RMR Group released its fiscal fourth‑quarter 2025 results on November 13, reporting revenue of $159.41 million, down 24% from the $210.1 million consensus estimate, and adjusted earnings per share of $0.22, a 46% miss against the $0.41 consensus. The company’s adjusted EBITDA for the quarter was $20.5 million, and distributable earnings per share were $0.44.
The results represent a decline from the prior quarter, where adjusted EPS was $0.28 and distributable earnings per share were $0.43. Compared with the same period a year earlier, EPS fell from $0.34 and distributable earnings per share fell from $0.51. For the first quarter of fiscal 2026, management guided adjusted EBITDA to $18–$20 million and distributable earnings to $0.42–$0.44 per share, a downward revision that reflects the anticipated impact of the sale of AlerisLife’s business.
CEO Adam Portnoy said the quarter’s performance was “consistent with our expectations,” noting that incremental operating income from recent residential acquisitions and improvements in the enterprise values of certain managed REITs helped offset the revenue shortfall. COO Matt Jordan added that the company remains optimistic about institutional demand in real estate for 2026, citing a strong pipeline of private‑capital opportunities.
The miss in revenue and earnings highlights the challenges RMR faces as it transitions toward a larger private‑capital platform. The company’s total liquidity remains robust at $162.3 million, and its assets under management were $39.0 billion as of September 30, 2025, down from $40.9 billion a year earlier. Strategic initiatives underway include debt financing, asset sales of 40 hotels for $292 million, and a $14 million per‑year fee for managing OPI through its Chapter 11 restructuring.
Investor sentiment following the release was mixed. While the company’s guidance signals caution, management’s emphasis on cost discipline and the continued growth of its private‑capital business tempered some concerns about the short‑term revenue miss.
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