0001644378-20-000013.txt : 20200511 0001644378-20-000013.hdr.sgml : 20200511 20200511085232 ACCESSION NUMBER: 0001644378-20-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200511 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200511 DATE AS OF CHANGE: 20200511 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: 20862832 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-k33120.htm 8-K Document
false0001644378 0001644378 2020-05-11 2020-05-11

 
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
 May 11, 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.  ☒

1


 
Item 2.02.  Results of Operations and Financial Condition.
 
On May 11, 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 and six months ended March 31, 2020. A copy of the Company’s press release is furnished as Exhibit 99.1 hereto.  
Item 7.01.  Regulation FD Disclosure.
On April 16, 2020, due to the uncertain outlook caused by the COVID-19 pandemic, the Company withdrew its previously issued fiscal second quarter 2020 financial guidance. The Company does not expect to issue new guidance until the current situation stabilizes.
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: May 11, 2020
 
 




3

 EX-99.1 2 exhibit991_33120.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1


a8kimage1a06.gif
 
 
FOR IMMEDIATE RELEASE
Contact:
 
Michael Kodesch, Director, Investor Relations
 
(617) 796-8230

The RMR Group Inc. Announces Second Quarter Fiscal 2020 Results
Management Services Revenues of $43.3 Million, a 1.7% Increase from the Second Quarter Last Year
Net Income Attributable to The RMR Group Inc. of $0.39 Per Diluted Share and Adjusted Net Income Attributable to The RMR Group Inc. of $0.46 Per Diluted Share
_____________________________________________________________________________
Newton, MA (May 11, 2020). The RMR Group Inc. (Nasdaq: RMR) today announced its financial results for the fiscal quarter ended March 31, 2020.
Adam Portnoy, President and Chief Executive Officer, made the following statement regarding the second quarter fiscal 2020 results:
“The market disruptions resulting from the COVID-19 pandemic have led to share price declines for our Managed Equity REITs, which have significantly reduced our fee-paying assets under management beginning in the latter part of our second fiscal quarter. Despite these share price declines, management services revenues increased year over year by 1.7% and we generated net income of $14.9 million, Adjusted EBITDA of $23.9 million, Operating Margin of 40.6% and Adjusted EBITDA Margin of 51.3% this quarter. 
While it remains to be seen how the pandemic and its impacts on the economy will evolve over the remainder of the year, we believe that our Client Companies have ample resources to navigate the challenges impacting their respective sectors. I remain impressed with the dedication of our workforce, and find that in unique times like these, the experience and depth of our leadership team is critical to navigating both our Client Companies’ recovery and subsequent growth.
We continue to believe RMR is in a strong position to weather the current economic disruption due to our long-term evergreen contracts and our scalable platform. We believe our dividend is secure and our balance sheet remains strong with $377.4 million of cash and no debt, providing us the continued ability to assess strategic opportunities for future growth.”
Second Quarter Fiscal 2020 Highlights:
•
As of March 31, 2020, The RMR Group LLC had $32.0 billion of gross assets under management compared to gross assets under management of $30.0 billion as of March 31, 2019. Fee paying assets under management was $20.2 billion on March 31, 2020 compared to $24.2 billion on March 31, 2019.

1


•
Total management and advisory services revenues for the quarter ended March 31, 2020 were $44.1 million, compared to $43.4 million for the quarter ended March 31, 2019.
•
The RMR Group Inc. earned management services revenues from the following sources (dollars in thousands):
 
 
Three Months Ended March 31,
 
 
2020
 
2019
Managed Equity REITs (1)
 
$
35,707

 
82.4
%
 
$
35,194

 
82.6
%
Managed Operators (2)
 
