The RMR Group Inc. (RMR) 10-Q 8 Aug 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2018	Aug. 07, 2018
Entity Registrant Name	RMR Group Inc.
Entity Central Index Key	1,644,378
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Class A common shares
Entity Common Stock, Shares Outstanding		15,174,463
Class B-1 common shares
Entity Common Stock, Shares Outstanding		1,000,000
Class B-2 common shares
Entity Common Stock, Shares Outstanding		15,000,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Current assets:
Cash and cash equivalents	$ 280,518	$ 108,640
Due from related parties	24,262	25,161
Prepaid and other current assets	10,067	7,092
Total current assets	314,847	140,893
Total property and equipment, net	2,713	3,276
Due from related parties, net of current portion	6,672	7,551
Equity method investments	11,420	12,162
Goodwill	1,859	1,859
Intangible assets, net of amortization	396	462
Deferred tax asset	24,788	45,541
Other assets, net of amortization	164,914	171,975
Total assets	527,609	383,719
Current liabilities:
Accounts payable and accrued expenses	51,015	26,414
Total current liabilities	51,015	26,414
Long term portion of deferred rent payable, net of current portion	1,184	1,028
Amounts due pursuant to tax receivable agreement, net of current portion	34,354	59,063
Employer compensation liability, net of current portion	6,672	7,551
Total liabilities	93,225	94,056
Commitments and contingencies
Equity:
Additional paid in capital	98,531	95,878
Retained earnings	174,693	86,836
Cumulative other comprehensive income	81	84
Cumulative common distributions	(45,423)	(33,298)
Total shareholders’ equity	227,913	149,531
Noncontrolling interest	206,471	140,132
Total equity	434,384	289,663
Total liabilities and equity	527,609	383,719
Class A common shares
Equity:
Common stock	15	15
Class B-1 common shares
Equity:
Common stock	1	1
Class B-2 common shares
Equity:
Common stock	$ 15	$ 15

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Sep. 30, 2017
Common stock, shares authorized	15,000,000,000
Class A common shares
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	31,600,000	31,600,000
Common stock, shares issued	15,174,463	15,174,463
Common stock, shares outstanding	15,174,463	15,174,463
Class B-1 common shares
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000	1,000,000
Common stock, shares issued	1,000,000	1,000,000
Common stock, shares outstanding	1,000,000	1,000,000
Class B-2 common shares
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	15,000,000	15,000,000
Common stock, shares outstanding	15,000,000	15,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 62,084	$ 55,502	$ 339,906	$ 215,092
Expenses:
Compensation and benefits	28,606	23,731	82,876	68,746
Equity based compensation	2,347	1,038	6,285	3,804
Separation costs	1,739	0	1,875	0
Total compensation and benefits expense	32,692	24,769	91,036	72,550
General and administrative	6,551	6,779	20,281	19,073
Transaction and acquisition related costs	775	1,760	917	2,453
Depreciation and amortization	244	467	996	1,550
Total expenses	40,262	33,775	113,230	95,626
Operating income (loss)	21,822	21,727	226,676	119,466
Interest and other income	1,223	402	3,083	1,059
Tax receivable agreement remeasurement	0	0	24,710	0
Income before income tax expense and equity in earnings (losses) of investee	23,045	22,129	254,469	120,525
Income tax expense	(3,462)	(4,528)	(55,486)	(24,811)
Equity in income (losses) of investees	(134)	4	(568)	(161)
Net income (loss)	19,449	17,605	198,415	95,553
Net income attributable to noncontrolling interest	(11,068)	(10,748)	(110,558)	(58,303)
Net income attributable to RMR Inc.	8,381	6,857	87,857	37,250
Other comprehensive (loss) income:
Foreign currency translation adjustments	(3)	1	(5)	0
Other comprehensive (loss) income	(3)	1	(5)	0
Comprehensive income	19,446	17,606	198,410	95,553
Comprehensive income attributable to noncontrolling interest	(11,067)	(10,748)	(110,556)	(58,303)
Comprehensive income attributable to RMR Inc.	$ 8,379	$ 6,858	$ 87,854	$ 37,250
Weighted average common shares outstanding - basic (in shares)	16,087	16,037	16,072	16,029
Weighted average common shares outstanding - diluted (in shares)	16,135	16,058	16,111	16,044
Net income attributable to RMR Inc. per common share - basic (in dollars per share)	$ 0.52	$ 0.43	$ 5.43	$ 2.32
Net income attributable to RMR Inc. per common share - diluted (in dollars per share)	$ 0.52	$ 0.43	$ 5.42	$ 2.31
Management services
Revenues:
Revenue	$ 47,328	$ 44,644	$ 142,457	$ 130,629
Incentive business management fees
Revenues:
Revenue	0	0	155,881	52,407
Reimbursable payroll related and other costs
Revenues:
Revenue	13,711	9,839	38,076	29,023
Advisory services
Revenues:
Revenue	$ 1,045	$ 1,019	$ 3,492	$ 3,033

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Shareholders' Equity - 9 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Common sharesClass A common shares	Common sharesClass B-1 common shares	Common sharesClass B-2 common shares	Additional Paid In Capital	Retained Earnings	Cumulative Other Comprehensive Income (Loss)	Cumulative Common Distributions	Total Shareholders' Equity	Noncontrolling Interest
Balance beginning at Sep. 30, 2017	$ 289,663	$ 15	$ 1	$ 15	$ 95,878	$ 86,836	$ 84	$ (33,298)	$ 149,531	$ 140,132
Increase (Decrease) in Shareholders' Equity
Share grants, net	2,653				2,653				2,653
Net income	198,415					87,857			87,857	110,558
Fees from services provided prior to the Up-C Transaction	(127)									(127)
Tax distributions to Member	(32,840)									(32,840)
Common share distributions	(23,375)							(12,125)	(12,125)	(11,250)
Other comprehensive loss	(5)						(3)		(3)	(2)
Balance ending at Jun. 30, 2018	$ 434,384	$ 15	$ 1	$ 15	$ 98,531	$ 174,693	$ 81	$ (45,423)	$ 227,913	$ 206,471

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:
Net income	$ 198,415	$ 95,553
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	996	1,550
Straight line office rent	156	197
Amortization expense related to other asset	7,062	7,062
Deferred income taxes	20,753	2,487
Operating expenses paid in RMR Inc. common shares	2,781	1,021
Contingent consideration liability	(491)	(456)
Tax receivable agreement remeasurement	(24,710)	0
Distribution from equity method investments	174	70
Equity in losses of investees	568	161
Changes in assets and liabilities:
Due from related parties	(2,857)	(5,779)
Prepaid and other current assets	(2,975)	(3,617)
Accounts payable and accrued expenses	28,824	24,682
Net cash from operating activities	228,696	122,931
Cash Flows from Investing Activities:
Purchase of property and equipment	(470)	(604)
Net cash used in investing activities	(470)	(604)
Cash Flows from Financing Activities:
Distributions to noncontrolling interest	(44,090)	(38,383)
Distributions to common shareholders	(12,125)	(12,065)
Repurchase of common shares	(128)	0
Net cash used in financing activities	(56,343)	(50,448)
Effect of exchange rate fluctuations on cash and cash equivalents	(5)	(1)
Increase in cash and cash equivalents	171,878	71,878
Cash and cash equivalents at beginning of period	108,640	65,833
Cash and cash equivalents at end of period	280,518	137,711
Supplemental cash flow information:
Income taxes paid	$ 30,174	$ 23,336

