We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to the property level operations of many of our properties, including our medical office and life science properties, and major renovation or repositioning activities at our senior living communities that we may request RMR to manage from time to time. See Note 11 for further information regarding our relationship, agreements and transactions with RMR.

Business Management Agreements with RMR. Pursuant to our business management agreement and in accordance with GAAP, we accrued estimated incentive management fees during the three and six months ended June 30, 2026 and 2025. The actual amount of incentive management fees incurred for 2026, if any, will be based on our common share total return, as defined in our business management agreement, for the three-year period ending December 31, 2026, and will be payable to RMR in January 2027. We incurred a $17,905 incentive management fee pursuant to our business management agreement for the year ended December 31, 2025. We paid this incentive management fee to RMR in January 2026.

Expense Reimbursement. We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR's employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR's employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR's centralized accounting personnel, our share of RMR's costs for providing our internal audit function, or as otherwise agreed. Our property level operating expenses are generally incorporated into the rents charged to our tenants, including certain payroll and related costs incurred by RMR.

For the three and six months ended June 30, 2026 and 2025, the business management fees, incentive management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:


		Three Months				Six Months
	Financial Statement	Ended June 30,				Ended June 30,
	Line Item	2026		2025		2026		2025
Pursuant to business management agreement:
Business management fees	General and administrative expenses (1)	$	4,901	$	3,741	$	9,178	$	7,550
Incentive management fees	General and administrative expenses	9,993		4,148		16,621		6,555
Total		$	14,894	$	7,889	$	25,799	$	14,105

Pursuant to property management agreement (2):
Property management fees	Property operating expenses	$	985	$	1,192	$	1,987	$	2,456
Construction supervision fees	Building and improvements (3)	307		208		632		434
Total		$	1,292	$	1,400	$	2,619	$	2,890

Expense reimbursement:
Property level expenses	Property operating expenses	$	2,279	$	3,318	$	4,596	$	7,059
Other expenses	General and administrative expenses	44		50		88		100
Total		$	2,323	$	3,368	$	4,684	$	7,159

(1)The net business management fees we recognized reflect a reduction of $743 for each of the three months ended June 30, 2026 and 2025, and $1,487 for each of the six months ended June 30, 2026 and 2025, for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc., as further described in Note 11.

(2)The net property management and construction supervision fees we recognized reflect a reduction of $199 for each of the three months ended June 30, 2026 and 2025, and $398 for each of the six months ended June 30, 2026 and 2025, for the amortization of the liability we recorded in connection with our former investment in RMR Inc., as further described in Note 11.

Management Agreements between our Joint Ventures and RMR. We have two separate joint venture arrangements with third party institutional investors, the Seaport JV and the LSMD JV. RMR provides management services to both of these joint ventures. Our joint ventures are not our consolidated subsidiaries and, as a result, we are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides regarding the joint ventures.