Business and Property Management Agreements with RMR (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Business Management Fees, Property Management Fees and Construction Supervision Fees Recognized

For the three months ended March 31, 2026 and 2025, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:


	Financial Statement	Three Months Ended March 31,
	Line Item	2026		2025
Pursuant to business management agreement:
Net business management fees (1)	General and administrative	$	6,182	$	6,930

Pursuant to property management agreement:
Property management fees	Net lease operating expenses	$	2,771	$	2,087
Construction supervision fees	Buildings, improvements and equipment (2)	128		657
		$	2,899	$	2,744



Expense reimbursement	Net lease operating expenses, general and administrative, and buildings, improvements and equipment (2)	$	1,094	$	1,195

(1)The net business management fees we recognized for each of the three months ended March 31, 2026 and 2025, reflect a reduction of $896 for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc.

(2)Amounts capitalized as buildings, improvements and equipment are depreciated over the estimated useful lives of the related assets.