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The RMR Group Inc., or RMR Inc., is a holding company and substantially all of its business is conducted by its majority owned subsidiary The RMR Group LLC, or RMR LLC. RMR Inc. is a Maryland corporation and RMR LLC is a Maryland limited liability company. RMR Inc. serves as the sole managing member of RMR LLC and, in that capacity, operates and controls the business and affairs of RMR LLC. In these financial statements, unless otherwise indicated, "we", "us" and "our" refer to RMR Inc. and its direct and indirect subsidiaries, including RMR LLC. As of June 30, 2018 , RMR Inc. owned 15,174,463 class A membership units of RMR LLC, or Class A Units, and 1,000,000 class B membership units of RMR LLC, or Class B Units. The aggregate RMR LLC membership units RMR Inc. owns represented 51.9% of the economic interest of RMR LLC as of June 30, 2018 . We refer to economic interest as the right of a holder of a Class A Unit or Class B Unit to share in distributions made by RMR LLC and, upon liquidation, dissolution or winding up of RMR LLC, to share in the assets of RMR LLC after payments to creditors. A wholly owned subsidiary of ABP Trust, a Maryland statutory trust, owns 15,000,000 redeemable Class A Units, representing 48.1% of the economic interest of RMR LLC as of June 30, 2018 , which is presented as a noncontrolling interest within the condensed consolidated financial statements. Adam D. Portnoy, one of our Managing Directors, is the sole trustee of of our controlling shareholder, ABP Trust, and owns a majority of ABP Trust's voting securities. RMR LLC was founded in 1986 to manage public investments in real estate and, as of June 30, 2018 , managed a diverse portfolio of publicly owned real estate and real estate related businesses. RMR LLC provides management services to: Government Properties Income Trust, or GOV, a publicly traded real estate investment trust, or REIT, that primarily owns properties located throughout the United States that are majority leased to government tenants and office properties in the metropolitan Washington, D.C. market area that are leased to government and private sector tenants; Hospitality Properties Trust, or HPT, a publicly traded REIT that primarily owns hotel and travel center properties; Industrial Logistics Properties Trust, or ILPT, a publicly traded REIT that primarily owns and leases industrial and logistics properties; Select Income REIT, or SIR, a publicly traded REIT that primarily owns properties that are leased to single tenants; and Senior Housing Properties Trust, or SNH, a publicly traded REIT that primarily owns senior living, medical office and life science properties. GOV, HPT, ILPT, SIR and SNH are collectively referred to as the Managed Equity REITs. RMR LLC also provides management services to other publicly traded and private businesses, including: Five Star Senior Living Inc., or Five Star, a publicly traded operator of senior living communities, many of which are owned by SNH; Sonesta International Hotels Corporation, or Sonesta, a privately owned franchisor and operator of hotels, resorts and cruise ships in the United States, Latin America, the Caribbean and the Middle East, some of whose U.S. hotels are owned by HPT; and TravelCenters of America LLC, or TA, an operator and franchisor of travel centers along the U.S. Interstate Highway System, many of which are owned by HPT, convenience stores with retail gas stations and restaurants. Hereinafter, Five Star, Sonesta and TA are collectively referred to as the Managed Operators. In addition, RMR LLC also provides management services to certain related private companies, including Affiliates Insurance Company, or AIC, an Indiana insurance company, and ABP Trust and its subsidiaries (ABP Trust and its subsidiaries are collectively referred to as ABP Trust). RMR Advisors LLC, or RMR Advisors, an investment adviser registered with the Securities and Exchange Commission, or SEC, was founded in 2002. RMR Advisors is a wholly owned subsidiary of RMR LLC and is the adviser to RMR Real Estate Income Fund, or RIF. RIF is a closed end investment company focused on investing in real estate securities, including REITs and other dividend paying securities, but excluding our Client Companies, as defined below. Tremont Realty Advisors LLC, or Tremont Advisors, an investment adviser registered with the SEC, was founded in 2016 in connection with the acquisition of certain assets of Tremont Realty Capital LLC, or the Tremont business. Tremont Advisors is a wholly owned subsidiary of RMR LLC that manages a private fund created for an institutional investor and other separately managed accounts that invest in commercial real estate debt, including secured mortgage debt, mezzanine financings and commercial real estate that may become owned by its clients. Tremont Advisors also manages Tremont Mortgage Trust, or TRMT, a publicly traded mortgage real estate investment trust that completed its initial public offering on September 18, 2017, or the TRMT IPO. TRMT focuses primarily on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate. In these financial statements, we refer to the Managed Equity REITs, the Managed Operators, RIF, TRMT, AIC, ABP Trust and the clients of the Tremont business as our Client Companies. We refer to the Managed Equity REITs and TRMT collectively as the Managed REITs. The accompanying condensed consolidated financial statements of RMR Inc. are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017, or our Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Reclassifications have been made to the prior year's condensed consolidated financial statements to conform to the current year's presentation. Preparation of these financial statements in conformity with GAAP requires our management to make certain estimates and assumptions that may affect the amounts reported in these financial statements and related notes. The actual results could differ from these estimates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-09, Revenue from Contracts with Customers . The main provision of ASU No. 2014-09 is to recognize revenue when control of the goods or services transfers to the customer, as opposed to the existing guidance of recognizing revenue when the risk and rewards transfer to the customer. The effective date for this ASU is for interim and annual reporting periods beginning after December 15, 2017. We plan to adopt ASU No. 2014-09 using the modified retrospective approach on October 1, 2018. We do not expect the adoption of this ASU to have a material impact on net income, though we are continuing our evaluation, most notably regarding the updated principal versus agent guidance within ASU 2014-09. In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU No. 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The effective date for RMR will be the first day of fiscal year 2020 and we are continuing to assess the potential impact the adoption of ASU No. 2016-02 will have on our condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 will become effective for fiscal years beginning after December 15, 2019. We are continuing to assess this guidance, but we have not historically experienced credit losses from our Client Companies and do not expect the adoption of ASU No. 2016-13 to have a material impact on our condensed consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-7, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. ASU No. 2018-7 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We are currently assessing the potential impact the adoption of ASU No. 2018-7 will have in our condensed consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Jun. 30, 2018
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition Revenues from services that we provide are recognized as earned in accordance with contractual agreements. Business Management Fees—Managed Equity REITs We earn annual base business management fees from the Managed Equity REITs pursuant to business management agreements equal to the lesser of: • the sum of (a) 0.5% of the historical cost of transferred real estate assets, if any, as defined in the applicable business management agreement, plus (b) 0.7% of the average invested capital (exclusive of the transferred real estate assets), as defined in the applicable business management agreement, up to $250,000 , plus (c) 0.5% of the average invested capital exceeding $250,000 ; and • the sum of (a) 0.7% of the average market capitalization, as defined in the applicable business management agreement, up to $250,000 , plus (b) 0.5% of the average market capitalization exceeding $250,000 . The foregoing base business management fees are paid monthly in arrears, based on the lower of the Managed Equity REIT’s monthly average historical costs of assets under management and average market capitalization during the month. For purposes of these fees, a Managed Equity REIT’s assets under management do not include shares it owns of another Client Company. For the three months ended June 30, 2018 and 2017 , we earned aggregate base business management fees from the Managed Equity REITs of $29,555 and $28,643 , respectively. For the nine months ended June 30, 2018 and 2017 , we earned aggregate base business management fees from the Managed Equity REITs of $89,590 and $84,816 , respectively. Incentive Business Management Fees—Managed Equity REITs We also may earn annual incentive business management fees from the Managed Equity REITs under the business management agreements. The incentive business management fees are contingent performance based fees which are only recognized when earned at the end of each respective measurement period. The incentive fees are calculated for each Managed Equity REIT as 12.0% of the product of (a) the equity market capitalization of the Managed Equity REIT, as defined in the applicable business management agreement, on the last trading day of the year immediately prior to the relevant measurement period and (b) the amount, expressed as a percentage, by which the Managed Equity REIT’s total return per share, as defined in the applicable business management agreement, exceeded the applicable benchmark total return per share, as defined in the applicable business management agreement, of a specified REIT index identified in the applicable business management agreement for the measurement period, as adjusted for net share issuances during the period and subject to caps on the values of the incentive fees. The measurement periods for the annual incentive business management fees in respect of calendar years 2017 and 2016 were the three calendar year periods that ended on December 31, 2017 and 2016, respectively. The annual incentive business management fees for calendar 2018 will be based on the three calendar year periods ended December 31, 2018, except for ILPT, whose annual incentive business management fee will be based on a shorter period subsequent to its initial public offering (January 12, 2018 through the calendar year ended December 31, 2018). For the nine months ended June 30, 2018 and 2017 , we recognized aggregate incentive business management fees earned from the Managed Equity REITs of $155,881 and $52,407 , respectively. Incentive business management fees were recognized as earned in the three months ended December 31, 2017 and 2016 as they relate to the calendar years 2017 and 2016 , respectively. Business Management Fees—Managed Operators, ABP Trust and AIC We earn business management fees from the Managed Operators and ABP Trust pursuant to business management agreements equal to 0.6% of: (i) in the case of Five Star, Five Star’s revenues from all sources reportable under GAAP, less any revenues reportable by Five Star with respect to properties for which it provides management services, plus the gross revenues at those properties determined in accordance with GAAP, (ii) in the case of Sonesta, Sonesta’s revenues from all sources reportable under GAAP, less any revenues reportable by Sonesta with respect to hotels for which it provides management services, plus the gross revenues at those hotels determined in accordance with GAAP, (iii) in the case of TA, the sum of TA’s gross fuel margin, as defined in the applicable agreement, plus TA’s total nonfuel revenues and (iv) in the case of ABP Trust, revenues from all sources reportable under GAAP. These fees are estimated and payable monthly in advance. We earn business management fees from AIC pursuant to a management agreement equal to 3.0% of its total premiums paid under active insurance underwritten or arranged by AIC. We earned aggregate business management fees from the Managed Operators, ABP Trust and AIC of $7,094 and $6,650 for the three months ended June 30, 2018 and 2017 , respectively, and $20,432 and $19,372 for the nine months ended June 30, 2018 and 2017 , respectively. Property Management Fees We earned property management fees pursuant to property management agreements with certain Client Companies. We generally earn fees under these agreements for property management services equal to 3.0% of gross collected rents. Also, under the terms of the property management agreements, we receive additional property management fees for construction supervision in connection with certain construction activities undertaken at the managed properties equal to 5.0% of the cost of such construction. We earned aggregate property management fees of $10,485 and $9,238 for the three months ended June 30, 2018 and 2017 , respectively, and $31,853 and $26,089 for the nine months ended June 30, 2018 and 2017 , respectively. Reimbursable Payroll Related and Other Costs Pursuant to certain of our management agreements, the companies to which we provide management services pay or reimburse us for expenses incurred on their behalf. We present certain payroll related and other cost reimbursements we receive as revenue. A significant portion of these reimbursable payroll related and other costs arise from services we provide pursuant to our property management agreements that are charged or passed through to, and paid by, tenants of our Client Companies. We realized reimbursable payroll related and other costs of $13,711 and $9,839 for the three months ended June 30, 2018 and 2017 , respectively, and $38,076 and $29,023 for the nine months ended June 30, 2018 and 2017 , respectively. Our reimbursable payroll related and other costs include grants of common shares from Client Companies directly to certain of our officers and employees in connection with the provision of management services to those companies. The revenue in respect of each grant is based on the fair value as of the grant date for those shares that have vested, with subsequent changes in the fair value of the unvested grants being recognized in our condensed consolidated statements of comprehensive income over the requisite service periods. We record an equal offsetting amount as equity based compensation expense for all of our payroll related and other cost revenues. We realized equity based compensation expense and related reimbursements of $2,033 and $892 for the three months ended June 30, 2018 and 2017 , respectively, and $4,368 and $3,386 for the nine months ended June 30, 2018 and 2017 , respectively. Advisory Services and Other Agreements RMR Advisors is compensated pursuant to its agreement with RIF at an annual rate of 0.85% of RIF’s average daily managed assets, as defined in the agreement. Average daily managed assets includes the net asset value attributable to RIF’s outstanding common shares, plus the liquidation preference of RIF’s outstanding preferred shares, plus the principal amount of any borrowings, including from banks or evidenced by notes, commercial paper or other similar instruments issued by RIF. RMR Advisors earned advisory services revenue of $706 and $613 for the three months ended June 30, 2018 and 2017 , respectively, and $2,134 and $1,826 for the nine months ended June 30, 2018 and 2017 , respectively. Tremont Advisors is primarily compensated pursuant to its management agreement with TRMT at an annual rate of 1.5% of TRMT's equity, as defined in the agreement. Tremont Advisors may also earn an incentive fee under this management agreement beginning in the fourth quarter of calendar year 2018 equal to the difference between: (a) the product of (i) 20% and (ii) the difference between (A) TRMT’s core earnings, as defined in the agreement, for the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (B) the product of (1) TRMT’s equity in the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (2) 7% per year and (b) the sum of any incentive fees paid to Tremont Advisors with respect to the first three calendar quarters of the most recent 12 month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No incentive fee shall be payable with respect to any calendar quarter unless TRMT’s core earnings for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters from the date of the completion of the TRMT IPO) in the aggregate is greater than zero. The incentive fee may not be less than zero. In June 2018, Tremont Advisors agreed to waive any business management fees otherwise due and payable by TRMT pursuant to the management agreement for the period beginning July 1, 2018 until June 30, 2020. In addition, no incentive fee will be paid or payable by TRMT to Tremont Advisors for the 2018 or 2019 calendar years. Tremont Advisors earned advisory services revenue of $339 and $406 for the three months ended June 30, 2018 and 2017 , respectively, and $1,358 and $1,207 for the nine months ended June 30, 2018 and 2017 , respectively. The Tremont business also acts as a transaction originator for non-investment advisory clients for negotiated fees. The Tremont business earned between 0.50% and 1.0% of the aggregate principal amounts of any loans so originated. The Tremont business earned fees for such origination services of $194 and $113 for the three months ended June 30, 2018 and 2017 , respectively, and $582 and $352 for the nine months ended June 30, 2018 and 2017 , respectively, which amounts are included in management services revenue in our condensed consolidated statements of comprehensive income.

