EarningsQ3 2026 Earnings Report
MX:RMR Q3 2026 EPS Results
Actual EPS$2.73
Consensus EPS$2.91
Beat/MissMissed by -$0.18
One Year Ago EPS$5.09
MX:RMR Q3 2026 Revenue Results
Actual Revenue$2.79B
Expected Revenue$2.68B
Beat/MissBeat by +$107.51M
YoY Revenue Growth-0.78%
Earnings Announcement Details
QuarterQ3 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:RMR Upcoming Earnings
The RMR Group's next earnings date is estimated for November 16, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:RMR Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed substantial operational and financial progress across RMR's managed REITs (DHC, ILPT, SVC) and growth in private capital AUM, supported by strong liquidity and a meaningful incentive-fee pipeline. These positives were balanced by near-term headwinds in private fundraising (laid out as a macro/geopolitical issue), a one-time noncash impairment related to OPI, elevated quarterly tax and compensation timing effects, and a notable valuation discount for RMR shares. On balance, the company presented multiple clear wins in operations, balance-sheet improvement at its managed REITs, and tangible transactional progress that outweigh the described cyclical and one-time challenges.Company Guidance
Quarterly Profitability Metrics Met Guidance
Distributable earnings of $0.48 per share and adjusted EBITDA of $19.7 million for the fiscal third quarter, both in line with company guidance. Next-quarter guidance: adjusted EBITDA $19M–$21M and distributable earnings $0.48–$0.50 per share.
Strong Incentive Fee Pipeline
On pace to generate over $40 million of incentive fees for calendar year 2026 (calendar-year calculation), driven primarily by DHC and ILPT (DHC ~75% of the ~$40M as of June 30).
Recurring Service Revenue Growth
Recurring service revenues of $45.5 million, a sequential quarter increase of approximately $3.5 million driven by higher enterprise values at DHC and SVC, seasonal Sonesta improvements and acquisition fees (Greenwich JV). Next quarter recurring service revenues expected to remain ~ $45 million.
Private Capital AUM Expansion
Private capital business assets under management grew from nearly zero in 2020 to over $12 billion today, demonstrating meaningful scaling of the private-platform strategy.
Greenwich Multifamily JV Transaction
Closed a residential joint venture acquisition in Greenwich, CT for ~ $350 million where RMR retains a 5% GP interest; RMR earned acquisition fees at closing and will earn asset and property management fees of ~ $750,000 annually.
DHC Operating and Balance Sheet Improvements
DHC transitioned 116 communities to new operators, completed > $600 million of non-core asset sales since the beginning of last year, lowering net debt to adjusted EBITDA to 7.1x as of June 30. DHC generated normalized FFO of $0.16 per share and adjusted EBITDA of $82 million. Same-property SHOP NOI grew 37% year-over-year and same-property SHOP margins improved 390 basis points to 17.3%.
ILPT Leasing and Rent Growth
ILPT achieved a record 5.4 million square feet of leasing this quarter and a weighted-average rent roll-up of more than 35%, marking its seventh consecutive quarter of double-digit rent growth. ILPT refinanced $1.6 billion for its Mountain JV at an effective 5.7% interest rate and doubled its quarterly dividend to $0.10 while maintaining meaningful coverage.
SVC Portfolio Progress and Debt Reduction
SVC completed > $900 million of non-core asset sales since the start of last year and executed ~ $650 million of capital improvements over three years. Retained hotels saw RevPAR increase 6.6% and hotel EBITDA grow 4.2% in the quarter. SVC used $575 million equity proceeds to redeem $550 million of unsecured notes due 2027, materially reducing near-term refinancing risk. RMR investment in SVC generated ~$420,000 of dividend income in the quarter.
OPI Emerged From Bankruptcy
OPI emerged from bankruptcy and re-listed on NASDAQ; RMR will manage OPI under an initial 5-year term and will receive a flat business management fee of $14 million per year for the first two years and received 2% equity in the reorganized entity as part of the restructuring.
Balance Sheet Liquidity Position
RMR ended the quarter with over $130 million of total liquidity, including > $55 million in cash and $75 million of available capacity on its revolving credit facility, positioning the firm to execute strategic initiatives.
MX:RMR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed