v3.26.1
Business and Property Management Agreements with RMR (Tables)
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
For the three months ended June 30, 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:
SuccessorPredecessor
Financial Statement Line ItemPeriod from June 18 through June 30, 2026Period from April 1 through June 17, 2026Three Months Ended June 30, 2025
Pursuant to business management agreement:
Business management fees (1)
General and administrative expenses$583 $2,664 $3,036 
Pursuant to property management agreement:
Property management fees (2)
Other operating expenses$456 $2,664 $2,822 
Construction supervision fees
Buildings and improvements (3)
7 77 342 
$463 $2,741 $3,164 
Expense reimbursement:
Property level expensesOther operating expenses$741 $4,147 $5,681 
Other reimbursed expensesGeneral and administrative expenses— 44 51 
$741 $4,191 $5,732 
(1)Predecessor periods above reflect a reduction of $127 in 2026 and $151 in 2025 for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc.
(2)Predecessor periods above reflect a reduction of $102 in 2026 and $121 in 2025 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.
For the six months ended June 30, 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:
SuccessorPredecessor
Period from June 18 through June 30, 2026Period from January 1 through June 17, 2026Six Months Ended June 30, 2025
Financial Statement Line Item
Pursuant to business management agreement:
Business management fees (1)
General and administrative expenses$583 $5,687 $6,151 
Pursuant to property management agreement:
Property management fees (2)
Other operating expenses$456 $5,625 $5,696 
Construction supervision fees
Buildings and improvements (3)
7 201 649 
$463 $5,826 $6,345 
Expense reimbursement:
Property level expensesOther operating expenses$741 $9,343 $11,169 
Other reimbursed expensesGeneral and administrative expenses— 88 101 
$741 $9,431 $11,270 
(1)Predecessor periods above reflect a reduction of $278 in 2026 and $302 in 2025 for the amortization of the liability we recorded in connection with our former investment in RMR Inc.
(2)Predecessor periods above reflect a reduction of $223 in 2026 and $242 in 2025 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.
Pursuant to our lease agreements with RMR, we recognized rental income from RMR for the three and six months ended June 30, 2026 and 2025 as follows:
SuccessorPredecessor
Period from June 18 through June 30, 2026Period from April 1 through June 17, 2026Three Months Ended June 30, 2025
Rental income from RMR for leased space$30 $164 $232 
SuccessorPredecessor
Period from June 18 through June 30, 2026Period from January 1 through June 17, 2026Six Months Ended June 30, 2025
Rental income from RMR for leased space$30 $344 $433