Equity Investments

Equity Investments	9 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments	Equity Investments As of June 30, 2018 , Tremont Advisors owned 600,100 , or approximately 19.1% , of TRMT's common shares, with a carrying value of $11,420 and a market value, based on quoted market prices, of $7,891 ( $13.15 per share). We account for our investment in TRMT using the equity method of accounting because we are deemed to exert significant influence over, but not control, TRMT's most significant activities. Our share of net losses from our investment in TRMT included in equity in losses of investees in our condensed consolidated statements of comprehensive income for the three and nine months ended June 30, 2018 was $136 and $535 , respectively. We also have a 0.5% general partnership interest in a private fund created for an institutional investor that is managed by Tremont Advisors. This private fund is winding down and our carrying value is zero at June 30, 2018 . We account for this investment under the equity method of accounting and record our share of the investment's earnings or losses each period. Our share of net gains from the private fund for the three months ended June 30, 2018 was $2 and our share of net losses from the private fund for the nine months ended June 30, 2018 was $33 , both of which are included in equity in losses of investees in our condensed consolidated statements of comprehensive income. In addition, the private fund made distributions to its partners for which our share for the three and nine months ended June 30, 2018 was $31 and $174 , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are the sole managing member of RMR LLC. RMR LLC is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, RMR LLC is generally not subject to U.S. federal and most state income taxes. Any taxable income or loss generated by RMR LLC is passed through to and included in the taxable income or loss of its members, including RMR Inc. and ABP Trust, based on each member’s respective ownership percentage. We are a corporation subject to U.S. federal and state income tax with respect to our allocable share of any taxable income of RMR LLC and its tax consolidated subsidiaries. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act, or the Tax Act. The Tax Act significantly revised the U.S. corporate income tax system, by among other things, lowering corporate income tax rates. Since we have a September 30 fiscal year end, the lower corporate income tax rate of 21.0% will be phased in, resulting in a federal statutory tax rate of approximately 24.5% for our fiscal year ending September 30, 2018, and the new corporate income tax rate of 21.0% for subsequent fiscal years thereafter. The Tax Act reduction in the corporate income tax rate also caused us to adjust our deferred tax asset to the lower federal base rates, resulting in an increase in income tax expense of $19,817 , or $1.23 per share, for the nine months ended June 30, 2018 . For the three months ended June 30, 2018 and 2017 , we recognized estimated income tax expense of $3,462 and $4,528 , respectively, which includes $2,688 and $3,978 , respectively, of U.S. federal income tax and $774 and $550 , respectively, of state income taxes. For the nine months ended June 30, 2018 and 2017 , we recognized estimated income tax expense of $55,486 and $24,811 , respectively, which includes $43,225 and $21,797 , respectively, of U.S. federal income tax and $12,261 and $3,014 , respectively, of state income taxes. We will monitor future interpretations of the Tax Act as they develop and accordingly, our estimates may change. A reconciliation of the statutory income tax rate to the effective tax rate is as follows: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Income taxes computed at the federal statutory rate 24.5 % 35.0 % 24.5 % 35.0 % State taxes, net of federal benefit 2.3 % 2.5 % 2.5 % 2.5 % Tax Cuts and Jobs Act transitional impact (1) — % — % 7.8 % — % Permanent items (2) — % — % (2.3 )% — % Net income attributable to noncontrolling interest (11.8 )% (17.0 )% (10.7 )% (16.9 )% Total 15.0 % 20.5 % 21.8 % 20.6 % (1) Transitional impact is the $19,817 adjustment to our deferred tax asset due to the reduction in our corporate income tax rate under the Tax Act. (2) Permanent items include the $24,710 reduction in our liability related to the tax receivable agreement with ABP Trust discussed in Note 7. ASC 740, Income Taxes , provides a model for how a company should recognize, measure and present in its financial statements uncertain tax positions that have been taken or are expected to be taken with respect to all open years and in all significant jurisdictions. Pursuant to this topic, we recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that is greater than 50% likely of being realized upon settlement. As of June 30, 2018 and September 30, 2017 , we had no uncertain tax positions.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of June 30, 2018 and September 30, 2017 , the fair values of our financial instruments, which include cash and cash equivalents, amounts due from related parties and accounts payable and accrued expenses, were not materially different from their carrying values due to the short term nature of these financial instruments. Recurring Fair Value Measures On a recurring basis we measure certain financial assets and financial liabilities at fair value based upon quoted market prices. ASC 820, Fair Value Measurements , establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1), and the lowest priority to unobservable inputs (Level 3). A financial asset’s or financial liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Level 1 Estimates The following are our assets and liabilities that all have been measured at fair value using Level 1 inputs in the fair value hierarchy as of June 30, 2018 and September 30, 2017 : June 30, September 30, 2018 2017 Money market funds included in cash and cash equivalents $ 278,433 $ 104,700 Current portion of due from related parties related to share based payment awards 1,281 4,910 Long term portion of due from related parties related to share based payment awards 6,672 7,551 Current portion of employer compensation liability related to share based payment awards included in accounts payable and accrued expenses 1,281 4,910 Long term portion of employer compensation liability related to share based payment awards 6,672 7,551 Level 3 Estimates Contingent consideration liabilities are re-measured to fair value each reporting period using updated probabilities of payment. Projected contingent payment amounts are discounted back to the current period using a discounted cash flow model. Increases or decreases in probabilities of payment may result in significant changes in the fair value measurements. In August 2016, we acquired the Tremont business for total cash consideration of $2,466 , plus contingent consideration of up to an additional $1,270 payable over a two year period following the acquisition date. The contingent consideration is measured at fair value using an income approach valuation technique, specifically with probability weighted and discounted cash flows. The fair value of the contingent consideration as of June 30, 2018 and September 30, 2017 was $5 and $591 , respectively, and is included in accounts payable and accrued expenses on our condensed consolidated balance sheets. We recognized a gain of $491 as part of remeasuring the contingent consideration for the nine months ended June 30, 2018 that are included in interest and other income on our condensed consolidated statements of comprehensive income.

Related Person Transactions

Related Person Transactions	9 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions Adam D. Portnoy, one of our Managing Directors, is the sole trustee of our controlling shareholder, ABP Trust, and owns a majority of ABP Trust's voting securities. As of June 30, 2018 , Adam D. Portnoy beneficially owned, in aggregate, directly and indirectly through ABP Trust, (i) 165,365 shares of Class A common stock of RMR Inc., or Class A Common Shares; (ii) all of the outstanding shares of Class B-1 common stock of RMR Inc., or Class B-1 Common Shares; (iii) all of the outstanding shares of Class B-2 common stock of RMR Inc., or Class B-2 Common Shares; and (iv) 15,000,000 Class A Units of RMR LLC. Adam D. Portnoy and Jennifer B. Clark, our other Managing Director, are also officers of ABP Trust and RMR Inc. and officers and employees of RMR LLC. Adam D. Portnoy is a Managing Trustee or Managing Director of each of the Managed REITs, Five Star and TA, and he is an owner and Director of Sonesta. Jennifer B. Clark is a Managing Trustee of SNH and a Director of Sonesta. Other officers of ours serve as Managing Trustees or Managing Directors of certain of the Managed REITs and TA. As of June 30, 2018 , GOV, HPT, SIR and SNH owned 1,214,225 , 2,503,777 , 1,586,836 and 2,637,408 of our Class A Common Shares, respectively, and Adam D. Portnoy beneficially owned, in aggregate, directly and indirectly through ABP Trust, 36.4% of Five Star’s outstanding common shares, 1.9% of GOV’s common shares, 1.5% of HPT’s outstanding common shares, less than 1% of ILPT’s outstanding common shares, 2.0% of SIR’s outstanding common shares, 1.3% of SNH’s outstanding common shares, 2.2% of RIF’s outstanding common shares and less than 1% of TA’s outstanding common shares and we owned (through Tremont Advisors) 19.1% of TRMT's outstanding common shares. All of the executive officers of the Managed REITs and AIC and many of the executive officers of the Managed Operators and RIF are also officers of RMR LLC. Additional information about our related person transactions appears in Note 8 below and in our 2017 Annual Report. Revenues from Related Parties For the three and nine months ended June 30, 2018 and 2017 , we recognized revenues from related parties as set forth in the following table: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 $ % $ % $ % $ % Managed Equity REITs: GOV $ 13,508 21.8 % $ 9,139 16.4 % $ 40,248 11.8 % $ 26,302 12.3 % HPT 10,803 17.5 10,636 19.2 106,926 31.5 84,156 39.1 ILPT 3,744 6.0 — — 6,735 2.0 — — SIR 8,448 13.6 11,089 20.0 53,987 15.9 33,108 15.4 SNH 15,364 24.7 15,653 28.2 101,806 30.0 45,433 21.1 51,867 83.6 46,517 83.8 309,702 91.2 188,999 87.9 Managed Operators: Five Star 2,383 3.8 2,439 4.4 7,462 2.2 7,206 3.4 Sonesta 836 1.3 671 1.2 2,099 0.6 1,745 0.8 TA 4,052 6.6 3,659 6.6 11,307 3.3 10,822 5.0 7,271 11.7 6,769 12.2 20,868 6.1 19,773 9.2 Other: ABP Trust 1,258 2.0 1,024 1.9 3,868 1.1 2,755 1.3 AIC 60 0.1 60 0.1 180 0.1 180 0.1 RIF 706 1.1 613 1.1 2,134 0.6 1,826 0.8 TRMT 639 1.0 — — 1,986 0.6 — — 2,663 4.2 1,697 3.1 8,168 2.4 4,761 2.2 Total revenues from related parties 61,801 99.5 54,983 99.1 338,738 99.7 213,533 99.3 Other unrelated parties 283 0.5 519 0.9 1,168 0.3 1,559 0.7 $ 62,084 100.0 % $ 55,502 100.0 % $ 339,906 100.0 % $ 215,092 100.0 % On December 31, 2017, RMR LLC earned incentive business management fees from HPT, SIR and SNH of $74,572 , $25,569 and $55,740 , respectively, pursuant to its business management agreements with HPT, SIR and SNH. HPT, SIR and SNH paid these incentive fees to us in January 2018. On December 31, 2016, RMR LLC earned a $52,407 incentive business management fee from HPT pursuant to its business management agreement with HPT. HPT paid this incentive fee to us in January 2017. All of these incentive fees are included in the table above. These incentive fees are calculated annually at the end of each calendar year. Amounts Due From Related Parties The following table represents amounts due from related parties as of the dates indicated: June 30, September 30, 2018 2017 Managed Equity REITs: GOV $ 7,707 $ 6,369 HPT 6,557 7,968 ILPT 1,449 — SIR 5,107 7,351 SNH 8,111 9,550 28,931 31,238 Managed Operators: Five Star 292 305 Sonesta 41 1 TA 668 444 1,001 750 Other Client Companies: ABP Trust 680 551 AIC 20 22 RIF 63 36 TRMT 239 115 1,002 724 $ 30,934 $ 32,712 Leases As of June 30, 2018 , RMR LLC leased from ABP Trust and certain Managed Equity REITs office space for use as our headquarters and local offices. We incurred rental expense under related party leases aggregating $1,274 and $1,056 for the three months ended June 30, 2018 and 2017 , respectively, and $3,558 and $3,165 for the nine months ended June 30, 2018 and 2017 , respectively. Tax Related Payments Pursuant to our tax receivable agreement with ABP Trust, RMR Inc. pays to ABP Trust 85.0% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that RMR Inc. realizes as a result of (a) the increases in tax basis attributable to our dealings with ABP Trust and (b) tax benefits related to imputed interest deemed to be paid by us as a result of the tax receivable agreement. In connection with the Tax Act and the resulting lower corporate income tax rates applicable to RMR Inc., we remeasured the amounts due pursuant to our tax receivable agreement with ABP Trust and reduced our liability by $24,710 , or $1.53 per share, which is presented on our condensed consolidated statements of comprehensive income for the nine months ended June 30, 2018 as tax receivable agreement remeasurement. As of June 30, 2018 , our condensed consolidated balance sheet reflects a liability related to the tax receivable agreement of $37,289 , including $2,935 classified as a current liability that we expect to pay to ABP Trust during the fourth quarter of fiscal year 2018. Under the RMR LLC operating agreement, RMR LLC is also required to make certain pro rata distributions to each member of RMR LLC quarterly on the basis of the assumed tax liabilities of its members. For the nine months ended June 30, 2018 and 2017 , pursuant to the RMR LLC operating agreement, RMR LLC made required quarterly tax distributions to holders of its membership units totaling $68,232 and $56,230 , respectively, of which $35,392 and $29,097 , respectively, was distributed to us and $32,840 and $27,133 , respectively, was distributed to ABP Trust, based on each membership unit holder’s respective ownership percentage. The amounts distributed to us were eliminated in our condensed consolidated financial statements, and the amounts distributed to ABP Trust were recorded as a reduction of its noncontrolling interest. We used funds from these distributions to pay certain of our U.S. federal and state income tax liabilities and to pay part of our obligations under the tax receivable agreement. Other On July 31, 2018, RMR LLC entered into a transaction agreement pursuant to which RMR LLC is committing to contribute up to $100,000 and ABP Trust is contributing $206,000 of owned office properties to a newly formed private open end real estate fund, the RMR Office Property Fund LP, or the Fund. The Fund will be focused on the acquisition, ownership and leasing of a diverse portfolio of commercial office properties throughout the United States. The Fund’s General Partner will be a wholly owned subsidiary of ABP Trust and RMR LLC and ABP Trust will be limited partners of the Fund. RMR LLC will manage the Fund and it will receive annual fund administration fees equal to 1.0% of the Fund's net asset value. In addition, RMR LLC will receive property management fees equal to 3.0% of all rents collected from commercial real estate investments and 5.0% of costs of construction or any improvement at commercial real estate investments held by the Fund. On March 29, 2018, David J. Hegarty announced his resignation from his position as an Executive Vice President of RMR LLC and as president and chief operating officer of SNH effective April 30, 2018. In connection with his retirement, RMR LLC entered into a retirement agreement with Mr. Hegarty on March 29, 2018. Pursuant to his retirement agreement, Mr. Hegarty will remain an employee of RMR LLC until September 30, 2018 or such earlier date as he may elect. Under Mr. Hegarty’s retirement agreement, RMR LLC paid him $1,250 following his resignation as an Executive Vice President of RMR LLC on April 30, 2018 and it will make another cash payment to him in the amount of $1,250 following his resignation as an employee of RMR LLC, subject to RMR LLC’s receipt of a waiver and release. We will recognize these cash payments, net of amounts previously accrued, over Mr. Hegarty's remaining service period as Executive Vice President of RMR LLC, with the costs presented as separation costs on our condensed consolidated statements of comprehensive income. In addition, all of our unvested Class A Common Shares previously awarded to Mr. Hegarty will fully accelerate upon the date of his retirement from RMR LLC, subject to conditions. For the three and nine months ended June 30, 2018 , we recorded $55 and $371 in equity based compensation expense, respectively, related to Mr. Hegarty's retirement agreement. Effective December 31, 2017 , Thomas M. O’Brien resigned from his position as an Executive Vice President and employee of RMR LLC and as president, chief executive officer and a managing director of TA. In connection with Mr. O’Brien’s resignation, RMR LLC and TA entered into a retirement agreement with Mr. O’Brien on November 29, 2017. Under Mr. O'Brien's retirement agreement, all 5,600 of our unvested Class A Common Shares previously awarded to Mr. O’Brien were fully accelerated on December 31, 2017 , and we recorded $332 , the aggregate value of those shares on such date, as equity based compensation expense for the three months ended December 31, 2017 .

