<p>RMR 集团公司（RMR）已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>RMR 集团最新的财报电话会议传达了谨慎乐观的基调，管理层在强劲的运营成果与短期盈利压力之间取得了平衡。高管们强调了可观的激励费用、客户房地产投资信托基金的积极去杠杆化以及稳健的租赁势头，同时承认 AlerisLife 的结束、较低的经常性费用和 OPI 的破产将对未来几个季度造成压力。</p>
<h2>盈利指标超出指引</h2>
<p>RMR 在季度初以关键盈利指标的显著超出开局，给投资者带来了早期的信心提升。可分配收益为每股 0.47 美元，调整后的净收入达到每股 0.20 美元，调整后的 EBITDA 为 1950 万美元，均在公司指引的上限或以上。</p>
<h2>激励费用带来现金风暴</h2>
<p>一个主要亮点是 2025 年获得的 2360 万美元激励费用，主要来自 DHC 和 ILPT。这些费用在 1 月份收取，显著增强了 RMR 的流动性，并增强了其股息的覆盖能力，使公司在经常性费用下降时拥有更多灵活性。</p>
<h2>DHC 资产出售推动去杠杆化</h2>
<p>在多元化医疗信托（Diversified Healthcare Trust）中，RMR 监督了一项积极的资产出售计划，显著降低了杠杆和未来风险。DHC 在第四季度出售了 37 处物业，约为 2.5 亿美元，并在 2025 年出售了 69 处物业，约为 6.05 亿美元，利用收益全额偿还 2026 年到期的零息票据，并将任何到期推迟至 2028 年。</p>
<h2>SVC 酒店处置增强资产负债表</h2>
<p>服务物业信托（Service Properties Trust）也进行了重大投资组合修剪，退出了一大块酒店资产。该 REIT 在本季度出售了 66 家酒店，约为 5.34 亿美元，并在 2025 年出售了 112 家酒店，约为 8.59 亿美元，随后宣布提前赎回 2027 年到期的 3 亿美元票据，以进一步降低杠杆。</p>
<h2>ILPT 再融资和股息上升</h2>
<p>工业物流物业信托（Industrial Logistics Properties Trust）继续稳定其资本结构，同时回报股东。该 REIT 在 2025 年再融资超过 12 亿美元的债务并提高了股息，RMR 指出其正在积极探索再融资剩余的 14 亿美元浮动利率债务的选项，该债务将于 2027 年 3 月到期。</p>
<h2>Seven Hills 资本募集和贷款增长</h2>
<p>Seven Hills 的再资本化是另一个战略里程碑，为 RMR 未来的私人信贷增长奠定了基础。此次配售募集了 6520 万美元，RMR 为未认购股份提供担保，将其持股比例提升至 20.3%，支持超过 2 亿美元的潜在贷款投资和接近 10 亿美元的贷款管道。</p>
<h2>租赁强劲和租金增长</h2>
<p>在运营方面，租赁表现突显了 RMR 管理的投资组合中健康的租户需求。公司安排了近 1000 万平方英尺的租赁活动，租金比之前水平高出约 13%，尽管整体房地产不确定性，仍显示出定价能力和强大的经纪人关系。</p>
<h2>住宅投资组合基本面韧性</h2>
<p>管理层强调其住宅平台的稳定性，正成为更大的战略重点。RMR 住宅目前覆盖 45 亿美元的增值资产和超过 18000 个单元，入住率约为 93%，居民留存率超过 70%，逾期率被描述为名义上的。</p>
<h2>贷款销售实现双位数回报</h2>
<p>RMR 还强调了其贷款组合的成功执行，显示其能够盈利地发放和退出贷款。公司出售了两笔贷款，总额为 6170 万美元，扣除担保融资后获得 1660 万美元的收益，回报率略高于 14%，持有期约为 1.5 年。</p>
<h2>流动性仍然是关键安全网</h2>
<p>资产负债表仍然是管理层建设性展望的核心支柱，即使盈利有所减弱。RMR 在季度末的总流动性约为 1.5 亿美元，其中现金约为 5000 万美元，未提取的循环信贷额度为 1 亿美元，近期的激励费用收入进一步增强了这一点。</p>
<h2>扩展私人资本能力</h2>
<p>为了捕捉更多基于费用的增长，公司正在扩展其私人资本平台，明确聚焦。现在有一个由四名高级专业人士组成的专门筹款团队，包括一位新的国际资本形成负责人，近期的主要筹款目标是多家庭策略。</p>
<h2>经常性收入压力显现</h2>
<p>尽管战略进展，RMR 面临经常性服务收入在短期内明显下降。这些收入环比下降至约 4300 万美元，减少约 250 万美元，预计随着 AlerisLife 关系的结束和 SVC 的债务偿还减少费用基础，进一步下降至约 4100 万美元。</p>
<h2>AlerisLife 退出削减费用收入</h2>
<p>AlerisLife 的结束现在基本完成，移除了一个收入贡献者，尽管是一个适度的。RMR 本季度仅从 AlerisLife 记录了约 40 万美元的费用，管理层警告合同的结束将对第二季度的费用和盈利造成压力。</p>
<h2>指引信号盈利软化</h2>
<p>前瞻性指引强调，尽管运营保持良好，短期内利润将面临压力。RMR 预计下季度调整后的净收入为每股 0.12–0.14 美元，调整后的 EBITDA 为 1700 万–1900 万美元，低于之前的 0.20 美元和 1950 万美元，主要由于服务费用降低和季节性因素。</p>
<h2>全资拥有的资产对 GAAP 结果造成压力</h2>
<p>公司还指出了自有房地产的现金盈利能力与报告的 GAAP 收益之间的不匹配。虽然全资拥有的住宅和零售组合对调整后的 EBITDA 和可分配收益有积极贡献，但折旧和利息成本在资产转入私募资本工具之前对调整后的净收入造成了拖累。</p>
<h2>OPI 破产增加不确定性</h2>
<p>办公物业收入信托的第 11 章申请仍然是一个悬而未决的问题，投资者必须关注这一波动因素。破产程序正在进行中，预计在今年晚些时候会有潜在的解决方案，RMR 承认与 OPI 相关的资产、供应商和租户的运营和恢复风险。</p>
<h2>Seven Hills 增资显示承诺但需要支持</h2>
