v3.26.1
Business and Property Management Agreements with RMR (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
For the years ended December 31, 2025 and 2024, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows:
Year Ended December 31,
20252024
Pursuant to business management agreement:
Business management fees (1)
$12,252 $13,145 
Pursuant to property management agreement:
Property management fees (2)
$11,256 $13,584 
Construction supervision fees1,250 2,872 
$12,506 $16,456 
Expense Reimbursement:
Property level expenses
$20,779 $25,797 
(1)The net business management fees we recognized for the years ended December 31, 2025 and 2024 each reflect a reduction of $603 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 fees we recognized for the years ended December 31, 2025 and 2024 each reflect a reduction of $484 for the amortization of the liability we recorded in connection with our former investment in RMR Inc.