Joint Venture Acquisitions in South Florida
Closed two joint venture acquisitions of residential communities in South Florida with an aggregate transaction value of approximately $196 million. RMR raised $64.3 million in equity from institutional investors and retained a 15% interest.
Value-Add Community Shopping Center Acquisition
Closed on a $21 million value-add community shopping center outside of Chicago, currently 77% occupied. Target returns are in the mid-to-high-teens over a five-year hold period.
Growth in Private Capital Assets Under Management
Private capital AUM has grown from $0 to over $12 billion in less than five years and is expected to comprise over half of RMR's total AUM in the next five years.
Strong Performance from DHC's SHOP Segment
DHC posted strong first-quarter results, with normalized FFO per share and adjusted EBITDA exceeding expectations. SHOP segment's NOI improved by 49% year-over-year.
Stability and Progress at SVC
SVC's first-quarter results exceeded expectations with RevPAR improving 2.6% year-over-year. The deleveraging plan to sell 123 non-core hotels for $1.1 billion is on track.