The RMR Group Inc. (RMR) 10-Q 10 May 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2019	May 09, 2019
Entity Registrant Name	RMR Group Inc.
Entity Central Index Key	0001644378
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	false
Class A common shares
Entity Common Stock, Shares Outstanding		15,239,713
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	Mar. 31, 2019	Sep. 30, 2018
Current assets:
Cash and cash equivalents	$ 384,113	$ 256,848
Due from related parties	62,512	28,846
Prepaid and other current assets	6,813	10,392
Total current assets	453,438	296,086
Property and equipment, net	2,336	2,589
Due from related parties, net of current portion	5,100	8,183
Equity method investment	7,129	7,051
Equity method investment accounted for under the fair value option	6,135	0
Goodwill	1,859	1,859
Intangible assets, net of amortization	349	375
Deferred tax asset	25,363	25,726
Other assets, net of amortization	157,852	162,559
Total assets	659,561	504,428
Current liabilities:
Accounts payable and accrued expenses	87,283	28,307
Total current liabilities	87,283	28,307
Long term portion of deferred rent payable, net of current portion	1,352	1,229
Amounts due pursuant to tax receivable agreement, net of current portion	32,048	32,048
Employer compensation liability, net of current portion	5,100	8,183
Total liabilities	125,783	69,767
Commitments and contingencies
Equity:
Additional paid in capital	101,670	99,239
Retained earnings	243,254	182,877
Cumulative other comprehensive income	0	82
Cumulative common distributions	(60,827)	(49,467)
Total shareholders’ equity	284,128	232,762
Noncontrolling interest	249,650	201,899
Total equity	533,778	434,661
Total liabilities and equity	659,561	504,428
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 Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Sep. 30, 2018
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	15,229,687	15,229,957
Common stock, shares outstanding	15,229,687	15,229,957
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		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 130,096	$ 59,281	$ 410,409	$ 277,822
Expenses:
Compensation and benefits	28,981	28,073	56,993	54,270
Equity based compensation	1,204	901	3,015	3,455
Separation costs	414	452	6,811	619
Total compensation and benefits expense	30,599	29,426	66,819	58,344
General and administrative	7,122	7,024	14,442	13,730
Other client company reimbursable expenses	73,323	0	171,399	0
Transaction and acquisition related costs	47	0	231	142
Depreciation and amortization	257	372	512	752
Total expenses	111,348	36,822	253,403	72,968
Operating income (loss)	18,748	22,459	157,006	204,854
Interest and other income	2,468	1,076	3,994	1,860
Tax receivable agreement remeasurement	0	0	0	24,710
Unrealized gain (loss) on equity method investment accounted for under the fair value option	522	0	(2,247)	0
Equity in earnings (losses) of investees	109	(212)	144	(434)
Income before income tax expense	21,847	23,323	158,897	230,990
Income tax expense	(3,139)	(3,681)	(22,109)	(52,024)
Net income (loss)	18,708	19,642	136,788	178,966
Net income attributable to noncontrolling interest	(10,540)	(11,286)	(76,411)	(99,490)
Net income attributable to RMR Inc.	8,168	8,356	60,377	79,476
Other comprehensive loss:
Foreign currency translation adjustments	(10)	(1)	(14)	(2)
Other comprehensive loss	(10)	(1)	(14)	(2)
Comprehensive income	18,698	19,641	136,774	178,964
Comprehensive income attributable to noncontrolling interest	(10,535)	(11,286)	(76,404)	(99,489)
Comprehensive income attributable to The RMR Group Inc.	$ 8,163	$ 8,355	$ 60,370	$ 79,475
Weighted average common shares outstanding - basic (in shares)	16,120	16,069	16,120	16,064
Weighted average common shares outstanding - diluted (in shares)	16,147	16,105	16,140	16,095
Net income attributable to RMR Inc. per common share - basic (in dollars per share)	$ 0.50	$ 0.52	$ 3.72	$ 4.92
Net income attributable to RMR Inc. per common share - diluted (in dollars per share)	$ 0.50	$ 0.52	$ 3.72	$ 4.91
Total management and advisory services revenues
Revenues:
Revenue	$ 43,361	$ 47,624	$ 211,725	$ 253,457
Management services
Revenues:
Revenue	42,600	46,559	90,088	95,129
Incentive business management fees
Revenues:
Revenue	0	0	120,094	155,881
Advisory services
Revenues:
Revenue	761	1,065	1,543	2,447
Total reimbursable costs
Revenues:
Revenue	86,735	11,657	198,684	24,365
Reimbursable compensation and benefits
Revenues:
Revenue	13,412	11,657	27,285	24,365
Other client company reimbursable expenses
Revenues:
Revenue	$ 73,323	$ 0	$ 171,399	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - 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	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	566				566				566
Net income	159,324					71,120			71,120	88,204
