$0.38 Per Share of Net Income Attributable to The RMR Group Inc.
NEWTON, Mass.--(BUSINESS WIRE)--The RMR Group Inc. (NASDAQ: RMR) today announced its financial results
for the quarter ended March 31, 2016.
Adam Portnoy, President and Chief Executive Officer, made the following
statement regarding today’s announcement:
“The RMR Group’s second quarter results continue to demonstrate the
stability of our revenue base and the ability of our platform to deliver
strong operating margins. We remain focused on growing our business with
existing client companies. Also, our strong balance sheet, which
includes significant cash and no indebtedness, may allow us to consider
strategic opportunities to further diversify our revenue sources.”
Second Quarter Fiscal 2016 Highlights:
-
As of March 31, 2016, The RMR Group Inc. had approximately $22.0
billion of assets under management.
-
The RMR Group Inc. earned real estate business and property management
services revenues (excluding reimbursable payroll and related costs as
well as advisory services revenues) for the three months ended March
31, 2016 from the following sources (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Managed REITs
|
|
|
|
$
|
32,696
|
|
|
|
83.8%
|
|
Managed Operators
|
|
|
|
|
5,998
|
|
|
|
15.4%
|
|
Other
|
|
|
|
|
320
|
|
|
|
0.8%
|
|
Total Management Services Revenues
|
|
|
|
$
|
39,014
|
|
|
|
100.0%
|
-
For the three months ended March 31, 2016, net income was $15.7
million and net income attributable to The RMR Group Inc. was $6.1
million, or $0.38 per share.
-
For the three months ended March 31, 2016, Adjusted EBITDA was $23.1
million and Adjusted EBITDA Margin was 55.2%.
-
As of March 31, 2016, The RMR Group Inc. had cash and cash equivalents
of $70.6 million and no indebtedness.
Summary Results for the Quarter and Six Months Ended March 31,
2016:
Total revenues for the quarter ended March 31, 2016 were $48.3 million.
Net income attributable to The RMR Group Inc. for the quarter ended
March 31, 2016 was $6.1 million, or $0.38 per share. Adjusted EBITDA for
the quarter ended March 31, 2016 was $23.1 million.
Total revenues for the six months ended March 31, 2016 were $158.5
million. Net income attributable to The RMR Group Inc. for the six
months ended March 31, 2016 were $23.2 million, or $1.45 per share.
Adjusted EBITDA for the six months ended March 31, 2016 was $46.4
million (excluding $62.3 million of incentive management fees earned
during the first fiscal quarter ended December 31, 2015).
Adjusted Revenues, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
are non-GAAP financial measures. Reconciliations of revenues determined
in accordance with U.S. generally accepted accounting principles, or
GAAP, to Adjusted Revenues and of net income determined in accordance
with GAAP to EBITDA and Adjusted EBITDA as well as a calculation of
Adjusted EBITDA Margin appear later in this press release.
Comparisons of The RMR Group Inc.’s revenues, Adjusted Revenues, EBITDA,
Adjusted EBITDA, Adjusted EBITDA Margin, and net income for the three
and six months ended March 31, 2016 to the three and six months ended
March 31, 2015 are presented later in this press release. However, when
considering the financial data for the three and six months ended March
31, 2016 in comparison to the financial data for the three and six
months ended March 31, 2015, investors should note that the businesses
which now comprise the Company were privately owned by ABP Trust or its
owners until June 5, 2015 and that The RMR Group Inc. did not become a
publicly listed company until December 14, 2015. Prior to the
reorganization which created the Company on June 5, 2015 and the public
listing on December 14, 2015, the Company’s assets, structure and
operations differed in several respects and such differences impact
period to period comparisons. For further information regarding the
reorganization and related changes, see The RMR Group Inc.’s filings
with the Securities Exchange Commission, or SEC, including the Annual
Report on Form 10-K filed on December 18, 2015, the Proxy Statement
filed on January 22, 2016, and the Registration Statement (including the
Prospectus) for the public distribution of the Company’s shares dated
November 16, 2015, which are available at the SEC’s website, www.sec.gov.
