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The RMR Group Inc. (RMR+0.20%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing total revenues of $897.6 million, a decrease from $962.3 million in the previous year. The decrease is primarily attributed to a reduction in termination fees received from TravelCenters of America Inc. (TA) after its acquisition by BP Products North America Inc. (BP-0.28%)
Net income for the year was $53.1 million, down from $127.8 million in the previous year. After accounting for noncontrolling interests, net income attributable to The RMR Group Inc. was $23.1 million, compared to $57.1 million in the previous year.
Cash and cash equivalents as of September 30, 2024, were $141.6 million, a decrease from $268.0 million at the end of the previous fiscal year. The decrease was largely due to the acquisition of MPC Partnership Holdings LLC.
RMR LLC acquired MPC Partnership Holdings LLC on December 19, 2023, for a total consideration of $99.0 million, including contingent consideration. This acquisition added residential real estate management capabilities to RMR LLC's portfolio.
RMR LLC's management agreements with its Managed Equity REITs and other clients generated $193.9 million in management and advisory services revenues. This includes $84.2 million from base business management fees from the Managed Equity REITs.
The company reported an allowance for credit losses of $343 related to loans held for investment, reflecting the company's adoption of the CECL model for estimating expected credit losses.
The RMR Group Inc. declared and paid dividends totaling $1.70 per share during the fiscal year, funded in part by distributions from RMR LLC to its members.
The filing also details the company's strategic focus on expanding its private capital business through acquisitions and new business ventures, including the launch of a Real Estate Lending Venture.
RMR LLC continues to provide management services to a diversified portfolio of real estate and real estate related businesses, including four publicly traded equity REITs and various private capital clients.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The RMR Group Inc. annual 10-K report dated November 12, 2024. To report an error, please email earnings@qz.com.