Fees from services provided prior to our IPO	(128)									(128)
Tax distributions to Member	(15,155)									(15,155)
Common share distributions	(7,791)							(4,041)	(4,041)	(3,750)
Balance ending at Dec. 31, 2017	426,479	15	1	15	96,444	157,956	84	(37,339)	217,176	209,303
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
Net income	178,966
Balance ending at Mar. 31, 2018	432,776	15	1	15	98,217	166,312	83	(41,379)	223,264	209,512
Balance beginning at Dec. 31, 2017	426,479	15	1	15	96,444	157,956	84	(37,339)	217,176	209,303
Increase (Decrease) in Shareholders' Equity
Share grants, net	1,773				1,773				1,773
Net income	19,642					8,356			8,356	11,286
Tax distributions to Member	(7,326)									(7,326)
Common share distributions	(7,790)							(4,040)	(4,040)	(3,750)
Other comprehensive loss	(2)						(1)		(1)	(1)
Balance ending at Mar. 31, 2018	432,776	15	1	15	98,217	166,312	83	(41,379)	223,264	209,512
Balance beginning at Sep. 30, 2018	434,661	15	1	15	99,239	182,877	82	(49,467)	232,762	201,899
Increase (Decrease) in Shareholders' Equity
Share grants, net	1,569				1,569				1,569
Net income	118,080					52,209			52,209	65,871
Tax distributions to Member	(8,037)									(8,037)
Common share distributions	(10,180)							(5,680)	(5,680)	(4,500)
Other comprehensive loss	(4)						(2)		(2)	(2)
Balance ending at Dec. 31, 2018	536,089	15	1	15	100,808	235,086	80	(55,147)	280,858	255,231
Balance beginning at Sep. 30, 2018	434,661	15	1	15	99,239	182,877	82	(49,467)	232,762	201,899
Increase (Decrease) in Shareholders' Equity
Net income	136,788
Balance ending at Mar. 31, 2019	533,778	15	1	15	101,670	243,254	0	(60,827)	284,128	249,650
Balance beginning at Dec. 31, 2018	536,089	15	1	15	100,808	235,086	80	(55,147)	280,858	255,231
Increase (Decrease) in Shareholders' Equity
Share grants, net	862				862				862
Net income	18,708					8,168			8,168	10,540
Tax distributions to Member	(11,616)									(11,616)
Common share distributions	(10,180)							(5,680)	(5,680)	(4,500)
Other comprehensive loss	(10)						(5)		(5)	(5)
Reclassification due to disposition of Australian operations	(75)						(75)		(75)
Balance ending at Mar. 31, 2019	$ 533,778	$ 15	$ 1	$ 15	$ 101,670	$ 243,254	$ 0	$ (60,827)	$ 284,128	$ 249,650

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 136,788	$ 178,966
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	512	752
Straight line office rent	123	89
Amortization expense related to other asset	4,707	4,707
Deferred income taxes	363	20,449
Operating expenses paid in The RMR Group Inc. common shares	2,431	2,467
Contingent consideration liability	0	(472)
Tax receivable agreement remeasurement	0	(24,710)
Distribution from equity method investments	66	143
Equity in (earnings) losses of investees	(144)	434
Unrealized loss on equity method investment accounted for under the fair value option	2,247	0
Changes in assets and liabilities:
Due from related parties	(36,762)	(2,347)
Prepaid and other current assets	3,579	(1,336)
Accounts payable and accrued expenses	61,960	27,035
Net cash from operating activities	175,870	206,177
Cash Flows from Investing Activities:
Purchase of property and equipment	(125)	(265)
Equity method investment in TravelCenters of America LLC common shares	(8,382)	0
Net cash used in investing activities	(8,507)	(265)
Cash Flows from Financing Activities:
Distributions to noncontrolling interest	(28,653)	(29,981)
Distributions to common shareholders	(11,360)	(8,081)
Repurchase of common shares	0	(128)
Net cash used in financing activities	(40,013)	(38,190)
Effect of exchange rate fluctuations on cash and cash equivalents	(85)	(2)
Increase in cash and cash equivalents	127,265	167,720
Cash and cash equivalents at beginning of period	256,848	108,640
Cash and cash equivalents at end of period	384,113	276,360
Supplemental cash flow information:
Income taxes paid	$ 15,399	$ 21,380

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , RMR Inc. owned 15,229,687 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 52.0% of the economic interest of RMR LLC as of March 31, 2019 . 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 48.0% of the economic interest of RMR LLC as of March 31, 2019 , 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 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 March 31, 2019 , managed a diverse portfolio of publicly owned real estate and real estate related businesses. RMR LLC provides management services to four publicly traded REITs: Hospitality Properties Trust, or HPT, which primarily owns hotel and travel center properties; Industrial Logistics Properties Trust, or ILPT, which primarily owns and leases industrial and logistics properties; Office Properties Income Trust, or OPI, which primarily owns office properties leased to single tenants and