0001644378-20-000005.txt : 20200206 0001644378-20-000005.hdr.sgml : 20200206 20200206083457 ACCESSION NUMBER: 0001644378-20-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200206 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200206 DATE AS OF CHANGE: 20200206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RMR GROUP INC. CENTRAL INDEX KEY: 0001644378 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 474122583 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37616 FILM NUMBER: 20581060 BUSINESS ADDRESS: STREET 1: TWO NEWTON PL., 255 WASH. ST., STE. 300 CITY: NEWTON STATE: MA ZIP: 02458 BUSINESS PHONE: (617) 796-8320 MAIL ADDRESS: STREET 1: TWO NEWTON PL., 255 WASH. ST., STE. 300 CITY: NEWTON STATE: MA ZIP: 02458 FORMER COMPANY: FORMER CONFORMED NAME: RMR Group Inc. DATE OF NAME CHANGE: 20150910 FORMER COMPANY: FORMER CONFORMED NAME: Reit Management & Research Inc. DATE OF NAME CHANGE: 20150608 8-K 1 a8-k123119.htm 8-K Document
false0001644378 0001644378 2020-02-06 2020-02-06
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 February 6, 2020
Date of Report
(Date of earliest event reported)
 
The RMR Group Inc.
(Exact Name of Registrant as Specified in Its Charter)

Maryland
(State or Other Jurisdiction of Incorporation)

 
 
 
 
 
001-37616
 
8742
 
47-4122583
(Commission File Number)
 
(Primary Standard Industrial
Classification Code Number)
 
(IRS Employer
Identification Number)

 Two Newton Place, 255 Washington Street, Suite 300, Newton, MA, 02458-1634
(Address of principal executive offices, including zip code)
 
(617) 796-8230
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)  
☐             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)  
☐             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))  
☐             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 pursuant to Section 13(a) of the Exchange Act.  ☒


 
Item 2.02.  Results of Operations and Financial Condition.
 
On February 6, 2020, The RMR Group Inc., or the Company, issued a press release regarding the Company’s results of operations and financial condition for the quarter ended December 31, 2019. A copy of the Company’s press release is furnished as Exhibit 99.1 hereto.  
Item 9.01.  Financial Statements and Exhibits.
 
(d)          Exhibits
 
104        Cover Page Interactive Data File (embedded within the Inline XBRL document)



2



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
 
 
 
 
 
 
 
THE RMR GROUP INC.
 
 
 
 
 
 
 
 
 
 
By:
 /s/ Matthew P. Jordan
 
 
Name:
Matthew P. Jordan
 
 
Title:
Executive Vice President, Chief Financial Officer and Treasurer
 
Date: February 6, 2020
 
 




3

 EX-99.1 2 exhibit991123119.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1


a8kimage1a05.gif
 
 
FOR IMMEDIATE RELEASE
Contact:
 
