Business and Property Management Agreements with RMR (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Management Fees and Expense Reimbursements

For the three and nine months ended September 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 September 30,				Nine Months Ended September 30,
	Financial Statement Line Item	2025		2024		2025		2024
Pursuant to business management agreement:
Business management fees	General and administrative expenses (1)	$	3,967	$	3,977	$	11,517	$	12,321
Incentive management fees	General and administrative expenses	5,676		6,934		12,231		6,934
Total		$	9,643	$	10,911	$	23,748	$	19,255

Pursuant to property management agreement (2):
Property management fees	Property operating expenses	$	1,199	$	1,358	$	3,643	$	4,342
Construction supervision fees	Building and improvements (3)	341		429		775		1,069
Total		$	1,540	$	1,787	$	4,418	$	5,411

Expense Reimbursement:
Property level expenses	Property operating expenses	$	3,085	$	3,925	$	10,144	$	11,202
Other reimbursed expenses	General and administrative expenses	50		82		150		246
Total		$	3,135	$	4,007	$	10,294	$	11,448

(1)The net business management fees we recognized reflect a reduction of $743 for each of the three months ended September 30, 2025 and 2024 and $2,229 for each of the nine months ended September 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 September 30, 2025 and 2024 and $597 for each of the nine months ended September 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.