those with high quality credit characteristics, including the government; and Senior Housing Properties Trust, or SNH, which primarily owns senior living, medical office and life science properties. Until December 31, 2018, RMR LLC provided management services to Select Income REIT, or SIR. On December 31, 2018, SIR merged with and into a subsidiary of OPI (then named Government Properties Income Trust, or GOV), or the “GOV/SIR Merger”, which then merged with and into OPI, with OPI as the surviving entity. The combined company continues to be managed by RMR LLC pursuant to OPI’s business and property management agreements with RMR LLC. HPT, ILPT, OPI, SNH and, until December 31, 2018, SIR 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, 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, ABP Trust and its subsidiaries, or collectively ABP Trust, and RMR Office Property Fund LP, or the Open End Fund. RMR Advisors LLC, or RMR Advisors, is an investment adviser registered with the Securities and Exchange Commission, or SEC. 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 formed 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 Tremont Mortgage Trust, or TRMT, a publicly traded mortgage real estate investment trust that focuses primarily on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate. Tremont Advisors has in the past and may in the future manage accounts that invest in commercial real estate debt, including secured mortgage debt. The Tremont business also acts as a transaction originator for non-investment advisory clients for negotiated fees. In these financial statements, we refer to the Managed Equity REITs, the Managed Operators, RIF, TRMT, AIC, ABP Trust, the Open End Fund 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, 2018, 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	6 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU No. 2016-02, Leases , as amended, or ASU No. 2016-02, 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 (October 1, 2019). We are currently assessing the potential impact of 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 , or ASU No. 2016-13,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.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Mar. 31, 2019
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition Base Business Management Fees—Managed Equity REITs We earn annual base business management fees from the Managed Equity REITs by providing continuous services 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 March 31, 2019 and 2018 , we earned aggregate base business management fees from the Managed Equity REITs of $25,537 and $29,433 , respectively. For the six months ended March 31, 2019 and 2018 , we earned aggregate base business management fees from the Managed Equity REITs of $53,808 and $60,035 , 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. Incentive business management fees are excluded from the transaction price until it becomes probable that there will not be a significant reversal of cumulative revenue recognized. 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 2018 and 2017 were the three calendar year periods that ended on December 31, 2018 and 2017, respectively, except for ILPT, whose annual incentive business management fee is based on a shorter period from its initial public offering on January 12, 2018 through the calendar year ended December 31, 2018. On December 31, 2018, RMR LLC’s business management agreements with ILPT and OPI were amended to provide that for periods beginning on and after January 1, 2019, the SNL U.S. Industrial REIT Index and the SNL U.S. Office REIT Index will be used by ILPT and OPI, respectively, rather than the SNL U.S. REIT Equity Index, to calculate the benchmark return per share, as defined, for purposes of determining the incentive management fee, if any, payable thereunder. For the six months ended March 31, 2019 and 2018 , we recognized aggregate incentive business management fees earned from the Managed Equity REITs of $120,094 and $155,881 , respectively. Management Agreements—Managed Operators, ABP Trust, AIC and the Open End Fund We earn management fees by providing continuous services pursuant to the management agreements from the Managed Operators and ABP Trust 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 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 earn fees from the Open End Fund by providing a continuing and suitable real estate investment program consistent with the Open End Fund’s real estate investment policies and objectives pursuant to an administration services agreement. We earn fees equal to 1.0% of the Open End Fund’s net asset value, as defined, annually. These fees are payable quarterly in