6,297

 
14.6
%
 
6,144

 
14.4
%
Other
 
1,317

 
3.0
%
 
1,262

 
3.0
%
Total
 
$
43,321

 
100.0
%
 
$
42,600

 
100.0
%
(1)
Managed Equity REITs for the periods presented includes: Diversified Healthcare Trust (DHC), Industrial Logistics Properties Trust (ILPT), Office Properties Income Trust (OPI) 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 March 31, 2020, net income was $14.9 million and net income attributable to The RMR Group Inc. was $6.5 million, or $0.39 per diluted share, compared to net income of $18.7 million and net income attributable to The RMR Group Inc. of $8.2 million, or $0.50 per diluted share, for the three months ended March 31, 2019.
•
For the three months ended March 31, 2020, adjusted net income attributable to The RMR Group Inc. was $7.6 million, or $0.46 per diluted share, compared to $8.1 million, or $0.50 per diluted share, for the three months ended March 31, 2019. The adjustments to net income attributable to The RMR Group Inc. this quarter included $0.8 million, or $0.05 per diluted share, of unrealized losses on an equity method investment accounted for under the fair value option, $0.1 million, or $0.01 per diluted share, of separation costs, and $0.1 million, or $0.01 per diluted share, of transaction and acquisition related costs.
•
For the three months ended March 31, 2020, Adjusted EBITDA was $23.9 million, Operating Margin was 40.6% and Adjusted EBITDA Margin was 51.3%, compared to Adjusted EBITDA of $24.7 million, Operating Margin of 43.2% and Adjusted EBITDA Margin of 54.1% for the three months ended March 31, 2019.
•
As of March 31, 2020, The RMR Group Inc. had $377.4 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 EBITDA and Adjusted EBITDA as well as calculations of Operating Margin and Adjusted EBITDA Margin for each of the three months ended March 31, 2020 and 2019 are presented later in this press release.

2


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 (until its dissolution on February 13, 2020) 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 1:00 p.m. Eastern Time this afternoon, 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 second quarter ended March 31, 2020 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 Monday, May 18, 2020. To access the replay, dial (412) 317-0088. The replay pass code is 10141265.
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 second quarter ended March 31, 2020 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 manager that primarily provides management services to publicly traded REITs and real estate operating companies. As of March 31, 2020, The RMR Group LLC had $32.0 billion of assets under management, including over

3


2,100 properties, and employed over 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 March 31,
 
Six Months Ended March 31,
 
 
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
 
Management services (1)
 
$
43,321

 
$
42,600

 
$
90,596

 
$
90,088

Incentive business management fees
 
—

 
—

 
—

 
120,094

Advisory services
 
780

 
761

 
1,627

 
1,543

Total management and advisory services revenues
 
44,101

 
43,361

 
92,223

 
211,725

Reimbursable compensation and benefits
 
12,533

 
13,412

 
26,328

 
27,285

Other client company reimbursable expenses
 
84,227

 
73,323

 
182,202

 
171,399

Total reimbursable costs
 
96,760

 
86,735

 
208,530

 
198,684

Total revenues
 
140,861

 
130,096

 
300,753

 
410,409

 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
Compensation and benefits
 
30,122

 
28,981

 
60,319

 
56,993

Equity based compensation (2)
 
302

 
1,204

 
1,884

 
3,015

Separation costs
 
385

 
414

 
645

 
6,811

Total compensation and benefits expense
 
30,809

 
30,599

 
62,848

 
66,819

General and administrative
 
7,297

 
7,122

 
14,343

 
14,442

Other client company reimbursable expenses
 
84,227

 
73,323

 
182,202

 
171,399

Transaction and acquisition related costs
 
373

 
47

 
1,169

 
231

Depreciation and amortization
 
246

 
257

 
502

 
512

Total expenses
 
122,952

 
111,348

 
261,064

 
253,403

Operating income
 
17,909

 
18,748

 
39,689

 
157,006

Interest and other income
 
1,500

 
2,468

 
3,375

 
3,994

Equity in earnings of investees
 
324

 
109

 
579

 
144

Unrealized (loss) gain on equity method investment accounted for under the fair value option
 
(2,200
)
 
522

 
(762
)
 
(2,247
)
Income before income tax expense
 
17,533

 
21,847

 
42,881

 
158,897

Income tax expense
 
(2,612
)
 
(3,139
)
 
(6,336
)
 
(22,109
)
Net income
 
14,921

 
18,708

 
36,545

 
136,788

Net income attributable to noncontrolling interest
 
(8,453
)
 
(10,540
)
 
(20,628
)
 
(76,411
)
Net income attributable to The RMR Group Inc.
 
