MARYLAND | 8742 | 47-4122583 | ||
(State or other jurisdiction of incorporation) | (Primary Standard Industrial Classification Code Number) | (IRS Employer Identification Number) |
THE RMR GROUP INC. | ||
Date: August 9, 2017 | By: | /s/ Matthew P. Jordan |
Name: | Matthew P. Jordan | |
Title: | Chief Financial Officer and Treasurer |
FOR IMMEDIATE RELEASE | Contact: |
Timothy A. Bonang, Senior Vice President | |
(617) 796-8230 |
• | As of June 30, 2017, The RMR Group Inc. had approximately $27.9 billion of total assets under management. |
• | The RMR Group Inc. earned real estate business and property management services revenues for the three months ended June 30, 2017 and 2016 from the following sources (dollars in thousands): |
Three Months Ended June 30, | ||||||||||||||
2017 | 2016 | |||||||||||||
Managed REITs | $ | 37,505 | 84.0 | % | $ | 34,863 | 83.3 | % | ||||||
Managed Operators | 6,556 | 14.7 | % | 6,716 | 16.0 | % | ||||||||
Other | 583 | 1.3 | % | 288 | 0.7 | % | ||||||||
Total Management Services Revenues | $ | 44,644 | 100.0 | % | $ | 41,867 | 100.0 | % |
• | For the three months ended June 30, 2017, net income was $17.6 million and net income attributable to The RMR Group Inc. was $6.9 million, or $0.43 per share, compared to net income of $17.4 million and net income attributable to The RMR Group Inc. of $6.7 million, or $0.42 per share, for the three months ended June 30, 2016. |
• | For the three months ended June 30, 2017, Adjusted EBITDA was $27.4 million and Adjusted EBITDA Margin was 57.2%, compared to Adjusted EBITDA of $26.1 million and Adjusted EBITDA Margin of 58.3% for the three months ended June 30, 2016. Adjusted EBITDA Margin equals Adjusted EBITDA divided by the contractual management and advisory fees earned from The RMR Group LLC’s client companies. These contractual management and advisory fees are calculated pursuant to The RMR Group LLC’s contracts with its client companies and do not deduct non-cash asset amortization recognized in accordance with U.S. generally accepted accounting principles, or GAAP, as a reduction to management services revenues and do not include incentive business management fees earned, if any. |
• | As of June 30, 2017, The RMR Group Inc. had cash and cash equivalents of $137.7 million and no indebtedness. |
• | THIS PRESS RELEASE STATES THAT ONE OF RMR'S MANAGED REITS, GOV, HAS ANNOUNCED ITS INTENTION TO ACQUIRE FPO. THIS TRANSACTION IS SUBJECT TO CLOSING CONDITIONS, INCLUDING THE APPROVAL OF AT LEAST A MAJORITY OF FPO’S COMMON SHAREHOLDERS. ACCORDINGLY, THIS TRANSACTION MAY NOT BE CONSUMMATED OR IT MAY BE DELAYED, |
• | THIS PRESS RELEASE STATES THAT GOV EXPECTS TO REALIZE MATERIAL COST SAVINGS FROM THE G&A EXPENSE HISTORICALLY INCURRED BY FPO. THE G&A EXPENSE INCREASE WHICH GOV WILL INCUR IF AND AFTER IT ACQUIRES FPO WILL INCLUDE COSTS OTHER THAN THE FEES GOV PAYS RMR. ALSO, GOV'S FUTURE FEES TO RMR MAY INCLUDE INCENTIVE FEES WHICH CAUSE ANY INCREASED G&A EXPENSE TO EXCEED FPO'S HISTORICAL G&A EXPENSES. ACCORDINGLY, IF GOV'S ACQUISITION OF FPO IS COMPLETED, ANY G&A EXPENSE INCREASE EXPERIENCED BY GOV MAY NOT BE LESS THAN FPO'S HISTORICAL G&A EXPENSES, |