<p>Seven Hills 的权利发行在市场上并未完全认购，迫使 RMR 介入。约 73.2% 的 750 万股发行股份被现有持有者认购，剩余约 200 万股由 RMR 以 1740 万美元购买，以完成该过程并传达对平台的信心。</p>
<h2>更高的利息、税收和季节性费用压力</h2>
<p>管理层还指出了更高的融资和税收成本以及一些季节性费用下降带来的额外拖累。由于全期杠杆住宅收购，季度利息支出上升至 260 万美元，而税率预计将从 14.8% 上升至大约 17%，因为较低的施工监督费用和受托人补助对收入造成压力。</p>
<h2>前瞻性指引和展望</h2>
<p>展望未来，RMR 预计下季度调整后的 EBITDA 为 1700 万至 1900 万美元，每股可分配收益为 0.41 至 0.43 美元，支持来自约 4100 万美元的经常性服务收入。公司预计 Seven Hills 的更高股息将带来约 80 万美元的季度 EBITDA 提升，并预计薪酬和一般管理费用保持稳定，而近 1.5 亿美元的流动性为应对这些短期收益压力提供了缓冲。</p>
<p>RMR 的财报电话会议描绘了一个在资产负债表修复和资产优化方面表现良好的管理者的形象，即使费用收入暂时减弱。投资者需要在 AlerisLife、OPI 和较低的经常性收入对收益的短期影响与去杠杆、租赁和私募资本扩张的实质性进展之间取得平衡，这些因素共同支撑了中期的积极前景。</p>

RMR集团

<p>RMR 集团在其第一季度财报电话会议中强调了在运营成功和短期盈利压力下的谨慎乐观展望。关键指标超出预期，分配收益为每股 0.47 美元。2360 万美元的重大激励费用增强了流动性，同时注意到客户房地产投资信托基金的积极去杠杆化努力。然而，由于 AlerisLife 的结束和其他因素，预计经常性收入将下降。该公司正在扩展其私募资本平台，并在面临挑战的情况下仍然专注于保持流动性</p>

<p>The RMR Group Inc. ((RMR)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>RMR 集团公司（RMR）已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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</div><p>The RMR Group’s latest earnings call struck a cautiously optimistic tone as management balanced strong operational wins with near-term earnings pressure. Executives highlighted sizable incentive fees, aggressive deleveraging at client REITs and solid leasing momentum, while acknowledging that the wind-down of AlerisLife, lower recurring fees and OPI’s bankruptcy will weigh on upcoming quarters.</p>
<div class="lb-trans"><p>RMR 集团最新的财报电话会议传达了谨慎乐观的基调，管理层在强劲的运营成果与短期盈利压力之间取得了平衡。高管们强调了可观的激励费用、客户房地产投资信托基金的积极去杠杆化以及稳健的租赁势头，同时承认 AlerisLife 的结束、较低的经常性费用和 OPI 的破产将对未来几个季度造成压力。</p>
</div><h2>Profitability Metrics Exceed Guidance</h2>
<div class="lb-trans"><h2>盈利指标超出指引</h2>
</div><p>RMR opened the quarter with a clean beat on key profitability metrics, giving investors an early confidence boost. Distributable earnings came in at $0.47 per share, adjusted net income reached $0.20 per share and adjusted EBITDA hit $19.5 million, all landing at or above the upper end of company guidance.</p>
<div class="lb-trans"><p>RMR 在季度初以关键盈利指标的显著超出开局，给投资者带来了早期的信心提升。可分配收益为每股 0.47 美元，调整后的净收入达到每股 0.20 美元，调整后的 EBITDA 为 1950 万美元，均在公司指引的上限或以上。</p>
</div><h2>Incentive Fees Provide a Cash Windfall</h2>
<div class="lb-trans"><h2>激励费用带来现金风暴</h2>
</div><p>A major highlight was the $23.6 million in incentive fees earned for calendar 2025, primarily from DHC and ILPT. These fees, collected in January, significantly reinforce RMR’s liquidity and bolster coverage of its dividend, giving the firm more flexibility as recurring fees dip.</p>
<div class="lb-trans"><p>一个主要亮点是 2025 年获得的 2360 万美元激励费用，主要来自 DHC 和 ILPT。这些费用在 1 月份收取，显著增强了 RMR 的流动性，并增强了其股息的覆盖能力，使公司在经常性费用下降时拥有更多灵活性。</p>
</div><h2>DHC Asset Sales Drive Deleveraging</h2>