Michael Kodesch, Director, Investor Relations
 
(617) 796-8230

The RMR Group Inc. Announces First Quarter Fiscal 2020 Results
Net Income Attributable to The RMR Group Inc. of $0.58 Per Diluted Share and Adjusted Net Income Attributable to The RMR Group Inc. of $0.57 Per Diluted Share
_____________________________________________________________________________
Newton, MA (February 6, 2020). The RMR Group Inc. (Nasdaq: RMR) today announced its financial results for the fiscal quarter ended December 31, 2019.
Adam Portnoy, President and Chief Executive Officer, made the following statement regarding the first quarter fiscal 2020 results:
“During the first fiscal quarter, we continued to assist our Client Companies with both the integration of recently completed acquisitions and their strategic repositioning efforts. The integration of Service Properties Trust’s $2.4 billion net leased retail portfolio acquisition has progressed as planned, with the incremental financial benefits to The RMR Group remaining in line with our forecasts.
We also continued making significant progress in executing on the repositioning efforts at Office Properties Income Trust and Diversified Healthcare Trust, which we believe will lead to increases in total shareholder returns at each of these Client Companies. More specifically, Office Properties Income Trust recently announced aggregate property sales for the 2019 calendar year of $848.9 million and Diversified Healthcare Trust recently announced the completion of the restructuring of its business arrangements with its largest tenant, Five Star Senior Living Inc., and that it has sold or has under agreement to sell approximately $678 million of properties.
At the close of the first fiscal quarter, our balance sheet continues to leave us well positioned to assess strategic opportunities for future growth, with $385.7 million of cash and no debt.”
First Quarter Fiscal 2020 Highlights:
•
As of December 31, 2019, The RMR Group Inc. had $32.2 billion of gross assets under management compared to gross assets under management of $29.7 billion as of December 31, 2018. Fee paying assets under management was $24.9 billion on December 31, 2019 compared to $23.4 billion on December 31, 2018.
•
Total management and advisory services revenues for the quarter ended December 31, 2019 were $48.1 million, compared to $168.4 million for the quarter ended December 31, 2018. No incentive business management fees were earned for the three year measurement period ended December 31, 2019, whereas the quarter ended December 31, 2018 included $120.1 million in incentive

1


business management fees earned for the three year measurement period ended December 31, 2018.
•
The RMR Group Inc. earned management services revenues from the following sources (dollars in thousands):
 
 
Three Months Ended December 31,
 
 
2019
 
2018
Managed Equity REITs (1)
 
$
39,365

 
83.3
%
 
$
39,639

 
83.5
%
Managed Operators (2)
 
6,126

 
12.9
%
 
6,785

 
14.3
%
Other
 
1,784

 
3.8
%
 
1,064

 
2.2
%
Total
 
$
47,275

 
100.0
%
 
$
47,488

 
100.0
%
(1)
Managed Equity REITs for the periods presented includes: Diversified Healthcare Trust (DHC) (formerly known as Senior Housing Properties Trust), Industrial Logistics Properties Trust (ILPT), Office Properties Income Trust (OPI), Select Income REIT (SIR), until its merger with OPI on December 31, 2018, and Service Properties Trust (SVC).
(2)
Managed Operators collectively refers to: Five Star Senior Living Inc. (FVE), Sonesta International Hotels Corporation (Sonesta) and TravelCenters of America Inc. (TA).
•
For the three months ended December 31, 2019, net income was $21.6 million and net income attributable to The RMR Group Inc. was $9.4 million, or $0.58 per diluted share, compared to net income of $118.1 million and net income attributable to The RMR Group Inc. of $52.2 million, or $3.22 per diluted share, for the three months ended December 31, 2018.
•
For the three months ended December 31, 2019, adjusted net income attributable to The RMR Group Inc. was $9.3 million, or $0.57 per diluted share, compared to $10.0 million, or $0.62 per diluted share, for the three months ended December 31, 2018. The adjustments to net income attributable to The RMR Group Inc. this quarter included $0.3 million, or $0.02 per diluted share, of transaction and acquisition related costs, offset by $0.5 million, or $0.03 per diluted share, of unrealized gains on an equity method investment accounted for under the fair value option.
•
For the three months ended December 31, 2019, Adjusted EBITDA was $28.0 million, Operating Margin was 45.3% and Adjusted EBITDA Margin was 55.5%, compared to Adjusted EBITDA of $29.4 million, Operating Margin of 82.1% and Adjusted EBITDA Margin of 58.0% for the three months ended December 31, 2018.
•
In December 2019, the Internal Revenue Service and Department of the Treasury released regulations expanding the applicability of limits on executive compensation deductions to more taxpayers, including executive compensation allocated to publicly held corporations by a partnership. The expanded application of these regulations result in the effective tax rate of The RMR Group Inc. increasing to 14.7% for the full fiscal year.
•
As of December 31, 2019, The RMR Group Inc. had $385.7 million in cash and cash equivalents with no outstanding debt obligations.
Reconciliations to GAAP:
Adjusted net income attributable to The RMR Group Inc., EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. The GAAP financial measure that is most directly comparable to adjusted net income attributable to The RMR Group Inc. is net income attributable to The RMR Group Inc., the GAAP financial measure that is most directly comparable to EBITDA and Adjusted EBITDA is net income, while the GAAP financial measure that is most directly comparable to Adjusted EBITDA Margin is Operating Margin, which represents operating income divided by total management and advisory services revenues. Reconciliations of net income attributable to The RMR Group Inc. determined in accordance with GAAP to adjusted net income attributable to The RMR Group Inc., and of net income to

