    Income from investments, net

     

    3,160

     

     

    3,128

     

     

    6,511

     

     

    5,655

     

     

     

     

     

     

     

     

     

     

    OTHER EXPENSES:

     

     

     

     

     

     

     

     

    Base management fees (1)

     

    341

     

     

    —

     

     

    682

     

     

    —

     

    Management incentive fees (1)

     

    —

     

     

    —

     

     

    620

     

     

    —

     

    General and administrative expenses

     

    685

     

     

    524

     

     

    1,328

     

     

    1,064

     

    Reimbursement of shared services expenses

     

    206

     

     

    242

     

     

    344

     

     

    563

     

    Transaction related expenses

     

    1,822

     

     

    —

     

     

    1,849

     

     

    —

     

    Total expenses

     

    3,054

     

     

    766

     

     

    4,823

     

     

    1,627

     

     

     

     

     

     

     

     

     

     

    Income before income tax expense

     

    106

     

     

    2,362

     

     

    1,688

     

     

    4,028

     

    Income tax expense

     

    (8)

     

     

    —

     

     

    (15)

     

     

    —

     

    Net income

     

    $

    98

     

     

    $

    2,362

     

     

    $

    1,673

     

     

    $

    4,028

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding - basic

     

    8,218

     

     

    8,177

     

     

    8,215

     

     

    8,173

     

    Weighted average common shares outstanding - diluted

     

    8,266

     

     

    8,177

     

     

    8,253

     

     

    8,173

     

     

     

     

     

     

     

     

     

     

    Net income per common share - basic and diluted

     

    $

    0.01

     

     

    $

    0.29

     

     

    $

    0.20

     

     

    $

    0.49

     

    (1)

      TRMT's manager previously waived any base management or management incentive fees that would have otherwise been due and payable by TRMT under its management agreement for the period beginning July 1, 2018 until December 31, 2020. If TRMT's manager had not waived these base management and management incentive fees, TRMT would have recognized $323 and $643 of base management fees for the three and six months ended June 30, 2020, respectively. Management incentive fees of $36 would have been paid or payable by TRMT for each of the three and six months ended June 30, 2020.

    TREMONT MORTGAGE TRUST

    CALCULATION AND RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS

    AND ADJUSTED DISTRIBUTABLE EARNINGS

    (amounts in thousands, except per share data)

    (unaudited)

     

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Reconciliation of net income to Distributable Earnings

    and Adjustable Distributable Earnings:

     

     

     

     

     

     

     

     

    Net income

     

    $

    98

     

     

    $

    2,362

     

     

    $

    1,673

     

     

    $

    4,028

     

    Management incentive fees

     

    —

     

     

    —

     

     

    620

     

     

    —

     

    Non-cash equity compensation expense

     

    128

     

     

    71

     

     

    179

     

     

    113

     

    Distributable Earnings

     

    226

     

     

    2,433

     

     

    2,472

     

     

    4,141

     

    Transaction related expenses

     

    1,822

     

     

    —

     

     

    1,849

     

     

    —

     

    Adjusted Distributable Earnings

     

    $

    2,048

     

     

    $

    2,433

     

     

    $

    4,321

     

     

    $

    4,141

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding - basic

     

    8,218

     

     

    8,177

     

    8,215

     

     

    8,173

    Weighted average common shares outstanding - diluted

     

    8,266

     

     

    8,177

     

    8,253

     

     

    8,173

     

     

     

     

     

     

     

     

     

    Adjusted Distributable Earnings per common share - basic

     

    $

    0.25

     

     

    $

    0.30

     

     

    $

    0.53

     

     

    $

    0.51

     

    Adjusted Distributable Earnings per common share - diluted

     

    $

    0.25

     

     

    $

    0.30

     

     

    $

    0.52

     

     

    $

    0.51

     

    TREMONT MORTGAGE TRUST

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (dollars in thousands, except per share data)

    (unaudited)

     

     

     

    June 30,

     

    December 31,

     

     

    2021

     

    2020

    ASSETS

     

     

     

     

    Cash and cash equivalents

     

    $

    8,273

     

     

    $

    10,521

     

    Restricted cash

     

    95

     

     

    —

     

    Loans held for investment, net

     

    237,697

     

     

    282,246

     

    Accrued interest receivable

     