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Distributions On November 16, 2017 , we paid a quarterly dividend on our Class A Common Shares and Class B-1 Common Shares, in the amount of $0.25 per Class A Common Share and Class B-1 Common Share, or $4,041 . This dividend was paid to our shareholders of record as of the close of business on October 23, 2017 . This dividend was funded by a distribution from RMR LLC to holders of its membership units in the amount of $0.25 per unit, or $7,791 , of which $4,041 was distributed to us based on our then aggregate ownership of 16,164,066 membership units of RMR LLC and $3,750 was distributed to ABP Trust based on its ownership of 15,000,000 membership units of RMR LLC. On February 22, 2018 , we paid a quarterly dividend on our Class A Common Shares and Class B-1 Common Shares, in the amount of $0.25 per Class A Common Share and Class B-1 Common Share, or $4,040 . This dividend was paid to our shareholders of record as of the close of business on January 29, 2018 . This dividend was funded by a distribution from RMR LLC to holders of its membership units in the amount of $0.25 per unit, or $7,790 , of which $4,040 was distributed to us based on our then aggregate ownership of 16,162,338 membership units of RMR LLC and $3,750 was distributed to ABP Trust based on its ownership of 15,000,000 membership units of RMR LLC. On May 17, 2018 , we paid a quarterly dividend on our Class A Common Shares and Class B-1 Common Shares, in the amount of 0.25 per Class A Common Share and Class B-1 Common Share, or $4,044 . This dividend was paid to our shareholders of record as of the close of business on April 30, 2018 . This dividend was funded by a distribution from RMR LLC to holders of its membership units in the amount of $0.25 per unit, or $7,794 , of which $4,044 was distributed to us based on our then aggregate ownership of 16,174,463 membership units of RMR LLC and $3,750 was distributed to ABP Trust based on its ownership of 15,000,000 membership units of RMR LLC. On July 19, 2018 , we declared a quarterly dividend on our Class A Common Shares and Class B-1 Common Shares payable to our shareholders of record as of July 30, 2018 , in the amount of $0.25 per Class A Common Share and Class B-1 Common Share, or $4,044 . This dividend will be funded by a distribution from RMR LLC to holders of its membership units in the amount of $0.25 per unit, or $7,794 , of which $4,044 will be distributed to us based on our expected then aggregate ownership of 16,174,463 membership units of RMR LLC and $3,750 will be distributed to ABP Trust based on its ownership of 15,000,000 membership units of RMR LLC. We expect to pay this dividend on or about August 16, 2018 .

Per Common Share Amounts

Per Common Share Amounts	9 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Per Common Share Amounts	Per Common Share Amounts Earnings per common share reflects net income attributable to RMR Inc. divided by our weighted average common shares outstanding. Basic and diluted weighted average common shares outstanding represents our outstanding Class A Common Shares and our Class B-1 Common Shares during the applicable periods. Our Class B-2 Common Shares, which are paired with ABP Trust’s Class A Units, have no independent economic interest in RMR Inc. and thus are not included as common shares outstanding for purposes of calculating our net income attributable to RMR Inc. per share. Unvested Class A Common Shares granted to our employees are deemed participating securities for purposes of calculating earnings per common share, as they have dividend rights. We calculate earnings per share using the two-class method. Under the two-class method, we allocate earnings proportionately to vested Class A Common Shares and Class B-1 Common Shares outstanding and unvested Class A Common Shares outstanding for the period. Earnings attributable to unvested Class A Common Shares are excluded from earnings per share under the two-class method as reflected in our condensed consolidated statements of comprehensive income. The calculation of basic and diluted earnings per share is as follows: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Basic EPS Numerator: Net income attributable to RMR Inc. $ 8,381 $ 6,857 $ 87,857 $ 37,250 Income attributable to unvested participating securities (45 ) (25 ) (518 ) (135 ) Net income attributable to RMR Inc. used in calculating basic EPS $ 8,336 $ 6,832 $ 87,339 $ 37,115 Denominator: Weighted average common shares outstanding - basic 16,087 16,037 16,072 16,029 Net income attributable to RMR Inc. per common share - basic $ 0.52 $ 0.43 $ 5.43 $ 2.32 Diluted EPS Numerator: Net income attributable to RMR Inc. $ 8,381 $ 6,857 $ 87,857 $ 37,250 Income attributable to unvested participating securities (45 ) (25 ) (518 ) (135 ) Net income attributable to RMR Inc. used in calculating diluted EPS $ 8,336 $ 6,832 $ 87,339 $ 37,115 Denominator: Weighted average common shares outstanding - basic 16,087 16,037 16,072 16,029 Dilutive effect of incremental unvested shares 48 21 39 15 Weighted average common shares outstanding - diluted 16,135 16,058 16,111 16,044 Net income attributable to RMR Inc. per common share - diluted $ 0.52 $ 0.43 $ 5.42 $ 2.31 The 15,000,000 Class A Units that we do not own may be redeemed for our Class A Common Shares on a one for one basis, or upon such redemption, we may elect to pay cash instead of issuing Class A Common Shares. Upon redemption of a Class A Unit, our Class B-2 Common Shares “paired” with such unit is canceled for no additional consideration. If all outstanding Class A Units that we do not own had been redeemed for our Class A Common Shares in the periods presented, our Class A Common Shares outstanding as of June 30, 2018 , would have been 30,174,463 . In computing the dilutive effect, if any, that the aforementioned redemption would have on earnings per share, we considered that net income available to holders of our Class A Common Shares would increase due to elimination of the noncontrolling interest (including any tax impact). For the periods presented, such redemption is not reflected in diluted earnings per share as the assumed redemption would be anti-dilutive.