arrears. We earned aggregate fees from the Managed Operators, ABP Trust, AIC and the Open End Fund of $6,751 and $6,466 for the three months ended March 31, 2019 and 2018 , respectively, and $14,146 and $13,338 for the six months ended March 31, 2019 and 2018 , respectively. Property Management Fees We earned property management fees by providing continuous services pursuant to property management agreements with certain Client Companies. We generally earn fees under these agreements equal to 3.0% of gross collected rents. Also, under the terms of the property management agreements, we receive additional 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 $10,207 and $10,510 for the three months ended March 31, 2019 and 2018 , respectively, and $21,977 and $21,368 for the six months ended March 31, 2019 and 2018 , respectively. Reimbursable Compensation and Benefits Reimbursable compensation and benefits include reimbursements that arise primarily from services we provide pursuant to our property management agreements, a significant portion of which are charged or passed through to and were paid by tenants of our Client Companies. We realized reimbursable compensation and benefits of $13,412 and $11,657 for the three months ended March 31, 2019 and 2018 , respectively, and $27,285 and $24,365 for the six months ended March 31, 2019 and 2018 , respectively. Included in reimbursable compensation and benefits are shared services fees we earn from TRMT for compensation and other costs related to the operation of the Tremont business. We earned shared services fees from TRMT for the three and six months ending March 31, 2019 of $370 and $705 , respectively. Reimbursable compensation and benefits 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 the value of the grants of common shares from our Client Companies to certain of our officers and employees. We realized equity based compensation expense and related reimbursements of $756 and $180 for the three months ended March 31, 2019 and 2018 , respectively, and $2,072 and $2,335 for the six months ended March 31, 2019 and 2018 , respectively. Other Client Company Reimbursable Expenses Other client company reimbursable expenses include reimbursements that arise from services we provide pursuant to our property management agreements, a significant portion of which are charged or passed through to and were paid by tenants of our Client Companies. Effective October 1, 2018 we adopted ASU, No. 2014-09, Revenue from Contracts with Customers , which has been codified as Accounting Standard Codification, or ASC, Section 606, or ASC 606, using the modified retrospective method for all our existing contracts. Based on our evaluation of ASC 606, we have determined that we control the services provided by third parties for our Client Companies and therefore we account for the cost of these services and the related reimbursement revenue on a gross basis. As a result of adopting ASC 606, our condensed consolidated statements of comprehensive income for the three and six months ended March 31, 2019 reflect corresponding increases in revenue and expense of $73,323 and $171,399 , respectively, in other client company reimbursable expenses, compared to the same period last year, with no impact on net income. Our condensed consolidated balance sheets as of March 31, 2019 also include other client company reimbursable expenses due from related parties and a related liability in accounts payable and accrued expenses of $44,321 . Advisory Services and Other Agreements RMR Advisors is compensated for providing continuous services to RIF pursuant to its agreement and is compensated at an annual rate of 0.85% of RIF’s average daily managed assets, as defined in the agreement. RMR Advisors earned advisory services revenue of $725 and $699 for the three months ended March 31, 2019 and 2018 , respectively, and $1,458 and $1,428 for the six months ended March 31, 2019 and 2018 , 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. 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 $36 and $366 for the three months ended March 31, 2019 and 2018 , respectively, and $85 and $1,019 for the six months ended March 31, 2019 and 2018 , respectively, in each case net of the fee waiver referenced above, as applicable. The Tremont business earns between 0.5% and 1.0% of the aggregate principal amounts of any loans it originates. For the three months ended March 31, 2019 and 2018 , the Tremont business earned fees for such origination services of $105 and $150 , respectively, and $157 and $388 for the six months ended March 31, 2019 and 2018 , respectively, which amounts are included in management services revenue in our condensed consolidated statements of comprehensive income.