2


EBITDA and Adjusted EBITDA as well as calculations of Operating Margin and Adjusted EBITDA Margin for each of the three months ended December 31, 2019 and 2018 are presented later in this press release.
Assets Under Management:
The calculation of gross assets under management, or gross AUM, primarily includes: (i) the gross book value of real estate and related assets, excluding depreciation, amortization, impairment charges or other non-cash reserves, of the Managed Equity REITs and ABP Trust, plus (ii) the gross book value of real estate assets, property and equipment of the Managed Operators, excluding depreciation, amortization, impairment charges or other non-cash reserves, plus (iii) the fair value of investments of Affiliates Insurance Company and the RMR Office Property Fund LP, the managed assets of RMR Real Estate Income Fund and the equity of Tremont Mortgage Trust. This calculation of gross AUM may include amounts that are higher than the calculations of assets under management used for purposes of calculating fees under the terms of the business management agreements.
The calculation of fee paying assets under management, or fee paying AUM, refers to the fact that base business management fees payable to The RMR Group LLC by the Managed Equity REITs are calculated monthly based upon the lower of the average historical cost of each entity's real estate assets and its average market capitalization. Management fees payable to The RMR Group LLC by other client companies are generally calculated as a percentage of revenues earned, average daily managed assets, equity, net asset value or total premiums paid under active insurance policies in accordance with the applicable management agreement.
All references in this press release to assets under management on, or as of, a date are calculated at a point in time.
For additional information on the calculation of assets under management for purposes of the fee provisions of the business management agreements, see The RMR Group Inc.’s Annual Report on Form 10-K for the fiscal year ending September 30, 2019, filed with the Securities and Exchange Commission, or SEC. The RMR Group Inc.’s SEC filings are available at the SEC website: www.sec.gov.
Conference Call:
At 10:00 a.m. Eastern Time this morning, President and Chief Executive Officer, Adam Portnoy, and Executive Vice President, Chief Financial Officer and Treasurer, Matt Jordan, will host a conference call to discuss The RMR Group Inc.’s fiscal first quarter ended December 31, 2019 financial results.
The conference call telephone number is (877) 329-4297. Participants calling from outside the United States and Canada should dial (412) 317-5435. 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. Eastern Time on Thursday, February 13, 2020. To access the replay, dial (412) 317-0088. The replay pass code is 10137821.
A live audio webcast of the conference call will also be available in a listen only mode on The RMR Group Inc.’s website, at www.rmrgroup.com. Participants wanting to access the webcast should visit The RMR Group Inc.’s website about five minutes before the call. The archived webcast will be available for replay on The RMR Group Inc.’s website following the call for about one week. The transcription, recording and retransmission in any way of The RMR Group Inc.’s fiscal first quarter ended December 31, 2019 financial results conference call are strictly prohibited without the prior written consent of The RMR Group Inc.
About The RMR Group Inc.
The RMR Group Inc. is a holding company, and substantially all of its business is conducted by its majority-owned subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real

3


estate operating companies. As of December 31, 2019, The RMR Group LLC had $32.2 billion of assets under management, including over 2,100 properties, and employed approximately 600 real estate professionals in more than 30 offices throughout the United States; and the companies managed by The RMR Group LLC collectively had nearly 50,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts.