Net Income Attributable to RMR

Net Income Attributable to RMR Inc	9 Months Ended
	Jun. 30, 2018
Net Income Attributable to RMR Inc.
Net Income Attributable to RMR Inc.	Net Income Attributable to RMR Inc. Net income attributable to RMR Inc. for the three and nine months ended June 30, 2018 and 2017 , is calculated as follows: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Income before income tax expense and equity in losses of investees $ 23,045 $ 22,129 $ 254,469 $ 120,525 Add: RMR Inc. franchise tax expense and interest income 91 147 375 456 Less: tax receivable agreement remeasurement — — (24,710 ) — Less: equity in losses of investees (134 ) 4 (568 ) (161 ) Less: fees from services provided prior to the UP-C Transaction — — (127 ) — Net income before noncontrolling interest 23,002 22,280 229,439 120,820 Less: noncontrolling interest (11,068 ) (10,748 ) (110,431 ) (58,303 ) Net income attributable to RMR Inc. before income tax expense 11,934 11,532 119,008 62,517 Add: tax receivable agreement remeasurement — — 24,710 — Less: income tax expense attributable to RMR Inc. (3,462 ) (4,528 ) (55,486 ) (24,811 ) Less: RMR Inc. franchise tax expense and interest income (91 ) (147 ) (375 ) (456 ) Net income attributable to RMR Inc. $ 8,381 $ 6,857 $ 87,857 $ 37,250

Segment Reporting

Segment Reporting	9 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have one separately reportable business segment, which is RMR LLC. In the tables below, our All Other Operations includes the operations of RMR Inc., RMR Advisors and Tremont Advisors. Three Months Ended June 30, 2018 All Other RMR LLC (1) Operations Total Revenues: Management services $ 47,328 $ — $ 47,328 Reimbursable payroll related and other costs 13,078 633 13,711 Advisory services — 1,045 1,045 Total revenues 60,406 1,678 62,084 Expenses: Compensation and benefits 27,047 1,559 28,606 Equity based compensation 2,333 14 2,347 Separation costs 1,739 — 1,739 Total compensation and benefits expense 31,119 1,573 32,692 General and administrative 5,665 886 6,551 Transaction and acquisition related costs 775 — 775 Depreciation and amortization 222 22 244 Total expenses 37,781 2,481 40,262 Operating income (loss) 22,625 (803 ) 21,822 Interest and other income 1,085 138 1,223 Income (loss) before income tax expense and equity in losses of investees 23,710 (665 ) 23,045 Income tax expense — (3,462 ) (3,462 ) Equity in losses of investees (2 ) (132 ) (134 ) Net income (loss) $ 23,708 $ (4,259 ) $ 19,449 Total Assets: $ 460,596 $ 67,013 $ 527,609 (1) Intersegment revenues of $995 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements. Nine Months Ended June 30, 2018 All Other RMR LLC (1) Operations Total Revenues: Management services $ 142,457 $ — $ 142,457 Incentive business management fees 155,881 — 155,881 Reimbursable payroll related and other costs 36,193 1,883 38,076 Advisory services — 3,492 3,492 Total revenues 334,531 5,375 339,906 Expenses: Compensation and benefits 78,415 4,461 82,876 Equity based compensation 6,244 41 6,285 Separation costs 1,875 — 1,875 Total compensation and benefits expense 86,534 4,502 91,036 General and administrative 17,343 2,938 20,281 Transaction and acquisition related costs 775 142 917 Depreciation and amortization 931 65 996 Total expenses 105,583 7,647 113,230 Operating income (loss) 228,948 (2,272 ) 226,676 Interest and other income 2,810 273 3,083 Tax receivable agreement remeasurement — 24,710 24,710 Income before income tax expense and equity in losses of investees 231,758 22,711 254,469 Income tax expense — (55,486 ) (55,486 ) Equity in losses of investees $ 33 $ (601 ) $ (568 ) Net income (loss) $ 231,791 $ (33,376 ) $ 198,415 Total Assets: $ 460,596 $ 67,013 $ 527,609 (1) Intersegment revenues of $2,972 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements. Three Months Ended June 30, 2017 All Other RMR LLC (1) Operations Total Revenues: Management services $ 44,644 $ — $ 44,644 Reimbursable payroll related and other costs 9,839 — 9,839 Advisory services — 1,019 1,019 Total revenues 54,483 1,019 55,502 Expenses: Compensation and benefits 23,050 681 23,731 Equity based compensation 1,038 — 1,038 Total compensation and benefits expense 24,088 681 24,769 General and administrative 6,297 482 6,779 Transaction and acquisition related costs 1,760 — 1,760 Depreciation and amortization 321 146 467 Total expenses 32,466 1,309 33,775 Operating income (loss) 22,017 (290 ) 21,727 Interest and other income 377 25 402 Income (loss) before income tax expense and equity in losses of investees 22,394 (265 ) 22,129 Income tax expense — (4,528 ) (4,528 ) Equity in losses of investees $ — $ 4 $ 4 Net income (loss) $ 22,394 $ (4,789 ) $ 17,605 Total Assets: $ 344,738 $ 59,250 $ 403,988 (1) Intersegment revenues of $221 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements. Nine Months Ended June 30, 2017 All Other RMR LLC (1) Operations Total Revenues: Management services $ 130,629 $ — $ 130,629 Incentive business management fees 52,407 — 52,407 Reimbursable payroll related and other costs 29,023 — 29,023 Advisory services — 3,033 3,033 Total revenues 212,059 3,033 215,092 Expenses: Compensation and benefits 67,038 1,708 68,746 Equity based compensation 3,804 — 3,804 Total compensation and benefits expense 70,842 1,708 72,550 General and administrative 18,086 987 19,073 Transaction and acquisition related costs 2,453 — 2,453 Depreciation and amortization 1,072 478 1,550 Total expenses 92,453 3,173 95,626 Operating income (loss) 119,606 (140 ) 119,466 Interest and other income 657 402 1,059 Income before income tax expense and equity in losses of investees 120,263 262 120,525 Income tax expense — (24,811 ) (24,811 ) Equity in losses of investees $ — $ (161 ) $ (161 ) Net income (loss) $ 120,263 $ (24,710 ) $ 95,553 Total Assets: $ 344,738 $ 59,250 $ 403,988 (1) Intersegment revenues of $872 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements.

Recent Accounting Pronounceme18

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-09, Revenue from Contracts with Customers . The main provision of ASU No. 2014-09 is to recognize revenue when control of the goods or services transfers to the customer, as opposed to the existing guidance of recognizing revenue when the risk and rewards transfer to the customer. The effective date for this ASU is for interim and annual reporting periods beginning after December 15, 2017. We plan to adopt ASU No. 2014-09 using the modified retrospective approach on October 1, 2018. We do not expect the adoption of this ASU to have a material impact on net income, though we are continuing our evaluation, most notably regarding the updated principal versus agent guidance within ASU 2014-09. In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU No. 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The effective date for RMR will be the first day of fiscal year 2020 and we are continuing to assess the potential impact the adoption of ASU No. 2016-02 will have on our condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 will become effective for fiscal years beginning after December 15, 2019. We are continuing to assess this guidance, but we have not historically experienced credit losses from our Client Companies and do not expect the adoption of ASU No. 2016-13 to have a material impact on our condensed consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-7, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. ASU No. 2018-7 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We are currently assessing the potential impact the adoption of ASU No. 2018-7 will have in our condensed consolidated financial statements.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of reconciliation of the statutory income tax rate to the effective tax rate	A reconciliation of the statutory income tax rate to the effective tax rate is as follows: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Income taxes computed at the federal statutory rate 24.5 % 35.0 % 24.5 % 35.0 % State taxes, net of federal benefit 2.3 % 2.5 % 2.5 % 2.5 % Tax Cuts and Jobs Act transitional impact (1) — % — % 7.8 % — % Permanent items (2) — % — % (2.3 )% — % Net income attributable to noncontrolling interest (11.8 )% (17.0 )% (10.7 )% (16.9 )% Total 15.0 % 20.5 % 21.8 % 20.6 % (1) Transitional impact is the $19,817 adjustment to our deferred tax asset due to the reduction in our corporate income tax rate under the Tax Act. (2) Permanent items include the $24,710 reduction in our liability related to the tax receivable agreement with ABP Trust discussed in Note 7.

Fair Value of Financial Instr20

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value	The following are our assets and liabilities that all have been measured at fair value using Level 1 inputs in the fair value hierarchy as of June 30, 2018 and September 30, 2017 : June 30, September 30, 2018 2017 Money market funds included in cash and cash equivalents $ 278,433 $ 104,700 Current portion of due from related parties related to share based payment awards 1,281 4,910 Long term portion of due from related parties related to share based payment awards 6,672 7,551 Current portion of employer compensation liability related to share based payment awards included in accounts payable and accrued expenses 1,281 4,910 Long term portion of employer compensation liability related to share based payment awards 6,672 7,551

Related Person Transactions (Ta

Related Person Transactions (Tables)	9 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Schedule of related party transactions	The following table represents amounts due from related parties as of the dates indicated: June 30, September 30, 2018 2017 Managed Equity REITs: GOV $ 7,707 $ 6,369 HPT 6,557 7,968 ILPT 1,449 — SIR 5,107 7,351 SNH 8,111 9,550 28,931 31,238 Managed Operators: Five Star 292 305 Sonesta 41 1 TA 668 444 1,001 750 Other Client Companies: ABP Trust 680 551 AIC 20 22 RIF 63 36 TRMT 239 115 1,002 724 $ 30,934 $ 32,712 For the three and nine months ended June 30, 2018 and 2017 , we recognized revenues from related parties as set forth in the following table: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 $ % $ % $ % $ % Managed Equity REITs: GOV $ 13,508 21.8 % $ 9,139 16.4 % $ 40,248 11.8 % $ 26,302 12.3 % HPT 10,803 17.5 10,636 19.2 106,926 31.5 84,156 39.1 ILPT 3,744 6.0 — — 6,735 2.0 — — SIR 8,448 13.6 11,089 20.0 53,987 15.9 33,108 15.4 SNH 15,364 24.7 15,653 28.2 101,806 30.0 45,433 21.1 51,867 83.6 46,517 83.8 309,702 91.2 188,999 87.9 Managed Operators: Five Star 2,383 3.8 2,439 4.4 7,462 2.2 7,206 3.4 Sonesta 836 1.3 671 1.2 2,099 0.6 1,745 0.8 TA 4,052 6.6 3,659 6.6 11,307 3.3 10,822 5.0 7,271 11.7 6,769 12.2 20,868 6.1 19,773 9.2 Other: ABP Trust 1,258 2.0 1,024 1.9 3,868 1.1 2,755 1.3 AIC 60 0.1 60 0.1 180 0.1 180 0.1 RIF 706 1.1 613 1.1 2,134 0.6 1,826 0.8 TRMT 639 1.0 — — 1,986 0.6 — — 2,663 4.2 1,697 3.1 8,168 2.4 4,761 2.2 Total revenues from related parties 61,801 99.5 54,983 99.1 338,738 99.7 213,533 99.3 Other unrelated parties 283 0.5 519 0.9 1,168 0.3 1,559 0.7 $ 62,084 100.0 % $ 55,502 100.0 % $ 339,906 100.0 % $ 215,092 100.0 %