$
6,468

 
$
8,168

 
$
15,917

 
$
60,377

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
 
16,186

 
16,120

 
16,181

 
16,120

Weighted average common shares outstanding - diluted (3)
 
31,186

 
16,147

 
31,181

 
16,140

 
 
 
 
 
 
 
 
 
Net income attributable to The RMR Group Inc. per common share - basic
 
$
0.40

 
$
0.50

 
$
0.98

 
$
3.72

Net income attributable to The RMR Group Inc. per common share - diluted (3)
 
$
0.39

 
$
0.50

 
$
0.96

 
$
3.72



See Notes beginning 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 March 31, 2020 and 2019, as applicable:
 
 
 
 
Lesser of Historical Cost of Assets
 
 
 
 
Under Management or
 
 
 
 
Total Market Capitalization (a)
 
 
 
 
As of March 31,
REIT
 
Primary Strategy
 
2020
 
2019
DHC
 
Medical office and life science properties, senior living communities and wellness centers
 
$
4,444,325

 
$
6,568,729

ILPT
 
Industrial and logistics properties
 
2,514,092

 
1,828,674

OPI
 
Office properties primarily leased to single tenants, including the government
 
3,566,743

 
4,383,569

SVC
 
Hotels and net lease service and necessity-based retail properties
 
7,095,656

 
8,517,461

 
 
 
 
$
17,620,816

 
$
21,298,433

(a)
The basis on which base business management fees are calculated for the three months ended March 31, 2020 and 2019 may differ from the basis at the end of the periods presented in the table above. As of March 31, 2020, the market capitalization was lower than the historical costs of assets under management for all of the Managed Equity REITs. The historical costs of assets under management for DHC, ILPT, OPI and SVC as of March 31, 2020, were $8,537,224, $2,611,243, $5,714,691 and $12,474,696, respectively.
(2)
Equity based compensation expense for the three months ended March 31, 2020 consists of $592 related to shares granted by The RMR Group Inc. to certain of its officers and employees and income of $(290) related to Client Companies' shares granted to certain of The RMR Group Inc.’s officers and employees.
Equity based compensation related to shares granted by Client Companies is based on the fair value as of the grant date for those shares that have vested, with subsequent changes in the fair value of the unvested grants being recognized over the requisite service periods. During the three months ended March 31, 2020, prior period equity compensation expense for unvested shares was reversed as a result of Client Company share price declines from December 31, 2019 to March 31, 2020.
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 March 31, 2020, The RMR Group Inc. had 116,510 unvested shares outstanding which are scheduled to vest as follows:
 
 
Number of
 
Weighted Average
Year
 
Shares Vesting
 
Grant Date Fair Value
2020
 
42,310
 
$57.05
2021
 
34,040
 
$61.72
2022
 
25,080
 
$65.53
2023
 
15,080
 
$45.99


6


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

(3)
The RMR Group Inc. calculates earnings per share, or EPS, using the two-class method. As such, earnings attributable to unvested participating shares are excluded from earnings before calculating per share amounts. In addition, diluted EPS includes the assumed issuance of Class A Common Shares pursuant to The RMR Group Inc.’s equity compensation plan and the issuance of Class A Common Shares related to the assumed redemption of the noncontrolling interest’s 15,000 Class A Units using the if-converted method. The calculation of basic and diluted EPS is as follows:
 
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
 
2020
 
2019
 
2020
 
2019
Numerators:
 
 
 
 
 
 
 
 
Net income attributable to The RMR Group Inc.
 
