outstanding shares of Class B-2 common stock of RMR Inc., or Class B-2 Common Shares; and (iv) 15,000,000 Class A Units of RMR LLC. Adam D. Portnoy and Jennifer B. Clark, our other Managing Director, are also officers of ABP Trust and RMR Inc. and officers and employees of RMR LLC. Matthew P. Jordan, our Executive Vice President, Chief Financial Officer and Treasurer, is also an officer of ABP Trust and an officer and employee of RMR LLC.

Adam D. Portnoy is the chair of the board of trustees of each of the Managed Equity REITs, the chair of the board of directors of each of Five Star and TA, a managing trustee or managing director of each of the Managed REITs, Five Star and TA, a director of Sonesta (and its parent) and the controlling shareholder of Sonesta (and its parent). Jennifer B. Clark, our other Managing Director, is a managing trustee of DHC, a managing director of Five Star and a director of Sonesta (and its parent), and, until January 5, 2021, she served as a managing trustee of RMRM. Ms. Clark also serves as the secretary of all our publicly traded clients and Sonesta.

As of March 31, 2021, Adam D. Portnoy beneficially owned, in aggregate, 6.3% of Five Star’s outstanding common shares, 1.1% of SVC’s outstanding common shares, 1.2% of ILPT’s outstanding common shares, 1.5% of OPI’s outstanding common shares, 1.1% of DHC’s outstanding common shares, 4.5% of TA’s outstanding common shares (including through RMR LLC), 2.3% of RMRM’s outstanding common shares, and 19.4% of TRMT’s outstanding common shares (including through Tremont Advisors).

The Managed REITs have no employees. RMR LLC provides or arranges for all the personnel, overhead and services required for the operation of the Managed Equity REITs pursuant to management agreements with them. All the officers of the Managed Equity REITs and ABP Trust are officers or employees of RMR LLC. All the officers, overhead and required office space of TRMT and RMRM are provided or arranged by Tremont Advisors. All of TRMT’s and RMRM’s officers are officers or employees of Tremont Advisors or RMR LLC. Many of the executive officers of the Managed Operating Companies are officers or employees of RMR LLC. Some of our executive officers are also managing directors or managing trustees of certain of the Managed REITs and the Managed Operating Companies.


	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Total						Total
	Management						Management
	and Advisory		Total				and Advisory		Total
	Services		Reimbursable		Total		Services		Reimbursable		Total
	Revenues		Costs		Revenues		Revenues		Costs		Revenues
Managed Public Real Estate Capital:
DHC	$	8,652	$	30,901	$	39,553	$	9,145	$	31,902	$	41,047
ILPT	4,173		4,476		8,649		5,305		4,969		10,274
OPI	8,628		41,930		50,558		9,480		47,089		56,569
SVC	11,281		3,354		14,635		11,777		5,284		17,061
Total Managed Equity REITs	32,734		80,661		113,395		35,707		89,244		124,951
RMRM	751		941		1,692		743		—		743
TRMT	998		672		1,670		37		621		658
Total Managed REITs	34,483		82,274		116,757		36,487		89,865		126,352

Managed Private Real Estate Capital:





ABP Trust and other private entities	2,134		6,974		9,108		1,215		6,653		7,868

Managed Operating Companies:
Five Star	1,803		115		1,918		2,351		99		2,450
Sonesta	636		79		715		567		76		643
TA	2,935		131		3,066		3,379		67		3,446
	5,374		325		5,699		6,297		242		6,539

Total revenues from related parties	41,991		89,573		131,564		43,999		96,760		140,759
Revenues from unrelated parties	—		—		—		102		—		102
	$	41,991	$	89,573	$	131,564	$	44,101	$	96,760	$	140,861


	Six Months Ended March 31, 2021						Six Months Ended March 31, 2020
	Total						Total
	Management						Management
	and Advisory		Total				and Advisory		Total
	Services		Reimbursable		Total		Services		Reimbursable		Total
	Revenues		Costs		Revenues		Revenues		Costs		Revenues
Managed Public Real Estate Capital:
DHC	$	17,574	$	73,185	$	90,759	$	19,100	$	65,504	$	84,604
ILPT	9,047		9,667		18,714		10,879		15,736		26,615
OPI	17,895		97,457		115,352		19,643		101,809		121,452
SVC	21,498		8,366		29,864		25,450		10,735		36,185
Total Managed Equity REITs	66,014		188,675		254,689		75,072		193,784		268,856
RMRM	1,300		941		2,241		1,554		—		1,554
TRMT	1,035		1,638		2,673		73		1,282		1,355
Total Managed REITs	68,349		191,254		259,603		76,699		195,066		271,765

Managed Private Real Estate Capital:





ABP Trust and other private entities	3,704		13,226		16,930		2,278		12,994		15,272

Managed Operating Companies:
Five Star	3,779		185		3,964		4,603		123		4,726
Sonesta	989		79		1,068		1,146		122		1,268
TA	6,244		442		6,686		6,674		217		6,891
	11,012		706		11,718		12,423		462		12,885

Total revenues from related parties	83,065		205,186		288,251		91,400		208,522		299,922
Revenues from unrelated parties	259		—		259		823		8		831
	$	83,324	$	205,186	$	288,510	$	92,223	$	208,530	$	300,753