Per Common Share Amounts (Table

Per Common Share Amounts (Tables)	9 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method	The calculation of basic and diluted earnings per share is as follows: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Basic EPS Numerator: Net income attributable to RMR Inc. $ 8,381 $ 6,857 $ 87,857 $ 37,250 Income attributable to unvested participating securities (45 ) (25 ) (518 ) (135 ) Net income attributable to RMR Inc. used in calculating basic EPS $ 8,336 $ 6,832 $ 87,339 $ 37,115 Denominator: Weighted average common shares outstanding - basic 16,087 16,037 16,072 16,029 Net income attributable to RMR Inc. per common share - basic $ 0.52 $ 0.43 $ 5.43 $ 2.32 Diluted EPS Numerator: Net income attributable to RMR Inc. $ 8,381 $ 6,857 $ 87,857 $ 37,250 Income attributable to unvested participating securities (45 ) (25 ) (518 ) (135 ) Net income attributable to RMR Inc. used in calculating diluted EPS $ 8,336 $ 6,832 $ 87,339 $ 37,115 Denominator: Weighted average common shares outstanding - basic 16,087 16,037 16,072 16,029 Dilutive effect of incremental unvested shares 48 21 39 15 Weighted average common shares outstanding - diluted 16,135 16,058 16,111 16,044 Net income attributable to RMR Inc. per common share - diluted $ 0.52 $ 0.43 $ 5.42 $ 2.31
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method	The calculation of basic and diluted earnings per share is as follows: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Basic EPS Numerator: Net income attributable to RMR Inc. $ 8,381 $ 6,857 $ 87,857 $ 37,250 Income attributable to unvested participating securities (45 ) (25 ) (518 ) (135 ) Net income attributable to RMR Inc. used in calculating basic EPS $ 8,336 $ 6,832 $ 87,339 $ 37,115 Denominator: Weighted average common shares outstanding - basic 16,087 16,037 16,072 16,029 Net income attributable to RMR Inc. per common share - basic $ 0.52 $ 0.43 $ 5.43 $ 2.32 Diluted EPS Numerator: Net income attributable to RMR Inc. $ 8,381 $ 6,857 $ 87,857 $ 37,250 Income attributable to unvested participating securities (45 ) (25 ) (518 ) (135 ) Net income attributable to RMR Inc. used in calculating diluted EPS $ 8,336 $ 6,832 $ 87,339 $ 37,115 Denominator: Weighted average common shares outstanding - basic 16,087 16,037 16,072 16,029 Dilutive effect of incremental unvested shares 48 21 39 15 Weighted average common shares outstanding - diluted 16,135 16,058 16,111 16,044 Net income attributable to RMR Inc. per common share - diluted $ 0.52 $ 0.43 $ 5.42 $ 2.31

Net Income Attributable to RM23

Net Income Attributable to RMR Inc (Tables)	9 Months Ended
	Jun. 30, 2018
Net Income Attributable to RMR Inc.
Schedule of net income attributable to parent	Net income attributable to RMR Inc. for the three and nine months ended June 30, 2018 and 2017 , is calculated as follows: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Income before income tax expense and equity in losses of investees $ 23,045 $ 22,129 $ 254,469 $ 120,525 Add: RMR Inc. franchise tax expense and interest income 91 147 375 456 Less: tax receivable agreement remeasurement — — (24,710 ) — Less: equity in losses of investees (134 ) 4 (568 ) (161 ) Less: fees from services provided prior to the UP-C Transaction — — (127 ) — Net income before noncontrolling interest 23,002 22,280 229,439 120,820 Less: noncontrolling interest (11,068 ) (10,748 ) (110,431 ) (58,303 ) Net income attributable to RMR Inc. before income tax expense 11,934 11,532 119,008 62,517 Add: tax receivable agreement remeasurement — — 24,710 — Less: income tax expense attributable to RMR Inc. (3,462 ) (4,528 ) (55,486 ) (24,811 ) Less: RMR Inc. franchise tax expense and interest income (91 ) (147 ) (375 ) (456 ) Net income attributable to RMR Inc. $ 8,381 $ 6,857 $ 87,857 $ 37,250

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of segment reporting information	Three Months Ended June 30, 2017 All Other RMR LLC (1) Operations Total Revenues: Management services $ 44,644 $ — $ 44,644 Reimbursable payroll related and other costs 9,839 — 9,839 Advisory services — 1,019 1,019 Total revenues 54,483 1,019 55,502 Expenses: Compensation and benefits 23,050 681 23,731 Equity based compensation 1,038 — 1,038 Total compensation and benefits expense 24,088 681 24,769 General and administrative 6,297 482 6,779 Transaction and acquisition related costs 1,760 — 1,760 Depreciation and amortization 321 146 467 Total expenses 32,466 1,309 33,775 Operating income (loss) 22,017 (290 ) 21,727 Interest and other income 377 25 402 Income (loss) before income tax expense and equity in losses of investees 22,394 (265 ) 22,129 Income tax expense — (4,528 ) (4,528 ) Equity in losses of investees $ — $ 4 $ 4 Net income (loss) $ 22,394 $ (4,789 ) $ 17,605 Total Assets: $ 344,738 $ 59,250 $ 403,988 (1) Intersegment revenues of $221 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements. Nine Months Ended June 30, 2017 All Other RMR LLC (1) Operations Total Revenues: Management services $ 130,629 $ — $ 130,629 Incentive business management fees 52,407 — 52,407 Reimbursable payroll related and other costs 29,023 — 29,023 Advisory services — 3,033 3,033 Total revenues 212,059 3,033 215,092 Expenses: Compensation and benefits 67,038 1,708 68,746 Equity based compensation 3,804 — 3,804 Total compensation and benefits expense 70,842 1,708 72,550 General and administrative 18,086 987 19,073 Transaction and acquisition related costs 2,453 — 2,453 Depreciation and amortization 1,072 478 1,550 Total expenses 92,453 3,173 95,626 Operating income (loss) 119,606 (140 ) 119,466 Interest and other income 657 402 1,059 Income before income tax expense and equity in losses of investees 120,263 262 120,525 Income tax expense — (24,811 ) (24,811 ) Equity in losses of investees $ — $ (161 ) $ (161 ) Net income (loss) $ 120,263 $ (24,710 ) $ 95,553 Total Assets: $ 344,738 $ 59,250 $ 403,988 (1) Intersegment revenues of $872 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements. Three Months Ended June 30, 2018 All Other RMR LLC (1) Operations Total Revenues: Management services $ 47,328 $ — $ 47,328 Reimbursable payroll related and other costs 13,078 633 13,711 Advisory services — 1,045 1,045 Total revenues 60,406 1,678 62,084 Expenses: Compensation and benefits 27,047 1,559 28,606 Equity based compensation 2,333 14 2,347 Separation costs 1,739 — 1,739 Total compensation and benefits expense 31,119 1,573 32,692 General and administrative 5,665 886 6,551 Transaction and acquisition related costs 775 — 775 Depreciation and amortization 222 22 244 Total expenses 37,781 2,481 40,262 Operating income (loss) 22,625 (803 ) 21,822 Interest and other income 1,085 138 1,223 Income (loss) before income tax expense and equity in losses of investees 23,710 (665 ) 23,045 Income tax expense — (3,462 ) (3,462 ) Equity in losses of investees (2 ) (132 ) (134 ) Net income (loss) $ 23,708 $ (4,259 ) $ 19,449 Total Assets: $ 460,596 $ 67,013 $ 527,609 (1) Intersegment revenues of $995 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements. Nine Months Ended June 30, 2018 All Other RMR LLC (1) Operations Total Revenues: Management services $ 142,457 $ — $ 142,457 Incentive business management fees 155,881 — 155,881 Reimbursable payroll related and other costs 36,193 1,883 38,076 Advisory services — 3,492 3,492 Total revenues 334,531 5,375 339,906 Expenses: Compensation and benefits 78,415 4,461 82,876 Equity based compensation 6,244 41 6,285 Separation costs 1,875 — 1,875 Total compensation and benefits expense 86,534 4,502 91,036 General and administrative 17,343 2,938 20,281 Transaction and acquisition related costs 775 142 917 Depreciation and amortization 931 65 996 Total expenses 105,583 7,647 113,230 Operating income (loss) 228,948 (2,272 ) 226,676 Interest and other income 2,810 273 3,083 Tax receivable agreement remeasurement — 24,710 24,710 Income before income tax expense and equity in losses of investees 231,758 22,711 254,469 Income tax expense — (55,486 ) (55,486 ) Equity in losses of investees $ 33 $ (601 ) $ (568 ) Net income (loss) $ 231,791 $ (33,376 ) $ 198,415 Total Assets: $ 460,596 $ 67,013 $ 527,609 (1) Intersegment revenues of $2,972 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements.

Basis of Presentation (Details)

Basis of Presentation (Details)	9 Months Ended
	Jun. 30, 2018shares
Class B membership units
Related Party Transaction [Line Items]
Membership units (in units)	1,000,000
RMR LLC
Related Party Transaction [Line Items]
Ownership percentage	51.90%
Class A common shares | Class A membership units
Related Party Transaction [Line Items]
Membership units (in units)	15,174,463,000
Capital Unit Redeemable Class A Units | ABP Trust
Related Party Transaction [Line Items]
Membership units (in units)	15,000,000
Ownership percentage	48.10%

Revenue Recognition - Managed E

Revenue Recognition - Managed Equity REITs (Details) - Managed REITs - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2018	Jun. 30, 2017
Business Management and Incentive Fees
Business management fees as a percentage of transferred real estate assets					0.50%
Business management fees as a percentage of average invested capital below the threshold limit					0.70%
Maximum threshold amount for calculating the business management fees	$ 250,000				$ 250,000
Business management fees as a percentage of average invested capital above the threshold limit					0.50%
Minimum threshold amount for calculating the business management fees	250,000				$ 250,000
Business management fees as a percent of average market capitalization below the threshold limit					0.70%
Business management fees as a percent of average market capitalization above the threshold limit					0.50%
Contingent incentive business management fee percentage					12.00%
Measurement period for calculating the annual incentive fee		3 years		3 years
Aggregate base business management fees	$ 29,555		$ 28,643		$ 89,590	$ 84,816
Aggregate incentive business management fees					$ 155,881	$ 52,407

Revenue Recognition - Business

Revenue Recognition - Business Management Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Managed Operators, ABP Trust and AIC
Related Party Transaction [Line Items]
Business management fee percent based on management agreements			0.60%
Aggregate business management fees	$ 7,094	$ 6,650	$ 20,432	$ 19,372
AIC
Related Party Transaction [Line Items]
Business management fee percent based on total premiums paid			3.00%

Revenue Recognition - Property

Revenue Recognition - Property Management Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Deferred Revenue Disclosure [Abstract]
Property management fee percent based on gross collected rents			3.00%
Property management fee percent based on the cost of construction			5.00%
Aggregate property management fees	$ 10,485	$ 9,238	$ 31,853	$ 26,089

Revenue Recognition - Reimbursa

Revenue Recognition - Reimbursable Payroll Related and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Equity based compensation expense and related reimbursements	$ 2,033	$ 892	$ 4,368	$ 3,386
Reimbursable payroll related and other costs
Disaggregation of Revenue [Line Items]
Revenue	$ 13,711	$ 9,839	$ 38,076	$ 29,023

Revenue Recognition - Advisory

Revenue Recognition - Advisory Agreements (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
RIF
Related Party Transaction [Line Items]
Advisory fee percent				0.85%
Tremont Advisors
Related Party Transaction [Line Items]
Business management fee percent based on management agreements				1.50%
Minimum | Tremont Advisors
Related Party Transaction [Line Items]
Advisory fee percentage based on aggregate principal amounts of loan originate				0.50%
Maximum | Tremont Advisors
Related Party Transaction [Line Items]
Advisory fee percentage based on aggregate principal amounts of loan originate				1.00%
Forecast | Tremont Advisors
Related Party Transaction [Line Items]
Advisory fee percent	20.00%
Advisory fee percentage	7.00%
Advisory services
Related Party Transaction [Line Items]
Revenue		$ 1,045	$ 1,019	$ 3,492	$ 3,033
Advisory services | RMR Advisors and Tremont Advisors
Related Party Transaction [Line Items]
Revenue		706	613	2,134	1,826
Advisory services | Tremont Advisors
Related Party Transaction [Line Items]
Revenue		339	406	1,358	1,207
Management services
Related Party Transaction [Line Items]
Revenue		47,328	44,644	142,457	130,629
Management services | Tremont Advisors
Related Party Transaction [Line Items]
Revenue		$ 194	$ 113	$ 582	$ 352