$
6,468

 
$
8,168

 
$
15,917

 
$
60,377

Income attributable to unvested participating securities
 
(47
)
 
(55
)
 
(119
)
 
(409
)
Net income attributable to The RMR Group Inc. used in calculating basic EPS
 
6,421

 
8,113

 
15,798

 
59,968

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Add back: net income attributable to noncontrolling interest
 
8,453

 
—

 
20,628

 
—

Add back: income tax expense
 
2,612

 
—

 
6,336

 
—

Income tax expense at enacted tax rates assuming redemption of noncontrolling interest’s Class A Units for Class A Common Shares
 
(5,317
)
 
—

 
(12,858
)
 
—

Net income attributable to The RMR Group Inc. used in calculating diluted EPS
 
$
12,169

 
$
8,113

 
$
29,904

 
$
59,968

 
 
 
 
 
 
 
 
 
Denominators:
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
 
16,186

 
16,120

 
16,181

 
16,120

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Assumed redemption of noncontrolling interest’s Class A Units for Class A Common Shares (a)
 
15,000

 
—

 
15,000

 
—

Incremental unvested shares
 
—

 
27

 
—

 
20

Weighted average common shares outstanding - diluted
 
31,186

 
16,147

 
31,181

 
16,140

 
 
 
 
 
 
 
 
 
Net income attributable to The RMR Group Inc. per common share - basic
 
$
0.40

 
$
0.50

 
$
0.98

 
$
3.72

Net income attributable to The RMR Group Inc. per common share - diluted
 
$
0.39

 
$
0.50

 
$
0.96

 
$
3.72

(a)
The assumed redemption of the noncontrolling interest’s Class A Units for Class A Common Shares was antidilutive for the three and six months ended March 31, 2019.

7


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 March 31, 2020 and 2019 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. 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 March 31, 2020
 
 
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.
 
$
6,468

 
$
0.39

Unrealized loss on equity method investment accounted for under the fair value option (1)
 
818

 
0.05

Separation costs (2)
 
144

 
0.01

Transaction and acquisition related costs (3)
 
138

 
0.01

Adjusted net income attributable to The RMR Group Inc.
 
$
7,568

 
$
0.46

(1)
Includes $2,200 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 14.9%.
(2)
Includes $385 of separation costs, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 14.9%.
(3)
Includes $373 of transaction and acquisition related costs, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 14.9%.

 
Three Months Ended March 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.
 
$
8,168

 
$
0.50

Separation costs (1)
 
156

 
0.01

Unrealized gain on equity method investment accounted for under the fair value option (2)
 
(196
)
 
(0.01
)
Transaction and acquisition related costs (3)
 
17

 
—

Adjusted net income attributable to The RMR Group Inc.
 
$
8,145

 
$
0.50

(1)
Includes $414 of separation costs, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 14.4%.
(2)
Includes $522 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 14.4%.
(3)
Includes $47 of transaction and acquisition related costs, adjusted to reflect amounts attributable to the noncontrolling interest and income tax expense at a rate of approximately 14.4%.


8


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 March 31,
 
Six Months Ended March 31,
 
2020
 
2019
 
2020
 
2019
Reconciliation of EBITDA and Adjusted EBITDA from net income:
 
 
 
 
 
 
 
Net income
$
14,921

 
$
18,708

 
$
36,545

 
$
136,788

Plus: income tax expense
2,612

 
3,139

 
6,336

 
22,109

Plus: depreciation and amortization
246

 
257

 
502

 
512

EBITDA
17,779

 
22,104

 
43,383

 
159,409

Plus: other asset amortization
2,354

 
2,354

 
4,708

 
4,708

Plus: operating expenses paid in the form of The RMR Group Inc.'s common shares
1,061

 
448

 
1,695

 
943

Plus: separation costs
385

 
414

 
645

 
6,811

Plus: transaction and acquisition related costs
373

 
47

 
1,169

 
231

Plus: straight line office rent
37

 
—

 
72

 
—

Plus: unrealized loss (gain) on equity method investment accounted for under the fair value option
2,200