Dividends:
On April 13, 2016, The RMR Group Inc. declared a cash dividend on its
shares of Class A Common Stock and Class B-1 Common Stock payable to its
shareholders in the amount of $0.2993 per share, which represents a
regular quarterly dividend of $0.25 per share for the quarter ended
March 31, 2016 ($1.00 per share per year) plus a pro rata dividend of
$0.0493 for the period from December 14, 2015 (the date the public
distribution of The RMR Group Inc.’s shares was completed) to
December 31, 2015. This dividend will be paid on or about May 19, 2016
to RMR’s shareholders of record as of the close of business on April 25,
2016.
Conference Call:
At 1:00 p.m. Eastern Time today, President and Chief Executive Officer,
Adam Portnoy, and Chief Financial Officer and Treasurer, Matt Jordan,
will host a conference call to discuss The RMR Group Inc.’s fiscal
second quarter 2016 financial results.
The conference call telephone number is (877) 329-4297. Participants
calling from outside the United States and Canada should dial (412)
317-5435. No pass code is necessary to access the call from either
number. Participants should dial in about 15 minutes prior to the
scheduled start of the call. A replay of the conference call will be
available through 11:59 p.m. Eastern Time on Tuesday, May 17, 2016. To
access the replay, dial (412) 317-0088. The replay pass code is 10084426.
The RMR Group Inc. is a holding company and substantially all of its
business is conducted by its majority-owned subsidiary, The RMR Group
LLC. The RMR Group LLC is an alternative asset management company that
primarily provides management services to publicly traded REITs and real
estate operating companies. As of March 31, 2016, The RMR Group LLC had
approximately $22 billion of real estate assets under management
including more than 1,300 properties and employed over 400 real estate
professionals in 25 offices throughout the United States; the companies
managed by The RMR Group LLC collectively had over 50,000 employees. The
RMR Group Inc. is headquartered in Newton, Massachusetts.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND
OTHER SECURITIES LAWS. OUR FORWARD LOOKING STATEMENTS CAN BE IDENTIFIED
BY USE OF WORDS SUCH AS “OUTLOOK”, “BELIEVE”, “EXPECT”, “POTENTIAL”,
“WILL”, “MAY”, “ESTIMATE”, “ANTICIPATE”, DERIVATIVES OR NEGATIVES OF
SUCH WORDS OR COMPARABLE WORDS. OUR FORWARD LOOKING STATEMENTS ARE BASED
UPON OUR PRESENT BELIEFS OR EXPECTATIONS. HOWEVER, OUR FORWARD LOOKING
STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY
NOT OCCUR FOR VARIOUS REASONS, INCLUDING SOME REASONS BEYOND OUR
CONTROL. FOR EXAMPLE:
-
MR. PORTNOY’S STATEMENT THAT THE SECOND QUARTER RESULTS DEMONSTRATED
THE STABILITY OF THE RMR GROUP INC.’S REVENUE BASE AND THE ABILITY OF
THE RMR GROUP INC.’S PLATFORM TO DELIVER STRONG OPERATING MARGINS IS
BASED UPON THE FACT THAT THE RMR GROUP INC. PROVIDES SERVICES TO
SEVERAL CLIENT COMPANIES AND THAT THE RMR GROUP INC.’S CONTRACTS WITH
SOME OF THESE CLIENT COMPANIES ARE LONG TERM. HOWEVER, NOT ALL OF THE
RMR GROUP INC.’S CLIENT CONTRACTS ARE LONG TERM AND EVEN THE RMR GROUP
INC.’S LONG TERM CLIENT CONTRACTS MAY BE TERMINATED IN CERTAIN
CIRCUMSTANCES. ALSO, THE RMR GROUP INC.’S MANAGEMENT FEES ARE BASED IN
LARGE PART ON THE VALUE OF ASSETS OWNED BY THE RMR GROUP INC.’S CLIENT
COMPANIES, THE MARKET CAPITALIZATION OF THE RMR GROUP INC.’S CLIENT
COMPANIES OR THE REVENUES REALIZED BY THE RMR GROUP INC.’S CLIENT
COMPANIES. THE LOSS OF ANY OF THE RMR GROUP INC.’S CLIENT CONTRACTS OR
A DECLINE IN THE ASSETS, MARKET CAPITALIZATION OR REVENUES OF THE RMR
GROUP INC.’S CLIENT COMPANIES MAY HAVE A MATERIAL ADVERSE IMPACT ON
THE RMR GROUP INC.’S REVENUES AND MATERIALLY REDUCE THE RMR GROUP
INC.’S OPERATING MARGINS AND CASH FLOWS.
