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:
Business management fees (1)	General and administrative expenses	$	3,023	$	3,115

Pursuant to property management agreement:
Property management fees (2)	Other operating expenses	$	2,961	$	2,874
Construction supervision fees	Buildings and improvements (3)	124		307
		$	3,085	$	3,181
Expense reimbursement:
Property level expenses	Other operating expenses	$	5,196	$	5,488
Other reimbursed expenses	General and administrative expenses	44		50
		$	5,240	$	5,538

(1)The net business management fees we recognized for the three months ended March 31, 2026 and 2025 each reflect a reduction of $151 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 three months ended March 31, 2026 and 2025 each reflect a reduction of $121 for the amortization of the liability we recorded in connection with our former investment in RMR Inc.

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