 
(522
)
 
762

 
2,247

Less: equity in earnings of investees
(324
)
 
(109
)
 
(579
)
 
(144
)
Less: incentive business management fees earned
—

 
—

 
—

 
(120,094
)
Certain other net adjustments
(13
)
 
(4
)
 
(13
)
 
(4
)
Adjusted EBITDA
$
23,852

 
$
24,732

 
$
51,842

 
$
54,107


Calculation of Operating Margin:
 
 
 
 
 
 
 
Total management and advisory services revenues
$
44,101

 
$
43,361

 
$
92,223

 
$
211,725

Operating income
$
17,909

 
$
18,748

 
$
39,689

 
$
157,006

Operating Margin
40.6
%
 
43.2
%
 
43.0
%
 
74.2
%

Calculation of Adjusted EBITDA Margin:
 
 
 
 
 
 
 
Contractual management and advisory fees (excluding any incentive business management fees) (2)
$
46,455

 
$
45,715

 
$
96,931

 
$
96,339

Adjusted EBITDA
$
23,852

 
$
24,732

 
$
51,842

 
$
54,107

Adjusted EBITDA Margin
51.3
%
 
54.1
%
 
53.5
%
 
56.2
%
(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 March 31, 2020 and 2019, or $4,708 for each of the six months ended March 31, 2020 and 2019, 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.

9


The RMR Group Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
 
 
March 31,
 
September 30,
 
 
2020
 
2019
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
377,362

 
$
358,448

Due from related parties
 
74,150

 
93,521

Prepaid and other current assets
 
5,046

 
5,848

Total current assets
 
456,558

 
457,817

 
 
 
 
 
Property and equipment, net
 
2,200

 
2,383

Due from related parties, net of current portion
 
4,978

 
9,238

Equity method investment
 
6,532

 
6,658

Equity method investment accounted for under the fair value option
 
2,920

 
3,682

Goodwill
 
1,859

 
1,859

Intangible assets, net of amortization
 
300

 
323

Operating lease right of use assets
 
36,878

 
—

Deferred tax asset
 
25,264

 
25,729

Other assets, net of amortization
 
148,435

 
153,143

Total assets
 
$
685,924

 
$
660,832

 
 
 
 
 
Liabilities and Equity
 
 
 
 
Current liabilities:
 
 
 
 
Other client company reimbursable expenses
 
$
50,577

 
$
65,909

Accounts payable and accrued expenses
 
22,074

 
20,266

Operating lease liabilities
 
4,302

 
—

Employer compensation liability
 
1,665

 
4,814

Total current liabilities
 
78,618

 
90,989

 
 
 
 
 
Deferred rent payable, net of current portion
 
—

 
1,620

Operating lease liabilities, net of current portion
 
34,268

 
—

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

 
29,950

Employer compensation liability, net of current portion
 
4,978

 
9,238

Total liabilities
 
147,814

 
131,797

 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
Class A common stock, $0.001 par value; 31,600,000 shares authorized; 15,314,479 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
 
105,265

 
103,360

Retained earnings
 
273,374

 
257,457

Cumulative common distributions
 
(84,583
)
 