-
MR. PORTNOY ALSO STATES THAT THE RMR GROUP INC. REMAINS FOCUSED ON
GROWING ITS BUSINESS WITH EXISTING CLIENT COMPANIES AND MAY CONSIDER
WAYS TO FURTHER DIVERSIFY ITS REVENUE SOURCES. INCREASING BUSINESS
WITH THE RMR GROUP INC.’S EXISTING CLIENT COMPANIES MAY NOT OCCUR. IN
FACT, THE RMR GROUP INC. MAY REALIZE REDUCED REVENUES FROM ITS
EXISTING CLIENT COMPANIES IN THE FUTURE. IN ADDITION, THERE CAN BE NO
ASSURANCE THAT THE RMR GROUP INC. WILL BE ABLE TO FURTHER DIVERSIFY
ITS REVENUE SOURCES OR THAT THE REVENUES IT MAY RECEIVE FROM ANY
STRATEGIC INVESTMENTS IT MAY MAKE WILL INCREASE PROFITS OR CASH FLOWS
TO THE RMR GROUP INC.
-
THIS PRESS RELEASE STATES THAT THE RMR GROUP INC.’S REGULAR QUARTERLY
DIVIDEND IS $0.25 PER SHARE FOR THE QUARTER ENDED MARCH 31, 2016. ALL
FUTURE DIVIDENDS WILL BE DECLARED AND PAID WITHIN THE DISCRETION OF
THE RMR GROUP INC.’S BOARD OF DIRECTORS. WHEN DECIDING WHETHER TO
DECLARE AND PAY FUTURE DIVIDENDS, THE RMR GROUP INC.’S BOARD MAY TAKE
ACCOUNT OF THE RMR GROUP INC.’S CURRENT AND PROJECTED EARNINGS, CASH
FLOWS AND ALTERNATIVE USES FOR ANY AVAILABLE CASH. THE RMR GROUP INC.
BOARD MAY DECIDE TO LOWER OR EVEN ELIMINATE THE RMR GROUP INC.’S
DIVIDENDS THERE CAN BE NO ASSURANCE THAT THE RMR GROUP INC. WILL
CONTINUE TO PAY ANY REGULAR DIVIDENDS OR WITH REGARD TO THE AMOUNT OF
DIVIDENDS IT MAY PAY.
THE INFORMATION CONTAINED IN THE RMR GROUP INC.’S FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION, OR THE “SEC,” INCLUDING UNDER THE
CAPTION “RISK FACTORS” IN THE RMR GROUP INC.’S PERIODIC REPORTS, OR
INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD
CAUSE DIFFERENCES FROM THE RMR GROUP INC.’S FORWARD LOOKING STATEMENTS.
THE RMR GROUP INC.’S FILINGS WITH THE SEC ARE AVAILABLE ON ITS WEBSITE
AT WWW.SEC.GOV.
