The RMR Group Inc. (NASDAQ:RMR) Q4 2023 Earnings Call Transcript

Adam Portnoy: So I think what we are incredibly focused on, you know, I can’t specifically say why stocks trade where they trade. But I can say that all I — what we can do as a management company is come to work every day and try to do as good a job as we can to preserve equity value for the different vehicles. And frankly, given the current environment, we’re pretty focused on balance sheets, you know, at DHC and OPI and obviously, at SVC as well in the other vehicles. So you know, I think that’s where our focus is and doing that in sort of the least disruptive way and to maximize shareholder value in that process is very much a focus for us. With regards to leasing, I agree with you. Our portfolio, we do an incredibly strong job leasing our portfolio.

I think that’s a testament to the RMR organization and the folks in the property management and asset management groups. I mean this is an organization that takes their job very seriously. These are professionals that have been doing this for their entire career. We have a nationwide network of offices and professionals doing this. I think we frankly do a better job leasing than most of our peers because of that and because we are so focused on commercial real estate almost exclusively. So yes, I think the platform is an incredible benefit for the individual REITs that are managed by RMR. And so I would argue that it’s something that should be highlighted, and I’m glad you have — you are highlighting it, Bryan, because I think it’s something that we should be spending more time talking about and highlighting for investors.

Our re-leasing efforts have been phenomenal. I mean, 12 million square feet in the fiscal year is a lot of leasing that we have done. And we are 96% leased across the board. So we feel pretty good about those metrics.

Bryan Maher: Thank you.

Operator: [Operator Instructions] And with no remaining questions, we will conclude our question-and-answer session. I would like to turn the conference back over to Adam Portnoy for any closing remarks.

Adam Portnoy: Thank you for joining us today. Operator, that concludes our call.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.