Business and Property Management Agreements with RMR (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Management Fees and Expense Reimbursements

For the years ended December 31, 2024, 2023 and 2022, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows:


	Financial Statement Line Item	Year Ended December 31,
		2024		2023		2022
Pursuant to business management agreement:
Business management fees	General and administrative expenses (1)	$	16,468	$	13,965	$	16,646

Pursuant to property management agreement (2):
Property management fees	Property operating expenses	$	5,683	$	5,686	$	5,657
Construction supervision fees	Building and improvements (3)	2,005		3,200		4,672
		$	7,688	$	8,886	$	10,329

Expense Reimbursement:
Property level expenses	General and administrative expenses	$	304	$	288	$	243
Property level expenses	Property operating expenses	14,719		14,299		12,658
		$	15,023	$	14,587	$	12,901

(1)The net business management fees we recognized for the years ended December 31, 2024, 2023 and 2022 reflect a reduction of $2,974 for each of those years for the amortization of the liability we recorded in connection with our former investment in RMR Inc.

(2)The net property management and construction supervision fees we recognized for the years ended December 31, 2024, 2023 and 2022 reflect a reduction of $797 for each of those years for the amortization of the liability we recorded in connection with our former investment in RMR Inc., as further described in Note 8.

(3)Amounts capitalized as building improvements are depreciated over the estimated useful lives of the related capital assets.