NEWTON, Mass.--(BUSINESS WIRE)--
The RMR Group Inc. (Nasdaq: RMR), Government Properties Income Trust
(Nasdaq: GOV), Hospitality Properties Trust (Nasdaq: HPT), Industrial
Logistics Properties Trust (Nasdaq: ILPT), Select Income REIT (Nasdaq:
SIR), Senior Housing Properties Trust (Nasdaq: SNH); Tremont Mortgage
Trust (Nasdaq: TRMT), Five Star Senior Living Inc. (Nasdaq: FVE),
TravelCenters of America LLC (Nasdaq: TA) and RMR Real Estate Income
Fund (NYSE American: RIF) today announced the following:
“It is with great sadness that we announce that Barry M. Portnoy,
founder and Chairman of RMR, died on February 25, 2018. We extend our
deepest condolences to Mr. Portnoy’s family and our tremendous gratitude
for his long standing service and unparalleled contributions to RMR and
its managed companies.”
Mr. Barry Portnoy founded what is now known as The RMR Group LLC (“RMR
LLC”) in 1986 and he served as its Chairman and as a Managing Director
of its parent company, The RMR Group Inc., since its inception. Mr.
Barry Portnoy also served as a Managing Trustee or Managing Director of
GOV, HPT, ILPT, SIR, SNH, TRMT, FVE, TA and RIF, and as a Director of
Sonesta International Hotels Corporation, RMR Advisors LLC and Tremont
Realty Advisors LLC. Since its founding, RMR LLC has grown under the
leadership of Mr. Barry Portnoy and his son, Mr. Adam Portnoy, to its
current size of approximately $30 billion of total assets under
management and its managed companies have grown to realize combined
annual revenues of approximately $11 billion in 2017.
Mr. Adam Portnoy will continue to lead The RMR Group Inc. as its
President and Chief Executive Officer and as a Managing Director. Mr.
Adam Portnoy also serves as a Managing Director or Managing Trustee of
almost all of the companies to which RMR LLC or its subsidiaries provide
management services. RMR is a holding company and substantially all of
its business is conducted by its majority owned operating subsidiary,
RMR LLC. RMR LLC is an alternative asset management company that
primarily provides management services to publicly traded real estate
investment trusts, or REITs, and real estate related operating
companies. As of December 31, 2017, RMR LLC had approximately $30
billion of total assets under management, including more than 1,400
properties, and employed over 550 real estate professionals in more than
35 offices throughout the United States; the companies managed by RMR
LLC collectively had approximately 52,000 employees.
GOV is a REIT which primarily owns properties located throughout the
United States that are majority leased to the U.S. Government and other
government tenants and office properties in the metropolitan Washington,
D.C. market area that are leased to government and private sector
tenants. HPT is a REIT which owns a diverse portfolio of hotels and
travel centers located in 45 states, Puerto Rico and Canada. ILPT is a
REIT which owns and leases industrial and logistics properties
throughout the United States. SIR is a REIT which owns properties that
are primarily net leased to single tenants. SNH is a REIT which owns
senior living communities, medical office buildings and wellness centers
throughout the United States. TRMT is a REIT that focuses primarily on
originating and investing in first mortgage loans secured by middle
market and transitional commercial real estate. FVE is a senior living
and healthcare services company that owns, leases and manages senior
living communities, including primarily private pay independent and
assisted living communities located throughout the U.S. TA is an
operator of travel centers located along the U.S. Interstate Highway
System in 43 states and in Canada, stand alone convenience stores in 11
states and stand alone restaurants in 14 states. RIF is a closed end
investment company.
Each of GOV, HPT, ILPT, SIR and SNH are managed by RMR LLC, and RMR LLC
also provides management services to each of FVE, TA and Sonesta
International Hotels Corporation. TRMT and RIF are managed by Tremont
Realty Advisors LLC and RMR Advisors LLC, respectively; both Tremont
Realty Advisors LLC and RMR Advisors LLC are SEC registered investment
advisers and are indirect subsidiaries of RMR. Each of RMR, GOV, HPT,
ILPT, SIR, SNH, TRMT, FVE and RIF is headquartered in Newton,
Massachusetts. TA is headquartered in Westlake, Ohio.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180226005507/en/
Source: The RMR Group Inc.