Adjusted Earnings and EBITDA In-Line with Expectations
Adjusted net income per share was $0.34, distributable earnings per share were $0.51, and adjusted EBITDA was $21.8 million.
Increased Interest in Private Capital Business
RMR is seeing increased transaction activity and a more energized fundraising environment, with heightened interest from legacy institutional partners and new capital partners.
Progress in Strategic Initiatives
Fundraising for the private debt vehicle is progressing, with $67 million in aggregate commitments already originated, expected to generate mid-teen returns.
Expansion of RMR Residential Platform
Closed first multifamily investment in July, acquiring a 240-unit community in Denver, with increased rental rates observed.
Strong Leasing Activities
Arranged 5.2 million square feet of leasing, including the renewal of Vertex Pharmaceuticals for 1.1 million square feet and FedEx for more than 2 million square feet.
SVC and OPI Performance Improvements
SVC plans to sell 114 hotels, targeting $1 billion in proceeds, while OPI reduced its 2025 debt maturity by nearly $200 million.