THE RMR GROUP INC. UNDERTAKES NO OBLIGATION TO UPDATE ANY FORWARD
LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE
DEVELOPMENTS OR OTHERWISE, EXCEPT AS REQUIRED BY LAW.
|
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|
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|
|
|
|
|
|
|
The RMR Group Inc.
|
Condensed Consolidated Statements of Income
|
(dollars in thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
Six Months Ended March 31,
|
Revenues
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
Management services
|
|
|
|
$
|
39,014
|
|
|
|
$
|
42,123
|
|
|
|
$
|
141,073
|
|
|
|
$
|
81,333
|
Reimbursable payroll and related costs
|
|
|
|
|
8,759
|
|
|
|
|
7,074
|
|
|
|
|
16,249
|
|
|
|
|
14,108
|
Advisory services
|
|
|
|
|
560
|
|
|
|
|
613
|
|
|
|
|
1,141
|
|
|
|
|
1,205
|
Total revenues
|
|
|
|
|
48,333
|
|
|
|
|
49,810
|
|
|
|
|
158,463
|
|
|
|
|
96,646
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
21,561
|
|
|
|
|
20,714
|
|
|
|
|
42,865
|
|
|
|
|
43,559
|
Separation expense
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
163
|
|
|
|
|
116
|
General and administrative
|
|
|
|
|
6,488
|
|
|
|
|
4,672
|
|
|
|
|
13,000
|
|
|
|
|
9,687
|
Depreciation expense
|
|
|
|
|
501
|
|
|
|
|
571
|
|
|
|
|
984
|
|
|
|
|
1,150
|
Total expenses
|
|
|
|
|
28,550
|
|
|
|
|
25,957
|
|
|
|
|
57,012
|
|
|
|
|
54,512
|
Operating income
|
|
|
|
|
19,783
|
|
|
|
|
23,853
|
|
|
|
|
101,451
|
|
|
|
|
42,134
|
Interest and other income
|
|
|
|
|
51
|
|
|
|
|
665
|
|
|
|
|
76
|
|
|
|
|
1,163
|
Unrealized gains attributable to changes in fair value of stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accounted for under the fair value option
|
|
|
|
|
-
|
|
|
|
|
596
|
|
|
|
|
-
|
|
|
|
|
1,437
|
Income before income tax expense and equity in earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of investee
|
|
|
|
|
19,834
|
|
|
|
|
25,114
|
|
|
|
|
101,527
|
|
|
|
|
44,734
|
Income tax expense
|
|
|
|
|
(4,086)
|
|
|
|
|
(3)
|
|
|
|
|
(15,400)
|
|
|
|
|
(3)
|
Equity in earnings of investee
|
|
|
|
|
-
|
|
|
|
|
72
|
|
|
|
|
-
|
|
|
|
|
100
|
Net income
|
|
|
|
|
15,748
|
|
|
|
$
|
25,183
|
|
|
|
|
86,127
|
|
|
|
$
|
44,831
|
Net income attributable to noncontrolling interest
|
|
|
|
|
(9,634)
|
|
|
|
|
|
|
|
|
|
(62,959)
|
|
|
|
|
|
Net income attributable to The RMR Group Inc.
|
|
|
|
$
|
6,114
|
|
|
|
|
|
|
|
|
$
|
23,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic and diluted
|
|
|
|
|
16,002
|
|
|
|
|
|
|
|
|
|
16,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to The RMR Group Inc. per common share -
basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and diluted
|
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
$
|
1.45
|
|
|
|
|
|
The RMR Group Inc.