<div class="lb-trans"><h2>DHC 资产出售推动去杠杆化</h2>
</div><p>At Diversified Healthcare Trust, RMR oversaw an aggressive asset sale program that materially reduced leverage and future risks. DHC sold 37 properties in Q4 for about $250 million and 69 properties in 2025 for roughly $605 million, using proceeds to fully repay zero coupon notes due 2026 and push out any maturities until 2028.</p>
<div class="lb-trans"><p>在多元化医疗信托（Diversified Healthcare Trust）中，RMR 监督了一项积极的资产出售计划，显著降低了杠杆和未来风险。DHC 在第四季度出售了 37 处物业，约为 2.5 亿美元，并在 2025 年出售了 69 处物业，约为 6.05 亿美元，利用收益全额偿还 2026 年到期的零息票据，并将任何到期推迟至 2028 年。</p>
</div><h2>SVC Hotel Disposals Strengthen Balance Sheet</h2>
<div class="lb-trans"><h2>SVC 酒店处置增强资产负债表</h2>
</div><p>Service Properties Trust also executed significant portfolio pruning, exiting a large block of hotel assets. The REIT sold 66 hotels in the quarter for approximately $534 million and 112 hotels in 2025 for around $859 million, then announced early redemption of $300 million in notes due 2027 to further cut leverage.</p>
<div class="lb-trans"><p>服务物业信托（Service Properties Trust）也进行了重大投资组合修剪，退出了一大块酒店资产。该 REIT 在本季度出售了 66 家酒店，约为 5.34 亿美元，并在 2025 年出售了 112 家酒店，约为 8.59 亿美元，随后宣布提前赎回 2027 年到期的 3 亿美元票据，以进一步降低杠杆。</p>
</div><h2>ILPT Refinancing and Dividend Upside</h2>
<div class="lb-trans"><h2>ILPT 再融资和股息上升</h2>
</div><p>Industrial Logistics Properties Trust continued to stabilize its capital structure while rewarding shareholders. The REIT refinanced more than $1.2 billion of debt in 2025 and raised its dividend, and RMR noted it is actively exploring options to refinance the remaining $1.4 billion of floating-rate debt maturing in March 2027.</p>
<div class="lb-trans"><p>工业物流物业信托（Industrial Logistics Properties Trust）继续稳定其资本结构，同时回报股东。该 REIT 在 2025 年再融资超过 12 亿美元的债务并提高了股息，RMR 指出其正在积极探索再融资剩余的 14 亿美元浮动利率债务的选项，该债务将于 2027 年 3 月到期。</p>
</div><h2>Seven Hills Capital Raise and Loan Growth</h2>
<div class="lb-trans"><h2>Seven Hills 资本募集和贷款增长</h2>
</div><p>Seven Hills’ recapitalization was another strategic milestone, positioning RMR for future private credit growth. The rights offering raised $65.2 million, with RMR backstopping unsubscribed shares to lift its stake to 20.3%, supporting over $200 million of potential loan investments and a lending pipeline near $1 billion.</p>
<div class="lb-trans"><p>Seven Hills 的再资本化是另一个战略里程碑，为 RMR 未来的私人信贷增长奠定了基础。此次配售募集了 6520 万美元，RMR 为未认购股份提供担保，将其持股比例提升至 20.3%，支持超过 2 亿美元的潜在贷款投资和接近 10 亿美元的贷款管道。</p>
</div><h2>Leasing Strength and Rent Growth</h2>
<div class="lb-trans"><h2>租赁强劲和租金增长</h2>
