Business and Property Management Agreements with RMR (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Management Fees and Expense Reimbursements

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


		Three Months Ended March 31,
	Financial Statement Line Item	2025		2024
Pursuant to business management agreement:
Business management fees	General and administrative expenses (1)	$	3,809	$	4,029
Incentive management fees	General and administrative expenses	2,407		849
Total		$	6,216	$	4,878

Pursuant to property management agreement (2):
Property management fees	Property operating expenses	$	1,264	$	1,538
Construction supervision fees	Building and improvements (3)	226		366
Total		$	1,490	$	1,904

Expense Reimbursement:
Property level expenses	General and administrative expenses	$	50	$	82
Property level expenses	Property operating expenses	3,741		3,646
Total		$	3,791	$	3,728

(1)The net business management fees we recognized for the three months ended March 31, 2025 and 2024 reflect a reduction of $744 for each of those periods for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc.

(2)The net property management and construction supervision fees we recognized for the three months ended March 31, 2025 and 2024 reflect a reduction of $199 for each of those periods for the amortization of the liability we recorded in connection with our former investment in RMR Inc..

(3)Amounts capitalized as building improvements are depreciated over the estimated useful lives of the related capital assets.