• | THE STATEMENTS IN THIS PRESS RELEASE WHICH REFER TO RMR'S MANAGEMENT OF GOV AFTER GOV ACQUIRES FPO MAY IMPLY THAT THE MANAGEMENT FEES RMR EARNS FROM GOV WILL INCREASE. RMR'S FUTURE MANAGEMENT FEES FROM GOV ARE BASED UPON COMPLEX FORMULAS AND THERE IS NO ASSURANCE THAT RMR'S FEES FROM GOV AFTER GOV ACQUIRES FPO WILL INCREASE. THE ADDED COSTS THAT RMR INCURS TO MANAGE AN ENLARGED GOV IF AND AFTER GOV ACQUIRES FPO MAY EXCEED ANY INCREASED FEES RMR RECEIVES, AND RMR MAY NOT REALIZE ANY NET BENEFIT FROM INCREASED FEES GOV PAYS RMR. ALSO, AS A RESULT OF GOV'S ACQUISITION OF FPO, INCENTIVE FEES PAYABLE TO RMR BY GOV MAY BE LESS THAN RMR WOULD REALIZE IF GOV DID NOT ACQUIRE FPO. FOR THESE REASONS, AMONG OTHERS, RMR MAY NOT EXPERIENCE INCREASED REVENUES OR IMPROVED EARNINGS AS A RESULT OF GOV'S ACQUISITION OF FPO, BUT RMR MAY INCUR LOSSES, |
• | THIS PRESS RELEASE REFERS TO RMR'S CONDUCTING DILIGENCE AND INCURRING LEGAL AND OTHER THIRD PARTY COSTS TO EXPLORE ACQUISITION OPPORTUNITIES TO DIVERSIFY RMR'S REVENUES. THERE CAN BE NO ASSURANCE THAT ANY OF THESE EFFORTS AND EXPENSE WILL RESULT IN THE RMR GROUP MAKING ANY ACQUISITIONS WHICH WILL DIVERSIFY ITS REVENUES, AND THE EFFORTS AND EXPENSES INCURRED BY RMR TO INVESTIGATE POTENTIAL ACQUISITIONS MAY BE LOST. ALSO, ONE OR MORE OF RMR'S EXISTING CLIENT CONTRACTS MAY BE TERMINATED AND RMR'S REVENUES MAY BECOME LESS DIVERSE THAN THEY ARE AT PRESENT, |
• | THIS PRESS RELEASE REFERENCES THE FACT THAT RMR HAS MADE INITIAL SEC FILINGS FOR A NEW MORTGAGE REIT TO BE MANAGED BY AN INVESTMENT ADVISER SUBSIDIARY OF THE RMR GROUP. CREATING A NEW MORTGAGE REIT THAT WILL BE PUBLICLY OWNED INVOLVES COMPLEX, EXPENSIVE AND TIME CONSUMING PROCESSES. ALSO, THE SUCCESS OF THIS PROJECT WILL DEPEND LARGELY UPON MARKET CONDITIONS IF AND AFTER THE OFFERING OF SECURITIES BY THE NEW MORTGAGE REIT PROCEEDS, AND MARKET CONDITIONS ARE |
• | THE RMR GROUP INC. WAS THE VICTIM OF A BUSINESS EMAIL COMPROMISE CRIMINAL FRAUD WHICH RESULTED IN IT DIRECTING FUNDS TO A WRONG ACCOUNT AND INCURRING A LOSS OF $0.6 MILLION AS A RESULT. THE RMR GROUP INC. IS WORKING WITH LAW ENFORCEMENT AUTHORITIES AND THE BANKS INVOLVED TO PURSUE RECOVERY OF THESE MISDIRECTED FUNDS. IT IS UNCLEAR WHETHER THE RMR GROUP INC. WILL RECOVER ANY OF THESE FUNDS. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | |||||||||||||||
Management services | $ | 44,644 | $ | 41,867 | $ | 183,036 | $ | 182,940 | |||||||
Reimbursable payroll and related costs | 9,839 | 9,744 | 29,023 | 25,993 | |||||||||||
Advisory services | 1,019 | 600 | 3,033 | 1,741 | |||||||||||
Total revenues | 55,502 | 52,211 | 215,092 | 210,674 | |||||||||||
Expenses | |||||||||||||||
Compensation and benefits | 24,769 | 22,719 | 72,550 | 65,584 | |||||||||||
Separation costs | — | 1,195 | — | 1,358 | |||||||||||
General and administrative | 8,539 | 6,110 | 21,526 | 19,110 | |||||||||||
Depreciation and amortization | 467 | 349 | 1,550 | 1,333 | |||||||||||
Total expenses | 33,775 | 30,373 | 95,626 | 87,385 | |||||||||||
Operating income | 21,727 | 21,838 | 119,466 | 123,289 | |||||||||||
Interest and other income | 402 | 68 | 1,059 | 144 | |||||||||||
Income before income tax expense and equity in earnings (loss) of investee | 22,129 | 21,906 | 120,525 | 123,433 | |||||||||||
Income tax expense | (4,528 | ) | (4,504 | ) | (24,811 | ) | (19,904 | ) | |||||||
Equity in earnings (loss) of investee | 4 | — | (161 | ) | — | ||||||||||
Net income | 17,605 | 17,402 | 95,553 | 103,529 | |||||||||||
Net income attributable to noncontrolling interest | (10,748 | ) | (10,704 | ) | (58,303 | ) | (73,663 | ) | |||||||
Net income attributable to The RMR Group Inc. | $ | 6,857 | $ | 6,698 | $ | 37,250 | $ | 29,866 | |||||||
Weighted average common shares outstanding - basic | 16,037 | 16,008 | 16,029 | 16,003 | |||||||||||