</div><p>Operationally, leasing performance underscored healthy tenant demand across RMR-managed portfolios. The company arranged almost 10 million square feet of leasing activity at rents roughly 13% higher than prior levels, illustrating pricing power and strong broker relationships despite broader real estate uncertainty.</p>
<div class="lb-trans"><p>在运营方面，租赁表现突显了 RMR 管理的投资组合中健康的租户需求。公司安排了近 1000 万平方英尺的租赁活动，租金比之前水平高出约 13%，尽管整体房地产不确定性，仍显示出定价能力和强大的经纪人关系。</p>
</div><h2>Resilient Residential Portfolio Fundamentals</h2>
<div class="lb-trans"><h2>住宅投资组合基本面韧性</h2>
</div><p>Management emphasized the stability of its residential platform, which is becoming a bigger strategic focus. RMR Residential now covers $4.5 billion of value-add assets and more than 18,000 units, with occupancies around 93%, resident retention above 70% and delinquencies described as nominal.</p>
<div class="lb-trans"><p>管理层强调其住宅平台的稳定性，正成为更大的战略重点。RMR 住宅目前覆盖 45 亿美元的增值资产和超过 18000 个单元，入住率约为 93%，居民留存率超过 70%，逾期率被描述为名义上的。</p>
</div><h2>Loan Sales Deliver Double-Digit Returns</h2>
<div class="lb-trans"><h2>贷款销售实现双位数回报</h2>
</div><p>RMR also highlighted successful execution in its lending book, showing it can originate and exit loans profitably. The company sold two loans for $61.7 million, yielding $16.6 million in proceeds after repaying secured financing and generating returns slightly above 14% over an approximate 1.5-year holding period.</p>
<div class="lb-trans"><p>RMR 还强调了其贷款组合的成功执行，显示其能够盈利地发放和退出贷款。公司出售了两笔贷款，总额为 6170 万美元，扣除担保融资后获得 1660 万美元的收益，回报率略高于 14%，持有期约为 1.5 年。</p>
</div><h2>Liquidity Remains a Key Safety Net</h2>
<div class="lb-trans"><h2>流动性仍然是关键安全网</h2>
</div><p>The balance sheet remains a central pillar of management’s constructive outlook, even as earnings soften. RMR ended the quarter with about $150 million of total liquidity, including roughly $50 million in cash and $100 million of undrawn revolver capacity, reinforced by the recent incentive fee receipts.</p>
<div class="lb-trans"><p>资产负债表仍然是管理层建设性展望的核心支柱，即使盈利有所减弱。RMR 在季度末的总流动性约为 1.5 亿美元，其中现金约为 5000 万美元，未提取的循环信贷额度为 1 亿美元，近期的激励费用收入进一步增强了这一点。</p>
</div><h2>Building Out Private Capital Capabilities</h2>
<div class="lb-trans"><h2>扩展私人资本能力</h2>
</div><p>To capture more fee-based growth, the company is expanding its private capital platform with a clear focus. A dedicated fundraising team of four senior professionals is now in place, including a new head of International Capital Formation, with the primary near-term raise aimed at multifamily strategies.</p>
<div class="lb-trans"><p>为了捕捉更多基于费用的增长，公司正在扩展其私人资本平台，明确聚焦。现在有一个由四名高级专业人士组成的专门筹款团队，包括一位新的国际资本形成负责人，近期的主要筹款目标是多家庭策略。</p>
</div><h2>Recurring Revenue Pressure Emerges</h2>
<div class="lb-trans"><h2>经常性收入压力显现</h2>