4


The RMR Group Inc.
Condensed Consolidated Statements of Income
(amounts in thousands, except per share amounts)
(unaudited)

 
 
Three Months Ended December 31,
 
 
2019
 
2018
Revenues:
 
 
 
 
Management services(1)
 
$
47,275

 
$
47,488

Incentive business management fees
 
—

 
120,094

Advisory services
 
847

 
782

Total management and advisory services revenues
 
48,122

 
168,364

Reimbursable compensation and benefits
 
13,795

 
13,873

Other client company reimbursable expenses
 
97,975

 
98,076

Total reimbursable costs
 
111,770

 
111,949

Total revenues
 
159,892

 
280,313

 
 
 
 
 
Expenses:
 
 
 
 
Compensation and benefits
 
30,197

 
28,012

Equity based compensation(2)
 
1,582

 
1,811

Separation costs
 
260

 
6,397

Total compensation and benefits expense
 
32,039

 
36,220

General and administrative
 
7,046

 
7,320

Other client company reimbursable expenses
 
97,975

 
98,076

Transaction and acquisition related costs
 
796

 
184

Depreciation and amortization
 
256

 
255

Total expenses
 
138,112

 
142,055

Operating income
 
21,780

 
138,258

Interest and other income
 
1,875

 
1,526

Equity in earnings of investees
 
255

 
35

Unrealized gain (loss) on equity method investment accounted for under the fair value option
 
1,438

 
(2,769
)
Income before income tax expense
 
25,348

 
137,050

Income tax expense
 
(3,724
)
 
(18,970
)
Net income
 
21,624

 
118,080

Net income attributable to noncontrolling interest
 
(12,175
)
 
(65,871
)
Net income attributable to The RMR Group Inc.
 
$
9,449

 
$
52,209

 
 
 
 
 
Weighted average common shares outstanding - basic
 
16,177

 
16,120

Weighted average common shares outstanding - diluted
 
16,177

 
16,131

 
 
 
 
 
Net income attributable to The RMR Group Inc. per common share - basic and diluted
 
$
0.58

 
$
3.22



See Notes on page 6.

5


The RMR Group Inc.
Notes to Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
(unaudited)

(1)
Includes business management fees earned from the Managed Equity REITs monthly based upon the lower of (i) the average historical cost of each REIT’s properties and (ii) each REIT’s average market capitalization. The following table presents a summary of each Managed Equity REIT’s primary strategy and the lesser of the historical cost of its assets under management and its market capitalization as of December 31, 2019 and 2018, as applicable:
 
 
 
 
Lesser of Historical Cost of Assets
 
 
 
 
Under Management or
 
 
 
 
Total Market Capitalization(a)
 
 
 
 
As of December 31,
REIT
 
Primary Strategy
 
2019
 
2018
DHC
 
Medical office and life science properties, senior living communities and wellness centers
 
$
5,543,586

 
$
6,469,758

ILPT
 
Industrial and logistics properties
 
2,538,189

 
1,578,306

OPI
 
Office properties primarily leased to single tenants, including the government
 
3,935,421

 
4,651,888

SVC
 
Hotels and net lease service and necessity-based retail properties
 
10,130,161

 
8,153,868

 
 
 
 
$
22,147,357

 
$
20,853,820

(a)
The basis on which base business management fees are calculated for the three months ended December 31, 2019 and 2018 may differ from the basis at the end of the periods presented in the table above. As of December 31, 2019, the market capitalization was lower than the historical costs of assets under management for DHC, OPI and SVC; the historical costs of assets under management for DHC, OPI and SVC as of December 31, 2019, were $8,623,500, $5,807,041 and $12,447,913, respectively. For ILPT, the historical costs of assets under management were lower than their market capitalization of $2,877,088 as of December 31, 2019.
(2)
Equity based compensation expense for the three months ended December 31, 2019 consists of $634 related to shares granted by The RMR Group Inc. to certain of its officers and employees and $948 related to Client Companies' shares granted to certain of The RMR Group Inc.’s officers and employees.
Expense related to shares granted by The RMR Group Inc. is based on the market value on the date of grant, with the aggregate value of the shares granted amortized over the applicable vesting period. Shares issued each September vest in five equal, consecutive annual installments, with the first installment vesting on the date of grant. As of December 31, 2019, The RMR Group Inc. had 118,330 unvested shares outstanding, net of 810 forfeited shares and 7,020 shares, the vesting for which was accelerated during the three months ended December 31, 2019. The unvested shares at December 31, 2019 are scheduled to vest as follows:
 