|
Reconciliation of Adjusted Revenues, EBITDA and Adjusted EBITDA
and Calculation of Adjusted EBITDA Margin((1))
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
Six Months Ended March 31,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
Reconciliation of Adjusted Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
48,333
|
|
|
|
$
|
49,810
|
|
|
|
$
|
158,463
|
|
|
|
$
|
96,646
|
Plus: other asset amortization
|
|
|
|
|
2,354
|
|
|
|
|
-
|
|
|
|
|
4,708
|
|
|
|
|
-
|
Less: incentive business management fees earned
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(62,263)
|
|
|
|
|
-
|
Less: reimbursable payroll and related costs
|
|
|
|
|
(8,759)
|
|
|
|
|
(7,074)
|
|
|
|
|
(16,249)
|
|
|
|
|
(14,108)
|
Adjusted Revenues
|
|
|
|
$
|
41,928
|
|
|
|
$
|
42,736
|
|
|
|
$
|
84,659
|
|
|
|
$
|
82,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA and Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
$
|
15,748
|
|
|
|
$
|
25,183
|
|
|
|
$
|
86,127
|
|
|
|
$
|
44,831
|
Plus: income tax expense
|
|
|
|
|
4,086
|
|
|
|
|
3
|
|
|
|
|
15,400
|
|
|
|
|
3
|
Plus: depreciation expense
|
|
|
|
|
501
|
|
|
|
|
571
|
|
|
|
|
984
|
|
|
|
|
1,150
|
EBITDA
|
|
|
|
|
20,335
|
|
|
|
|
25,757
|
|
|
|
|
102,511
|
|
|
|
|
45,984
|
Plus: other asset amortization
|
|
|
|
|
2,354
|
|
|
|
|
-
|
|
|
|
|
4,708
|
|
|
|
|
-
|
Plus: separation expense
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
163
|
|
|
|
|
116
|
Plus: transaction and acquisition related costs
|
|
|
|
|
455
|
|
|
|
|
-
|
|
|
|
|
1,313
|
|
|
|
|
-
|
Less: incentive business management fees earned
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(62,263)
|
|
|
|
|
-
|
Less: unrealized gains attributable to changes in fair value of
stock accounted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for under the fair value option
|
|
|
|
|
-
|
|
|
|
|
(596)
|
|
|
|
|
-
|
|
|
|
|
(1,437)
|
Adjusted EBITDA
|
|
|
|
$
|
23,144
|
|
|
|
$
|
25,161
|
|
|
|
$
|
46,432
|
|
|
|
$
|
44,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted EBITDA Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Revenues
|
|
|
|
$
|
41,928
|
|
|
|
$
|
42,736
|
|
|
|
$
|
84,659
|
|
|
|
$
|
82,538
|
Adjusted EBITDA
|
|
|
|
$
|
23,144
|
|
|
|
$
|
25,161
|
|
|
|
$
|
46,432
|
|
|
|
$
|
44,663
|
Adjusted EBITDA Margin
|
|
|
|
|
55.2%
|
|
|
|
|
58.9%
|
|
|
|
|
54.8%
|
|
|
|
|
54.1%
|
(1) Adjusted Revenues, EBITDA, Adjusted EBITDA and Adjusted
EBITDA Margin are non-GAAP financial measures calculated as presented in
the tables above. The RMR Group Inc. considers Adjusted Revenues,
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to be appropriate
measures of its operating performance, along with net income, net income
attributable to The RMR Group Inc., operating income and cash flow from
operating activities. The RMR Group Inc. believes that Adjusted
Revenues, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin provide
useful information to investors because by excluding the effects of
certain historical amounts, such as income tax and depreciation
expenses, incentive business management fees, other asset amortization,
transaction and acquisition related costs, certain separation expenses
and unrealized gains attributable to changes in fair value of stock
accounted for under the fair value option, Adjusted Revenues, EBITDA,
Adjusted EBITDA and Adjusted EBITDA Margin may facilitate a comparison
of current operating performance with RMR’s historical operating
performance and with the performance of other asset management
businesses. Adjusted Revenues, EBITDA, Adjusted EBITDA and Adjusted
EBITDA Margin do not represent cash generated by operating activities in
accordance with GAAP and should not be considered an alternative to
total revenues, net income, net income attributable to The RMR Group
Inc., operating income or cash flow from operating activities determined
in accordance with GAAP, or as an indicator of financial performance or
liquidity, nor are these measures necessarily indicative of sufficient
cash flow to fund all of The RMR Group Inc.’s needs. These measures
should be considered in conjunction with total revenues, net income, net
income attributable to The RMR Group Inc., operating income and cash
flow from operating activities as presented in our consolidated
statements of comprehensive income and consolidated statements of cash
flows. Also, other asset management businesses may calculate Adjusted
Revenues, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin differently
than The RMR Group Inc. does.
