Business and Property Management Agreements with RMR (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Business Management Fees, Property Management Fees and Construction Supervision Fees Recognized in Condensed Financial Statements

For the three months ended March 31, 2025 and 2024, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:


	Financial Statement	Three Months Ended March 31,
	Line Item	2025		2024
Pursuant to business management agreement:
Net business management fees (1)	General and administrative	$	6,930	$	7,757

Pursuant to property management agreement:
Property management fees	Net lease operating expenses	$	2,087	$	1,484
Construction supervision fees	Buildings, improvements and equipment (2)	657		1,696
		$	2,744	$	3,180

Expense reimbursement:


Property level expenses	Net lease operating expenses, general and administrative and buildings, improvements and equipment (2)	$	1,195	$	1,094

(1)The net business management fees we recognized for each of the three months ended March 31, 2025 and 2024 reflect a reduction of $896 for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc.

(2)Amounts capitalized as buildings, improvements and equipment are depreciated over the estimated useful lives of the related assets.