RMR集团股份有限公司-A 2025年季度报告

For the quarterly period endedMarch31, 2025 FORM 10-QMarch31, 2025 Table of Contents Condensed Consolidated Statements of Shareholders’ Equity —Threeand SixMonths EndedMarch31, 2025Condensed Consolidated Statements of Cash Flows —Six MonthsEndedMarch31, 2025and 2024Notes toCondensed Consolidated Financial StatementsManagement’s Discussion and Analysis of Financial Condition and Results of Operations Controls and ProceduresWarning Concerning Forward-Looking StatementsOther InformationRisk FactorsUnregistered Sales of Equity Securities and Use of ProceedsOther InformationExhibitsSignatures2 Note 1.Organization affairs of RMR LLC. In these condensed consolidated financial statements, unless otherwise indicated, “we”, “us” and “our” refer toRMR Inc. and its direct and indirect subsidiaries, including RMR LLC. As of March31, 2025, RMR Inc. owned15,879,239class A membership units of RMR LLC, or Class A Units, and1,000,000 class B membership units of RMR LLC, or Class B Units. The aggregate RMR LLC membership units RMR Inc. owns represented52.9% of the economic interest of RMR LLC as of March31, 2025. We refer to economic interest as the right of a holder of a Class A share in the assets of RMR LLC after payments to creditors. A wholly owned subsidiary of ABP Trust, a Maryland statutory trust,owns15,000,000redeemable Class A Units, representing47.1% of the economic interest of RMR LLC as of March31, 2025, which ispresented as noncontrolling interest in the RMR Group LLC within the condensed consolidated financial statements. Adam Portnoy,the Chair of our Board, one of our Managing Directors and our President and Chief Executive Officer, is the sole trustee of ABP Trust,and owns all of ABP Trust’s voting securities. related properties; Industrial Logistics Properties Trust, or ILPT, which owns and leases industrial and logistics properties; OfficeProperties Income Trust, or OPI, which owns and leases office properties primarily to single tenants and those with high credit quality characteristics; and Service Properties Trust, or SVC, which owns a diverse portfolio of hotels and service-focused retail net leaseproperties. DHC, ILPT, OPI and SVC are collectively referred to as the Managed Equity REITs.RMR LLC’s wholly owned subsidiary, Tremont Realty Capital LLC, or Tremont, an investment adviser registered with theSecurities and Exchange Commission, or SEC, provides advisory services for Seven Hills Realty Trust, or SEVN. SEVN is apublicly traded mortgage REIT that focuses on originating and investing in first mortgage loans secured by middle market andtransitional commercial real estate. The Managed Equity REITs and SEVN are collectively referred to as the Perpetual Capital hotels, resorts and cruise ships in the United States, Canada, Latin America, the Caribbean and the Middle East, and many of theU.S. hotels that Sonesta operates are owned by SVC.RMR LLC provides management services through certain of its subsidiaries to multiple private funds, joint ventures and theunderlying residential real estate assets of the funds, as well as property management services to third party owners. The financial statements. In addition, RMR LLC provides management services to other private capital vehicles including ABP Trust and other privateentities that own commercial real estate, of which certain of our Managed Equity REITs own minority equity interests. Theseother private clients, along with AlerisLife, Sonesta and clients of RMR Residential are collectively referred to as the PrivateCapital clients. The accompanying condensed consolidated financial statements are unaudited. Certain information and disclosures required byU.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. Webelieve the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensedconsolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Reporton Form 10-K for the fiscal year ended September30, 2024, or our 2024 Annual Report. In the opinion of management, alladjustments considered necessary for a fair statement of results for the interim period have been included. All intercompany Certain prior period amounts have been reclassified to conform with current period presentation. Our operating results for interimperiods are not necessarily indicative of the results that may be expected for the full year. We report our results in a single reportable segment, which reflects how our chief operating decision maker, or the CODM,allocates resources and evaluates our financial results. Preparation of these condensed consolidated financial statements in conformity with GAAP requires our management to make certain estimates and assumptions that may affect the amounts reported in thesecondensed consolidated financial statements and related notes. Significant esti