    796

     

     

    996

     

    Prepaid expenses and other assets

     

    303

     

     

    419

     

    Total assets

     

    $

    247,164

     

     

    $

    294,182

     

     

     

     

     

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

     

    Accounts payable, accrued liabilities and deposits

     

    $

    1,127

     

     

    $

    5,041

     

    Master repurchase facility, net

     

    155,562

     

     

    200,233

     

    Due to related persons

     

    602

     

     

    5

     

    Total liabilities

     

    157,291

     

     

    205,279

     

     

     

     

     

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

     

    Shareholders' equity:

     

     

     

     

    Common shares of beneficial interest, $0.01 par value per share; 25,000,000

    shares authorized; 8,312,322 and 8,302,911 shares issued and outstanding, respectively

     

    83

     

     

    83

     

    Additional paid in capital

     

    89,288

     

     

    89,160

     

    Cumulative net income

     

    12,461

     

     

    10,788

     

    Cumulative distributions

     

    (11,959)

     

     

    (11,128)

     

    Total shareholders' equity

     

    89,873

     

     

    88,903

     

    Total liabilities and shareholders' equity

     

    $

    247,164

     

     

    $

    294,182

     

    Warning Concerning Forward-Looking Statements

    This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever TRMT uses words such as "believe", "expect", "anticipate", "intend", "plan", "estimate", "will", "may" and negatives or derivatives of these or similar expressions, TRMT is making forward-looking statements. These forward-looking statements are based upon TRMT's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by TRMT's forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond TRMT's control. For example:

    • Mr. Lorenzini states that TRMT's portfolio continues to perform well as TRMT executes on its business objective of investing in first mortgage loans secured by middle market and transitional commercial real estate, that all of TRMT's loans remain current on debt service and that TRMT's portfolio risk ratings remain stable. These statements may imply that TRMT's loan portfolio performance will continue to perform well and execute on its business objective and that TRMT will benefit as a result. However, TRMT, its borrowers' and their tenants' businesses are subject to risks, including those related to the COVID-19 pandemic and its resulting economic impacts, and TRMT operates in a highly competitive industry. As a result of these or other factors, TRMT's loan portfolio performance and risk ratings may decline and it may not be able to execute its business objective or realize any benefits from doing so.
    • Mr. Lorenzini also states that TRMT is focused on reinvesting capital as additional loans repay during the second half of 2021. This may imply that TRMT will be able to successfully reinvest repayment proceeds in new loan investments. However, the market for loans to commercial real estate borrowers of the type TRMT seeks to invest in is highly competitive. TRMT may be not be able to successfully reinvest any repayment proceeds in new loan investments and any such investments made may not be on as favorable terms or risk to TRMT.
    • Mr. Lorenzini also states that TRMT's deal pipeline remains active with transactions in various stages of review, underwriting and diligence. This may imply that TRMT will be able to successfully convert pipeline transactions into originated loan investments. However, TRMT's business is subject to various risks, including the competitive nature of the commercial real estate lending industry, and TRMT may not be able to access capital in the near or longer term on desirable terms or at all. As a result, TRMT may not be successful in converting its deal pipeline into originated loan investments.
    • Mr. Lorenzini also states that TRMT remains on track to complete the Merger during the third quarter of 2021. The closing of the Merger is subject to the satisfaction or waiver of conditions, including the receipt of requisite approvals by TRMT's and RMRM's shareholders. TRMT cannot be sure that any or all of these conditions will be satisfied or waived. Accordingly, the Merger may not close when expected or at all, or the terms of the Merger may change.
    • Mr. Lorenzini also states that TRMT believes the Merger will provide compelling benefits to TRMT's shareholders while creating a larger, more diversified commercial mortgage REIT approaching $1 billion in assets when fully invested. These expectations are contingent upon the completion of the Merger and may not be realized as currently expected or at all.

    The information contained in TRMT's filings with the SEC, including under "Risk Factors" in TRMT's periodic reports, or incorporated therein, identifies other important factors that could cause TRMT's actual results to differ materially from those stated in or implied by TRMT's forward-looking statements. TRMT's filings with the SEC are available on the SEC's website at www.sec.gov.

    You should not place undue reliance upon forward-looking statements.