</div><p>Despite the strategic progress, RMR faces a visible downtick in recurring service revenues near term. These revenues fell sequentially to about $43 million, down around $2.5 million, and are projected to slip further to roughly $41 million as the AlerisLife relationship winds down and SVC’s debt paydowns reduce fee bases.</p>
<div class="lb-trans"><p>尽管战略进展，RMR 面临经常性服务收入在短期内明显下降。这些收入环比下降至约 4300 万美元，减少约 250 万美元，预计随着 AlerisLife 关系的结束和 SVC 的债务偿还减少费用基础，进一步下降至约 4100 万美元。</p>
</div><h2>AlerisLife Exit Cuts Fee Income</h2>
<div class="lb-trans"><h2>AlerisLife 退出削减费用收入</h2>
</div><p>The wind-down of AlerisLife is now largely complete and removes a revenue contributor, albeit a modest one. RMR booked only around $400,000 of fees from AlerisLife this quarter, and management cautioned that the contract’s end will create a headwind for second-quarter fees and earnings.</p>
<div class="lb-trans"><p>AlerisLife 的结束现在基本完成，移除了一个收入贡献者，尽管是一个适度的。RMR 本季度仅从 AlerisLife 记录了约 40 万美元的费用，管理层警告合同的结束将对第二季度的费用和盈利造成压力。</p>
</div><h2>Guidance Signals Earnings Soft Patch</h2>
<div class="lb-trans"><h2>指引信号盈利软化</h2>
</div><p>Forward guidance underscored that near-term profits will come under pressure even as operations remain sound. RMR projected adjusted net income of $0.12–$0.14 per share and adjusted EBITDA of $17–$19 million next quarter, down from $0.20 and $19.5 million respectively, mainly due to lower service fees and seasonal factors.</p>
<div class="lb-trans"><p>前瞻性指引强调，尽管运营保持良好，短期内利润将面临压力。RMR 预计下季度调整后的净收入为每股 0.12–0.14 美元，调整后的 EBITDA 为 1700 万–1900 万美元，低于之前的 0.20 美元和 1950 万美元，主要由于服务费用降低和季节性因素。</p>
</div><h2>Wholly Owned Assets Weigh on GAAP Results</h2>
<div class="lb-trans"><h2>全资拥有的资产对 GAAP 结果造成压力</h2>
</div><p>The company also called out a mismatch between cash profitability and reported GAAP earnings from its owned real estate. While the wholly owned residential and retail portfolio is accretive to adjusted EBITDA and distributable earnings, depreciation and interest costs create a drag on adjusted net income until the assets are recycled into private capital vehicles.</p>
<div class="lb-trans"><p>公司还指出了自有房地产的现金盈利能力与报告的 GAAP 收益之间的不匹配。虽然全资拥有的住宅和零售组合对调整后的 EBITDA 和可分配收益有积极贡献，但折旧和利息成本在资产转入私募资本工具之前对调整后的净收入造成了拖累。</p>
</div><h2>OPI Bankruptcy Adds Uncertainty</h2>
<div class="lb-trans"><h2>OPI 破产增加不确定性</h2>
</div><p>Office Properties Income Trust’s Chapter 11 filing remains an overhang and a swing factor investors must monitor. The bankruptcy process is ongoing with a potential resolution targeted later this year, and RMR acknowledged the related operational and recovery risks for assets, vendors and tenants tied to OPI.</p>
<div class="lb-trans"><p>办公物业收入信托的第 11 章申请仍然是一个悬而未决的问题，投资者必须关注这一波动因素。破产程序正在进行中，预计在今年晚些时候会有潜在的解决方案，RMR 承认与 OPI 相关的资产、供应商和租户的运营和恢复风险。</p>
