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The RMR Group Inc. (NASDAQ: RMR) operates as a holding company conducting its business through its subsidiary, The RMR Group LLC. Founded in 1986, The RMR Group is a renowned alternative asset management company primarily focusing on real estate and related businesses. As of December 31, 2016, the company managed approximately $27.2 billion in total assets, including over 1,400 properties, and employed more than 450 real estate professionals across more than 30 offices throughout the United States. Collectively, the companies managed by The RMR Group LLC had over 53,000 employees.
Core Business
The RMR Group provides comprehensive management services to four publicly traded real estate investment trusts (REITs), three real estate operating companies, one real estate securities mutual fund, and a commercial real estate finance firm. This extensive portfolio showcases the company's depth in managing diverse real estate assets.
Key Operations
The company's operations are segmented into RMR LLC and All Other Operations. Its revenue streams primarily include business and property management services, along with advisory and other related services.
Recent Achievements and Current Projects
- Service Properties Trust: Consistent performance and expansion in hospitality and net lease real estate sectors.
- Office Properties Income Trust: Focused on acquiring, owning, and leasing office spaces, catering to top-tier clients.
- Diversified Healthcare Trust: Specializing in the acquisition and management of healthcare-related properties, ensuring robust healthcare infrastructure.
Partnerships and Financial Condition
The RMR Group has built strategic partnerships with multiple stakeholders in the real estate sector, enhancing its capability to deliver superior management services. Its substantial asset base and diversified revenue streams underline the company's strong financial position.
For more information on The RMR Group, please visit www.rmrgroup.com.
Diversified Healthcare Trust (Nasdaq: DHC) has announced a regular quarterly cash distribution of $0.01 per common share, translating to $0.04 annually. The distribution is set to benefit shareholders who are on record as of April 24, 2023, with a payment date scheduled on or about May 18, 2023.
DHC's portfolio, as of December 31, 2022, was valued at approximately $7.1 billion, comprising 379 properties across 36 states and Washington, D.C. The REIT’s focus is on high-quality healthcare properties, which include about 27,000 senior living units and 500 tenants occupying approximately 9 million square feet of life science and medical office properties.
Industrial Logistics Properties Trust (Nasdaq: ILPT) has announced a regular quarterly cash distribution of $0.01 per common share, equating to $0.04 annually. This distribution will be paid to shareholders of record as of April 24, 2023, and is set to be distributed on or about May 18, 2023.
As of December 31, 2022, ILPT’s portfolio comprises 413 properties with approximately 60.0 million rentable square feet across 39 states. Notably, over 78% of ILPT's annual rental revenue comes from investment-grade tenants. The company is managed by The RMR Group, which oversees more than $37 billion in assets. ILPT operates as a Maryland Real Estate Investment Trust focused on logistics properties crucial for the e-commerce sector.
Service Properties Trust (Nasdaq: SVC) announced a quarterly cash distribution of $0.20 per common share, equating to $0.80 annually. This distribution is for shareholders on record as of April 24, 2023 and will be paid on or about May 18, 2023.
SVC is a real estate investment trust (REIT) with over $11 billion in assets, primarily in the hotel and retail net lease property sectors. It owns 238 hotels across the U.S., Puerto Rico, and Canada, and 765 retail properties totaling over 13.4 million square feet. SVC is managed by The RMR Group, which has over $37 billion in assets under management.
Seven Hills Realty Trust (Nasdaq: SEVN) has declared a regular cash distribution of $0.35 per common share, totaling $1.40 annually. This distribution is scheduled for payment to shareholders on record as of April 24, 2023, and will be distributed on or about May 18, 2023. SEVN originates and invests in first mortgage loans, focusing on middle market and transitional commercial real estate. It is managed by Tremont Realty Capital, an affiliate of The RMR Group, which manages over $37 billion in assets. The company advises that future distributions may vary based on various factors including income and cash needs.
Office Properties Income Trust (Nasdaq: OPI) announced a reduction in its quarterly cash distribution to $0.25 per share, totaling $1.00 annually. This change will take effect for shareholders of record on April 24, 2023, with payment expected on or about May 18, 2023.
Additionally, OPI is moving forward with a proposed merger with Diversified Healthcare Trust (Nasdaq: DHC), expected to close in the third quarter of 2023, pending shareholder approval and other necessary conditions. As of December 31, 2022, OPI owned 160 properties across 30 states, with 63% of revenues coming from investment-grade rated tenants.
Office Properties Income Trust (Nasdaq: OPI) has announced a merger with Diversified Healthcare Trust (Nasdaq: DHC), where OPI will acquire all outstanding common shares of DHC in an all-share transaction. The merger, unanimously approved by both boards, aims to create a diversified REIT with enhanced growth potential by accessing DHC’s portfolio of medical office and life science properties and senior living communities. DHC shareholders will receive 0.147 shares of OPI for each DHC common share, leading to OPI shareholders owning approximately 58% of the new entity. The transaction is expected to close in Q3 2023 and is projected to be accretive to OPI’s normalized funds from operations starting in H2 2024, with a cash distribution reset to $0.25 per share quarterly beginning Q2 2023.
Diversified Healthcare Trust (Nasdaq: DHC) has announced a definitive merger agreement with Office Properties Income Trust (Nasdaq: OPI), wherein OPI will acquire all DHC shares in an all-share transaction. Shareholders of DHC will receive 0.147 shares of OPI for each DHC share, reflecting a 20% premium based on the 30-day average closing price of DHC.
This merger aims to enhance financial flexibility, ensure immediate compliance with debt covenants, and support ongoing capital plans. DHC shareholders will benefit from a substantial increase in expected distributions, rising from $0.04 to $1.00 annually, marking a 267% increase. The merger is anticipated to be accretive to DHC’s normalized funds from operations and lead to annual savings of $2 million to $3 million.
The RMR Group (Nasdaq: RMR) has been recognized as one of the fastest growing middle market companies in Massachusetts by the Boston Business Journal in its 2023 Middle Market Leaders ranking. RMR reported total revenues of $832.5 million for Fiscal 2022, securing the 28th position in the rankings. This marks RMR's third appearance on the BBJ's list, which includes companies with revenues between $25 million and $1 billion. President & CEO Adam Portnoy highlighted the company's steady growth and dedication to clients. Additionally, RMR received multiple awards, including recognition from the U.S. Environmental Protection Agency and the U.S. Department of Energy.
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