    Except as required by law, TRMT does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

    Additional Information about the Merger

    In connection with the Merger, RMRM has filed with the SEC a Registration Statement on Form S-4 containing a definitive joint proxy statement/prospectus and other documents with respect to the Merger, which was declared effective by the SEC on July 26, 2021. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. SHAREHOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE THEY CONTAIN AND WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER.

    The definitive joint proxy statement/prospectus has been mailed to TRMT's and RMRM's shareholders. Shareholders may obtain free copies of the RMRM Registration Statement on Form S-4, the definitive joint proxy statement/prospectus and any other relevant documents filed or to be filed with the SEC at the SEC's website at www.sec.gov. In addition, shareholders may obtain copies free of TRMT's filings with the SEC from TRMT's website at www.trmtreit.com or RMRM's filings with the SEC from RMRM's website at www.rmrmortgagetrust.com.

    Participants in Solicitation Relating to the Merger

    TRMT, RMRM and their respective trustees and executive officers, and Tremont Realty Advisors LLC, The RMR Group LLC, The RMR Group Inc. and certain of their respective directors, officers and employees, may be deemed to be participants in the solicitation of proxies from TRMT and RMRM shareholders in respect of the Merger and the other transactions contemplated by the Merger Agreement. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of TRMT's and RMRM's shareholders in connection with the Merger and the other transactions contemplated by the Merger Agreement is set forth in the definitive joint proxy statement/prospectus. Information regarding TRMT's trustees and executive officers and RMRM's trustees and executive officers can be found in TRMT's and RMRM's respective definitive proxy statement for its 2021 Annual Meeting of Shareholders. These documents are available free of charge on the SEC's website and from TRMT or RMRM, as applicable, using the sources indicated above.

    A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.

    No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20210727006024/en/

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    The RMR Group Inc.
    $RMR
    4/22/2025$24.00Buy
    B. Riley Securities
    The RMR Group Inc.
    $RMR
    4/19/2024Mkt Perform
    JMP Securities
    The RMR Group Inc.
    $RMR
    8/9/2022Perform
    Oppenheimer
    The RMR Group Inc.
    $RMR
    1/5/2022$43.00 → $39.00Equal-Weight
    Morgan Stanley
    The RMR Group Inc.
    $RMR
    10/22/2021$38.00Neutral
    Citigroup
    The RMR Group Inc.
    $RMR
    8/31/2021$41.00 → $43.00Equal-Weight
    Morgan Stanley
    More analyst ratings

    $TRMT
    $RMR
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    Press Releases

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    • Diversified Healthcare Trust Closes $94 Million of Mortgage Financings Secured by Six SHOP Communities

      Financing Proceeds and Cash on Hand Will Repay in Full the Remaining Outstanding June 2025 Senior Notes Diversified Healthcare Trust (NASDAQ:DHC) today announced that it has closed two fixed rate mortgage financings totaling $94.3 million, secured by six senior housing communities managed by Five Star Senior Living, the operating division of AlerisLife Inc. The financings consist of a $64.0 million five-year mortgage loan and a $30.3 million ten-year Fannie Mae mortgage loan. Proceeds from these loans, together with cash on hand, will be used to repay the remaining $100.0 million of DHC's 9.75% senior notes due June 2025. The $64.0 million loan bears a fixed interest rate of 6.57% and i

      6/2/25 8:00:00 AM ET
      $DHC
      $RMR
      Real Estate Investment Trusts
      Real Estate
      Professional Services
      Consumer Discretionary
    • Diversified Healthcare Trust to Present at Nareit's REITweek 2025 Investor Conference on Tuesday, June 3rd

      Diversified Healthcare Trust (NASDAQ:DHC) today announced that President and Chief Executive Officer Chris Bilotto and Chief Financial Officer and Treasurer Matthew Brown will be presenting at Nareit's REITweek 2025 Investor Conference in New York, NY on Tuesday, June 3, 2025 at 1:45 p.m. Eastern Time. A live audio webcast of the presentation will be available in a listen-only mode on the company's website at https://www.dhcreit.com/investors/events-and-presentations/default.aspx. Participants wanting to access the webcast should visit the company's website about 15 minutes before the start of the presentation. About Diversified Healthcare Trust DHC is a real estate investment trust focu