Equity Investments (Details)

Equity Investments (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 28, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 11,420		$ 11,420		$ 12,162
Equity in earnings (losses) of investees		$ (134)	$ 4	$ (568)	$ (161)
Tremont Mortgage Trust
Schedule of Equity Method Investments [Line Items]
Ownership percentage (for TA, less than)		19.10%		19.10%
Equity in earnings (losses) of investees		$ 2	$ (31)	$ (33)	$ (174)
Tremont Realty Capital LLC | General Partner
Schedule of Equity Method Investments [Line Items]
Ownership percentage acquired	0.50%
Tremont Advisors | Tremont Mortgage Trust
Schedule of Equity Method Investments [Line Items]
Number of shares owned (in shares)		600,100		600,100
Equity method investments		$ 11,420		$ 11,420
Quoted market value		$ 7,891		$ 7,891
Quoted market value (in dollars per share)		$ 13.15		$ 13.15
Equity in earnings (losses) of investees		$ (136)		$ (535)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2018
Income Tax Contingency [Line Items]
Income taxes computed at the federal statutory rate	24.50%	35.00%	24.50%	35.00%
Income tax expense	$ 3,462	$ 4,528	$ 55,486	$ 24,811
Net income attributable to RMR Inc. per common share - basic (in dollars per share)	$ 0.52	$ 0.43	$ 5.43	$ 2.32
Federal income tax expense	$ 2,688	$ 3,978	$ 43,225	$ 21,797
State income tax expense	774	550	12,261	3,014
Tax receivable agreement remeasurement	0	$ 0	24,710	$ 0
Adjustment For Tax Cuts And Jobs Act
Income Tax Contingency [Line Items]
Income tax expense			$ 19,817
Net income attributable to RMR Inc. per common share - basic (in dollars per share)			$ 1.23
Forecast
Income Tax Contingency [Line Items]
Income taxes computed at the federal statutory rate					24.50%
ABP Trust
Income Tax Contingency [Line Items]
Tax receivable agreement remeasurement	$ 24,710

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Rate (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income taxes computed at the federal statutory rate	24.50%	35.00%	24.50%	35.00%
State taxes, net of federal benefit	2.30%	2.50%	2.50%	2.50%
Tax Cuts and Jobs Act transitional impact	0.00%	0.00%	7.80%	0.00%
Permanent items	(0.00%)	(0.00%)	(2.30%)	(0.00%)
Net income attributable to noncontrolling interest	(11.80%)	(17.00%)	(10.70%)	(16.90%)
Total	15.00%	20.50%	21.80%	20.60%

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Details) - Recurring basis - Level 1 - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Schedule of assets and liabilities measured at fair value
Money market funds included in cash and cash equivalents	$ 278,433	$ 104,700
Current portion of due from related parties related to share based payment awards	1,281	4,910
Long term portion of due from related parties related to share based payment awards	6,672	7,551
Current portion of employer compensation liability related to share based payment awards included in accounts payable and accrued expenses	1,281	4,910
Long term portion of employer compensation liability related to share based payment awards	$ 6,672	$ 7,551

Fair Value of Financial Instr35

Fair Value of Financial Instruments - Additional Information (Details) - Tremont Realty Capital LLC - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 31, 2016	Jun. 30, 2018	Sep. 30, 2017
Business Acquisition [Line Items]
Cash consideration	$ 2,466
Contingent consideration	$ 1,270	$ 5	$ 591
Duration of potential earn out	2 years
Gain on contingent consideration		$ 491

Related Person Transactions - N

Related Person Transactions - Narrative (Details) - shares	Jun. 30, 2018	Sep. 30, 2017
ABP Trust | Class A common shares
Related Party Transaction [Line Items]
Common stock shares outstanding (in shares)	165,365,000
ABP Trust | Class A Units
Related Party Transaction [Line Items]
Common stock shares outstanding (in shares)	15,000,000
GOV | Class A common shares
Related Party Transaction [Line Items]
Shares owned (in shares)	1,214,225,000
HPT | Class A common shares
Related Party Transaction [Line Items]
Shares owned (in shares)	2,503,777,000
SIR | Class A common shares
Related Party Transaction [Line Items]
Shares owned (in shares)	1,586,836,000
SNH | Class A common shares
Related Party Transaction [Line Items]
Shares owned (in shares)	2,637,408,000
Class A common shares
Related Party Transaction [Line Items]
Common stock shares outstanding (in shares)	15,174,463	15,174,463
GOV
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	1.90%
HPT
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	1.50%
SIR
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	2.00%
SNH
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	1.30%
Five Star
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	36.40%
ILPT
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	1.00%
RIF
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	2.20%
TA
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	1.00%
TRMT
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	19.10%

Related Person Transactions - R

Related Person Transactions - Revenues from Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Revenue from related parties	$ 61,801	$ 54,983	$ 338,738	$ 213,533
Revenue from unrelated parties	283	519	1,168	1,559
Total revenues	$ 62,084	$ 55,502	$ 339,906	$ 215,092
Percentage of revenues from related parties	99.50%	99.10%	99.70%	99.30%
Percentage of revenues from unrelated parties	0.50%	0.90%	0.30%	0.70%
Percentage of revenue from related parties, net	100.00%	100.00%	100.00%	100.00%
Managed REITs
Related Party Transaction [Line Items]
Revenue from related parties	$ 51,867	$ 46,517	$ 309,702	$ 188,999
Percentage of revenues from related parties	83.60%	83.80%	91.20%	87.90%
GOV
Related Party Transaction [Line Items]
Revenue from related parties	$ 13,508	$ 9,139	$ 40,248	$ 26,302
Percentage of revenues from related parties	21.80%	16.40%	11.80%	12.30%
HPT
Related Party Transaction [Line Items]
Revenue from related parties	$ 10,803	$ 10,636	$ 106,926	$ 84,156
Percentage of revenues from related parties	17.50%	19.20%	31.50%	39.10%
ILPT
Related Party Transaction [Line Items]
Revenue from related parties	$ 3,744	$ 0	$ 6,735	$ 0
Percentage of revenues from related parties	6.00%	0.00%	2.00%	0.00%
SIR
Related Party Transaction [Line Items]
Revenue from related parties	$ 8,448	$ 11,089	$ 53,987	$ 33,108
Percentage of revenues from related parties	13.60%	20.00%	15.90%	15.40%
SNH
Related Party Transaction [Line Items]
Revenue from related parties	$ 15,364	$ 15,653	$ 101,806	$ 45,433
Percentage of revenues from related parties	24.70%	28.20%	30.00%	21.10%
Managed Operators
Related Party Transaction [Line Items]
Revenue from related parties	$ 7,271	$ 6,769	$ 20,868	$ 19,773
Percentage of revenues from related parties	11.70%	12.20%	6.10%	9.20%
Five Star
Related Party Transaction [Line Items]
Revenue from related parties	$ 2,383	$ 2,439	$ 7,462	$ 7,206
Percentage of revenues from related parties	3.80%	4.40%	2.20%	3.40%
Sonesta
Related Party Transaction [Line Items]
Revenue from related parties	$ 836	$ 671	$ 2,099	$ 1,745
Percentage of revenues from related parties	1.30%	1.20%	0.60%	0.80%
TA
Related Party Transaction [Line Items]
Revenue from related parties	$ 4,052	$ 3,659	$ 11,307	$ 10,822
Percentage of revenues from related parties	6.60%	6.60%	3.30%	5.00%
Other
Related Party Transaction [Line Items]
Revenue from related parties	$ 2,663	$ 1,697	$ 8,168	$ 4,761
Percentage of revenues from related parties	4.20%	3.10%	2.40%	2.20%
ABP Trust
Related Party Transaction [Line Items]
Revenue from related parties	$ 1,258	$ 1,024	$ 3,868	$ 2,755
Percentage of revenues from related parties	2.00%	1.90%	1.10%	1.30%
AIC
Related Party Transaction [Line Items]
Revenue from related parties	$ 60	$ 60	$ 180	$ 180
Percentage of revenues from related parties	0.10%	0.10%	0.10%	0.10%
RIF
Related Party Transaction [Line Items]
Revenue from related parties	$ 706	$ 613	$ 2,134	$ 1,826
Percentage of revenues from related parties	1.10%	1.10%	0.60%	0.80%
TRMT
Related Party Transaction [Line Items]
Revenue from related parties	$ 639	$ 0	$ 1,986	$ 0
Percentage of revenues from related parties	1.00%	0.00%	0.60%	0.00%

Related Person Transactions - A

Related Person Transactions - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
HPT
Related Party Transaction [Line Items]
Aggregate incentive business management fees	$ 74,572	$ 52,407
SNH
Related Party Transaction [Line Items]
Aggregate incentive business management fees	55,740
SIR
Related Party Transaction [Line Items]
Aggregate incentive business management fees	$ 25,569
ABP Trust and Managed REIT
Related Party Transaction [Line Items]
Rental expense			$ 1,274	$ 1,056	$ 3,558	$ 3,165

Related Person Transactions - D

Related Person Transactions - Due from/to Related Parties (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Due from related parties	$ 30,934	$ 32,712
Managed REITs
Related Party Transaction [Line Items]
Due from related parties	28,931	31,238
GOV
Related Party Transaction [Line Items]
Due from related parties	7,707	6,369
HPT
Related Party Transaction [Line Items]
Due from related parties	6,557	7,968
ILPT
Related Party Transaction [Line Items]
Due from related parties	1,449	0
SIR
Related Party Transaction [Line Items]
Due from related parties	5,107	7,351
SNH
Related Party Transaction [Line Items]
Due from related parties	8,111	9,550
Managed Operators
Related Party Transaction [Line Items]
Due from related parties	1,001	750
Five Star
Related Party Transaction [Line Items]
Due from related parties	292	305
Sonesta
Related Party Transaction [Line Items]
Due from related parties	41	1
TA
Related Party Transaction [Line Items]
Due from related parties	668	444
Other
Related Party Transaction [Line Items]
Due from related parties	1,002	724
ABP Trust
Related Party Transaction [Line Items]
Due from related parties	680	551
AIC
Related Party Transaction [Line Items]
Due from related parties	20	22
RIF
Related Party Transaction [Line Items]
Due from related parties	63	36
TRMT
Related Party Transaction [Line Items]
Due from related parties	$ 239	$ 115