|
The RMR Group Inc.
|
Condensed Consolidated Balance Sheets
|
(dollars in thousands, except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
September 30,
|
Assets
|
|
|
|
2016
|
|
|
|
2015
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
70,568
|
|
|
|
$
|
34,497
|
Due from related parties
|
|
|
|
|
22,748
|
|
|
|
|
17,986
|
Prepaid and other current assets
|
|
|
|
|
4,006
|
|
|
|
|
2,863
|
Total current assets
|
|
|
|
|
97,322
|
|
|
|
|
55,346
|
|
|
|
|
|
|
|
|
|
|
|
Furniture and equipment
|
|
|
|
|
4,745
|
|
|
|
|
5,307
|
Leasehold improvements
|
|
|
|
|
1,065
|
|
|
|
|
852
|
Capitalized software costs
|
|
|
|
|
4,250
|
|
|
|
|
4,292
|
Total property and equipment
|
|
|
|
|
10,060
|
|
|
|
|
10,451
|
Accumulated depreciation
|
|
|
|
|
(5,842)
|
|
|
|
|
(5,772)
|
|
|
|
|
|
4,218
|
|
|
|
|
4,679
|
Due from related parties, net of current portion
|
|
|
|
|
5,258
|
|
|
|
|
6,446
|
Deferred tax asset
|
|
|
|
|
45,834
|
|
|
|
|
46,614
|
Other assets, net of amortization
|
|
|
|
|
186,099
|
|
|
|
|
190,807
|
Total assets
|
|
|
|
$
|
338,731
|
|
|
|
$
|
303,892
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable, accrued expenses and deposits
|
|
|
|
$
|
29,464
|
|
|
|
$
|
18,439
|
Total current liabilities
|
|
|
|
|
29,464
|
|
|
|
|
18,439
|
Long term portion of deferred rent payable, net of current portion
|
|
|
|
|
632
|
|
|
|
|
450
|
Amounts due pursuant to tax receivable agreement
|
|
|
|
|
64,905
|
|
|
|
|
64,905
|
Employer compensation liability, net of current portion
|
|
|
|
|
5,258
|
|
|
|
|
6,446
|
Total liabilities
|
|
|
|
|
100,259
|
|
|
|
|
90,240
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
Class A common stock, $0.001 par value; 31,600,000 and 31,000,000
shares authorized; 15,007,500
|
|
|
|
|
|
|
|
|
|
|
and 15,000,000 shares issued and outstanding at March 31, 2016 and
September 30, 2015, 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
|
|
|
|
|
93,600
|
|
|
|
|
93,425
|
Retained earnings
|
|
|
|
|
30,471
|
|
|
|
|
7,303
|
Cumulative other comprehensive income
|
|
|
|
|
83
|
|
|
|
|
73
|
Cumulative common distributions
|
|
|
|
|
(8,416)
|
|
|
|
|
-
|
Total shareholders’ equity
|
|
|
|
|
115,769
|
|
|
|
|
100,832
|
Noncontrolling interest
|
|
|
|
|
122,703
|
|
|
|
|
112,820
|
Total equity
|
|
|
|
|
238,472
|
|
|
|
|
213,652
|
Total liabilities and equity
|
|
|
|
$
|
338,731
|
|
|
|
$
|
303,892
|
Contacts
The RMR Group Inc.
Timothy A. Bonang, 617-796-8230
Senior Vice
President