      5/20/25 8:00:00 AM ET
      $DHC
      $RMR
      Real Estate Investment Trusts
      Real Estate
      Professional Services
      Consumer Discretionary
    • Service Properties Trust to Present at Nareit's REITweek 2025 Investor Conference on Wednesday, June 4th

      Service Properties Trust (NASDAQ:SVC) today announced that President and Chief Executive Officer Chris Bilotto and Chief Financial Officer and Treasurer Brian Donley will be presenting at Nareit's REITweek 2025 Investor Conference in New York, NY on Wednesday, June 4, 2025 at 11:00 a.m. Eastern Time. A live audio webcast of the presentation will be available in a listen-only mode on the company's website at https://www.svcreit.com/investors/Events-and-presentations. Participants wanting to access the webcast should visit the company's website about 15 minutes before the start of the presentation. About Service Properties Trust SVC is a real estate investment trust with over $11 billion i

      5/20/25 8:00:00 AM ET
      $RMR
      $SVC
      Professional Services
      Consumer Discretionary
      Real Estate Investment Trusts
      Real Estate

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    $RMRM
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    • Seven Hills Realty Trust Appoints Matthew Brown as Chief Financial Officer and Treasurer

      Seven Hills Realty Trust (NASDAQ:SEVN) today announced that Matthew Brown has been appointed as Chief Financial Officer and Treasurer, effective March 10, 2025. Mr. Brown is a Senior Vice President of The RMR Group (NASDAQ:RMR) where he oversees the accounting and finance functions and the tax department. Mr. Brown has served in various accounting and finance leadership roles since joining RMR in 2007 and has extensive experience in reporting and compliance, mergers and acquisitions, capital market transactions and technical accounting matters. Mr. Brown is a certified public accountant and also serves as Chief Financial Officer of Diversified Healthcare Trust (NASDAQ:DHC). Mr. Brown succ

      3/10/25 8:00:00 AM ET
      $DHC
      $RMR
      $SEVN
      Real Estate Investment Trusts
      Real Estate
      Professional Services
      Consumer Discretionary
    • Service Properties Trust Appoints Chris Bilotto as a Managing Trustee, President and Chief Executive Officer

      Service Properties Trust (NASDAQ:SVC) today announced that Chris Bilotto has been appointed as a Managing Trustee, President and Chief Executive Officer of SVC, effective March 10, 2025. Mr. Bilotto is an Executive Vice President of The RMR Group (NASDAQ:RMR), overseeing its acquisition platform, asset management for all hotel and senior living properties, as well as property development and redevelopment throughout the United States. Prior to joining RMR in 2011, Mr. Bilotto worked at General Growth Properties in various management roles. Mr. Bilotto also serves as a Managing Trustee, President and Chief Executive Officer of Diversified Healthcare Trust (NASDAQ:DHC). Mr. Bilotto succeeds

      3/10/25 8:00:00 AM ET
      $DHC
      $RMR
      $SVC
      Real Estate Investment Trusts
      Real Estate
      Professional Services
      Consumer Discretionary
    • Diversified Healthcare Trust Appoints Anthony Paula as Vice President

      Diversified Healthcare Trust (NASDAQ:DHC) today announced that Anthony Paula has been appointed Vice President. Mr. Paula is a Vice President of The RMR Group (NASDAQ:RMR), whose responsibilities include overseeing the accounting, SEC reporting and corporate finance functions for DHC. Mr. Paula has more than 15 years of real estate experience, including accounting and corporate finance, capital market transactions, SEC reporting and compliance. Prior to joining RMR in 2011, Mr. Paula worked at a public accounting firm as a staff accountant. About Diversified Healthcare Trust DHC is a real estate investment trust focused on owning high-quality healthcare properties located throughout t

      12/18/24 4:15:00 PM ET
      $DHC
      $RMR
      Real Estate Investment Trusts
      Real Estate
      Professional Services
      Consumer Discretionary

    $TRMT
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    • The RMR Group Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - RMR GROUP INC. (0001644378) (Filer)

      6/2/25 4:07:22 PM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • Amendment: SEC Form SCHEDULE 13G/A filed by The RMR Group Inc.

      SCHEDULE 13G/A - RMR GROUP INC. (0001644378) (Subject)

      5/14/25 4:08:32 PM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • SEC Form 10-Q filed by The RMR Group Inc.

