Business and Property Management Agreements with RMR (Tables)

12 Months Ended

Dec. 31, 2025

Related Party Transactions [Abstract]

Summary of Management Fees and Expense Reimbursements

For the years ended December 31, 2025, 2024 and 2023, the business management fees, incentive 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,
		2025		2024		2023
Pursuant to business management agreement:
Business management fees	General and administrative expenses (1)	$	15,761	$	16,468	$	13,965
Incentive management fees	General and administrative expenses	17,905		—		—
		$	33,666	$	16,468	$	13,965
Pursuant to property management agreement (2):
Property management fees	Property operating expenses	$	4,816	$	5,683	$	5,686
Construction supervision fees	Building and improvements (3)	1,063		2,005		3,200
		$	5,879	$	7,688	$	8,886
Expense Reimbursement:
Other expenses	General and administrative expenses	$	200	$	304	$	288
Property level expenses	Property operating expenses	12,993		14,719		14,299
		$	13,193	$	15,023	$	14,587

(1)The net business management fees we recognized for the years ended December 31, 2025, 2024 and 2023 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 The RMR Group Inc., or RMR Inc.

(2)The net property management and construction supervision fees we recognized for the years ended December 31, 2025, 2024 and 2023 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.