 
Number of
 
Weighted Average
Year
 
Shares Vesting
 
Grant Date Fair Value
2020
 
42,870
 
$57.04
2021
 
34,540
 
$61.67
2022
 
25,520
 
$65.43
2023
 
15,400
 
$45.99



6


The RMR Group Inc.
Reconciliation of Adjusted Net Income Attributable to The RMR Group Inc. from
Net Income Attributable to The RMR Group Inc.
(dollars in thousands, except per share amounts)
(unaudited)

The RMR Group Inc. is providing the reconciliations below and information regarding certain individually significant items occurring or impacting its financial results for the three months ended December 31, 2019 and 2018 for supplemental informational purposes in order to enhance the understanding of The RMR Group Inc.’s condensed consolidated statements of income and to facilitate a comparison of The RMR Group Inc.’s current operating performance with its historical operating performance. Earnings per share amounts are calculated using the two-class method. As such, earnings attributable to unvested participating shares are excluded from earnings before calculating per share amounts. This information should be considered in conjunction with net income, net income attributable to The RMR Group Inc. and operating income as presented in The RMR Group Inc.’s condensed consolidated statements of income.
 
Three Months Ended December 31, 2019
 
 
Impact on Net Income Attributable to The RMR Group Inc.
 
Impact on Net Income Attributable to The RMR Group Inc. Per Common Share - Diluted
Net income attributable to The RMR Group Inc.
 
$
9,449

 
$
0.58

Unrealized gain on equity method investment accounted for under the fair value option (1)
 
(538
)
 
(0.03
)
Transaction and acquisition related costs (2)
 
298

 
0.02

Separation costs (3)
 
97

 
—

Adjusted net income attributable to The RMR Group Inc.
 
$
9,306

 
$
0.57

(1)
Includes $1,438 in unrealized gains on The RMR Group Inc.’s investment in TA common shares, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 14.7%.
(2)
Includes $796 of transaction and acquisition related costs, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 14.7%.
(3)
Includes $260 of separation costs, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 14.7%.
 
Three Months Ended December 31, 2018
 
 
Impact on Net Income Attributable to The RMR Group Inc.
 
Impact on Net Income Attributable to The RMR Group Inc. Per Common Share - Diluted
Net income attributable to The RMR Group Inc.
 
$
52,209

 
$
3.22

Incentive business management fees (1)
 
(45,744
)
 
(2.82
)
Separation costs (2)
 
2,437

 
0.15

Unrealized loss on equity method investment accounted for under the fair value option (3)
 
1,055

 
0.07

Transaction and acquisition related costs (4)
 
70

 
—

Adjusted net income attributable to The RMR Group Inc.
 
$
10,027

 
$
0.62

(1)
Includes $120,094 of incentive business management fees, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 13.8%.
(2)
Includes $6,397 of separation costs, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 13.8%.
(3)
Includes $2,769 in unrealized losses on The RMR Group Inc.’s investment in TA common shares, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 13.8%.
(4)
Includes $184 of transaction and acquisition related costs, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 13.8%.