(72,194
)
Total shareholders’ equity
 
294,087

 
288,654

Noncontrolling interest
 
244,023

 
240,381

Total equity
 
538,110

 
529,035

Total liabilities and equity
 
$
685,924

 
$
660,832


10


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, despite the challenges posed by recent market disruptions, management services revenues increased year over year by 1.7% and The RMR Group Inc. generated net income of $14.9 million, Adjusted EBITDA of $23.9 million, Operating Margin of 40.6% and Adjusted EBITDA Margin of 51.3% this quarter. These statements may imply that The RMR Group Inc.’s financial situation is insulated from market pressures and volatility, or that The RMR Group Inc.’s performance with respect to prior periods will continue. Past results are not indicative of future performance. Further, the Client Companies that were most negatively impacted from the COVID-19 pandemic did not meaningfully experience that impact until generally the second half of March 2020. Those Client Companies and their tenants, operators and borrowers have continued to experience depressed business conditions since the end of the quarter. The duration of the COVID-19 pandemic and resulting economic downturn may continue for an extended period and could worsen. If so, The RMR Group Inc.’s Client Companies’ businesses, results of operations and liquidity would be significantly negatively impacted and operating results would be negatively impacted, possibly significantly. For these and other reasons, there can be no assurances that The RMR Group Inc.’s net income, Adjusted EBITDA, Operating Margin or Adjusted EBITDA Margin will not decline in the future;
•
Mr. Portnoy states the The RMR Group Inc. believes that its Client Companies have ample resources to navigate the challenges impacting their respective sectors and that the experience and depth of The RMR Group Inc.’s leadership team is critical to navigating both The RMR Group Inc.’s Client Companies’ recovery and subsequent growth. However, if the current economic conditions that have been spurred by the COVID-19 pandemic continue for an extended period or worsen, The RMR Group Inc.’s Client Companies’ businesses, operations and liquidity may be significantly and negatively harmed and they may be delayed or be unable to recover or grow for an indefinite period, notwithstanding the depth and experience of The RMR Group Inc.’s leadership team;
•
Mr. Portnoy states that he believes The RMR Group Inc.’s dividend remains secure. The RMR Group Inc.’s ability to continue to pay dividends is subject to a number of factors and there are no assurances that The RMR Group Inc. will be able to continue paying dividends in the future or that such dividends will not be reduced or suspended due to unforeseen circumstances, including, but not limited to, economic conditions due to the COVID-19 pandemic and its aftermath;
•
Mr. Portnoy states that The RMR Group Inc. is in a strong position to weather the current economic disruption due to its long-term evergreen contracts and scalable platform. This statement may imply that The RMR Group Inc. has reduced exposure to market pressures and volatility. Most of the revenue generated from the evergreen contracts are based on the lower of the Managed Equity REITs’ market capitalizations and historical costs of their properties, the rents they collect and the construction projects they undertake and that The RMR Group LLC manages. In addition, the management agreements with the Client Companies are subject to termination by the Client Companies in certain instances. As a result, The RMR Group Inc.’s revenues may be lower than amounts it earned in prior periods if these Client Companies’ market capitalizations remain at current levels or lower, the amount of rent they receive declines and the level and cost of construction at these companies’ properties managed by The RMR Group LLC declines. If so, The RMR Group Inc. may be challenged in weathering the current environment, especially if the economic downturn continues or worsens over an extended period. Further, The RMR Group Inc. may not benefit from the scalable platform it believes it has if it is not able to identify opportunities and successfully execute on them, and, even if it does, those opportunities may not benefit The RMR Group Inc. and could be unprofitable;
•
Mr. Portnoy states that The RMR Group Inc.’s balance sheet provides The RMR Group Inc. with the continued ability to assess strategic opportunities for future growth. This statement may imply that The RMR Group Inc. will successfully explore and act upon strategic opportunities for future growth and that The RMR Group Inc.’s

11


business will grow and that its operating performance and financial results will improve as a result. However, The RMR Group Inc. may not identify growth opportunities it wishes to pursue and any growth opportunities it may pursue may not be successful and may not result in The RMR Group Inc. improving its operating performance or its financial results, and The RMR Group Inc. may realize losses as a result; and
•
It is virtually impossible to determine the ultimate impact of COVID-19 and its aftermath at this time due to ongoing uncertainty and volatility in the markets, including the uncertainty as to the duration of the economic downturn resulting from the pandemic. There can be no assurances as to when share prices will stabilize or when The RMR Group Inc. will be able to provide new financial guidance or as to the extent of the negative impact on The RMR Group Inc. and its Client Companies.
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]

12

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Cover Page
May 11, 2020
Cover page.  
Document Type 8-K
Entity File Number 001-37616
Document Period End Date May 11, 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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