Investments

Investments	6 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments	Investments Equity Method Investments As of March 31, 2019 , Tremont Advisors owned 600,100 , or approximately 18.9% , of TRMT’s outstanding common shares, with a carrying value of $7,129 and a market value of $5,281 . We account for our investment in TRMT using the equity method of accounting because we are deemed to exert significant influence, but not control, over TRMT’s most significant activities. Our share of net income from our investment in TRMT included in equity in earnings of investees in our condensed consolidated statements of comprehensive income for the three months ended March 31, 2019 was $109 and our share of net losses for the three months ended March 31, 2018 was $198 . Our share of net income from our investment in TRMT included in equity in earnings of investees for the six months ended March 31, 2019 was $144 and our share of net losses for the six months ended March 31, 2018 was $399 . We also have a 0.5% general partnership interest in a fund created for an institutional investor that is managed by Tremont Advisors. We account for this investment under the equity method of accounting and record our share of the investment’s earnings or losses each period. This fund is in the process of winding down, and we did not record earnings or losses of investees for this investment during the three months ended March 31, 2019 . Our share of net losses from this fund included in equity in losses of investees in our condensed consolidated statements of comprehensive income for the three and six months ended March 31, 2018 was $14 and $35 , respectively. Equity Method Investments Accounted for Under the Fair Value Option On October 10, 2018 we purchased 1,492,691 , or approximately 3.7% , of TA’s outstanding common shares for a purchase price of $8,382 . We account for our investment in TA using the equity method of accounting because we are deemed to exert significant influence, but not control, over TA’s most significant activities. We have elected the fair value option to account for our equity method investment in TA. We determined fair value using the closing price of TA’s common shares as of March 31, 2019 , which is a Level 1 fair value input. The market value of our investment in TA at March 31, 2019 , based on quoted market price, is $6,135 . The unrealized gain in our condensed consolidated statements of comprehensive income for the three months ended March 31, 2019 was $522 , and the unrealized loss in our condensed consolidated statements of comprehensive income for the six months ended March 31, 2019 was $2,247 .

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are the sole managing member of RMR LLC. 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. 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. 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% was phased in, resulting in a federal statutory tax rate of approximately 24.5% for our fiscal year ending September 30, 2018. The Tax Act reduction in 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 for the six months ended March 31, 2018 . The new corporate income tax rate of 21.0% is effective for our 2019 fiscal year. For the three months ended March 31, 2019 and 2018 , we recognized estimated income tax expense of $3,139 and $3,681 , respectively, which includes $2,290 and $2,763 , respectively, of U.S. federal income tax and $849 and $918 , respectively, of state income taxes. For the six months ended March 31, 2019 and 2018 , we recognized estimated income tax expense of $22,109 and $52,024 , which includes $16,132 and $40,537 , respectively, of U.S. federal income tax and $5,977 and $11,487 , respectively, of state income taxes. A reconciliation of the statutory income tax rate to the effective tax rate is as follows: Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 Income taxes computed at the federal statutory rate 21.0 % 24.5 % 21.0 % 24.5 % State taxes, net of federal benefit 3.7 % 2.9 % 2.9 % 2.6 % Tax Act transitional impact (1) — % — % — % 8.6 % Permanent items (2) (0.2 )% — % 0.1 % (2.6 )% Net income attributable to noncontrolling interest (10.1 )% (11.8 )% (10.1 )% (10.6 )% Total 14.4 % 15.6 % 13.9 % 22.5 % (1) Transitional impact for the six months ending March 31, 2018 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 for the six months ending March 31, 2018 include the $24,710 reduction in our liability related to the tax receivable agreement with ABP Trust discussed in Note 7, Related Person Transactions . 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 March 31, 2019 , we had no uncertain tax positions.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of March 31, 2019 and September 30, 2018 , 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 to valuation techniques 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 March 31, 2019 and September 30, 2018 : March 31, September 30, 2019 2018 Money market funds included in cash and cash equivalents $ 383,057 $ 253,876 Current portion of due from related parties related to share based payment awards 1,891 4,986 Long term portion of due from related parties related to share based payment awards 5,100 8,183 Current portion of employer compensation liability related to share based payment awards included in accounts payable and accrued expenses 1,891 4,986 Long term portion of employer compensation liability related to share based payment awards 5,100 8,183