      10-Q - RMR GROUP INC. (0001644378) (Filer)

      5/6/25 4:20:16 PM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • Service Properties Trust Announces First Quarter 2025 Results

      Service Properties Trust (NASDAQ:SVC) today announced its financial results for the quarter ended March 31, 2025, which can be found at the Quarterly Results section of SVC's website at https://www.svcreit.com/investors/financial-information/default.aspx. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250506169457/en/ A conference call to discuss SVC's first quarter results will be held on Wednesday, May 7, 2025 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-3720 or (412) 317-5434 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available f

      5/6/25 4:15:00 PM ET
      $RMR
      $SVC
      Professional Services
      Consumer Discretionary
      Real Estate Investment Trusts
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    • The RMR Group Inc. Announces Second Quarter Fiscal 2025 Results

      The RMR Group Inc. (NASDAQ:RMR) today announced its financial results for the fiscal quarter ended March 31, 2025, which can be found at the Quarterly Results section of RMR's website at https://www.rmrgroup.com/investors-and-media/financial-information/default.aspx. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250506857951/en/ A conference call to discuss RMR's fiscal second quarter results will be held on Wednesday, May 7, 2025 at 1:00 p.m. Eastern Time. The conference call may be accessed by dialing (844) 481-2945 or (412) 317-1868 (if calling from outside the U.S. and Canada); a pass code is not required. A replay will be a

      5/6/25 4:15:00 PM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • Diversified Healthcare Trust Announces First Quarter 2025 Results

      Diversified Healthcare Trust (NASDAQ:DHC) today announced its financial results for the quarter ended March 31, 2025, which can be found at the Quarterly Reports section of DHC's website at https://www.dhcreit.com/investors/financial-information/quarterly/default.aspx. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250505442615/en/ A conference call to discuss DHC's first quarter 2025 financial results will be held on Tuesday, May 6, 2025 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-4297 or (412) 317-5435 (if calling from outside the United States and Canada); a pass code is not required. A

      5/5/25 4:15:00 PM ET
      $DHC
      $RMR
      Real Estate Investment Trusts
      Real Estate
      Professional Services
      Consumer Discretionary
    • Director Watkins Walter C. Jr. was granted 5,988 shares, increasing direct ownership by 24% to 31,207 units (SEC Form 4)

      4 - RMR GROUP INC. (0001644378) (Issuer)

      3/28/25 5:41:12 PM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • Director Veitch Jonathan was granted 5,988 shares, increasing direct ownership by 37% to 22,207 units (SEC Form 4)

      4 - RMR GROUP INC. (0001644378) (Issuer)

      3/28/25 5:39:23 PM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • Managing Dir., President & CEO Portnoy Adam D. was granted 5,988 shares, increasing direct ownership by 5% to 126,985 units (SEC Form 4)

      4 - RMR GROUP INC. (0001644378) (Issuer)

      3/28/25 5:37:51 PM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • SEC Form SC 13G filed by The RMR Group Inc.

      SC 13G - RMR GROUP INC. (0001644378) (Subject)

      11/14/24 4:03:02 PM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • SEC Form SC 13G/A filed by The RMR Group Inc. (Amendment)

      SC 13G/A - RMR GROUP INC. (0001644378) (Subject)

      2/14/24 4:51:42 PM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • SEC Form SC 13G/A filed by The RMR Group Inc. (Amendment)

      SC 13G/A - RMR GROUP INC. (0001644378) (Subject)

      2/13/24 4:03:22 PM ET
      $RMR
      Professional Services
      Consumer Discretionary

    $TRMT
    $RMR
    $RMRM
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    • B. Riley Securities resumed coverage on RMR Group with a new price target

      B. Riley Securities resumed coverage of RMR Group with a rating of Buy and set a new price target of $24.00

      4/22/25 7:34:35 AM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • JMP Securities initiated coverage on RMR Group

      JMP Securities initiated coverage of RMR Group with a rating of Mkt Perform

      4/19/24 7:29:58 AM ET
      $RMR
      Professional Services
      Consumer Discretionary
    • Oppenheimer resumed coverage on RMR Group

      Oppenheimer resumed coverage of RMR Group with a rating of Perform

      8/9/22 7:25:06 AM ET
      $RMR
      Professional Services
      Consumer Discretionary