</div><h2>Seven Hills Raise Shows Commitment but Needs Support</h2>
<div class="lb-trans"><h2>Seven Hills 增资显示承诺但需要支持</h2>
</div><p>The Seven Hills rights offering was not fully subscribed in the market, requiring RMR to step in. About 73.2% of the 7.5 million offered shares were taken up by existing holders, leaving roughly 2 million shares that RMR purchased for $17.4 million to complete the process and signal confidence in the platform.</p>
<div class="lb-trans"><p>Seven Hills 的权利发行在市场上并未完全认购，迫使 RMR 介入。约 73.2% 的 750 万股发行股份被现有持有者认购，剩余约 200 万股由 RMR 以 1740 万美元购买，以完成该过程并传达对平台的信心。</p>
</div><h2>Higher Interest, Taxes and Seasonal Fee Headwinds</h2>
<div class="lb-trans"><h2>更高的利息、税收和季节性费用压力</h2>
</div><p>Management also flagged incremental drags from higher financing and tax costs and some seasonal fee declines. Quarterly interest expense rose to $2.6 million on a full period of leveraged residential acquisitions, while the tax rate is expected to climb from 14.8% to roughly 17% as lower construction supervision fees and trustee grants weigh on income.</p>
<div class="lb-trans"><p>管理层还指出了更高的融资和税收成本以及一些季节性费用下降带来的额外拖累。由于全期杠杆住宅收购，季度利息支出上升至 260 万美元，而税率预计将从 14.8% 上升至大约 17%，因为较低的施工监督费用和受托人补助对收入造成压力。</p>
</div><h2>Forward Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指引和展望</h2>
</div><p>Looking ahead, RMR expects adjusted EBITDA of $17–$19 million and distributable earnings of $0.41–$0.43 per share next quarter, supported by approximately $41 million of recurring service revenues. The company sees some offset from an estimated $800,000 quarterly EBITDA lift from higher dividends at Seven Hills and projects stable compensation and G&amp;A, while liquidity of nearly $150 million provides a buffer against these short-term earnings pressures.</p>
<div class="lb-trans"><p>展望未来，RMR 预计下季度调整后的 EBITDA 为 1700 万至 1900 万美元，每股可分配收益为 0.41 至 0.43 美元，支持来自约 4100 万美元的经常性服务收入。公司预计 Seven Hills 的更高股息将带来约 80 万美元的季度 EBITDA 提升，并预计薪酬和一般管理费用保持稳定，而近 1.5 亿美元的流动性为应对这些短期收益压力提供了缓冲。</p>
</div><p>RMR’s earnings call painted a picture of a manager executing well on balance sheet repair and asset optimization, even as fee income temporarily softens. Investors will need to balance the short-term hit to earnings from AlerisLife, OPI and lower recurring revenues against tangible progress in deleveraging, leasing and private capital expansion, which collectively underpin a constructive medium-term story.</p>
<div class="lb-trans"><p>RMR 的财报电话会议描绘了一个在资产负债表修复和资产优化方面表现良好的管理者的形象，即使费用收入暂时减弱。投资者需要在 AlerisLife、OPI 和较低的经常性收入对收益的短期影响与去杠杆、租赁和私募资本扩张的实质性进展之间取得平衡，这些因素共同支撑了中期的积极前景。</p>
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RMR 集团的财报电话会议在实力与压力之间取得了平衡