Weighted average common shares outstanding - diluted | 16,058 | 16,008 | 16,044 | 16,003 | |||||||||||
Net income attributable to The RMR Group Inc. per common share - basic | $ | 0.43 | $ | 0.42 | $ | 2.32 | $ | 1.87 | |||||||
Net income attributable to The RMR Group Inc. per common share - diluted | $ | 0.43 | $ | 0.42 | $ | 2.31 | $ | 1.87 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Reconciliation of EBITDA and Adjusted EBITDA: | |||||||||||||||
Net income | $ | 17,605 | $ | 17,402 | $ | 95,553 | $ | 103,529 | |||||||
Plus: income tax expense | 4,528 | 4,504 | 24,811 | 19,904 | |||||||||||
Plus: depreciation and amortization | 467 | 349 | 1,550 | 1,333 | |||||||||||
EBITDA | 22,600 | 22,255 | 121,914 | 124,766 | |||||||||||
Plus: other asset amortization | 2,354 | 2,354 | 7,062 | 7,062 | |||||||||||
Plus: operating expenses paid in The RMR Group Inc.'s common shares | 146 | — | 1,021 | 257 | |||||||||||
Plus: separation costs | — | 1,195 | — | 1,358 | |||||||||||
Plus: transaction and acquisition related costs | 1,760 | 327 | 2,453 | 1,640 | |||||||||||
Plus: business email compromise fraud costs | 685 | — | 685 | — | |||||||||||
Less: certain other net adjustments | (101 | ) | — | (604 | ) | — | |||||||||
Less: incentive business management fees earned | — | — | (52,407 | ) | (62,263 | ) | |||||||||
Adjusted EBITDA | $ | 27,444 | $ | 26,131 | $ | 80,124 | $ | 72,820 | |||||||
Calculation of Adjusted EBITDA Margin: | |||||||||||||||
Contractual management and advisory fees (excluding any | |||||||||||||||
incentive business management fees)(2) | $ | 48,017 | $ | 44,821 | $ | 140,724 | $ | 129,480 | |||||||
Adjusted EBITDA | $ | 27,444 | $ | 26,131 | $ | 80,124 | $ | 72,820 | |||||||
Adjusted EBITDA Margin | 57.2 | % | 58.3 | % | 56.9 | % | 56.2 | % |
(1) | EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures calculated as presented in the tables above. The RMR Group Inc. considers EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to be appropriate supplemental measures of its operating performance, along with net income, net income attributable to The RMR Group Inc. and operating income. The RMR Group Inc. believes that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors because by excluding the effects of certain amounts, such as income tax, depreciation and amortization, incentive business management fees, other asset amortization, operating expenses paid in The RMR Group Inc.'s common shares, separation costs, transaction and acquisition related costs, business email compromise fraud costs and certain other net adjustments, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin may facilitate a comparison of current operating performance with The RMR Group Inc.’s historical operating performance and with the performance of other asset management businesses. In addition, The RMR Group Inc. believes that providing Adjusted EBITDA Margin may help investors assess The RMR Group Inc.’s performance of its business by providing the margin that Adjusted EBITDA represents to its contractual management and advisory fees (excluding any incentive business management fees). EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income, net income attributable to The RMR Group Inc. or operating income as an indicator of The RMR Group Inc.’s financial performance or as a measure of The RMR Group Inc.’s liquidity. These measures should be considered in conjunction with net income, net income attributable to The RMR Group Inc. or operating income as presented in The RMR Group Inc.'s condensed consolidated statements of income. Also, other asset management businesses may calculate EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin differently than The RMR Group Inc. does. |
