Positive Adjusted Net Income and Earnings
RMR reported adjusted net income of $0.28 per share, distributable earnings of $0.43 per share, and adjusted EBITDA of $20.1 million, all in line with expectations.
Strong Performance in Managed REITs
The share prices of certain REITs, notably DHC and ILPT, increased substantially year-to-date, leading to potential incentive fees exceeding $17 million.
Successful Retail and Residential Acquisitions
RMR closed a $21 million community shopping center and plans to generate mid-teen returns, with two residential acquisitions totaling $147 million expected to close in August.
Deleveraging Actions and Positive Market Reaction
Deleveraging actions through asset sales and refinancings have been well-received in the public market, contributing to share price improvements.
Strong DHC and SVC Results
DHC posted solid second quarter results with a 18.5% year-over-year increase in same-property cash basis NOI, while SVC's RevPAR across its hotel portfolio increased by 40 basis points year-over-year.