Related Person Transactions

Related Person Transactions	6 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions Adam D. Portnoy, one of our Managing Directors, is the sole trustee of ABP Trust, and owns a majority of ABP Trust’s voting securities. As of March 31, 2019 , he beneficially owned, in aggregate, (i) 132,002 shares of Class A common stock of RMR Inc., or Class A Common Shares; (ii) all the outstanding shares of Class B-1 common stock of RMR Inc., or Class B-1 Common Shares; (iii) all 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 also a managing trustee or managing director of each of the Managed REITs, Five Star, RIF and TA, a director of AIC and the majority owner and director of Sonesta. Jennifer B. Clark, our other Managing Director, is a managing trustee of RIF and SNH, president of AIC and a director of Sonesta. As of March 31, 2019 , HPT, OPI and SNH owned 2,503,777 , 2,801,061 and 2,637,408 Class A Common Shares, respectively, and Adam D. Portnoy beneficially owned, in aggregate, 35.7% of Five Star’s outstanding common shares, 1.1% of HPT’s outstanding common shares, 1.2% of ILPT’s outstanding common shares, 1.5% of OPI’s outstanding common shares, 1.1% of SNH’s outstanding common shares, 4.0% of TA’s outstanding common shares (including through RMR LLC), 2.2% of RIF’s outstanding common shares, and 19.0% of TRMT’s outstanding common shares (including through Tremont Advisors). All the officers of the Managed Equity REITs, AIC and the Open End Fund are officers or employees of RMR LLC. All of TRMT’s officers are officers or employees of Tremont Advisors or RMR LLC. Many of the executive officers of the Managed Operators are officers or employees of RMR LLC. All of RIF’s officers are officers or employees of RMR Advisors or RMR LLC. Some of our executive officers are also managing directors or managing trustees of certain of the Managed REITs, the Managed Operators and RIF. As of March 31, 2019 , ABP Trust owned 14.3% of AIC and 206,300 limited partner units of the Open End Fund and RMR LLC owned no limited partnership units, but has committed to contributing $100,000 to the Open End Fund. The general partner of the Open End Fund is a subsidiary of ABP Trust. Additional information about our related person transactions appears in Note 8, Shareholders’ Equity , below and in our 2018 Annual Report. Revenues from Related Parties For the three and six months ended March 31, 2019 and 2018 , we recognized revenues from related parties as set forth in the following table: Three Months Ended March 31, Six Months Ended March 31, 2019 (1)(2) 2018 (2) 2019 (1)(2) 2018 (2) $ % $ % $ % $ % Managed Equity REITs: HPT (3) $ 11,448 8.8 % $ 10,058 17.0 % $ 77,844 19.0 % $ 96,124 34.6 % ILPT 6,874 5.3 2,991 5.0 15,334 3.7 2,991 1.1 OPI (4) 58,114 44.7 13,231 22.3 114,357 27.9 26,740 9.6 SIR (3)(4) — — 8,548 14.4 47,843 11.7 45,537 16.4 SNH (3) 36,851 28.3 14,896 25.1 122,830 29.9 86,442 31.1 113,287 87.1 49,724 83.8 378,208 92.2 257,834 92.8 Managed Operators: Five Star 2,439 1.9 2,388 4.0 4,852 1.2 5,078 1.8 Sonesta 782 0.6 696 1.2 1,539 0.4 1,264 0.5 TA 3,229 2.5 3,484 5.9 7,081 1.7 7,255 2.6 6,450 5.0 6,568 11.1 13,472 3.3 13,597 4.9 Client Companies: ABP Trust 3,935 3.0 1,331 2.2 7,270 1.8 2,610 1.0 AIC 60 — 60 0.1 120 — 120 — Open End Fund 4,633 3.6 — — 8,110 2.0 — — RIF 725 0.5 699 1.3 1,458 0.3 1,428 0.5 TRMT 879 0.7 642 1.1 1,574 0.4 1,348 0.5 10,232 7.8 2,732 4.7 18,532 4.5 5,506 2.0 Total revenues from related parties 129,969 99.9 59,024 99.6 410,212 100.0 276,937 99.7 Revenues from unrelated parties 127 0.1 257 0.4 197 — 885 0.3 $ 130,096 100.0 % $ 59,281 100.0 % $ 410,409 100.0 % $ 277,822 100.0 % (1) Revenues from related parties for the three and six months ended March 31, 2019 includes Other client company reimbursable expenses of $73,323 and $171,399 , respectively, and reflects the adoption of ASC 606 as summarized in Note 3, Revenue Recognition. (2) Revenues from related parties for the three months ended March 31, 2019 and 2018 include $13,412 and $11,657 of reimbursable compensation and benefits, respectively. Revenues from related parties for the six months ended March 31, 2019 and 2018 include $27,285 and $24,365 of reimbursable compensation and benefits, respectively. (3) The amounts for the six months ended March 31, 2019 include incentive business management fees of $53,635 , $25,817 and $40,642 , which RMR LLC earned from HPT, SIR and SNH, respectively, and which were paid in January 2019. The amounts for the six months ended March 31, 2018 include incentive business management fees of $74,572 , $25,569 and $55,740 , which RMR LLC earned from HPT, SIR and SNH, respectively, and which were paid in January 2018 . (4) SIR merged with and into OPI on December 31, 2018 with OPI continuing as the surviving entity. This table presents revenues for the three and six months ended March 31, 2018 from SIR separately as they relate to periods prior to this merger. Amounts Due From Related Parties The following table represents amounts due from related parties as of the dates indicated: March 31, September 30, 2019 2018 Managed Equity REITs: HPT $ 10,161 $ 8,391 ILPT 4,042 2,692 OPI 29,402 7,870 SIR — 5,887 SNH 18,393 9,705 61,998 34,545 Managed Operators: Five Star 253 281 Sonesta 49 30 TA 626 599 928 910 Client Companies: ABP Trust 1,703 383 AIC 27 20 Open End Fund 2,259 608 RIF 65 31 TRMT 632 532 4,686 1,574 $ 67,612 $ 37,029 Leases As of March 31, 2019 , 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 amounting to $1,571 and $1,256 for the three months ended March 31, 2019 and 2018 , respectively, and $2,858 and $2,284 for the six months ended March 31, 2019 and 2018, 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 in our condensed consolidated statements of comprehensive income for the six months ended March 31, 2018 as tax receivable agreement remeasurement. As of March 31, 2019 , our condensed consolidated balance sheet reflects a liability related to the tax receivable agreement of $34,327 , including $2,279 classified as a current liability that we expect to pay to ABP Trust during the fourth quarter of fiscal year 2019. 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 estimated tax liabilities of its members estimated quarterly, subject to future adjustment based on actual results. For the six months ended March 31, 2019 and 2018 , pursuant to the RMR LLC operating agreement, RMR LLC made required quarterly tax distributions to holders of its membership units totaling $40,909 and $46,710 , respectively, of which $21,256 and $24,229 , respectively, was distributed to us and $19,653 and $22,481 , 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. Credit Agreement between TRMT and Tremont Advisors On February 4, 2019, TRMT entered into a credit agreement with Tremont Advisors as the lender, or the Credit Agreement. The Credit Agreement was subsequently amended on May 3, 2019. Pursuant to the terms of Credit Agreement, as amended, TRMT may, from time to time within six months after entering into the Credit Agreement, borrow amounts up to $50,000 in unsecured loans at a fixed rate of six and one-half percent ( 6.5% ) per annum. The Credit Agreement contains customary representations, covenants and events of default and is subordinated in right of payment to TRMT’s master repurchase facility. The Credit Agreement matures on the later of February 4, 2022 or 30 days following maturity of TRMT’s secured financing arrangements, as defined. The Credit Agreement requires TRMT to prepay any amount borrowed upon public issuance of equity interest or issuance of preferred equity, as defined. Tremont Advisors Intent to Purchase Additional Common Shares of TRMT On May 3, 2019, TRMT filed a shelf registration statement on Form S-11 with the SEC. Tremont Advisors, which currently owns 18.9% of TRMT’s outstanding common shares, intends to participate in the offering and purchase additional common shares at the public offering price to maintain its ownership at approximately 20% . Other Effective November 30, 2018, John C. Popeo resigned from his positions as an Executive Vice President of RMR LLC, as managing trustee, president and chief executive officer of ILPT and as chief financial officer and treasurer of SIR. In connection with his retirement, RMR LLC entered into a retirement agreement with Mr. Popeo on October 24, 2018, pursuant to which, subject to the terms thereof, RMR LLC paid him approximately $963 in cash following his resignation as an Executive Vice President of RMR LLC on November 30, 2018 and paid him an additional approximately $963 in cash following his resignation as an employee of RMR LLC on March 31, 2019. In addition, all of our unvested Class A Common Shares previously awarded to Mr. Popeo fully vested on March 31, 2019. As of March 31, 2019, there remained no further substantive performance obligations and we in turn recognized all provisions of the retirement agreement in our condensed consolidated statements of comprehensive income as separation costs, which