7


The RMR Group Inc.
Reconciliation of EBITDA and Adjusted EBITDA from Net Income
and Calculation of Operating Margin and Adjusted EBITDA Margin (1) 
(dollars in thousands)
(unaudited)
 
Three Months Ended December 31,
 
2019
 
2018
Reconciliation of EBITDA and Adjusted EBITDA from net income:
 
 
 
Net income
$
21,624

 
$
118,080

Plus: income tax expense
3,724

 
18,970

Plus: depreciation and amortization
256

 
255

EBITDA
25,604

 
137,305

Plus: other asset amortization
2,354

 
2,354

Plus: operating expenses paid in The RMR Group Inc.'s common shares
634

 
495

Plus: separation costs
260

 
6,397

Plus: transaction and acquisition related costs
796

 
184

Plus: straight line office rent
35

 
—

Less: unrealized (gain) loss on equity method investment accounted for under the fair value option
(1,438
)
 
2,769

Less: equity in earnings of investees
(255
)
 
(35
)
Less: incentive business management fees earned
—

 
(120,094
)
Adjusted EBITDA
$
27,990

 
$
29,375


Calculation of Operating Margin:
 
 
 
Total management and advisory services revenues
$
48,122

 
$
168,364

Operating income
$
21,780

 
$
138,258

Operating Margin
45.3
%
 
82.1
%

Calculation of Adjusted EBITDA Margin:
 
 
 
Contractual management and advisory fees (excluding any incentive business management fees) (2)
$
50,476

 
$
50,624

Adjusted EBITDA
$
27,990

 
$
29,375

Adjusted EBITDA Margin
55.5
%
 
58.0
%
(1)
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures calculated as presented in the tables above. The RMR Group Inc. considers EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to be appropriate supplemental measures of its operating performance, along with net income, net income attributable to The RMR Group Inc., operating income and operating margin. The RMR Group Inc. believes that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors because by excluding the effects of certain amounts, such as those outlined in the tables above, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin may facilitate a comparison of current operating performance with The RMR Group Inc.’s historical operating performance and with the performance of other asset management businesses. In addition, The RMR Group Inc. believes that providing Adjusted EBITDA Margin may help investors assess The RMR Group Inc.’s performance of its business by providing the margin that Adjusted EBITDA represents to its contractual management and advisory fees (excluding any incentive business management fees). EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income, net income attributable to The RMR Group Inc., operating income or operating margin as an indicator of The RMR Group Inc.’s financial performance or as a measure of The RMR Group Inc.’s liquidity. Other asset management businesses may calculate EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin differently than The RMR Group Inc. does.
(2)
Contractual management and advisory fees are the base business management fees, property management fees and advisory fees The RMR Group Inc. or its subsidiaries earns pursuant to its management and investment advisory agreements with its client companies. These amounts are calculated pursuant to the contractual formulas and do not deduct other asset amortization of $2,354 for each of the three months ended December 31, 2019 and 2018, required to be recognized as a reduction to management services revenues in accordance with GAAP and do not include the incentive business management fees of $120,094 that The RMR Group Inc. recognized under GAAP during the three months ended December 31, 2018, which were earned for the calendar year 2018.

8


The RMR Group Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
 
 
December 31,
 
September 30,
 
 
2019
 
2019
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
385,695

 
$
358,448

Due from related parties
 
76,264

 
93,521

Prepaid and other current assets
 
5,013

 
5,848

Total current assets
 
466,972

 
457,817

 
 
 
 
 
Property and equipment, net
 
2,315

 
2,383

Due from related parties, net of current portion
 
9,001

 
9,238

Equity method investment
 
6,561

 
6,658

Equity method investment accounted for under the fair value option
 
5,120

 
3,682

Goodwill
 
1,859

 
1,859

Intangible assets, net of amortization
 
312

 
323

Operating lease right of use assets
 
36,899

 
—

Deferred tax asset
 
25,302

 
25,729

Other assets, net of amortization
 
150,789

 
153,143

Total assets
 
$
705,130

 
$
660,832

 
 
 
 
 
Liabilities and Equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable and accrued expenses
 
$
94,944

 
$
90,989

Total current liabilities
 
94,944

 
90,989

 
 
 
 