	March 31, 2021						September 30, 2020
	Accounts		Reimbursable				Accounts		Reimbursable
	Receivable		Costs		Total		Receivable		Costs		Total
Managed Public Real Estate Capital:
DHC	$	6,571	$	20,401	$	26,972	$	5,548	$	22,035	$	27,583
ILPT	2,100		3,882		5,982		3,089		5,791		8,880
OPI	8,562		25,805		34,367		7,883		30,529		38,412
SVC	4,755		7,468		12,223		4,258		6,326		10,584
Total Managed Equity REITs	21,988		57,556		79,544		20,778		64,681		85,459
RMRM	703		311		1,014		—		—		—
TRMT	988		779		1,767		19		614		633
Total Managed REITs	23,679		58,646		82,325		20,797		65,295		86,092

Managed Private Real Estate Capital:





ABP Trust and other private entities	3,300		2,511		5,811		1,106		2,364		3,470

Managed Operating Companies:
Five Star	140		463		603		149		102		251
Sonesta	926		—		926		—		—		—
TA	93		2,859		2,952		176		380		556
	1,159		3,322		4,481		325		482		807

	$	28,138	$	64,479	$	92,617	$	22,228	$	68,141	$	90,369

As of March 31, 2021, we leased from ABP Trust and certain Managed Equity REITs office space for use as our headquarters and local offices. We incurred rental expense under related party leases aggregating $1,443 and $1,430 for the three months ended March 31, 2021 and 2020, respectively, and $2,826 and $2,863 for the six months ended March 31, 2021 and 2020, respectively.

Pursuant to our tax receivable agreement with ABP Trust, RMR Inc. pays to ABP Trust 85.0% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that RMR Inc. realizes as a result of (a) the increases in tax basis attributable to our dealings with ABP Trust and (b) tax benefits related to imputed interest deemed to be paid by us as a result of the tax receivable agreement. As of March 31, 2021, our condensed consolidated balance sheet reflects a liability related to the tax receivable agreement of $29,950, including $2,161 classified as a current liability that we expect to pay to ABP Trust during the fourth quarter of fiscal year 2021.

Under the RMR LLC operating agreement, RMR LLC is also required to make certain pro rata distributions to each member of RMR LLC quarterly on the basis of the estimated tax liabilities of its members, subject to future adjustment based on actual results. For the six months ended March 31, 2021 and 2020, pursuant to the RMR LLC operating agreement, RMR LLC made required quarterly tax distributions to holders of its membership units totaling $15,426 and $16,792, respectively, of which $8,147 and $8,806, respectively, was distributed to us and $7,279 and $7,986, respectively, was distributed to ABP Trust, based on each membership unit holder’s respective ownership percentage. The amounts distributed to us were eliminated in our condensed consolidated financial statements, and the amounts distributed to ABP Trust were recorded as a reduction of its noncontrolling interest. We used funds from these distributions to pay certain of our U.S. federal and state income tax liabilities and to pay part of our obligations under the tax receivable agreement.

In connection with its deregistration as an investment company under the Investment Company Act of 1940, as amended, the investment advisory agreement and administration agreement between RMRM and RMR Advisors or Tremont Advisors, as applicable, were terminated effective January 5, 2021 and March 16, 2021, respectively, and Tremont Advisors entered into a new management agreement with RMRM effective January 5, 2021.

On April 26, 2021, RMRM and TRMT announced that they have entered into a definitive merger agreement pursuant to which TRMT will merge with and into RMRM, with RMRM continuing as the surviving company. Tremont Advisors will continue to manage the combined company and has waived any termination fee that would otherwise be payable by TRMT as a result of the merger. The merger is expected to close during the third calendar quarter of 2021, subject to the requisite approvals by RMRM and TRMT shareholders and other customary closing conditions. See Note 1, Basis of Presentation, for further information.

We entered into retirement agreements with certain of our former executive officers. Pursuant to these agreements, we made various cash payments and accelerated the vesting of unvested shares RMR Inc. previously awarded to these retiring officers. We also enter into separation arrangements from time to time with other nonexecutive officers and employees of ours. All costs associated with separation arrangements, for which there remain no substantive performance obligations, are recorded in our condensed consolidated statements of income as separation costs.

In October 2020, we entered into a retirement agreement with David M. Blackman, a former Executive Vice President of RMR LLC. Mr. Blackman, at the time, also served as president, chief executive officer and a director of Tremont Advisors, president, chief executive officer and managing trustee of TRMT, president, chief executive officer and managing trustee of OPI, and executive vice president of RMR Advisors. Pursuant to his retirement agreement, Mr. Blackman remained in his officer, director and trustee roles with RMR LLC, Tremont Advisors, TRMT, OPI and RMR Advisors through December 31, 2020 and he will continue to serve as a managing trustee of OPI until the earliest of OPI’s 2021 annual meeting of shareholders, June 30, 2021 or such earlier time requested by us or OPI’s board of trustees. In addition, Mr. Blackman will continue to serve as an employee of RMR LLC through June 30, 2021. Under Mr. Blackman’s retirement agreement, RMR LLC agreed to pay Mr. Blackman combined cash payments in the amount of $2,850. We paid half of that amount on February 1, 2021, and we expect to pay the other half on or about July 31, 2021. In addition, our Compensation Committee approved the acceleration of all 9,400 unvested shares owned by Mr. Blackman of us as of his retirement date, June 30, 2021, subject to applicable conditions.


	Three Months Ended March 31,				Six Months Ended March 31,
	2021		2020		2021		2020
Former executive officers:
Cash separation costs	$	—	$	—	$	2,900	$	260
Equity based separation costs	—		281		295		281
	—		281		3,195		541
Former nonexecutive officers:
Cash separation costs (1)	—		80		805		80
Equity based separation costs	—		24		159		24
	—		104		964		104
Total separation costs	$	—	$	385	$	4,159	$	645