Related Person Transactions - T

Related Person Transactions - Tax Related Payments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Tax receivable agreement remeasurement		$ 0	$ 0	$ 24,710	$ 0
RMR LLC
Related Party Transaction [Line Items]
Tax distributions				35,392	29,097
ABP Trust
Related Party Transaction [Line Items]
Tax receivable agreement remeasurement		$ 24,710
Tax receivable agreement remeasurement (in dollars per share)		$ 1.53
ABP Trust | RMR LLC
Related Party Transaction [Line Items]
Tax distributions				$ 32,840	27,133
ABP Trust | Up C Transaction
Related Party Transaction [Line Items]
Tax receivable agreement, percent of payment				85.00%
Liability related to Tax Receivable Agreement		$ 37,289		$ 37,289
ABP Trust | Up C Transaction | Forecast
Related Party Transaction [Line Items]
Payments related to Tax Receivable Agreement	$ 2,935
ABP Trust and Managed REIT | RMR LLC
Related Party Transaction [Line Items]
Tax distributions				$ 68,232	$ 56,230

Related Person Transactions - O

Related Person Transactions - Other (Details) - USD ($) $ in Thousands	Jul. 31, 2018	May 09, 2018	Apr. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Property management fee percent based on gross collected rents							3.00%
Property management fee percent based on the cost of construction							5.00%
Separation costs				$ 1,739		$ 0	$ 1,875	$ 0
Equity based compensation				2,347		$ 1,038	6,285	$ 3,804
Executive Vice President
Related Party Transaction [Line Items]
Nonvested shares accelerated (in shares)					5,600
Nonvested shares accelerated, value					$ 332
Executive Vice President | Retirement Agreement
Related Party Transaction [Line Items]
Separation costs				$ 55
Equity based compensation							$ 371
Executive Vice President | Cash Bonus
Related Party Transaction [Line Items]
Related party transaction		$ 1,250	$ 1,250
Subsequent event | RMR LLC
Related Party Transaction [Line Items]
Contribution of property	$ 100,000
Administration fee percentage	1.00%
Property management fee percent based on gross collected rents	3.00%
Property management fee percent based on the cost of construction	5.00%
Subsequent event | ABP Trust
Related Party Transaction [Line Items]
Contribution of property	$ 206,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	Jul. 19, 2018	May 17, 2018	Feb. 22, 2018	Nov. 17, 2016	Jun. 30, 2018	Nov. 16, 2017	Sep. 30, 2017
Class A common shares
Class of Stock [Line Items]
Common stock shares outstanding (in shares)					15,174,463		15,174,463
Class A and B-1 common shares
Class of Stock [Line Items]
Dividends paid (in dollars per share)				$ 0.25
Value of dividends		$ 4,044,000	$ 4,040,000	$ 4,041,000
Dividends declared (in dollars per share)			$ 0.25
Common stock shares outstanding (in shares)		16,174,463	16,162,338			16,164,066
ABP Trust | Class A common shares
Class of Stock [Line Items]
Value of dividends		$ 3,750,000	$ 3,750,000	3,750,000
Common stock shares outstanding (in shares)					15,000,000
RMR LLC
Class of Stock [Line Items]
Dividends paid (in dollars per share)		$ 0.25	$ 0.25
Value of dividends		$ 7,794,000	$ 7,790,000	$ 7,791,000
Subsequent event | Class A and B-1 common shares
Class of Stock [Line Items]
Value of dividends	$ 4,044,000
Dividends declared (in dollars per share)	$ 0.25
Common stock shares outstanding (in shares)	16,174,463
Subsequent event | ABP Trust | Class A common shares
Class of Stock [Line Items]
Value of dividends	$ 3,750,000
Subsequent event | RMR LLC
Class of Stock [Line Items]
Value of dividends	$ 7,793,616
Dividends declared (in dollars per share)	$ 0.25

Per Common Share Amounts - Sche

Per Common Share Amounts - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income attributable to RMR Inc.	$ 8,381	$ 6,857	$ 87,857	$ 37,250
Income attributable to unvested participating securities	(45)	(25)	(518)	(135)
Net income attributable to RMR Inc. used in calculating basic EPS	$ 8,336	$ 6,832	$ 87,339	$ 37,115
Denominator:
Weighted average common shares outstanding - basic (in shares)	16,087	16,037	16,072	16,029
Net income attributable to RMR Inc. per common share - basic (in dollars per share)	$ 0.52	$ 0.43	$ 5.43	$ 2.32
Numerator:
Net income attributable to RMR Inc.	$ 8,381	$ 6,857	$ 87,857	$ 37,250
Income attributable to unvested participating securities	(45)	(25)	(518)	(135)
Net income attributable to RMR Inc. used in calculating diluted EPS	$ 8,336	$ 6,832	$ 87,339	$ 37,115
Denominator:
Weighted average common shares outstanding - basic (in shares)	16,087	16,037	16,072	16,029
Dilutive effect of incremental unvested shares (in shares)	48	21	39	15
Weighted average common shares outstanding - diluted (in shares)	16,135	16,058	16,111	16,044
Net income attributable to RMR Inc. per common share - diluted (in dollars per share)	$ 0.52	$ 0.43	$ 5.42	$ 2.31

Per Common Share Amounts - Addi

Per Common Share Amounts - Additional Information (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2018shares	Jun. 30, 2017shares	Jun. 30, 2018shares	Jun. 30, 2017shares	Sep. 30, 2017shares
Class of Stock [Line Items]
Common stock shares authorized (in shares)	15,000,000,000		15,000,000,000
Weighted average common stock shares outstanding diluted (in shares)	16,135,000	16,058,000	16,111,000	16,044,000
Class A membership units
Class of Stock [Line Items]
Conversion ratio			1
Weighted average common stock shares outstanding diluted (in shares)			30,174,463,000
Class B-1 common shares
Class of Stock [Line Items]
Common stock shares authorized (in shares)	1,000,000		1,000,000		1,000,000
Conversion ratio			1

Net Income Attributable to RM45

Net Income Attributable to RMR Inc (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Income Attributable to RMR Inc.
Income before income tax expense and equity in losses of investees	$ 23,045	$ 22,129	$ 254,469	$ 120,525
Add: RMR Inc. franchise tax expense and interest income	91	147	375	456
Less: tax receivable agreement remeasurement	0	0	(24,710)	0
Less: equity in losses of investees	(134)	4	(568)	(161)
Less: fees from services provided prior to the UP-C Transaction	0	0	(127)	0
Net income before noncontrolling interest	23,002	22,280	229,439	120,820
Less: noncontrolling interest	(11,068)	(10,748)	(110,431)	(58,303)
Net income attributable to RMR Inc. before income tax expense	11,934	11,532	119,008	62,517
Less: income tax expense attributable to RMR Inc.	(3,462)	(4,528)	(55,486)	(24,811)
Less: RMR Inc. franchise tax expense and interest income	$ (91)	$ (147)	$ (375)	$ (456)

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)
Segment Reporting
Number of reportable business segments | segment			1
Revenues:
Total revenues	$ 62,084	$ 55,502	$ 339,906	$ 215,092
Expenses:
Compensation and benefits	28,606	23,731	82,876	68,746
Equity based compensation	2,347	1,038	6,285	3,804
Separation costs	1,739	0	1,875	0
Total compensation and benefits expense	32,692	24,769	91,036	72,550
General and administrative	6,551	6,779	20,281	19,073
Transaction and acquisition related costs	775	1,760	917	2,453
Depreciation and amortization	244	467	996	1,550
Total expenses	40,262	33,775	113,230	95,626
Operating income (loss)	21,822	21,727	226,676	119,466
Interest and other income	1,223	402	3,083	1,059
Tax receivable agreement remeasurement	0	0	24,710	0
Income before income tax expense and equity in earnings (losses) of investee	23,045	22,129	254,469	120,525
Income tax expense	(3,462)	(4,528)	(55,486)	(24,811)
Equity in earnings (losses) of investees	(134)	4	(568)	(161)
Net income (loss)	19,449	17,605	198,415	95,553
Total Assets	527,609	403,988	527,609	403,988	$ 383,719
Intersegment Eliminations
Revenues:
Total revenues	995	221	2,972	872
RMR LLC
Revenues:
Total revenues	60,406	54,483	334,531	212,059
Expenses:
Compensation and benefits	27,047	23,050	78,415	67,038
Equity based compensation	2,333	1,038	6,244	3,804
Separation costs	1,739		1,875
Total compensation and benefits expense	31,119	24,088	86,534	70,842
General and administrative	5,665	6,297	17,343	18,086
Transaction and acquisition related costs	775	1,760	775	2,453
Depreciation and amortization	222	321	931	1,072
Total expenses	37,781	32,466	105,583	92,453
Operating income (loss)	22,625	22,017	228,948	119,606
Interest and other income	1,085	377	2,810	657
Tax receivable agreement remeasurement			0
Income before income tax expense and equity in earnings (losses) of investee	23,710	22,394	231,758	120,263
Income tax expense	0	0	0	0
Equity in earnings (losses) of investees	(2)	0	33	0
Net income (loss)	23,708	22,394	231,791	120,263
Total Assets	460,596	344,738	460,596	344,738
All Other Operations
Revenues:
Total revenues	1,678	1,019	5,375	3,033
Expenses:
Compensation and benefits	1,559	681	4,461	1,708
Equity based compensation	14	0	41	0
Separation costs	0		0
Total compensation and benefits expense	1,573	681	4,502	1,708
General and administrative	886	482	2,938	987
Transaction and acquisition related costs	0	0	142	0
Depreciation and amortization	22	146	65	478
Total expenses	2,481	1,309	7,647	3,173
Operating income (loss)	(803)	(290)	(2,272)	(140)
Interest and other income	138	25	273	402
Tax receivable agreement remeasurement			24,710
Income before income tax expense and equity in earnings (losses) of investee	(665)	(265)	22,711	262
Income tax expense	(3,462)	(4,528)	(55,486)	(24,811)
Equity in earnings (losses) of investees	(132)	4	(601)	(161)
Net income (loss)	(4,259)	(4,789)	(33,376)	(24,710)
Total Assets	67,013	59,250	67,013	59,250
Management services
Revenues:
Revenue	47,328	44,644	142,457	130,629
Management services | RMR LLC
Revenues:
Revenue	47,328	44,644	142,457	130,629
Management services | All Other Operations
Revenues:
Revenue	0	0	0	0
Incentive business management fees
Revenues:
Revenue	0	0	155,881	52,407
Incentive business management fees | RMR LLC
Revenues:
Revenue			155,881	52,407
Incentive business management fees | All Other Operations
Revenues:
Revenue			0	0
Reimbursable payroll related and other costs
Revenues:
Revenue	13,711	9,839	38,076	29,023
Reimbursable payroll related and other costs | RMR LLC
Revenues:
Revenue	13,078	9,839	36,193	29,023
Reimbursable payroll related and other costs | All Other Operations
Revenues:
Revenue	633	0	1,883	0
Advisory services
Revenues:
Revenue	1,045	1,019	3,492	3,033
Advisory services | RMR LLC
Revenues:
Revenue	0	0	0	0
Advisory services | All Other Operations
Revenues:
Revenue	$ 1,045	$ 1,019	$ 3,492	$ 3,033