Business and Property Management Agreements with RMR (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Management Fees and Expense Reimbursements

For the three and six months ended June 30, 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 June 30,				Six Months Ended June 30,
	Financial Statement Line Item	2025		2024		2025		2024
Pursuant to business management agreement:
Business management fees	General and administrative expenses (1)	$	3,741	$	3,977	$	7,550	$	8,006
Incentive management fees	General and administrative expenses	4,148		(849)		6,555		—
Total		$	7,889	$	3,128	$	14,105	$	8,006

Pursuant to property management agreement (2):
Property management fees	Property operating expenses	$	1,192	$	1,446	$	2,456	$	2,984
Construction supervision fees	Building and improvements (3)	208		274		434		640
Total		$	1,400	$	1,720	$	2,890	$	3,624

Expense Reimbursement:
Property level expenses	Property operating expenses	$	3,318	$	3,631	$	7,059	$	7,277
Other reimbursed expenses	General and administrative expenses	50		82		100		164
Total		$	3,368	$	3,713	$	7,159	$	7,441

(1)The net business management fees we recognized reflect a reduction of $743 for each of the three months ended June 30, 2025 and 2024 and $1,487 for each of the six months ended June 30, 2025 and 2024, 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 reflect a reduction of $199 for each of the three months ended June 30, 2025 and 2024 and $398 for each of the six months ended June 30, 2025 and 2024, 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.