 
Deferred rent payable, net of current portion
 
—

 
1,620

Operating lease liabilities, net of current portion
 
34,467

 
—

Amounts due pursuant to tax receivable agreement, net of current portion
 
29,950

 
29,950

Employer compensation liability, net of current portion
 
9,001

 
9,238

Total liabilities
 
168,362

 
131,797

 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
Class A common stock, $0.001 par value; 31,600,000 shares authorized; 15,301,767 and 15,302,710 shares issued and outstanding, respectively
 
15

 
15

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
 
103,994

 
103,360

Retained earnings
 
266,906

 
257,457

Cumulative common distributions
 
(78,389
)
 
(72,194
)
Total shareholders’ equity
 
292,542

 
288,654

Noncontrolling interest
 
244,226

 
240,381

Total equity
 
536,768

 
529,035

Total liabilities and equity
 
$
705,130

 
$
660,832


9


WARNING CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements can be identified by use of words such as “outlook,” “believe,” “expect,” “potential,” “will,” “may,” “estimate,” “anticipate” and derivatives or negatives of such words or similar words. Forward-looking statements in this press release are based upon present beliefs or expectations. However, forward-looking statements and their implications are not guaranteed to occur and may not occur for various reasons, including some reasons beyond The RMR Group Inc.’s control. For example:
•
Mr. Portnoy states that in the 2020 first fiscal quarter, The RMR Group Inc. continued to assist their Client Companies with both the integration of recently completed acquisitions and their strategic repositioning efforts. He also states the integration of Service Properties Trust’s $2.4 billion net leased retail portfolio acquisition has progressed as planned, with the incremental financial benefits to The RMR Group Inc. remaining in line with The RMR Group Inc.’s forecasts and that The RMR Group Inc. has continued making significant progress on repositioning efforts at Office Properties Income Trust and Diversified Healthcare Trust, which The RMR Group Inc. believes will lead to increases in total shareholder returns at these Client Companies. These statements may imply that the Client Companies will succeed in integrating recently completed acquisitions and executing their strategic repositionings and that The RMR Group Inc. and the Client Companies will benefit from these activities. However, integrating acquisitions and executing strategic repositionings are subject to various risks, some of which are beyond The RMR Group Inc.’s and its Client Companies’ control. Further, even if these integration and strategic repositioning activities are executed successfully, the Client Companies and The RMR Group Inc. may not realize the benefits they expect from these activities, including increased total shareholder returns at the applicable Client Companies;
•
Mr. Portnoy also references property sales that Diversified Healthcare Trust has under agreement. However, those pending sales are subject to conditions and may not occur, may be delayed or their terms may change; and
•
Mr. Portnoy states that, at the close of the first fiscal quarter, The RMR Group Inc.’s balance sheet continues to leave it well positioned to assess strategic opportunities for future growth. This statement may imply that The RMR Group Inc. will successfully assess and act upon strategic opportunities for future growth and that The RMR Group Inc.’s business will grow and that its operating performance and financial results will improve as a result. However, The RMR Group Inc.’s assessments and efforts may not be successful, it may not grow its business, its operating performance and financial results may not improve, and it may realize losses as a result.
The information contained in The RMR Group Inc.’s filings with the SEC, including under the caption “Risk Factors” in The RMR Group Inc.’s periodic reports, or incorporated therein, identifies important factors that could cause differences from the forward-looking statements in this press release. The RMR Group Inc.’s filings with the SEC are available on its website and at www.sec.gov.
Except as required by law, The RMR Group Inc. undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
[END]

10

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Cover Page
Feb. 06, 2020
Cover page.  
Document Type 8-K
Entity File Number 001-37616
Document Period End Date Feb. 06, 2020
Entity Registrant Name RMR Group Inc.
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 47-4122583
Entity Address, Address Line One Two Newton Place
Entity Address, Address Line Two 255 Washington Street
Entity Address, Address Line Three Suite 300
Entity Address, City or Town Newton
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02458-1634
City Area Code 617
Local Phone Number 796-8230
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, $0.001 par value per share
Trading Symbol RMR
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period true
Entity Central Index Key 0001644378
Amendment Flag false
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