(2) | These contractual management fees are the ongoing or base business management fees, property management fees and advisory fees The RMR Group Inc. earns pursuant to its management and investment advisory agreements with its client companies. These amounts are calculated pursuant to the contractual formulas and do not deduct other asset amortization of $2,354 for each of the three months ended June 30, 2017 and 2016 and $7,062 for each of the nine months ended June 30, 2017 and 2016, required to be recognized as a reduction to management services revenues in accordance with GAAP and do not include the incentive business management fees of $52,407 and $62,263 that The RMR Group Inc. recognized under GAAP pursuant to such contracts during the nine months ended June 30, 2017 and 2016, respectively, for the calendar years 2016 and 2015, respectively. |
June 30, | September 30, | |||||||
2017 | 2016 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 137,711 | $ | 65,833 | ||||
Due from related parties | 27,027 | 24,862 | ||||||
Prepaid and other current assets | 8,307 | 4,690 | ||||||
Total current assets | 173,045 | 95,385 | ||||||
Furniture and equipment | 4,572 | 5,024 | ||||||
Leasehold improvements | 1,094 | 1,077 | ||||||
Capitalized software costs | 3,786 | 4,250 | ||||||
Total property and equipment | 9,452 | 10,351 | ||||||
Accumulated depreciation | (6,123 | ) | (6,549 | ) | ||||
3,329 | 3,802 | |||||||
Due from related parties, net of current portion | 7,278 | 7,754 | ||||||
Equity method investment | 208 | — | ||||||
Goodwill | 1,859 | 2,295 | ||||||
Intangible assets, net of amortization | 608 | 1,085 | ||||||
Deferred tax asset | 43,332 | 45,819 | ||||||
Other assets, net of amortization | 174,329 | 181,391 | ||||||
Total assets | $ | 403,988 | $ | 337,531 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable, accrued expenses and deposits | $ | 41,209 | $ | 20,579 | ||||
Total current liabilities | 41,209 | 20,579 | ||||||
Long term portion of deferred rent payable, net of current portion | 975 | 778 | ||||||
Amounts due pursuant to tax receivable agreement, net of current portion | 62,029 | 62,029 | ||||||
Employer compensation liability, net of current portion | 7,278 | 7,754 | ||||||
Total liabilities | 111,491 | 91,140 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Class A common stock, $0.001 par value; 31,600,000 shares authorized; 15,094,510 and | ||||||||
15,082,432 shares issued and outstanding, respectively | 15 | 15 | ||||||
Class B-1 common stock, $0.001 par value; 1,000,000 shares authorized, issued and outstanding | 1 | 1 | ||||||
Class B-2 common stock, $0.001 par value; 15,000,000 shares authorized, issued and outstanding | 15 | 15 | ||||||
Additional paid in capital | 95,267 | 94,266 | ||||||
Retained earnings | 81,793 | 44,543 | ||||||
Cumulative other comprehensive income | 83 | 83 | ||||||
Cumulative common distributions | (29,274 | ) | (17,209 | ) | ||||
Total shareholders’ equity | 147,900 | 121,714 | ||||||
Noncontrolling interest | 144,597 | 124,677 | ||||||
Total equity | 292,497 | 246,391 | ||||||
Total liabilities and equity | $ | 403,988 | $ | 337,531 |
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