included $1,953 of cash separation costs and $537 of equity based compensation related to Mr. Popeo’s retirement for the six months ended March 31, 2019 . Effective December 31, 2018, Mark L. Kleifges resigned from his positions as an Executive Vice President of RMR LLC, as managing trustee, chief financial officer and treasurer of GOV and RIF, as chief financial officer and treasurer of HPT and as president and chief executive officer of RMR Advisors. In connection with his retirement, RMR LLC entered into a retirement agreement with Mr. Kleifges on October 24, 2018, pursuant to which, subject to the terms thereof, RMR LLC paid him approximately $1,594 in cash following his resignation as an Executive Vice President of RMR LLC on December 31, 2018 and will pay him an additional approximately $1,594 in cash following his resignation as an employee of RMR LLC on June 30, 2019. In addition, all of our unvested Class A Common Shares previously awarded to Mr. Kleifges will fully vest on June 30, 2019, subject to conditions. As of March 31, 2019, there remained no further substantive performance obligations and we in turn recognized all provisions of the retirement agreement in our condensed consolidated statements of comprehensive income as separation costs, which included $3,234 of cash separation costs and $537 of equity based compensation related to Mr. Kleifges’s retirement for the six months ended March 31, 2019 . Effective December 31, 2018, Bruce J. Mackey Jr. resigned from his positions as Executive Vice President of RMR LLC and president and chief executive officer of Five Star. In connection with his resignation, Five Star and RMR LLC entered into a separation agreement with Mr. Mackey on December 11, 2018, pursuant to which Mr. Mackey will remain an employee of Five Star and RMR LLC until December 31, 2019, or such earlier date as he may elect. Under his separation agreement, following his resignation, Mr. Mackey received a cash payment from Five Star in the amount of $600 in January 2019. In addition, he will also receive in 2019 release payments in the aggregate amount of $550 . RMR LLC will pay 20% and Five Star will pay 80% of the release payments. Mr. Mackey received the first of four equal, quarterly release payments of $138 in cash on March 29, 2019. In addition, all of our unvested Class A Common Shares previously awarded to Mr. Mackey will fully vest upon the date of his separation from Five Star, subject to conditions. For the three months ended March 31, 2019 we recorded $414 of equity based compensation costs related to Mr. Mackey’s retirement. For the six months ended March 31, 2019 we recorded $125 of cash separation costs and $414 of equity based compensation costs related to Mr. Mackey’s retirement. Effective April 30, 2018, David J. Hegarty resigned from his position as an Executive Vice President of RMR LLC and as president and chief operating officer of SNH and retired as an employee of RMR LLC on September 30, 2018. In connection with his retirement, RMR LLC entered into a retirement agreement with Mr. Hegarty on March 29, 2018. For the three and six months ended March 31, 2018 , we recorded $136 in cash separation costs related to Mr. Hegarty’s retirement, as well as $316 and $483 of equity based separation costs for the three and six months ended March 31, 2018 , respectively. We also recognized separation costs of $11 in connection with other non-executive employees of RMR LLC for the six months ended March 31, 2019 .

Shareholders_ Equity

Shareholders’ Equity	6 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Shareholders’ Equity	Fiscal 2019 Distributions On November 15, 2018 , we paid a quarterly dividend on our Class A Common Shares and Class B-1 Common Shares, in the amount of $0.35 per Class A Common Share and Class B-1 Common Share, or $5,680 . This dividend was paid to our shareholders of record as of the close of business on October 29, 2018 . This dividend was partially funded by a distribution from RMR LLC to holders of its membership units in the amount of $0.30 per unit, or $9,369 , of which $4,869 was distributed to us based on our then aggregate ownership of 16,229,957 membership units of RMR LLC and $4,500 was distributed to ABP Trust based on its ownership of 15,000,000 membership units of RMR LLC. The remainder of this dividend was funded with cash accumulated at RMR Inc. On February 21, 2019 , we paid a quarterly dividend on our Class A Common Shares and Class B-1 Common Shares, in the amount of $0.35 per Class A Common Share and Class B-1 Common Share, or $5,680 . This dividend was paid to our shareholders of record as of the close of business on January 28, 2019 . This dividend was partially funded by a distribution from RMR LLC to holders of its membership units in the amount of $0.30 per unit, or $9,369 , of which $4,869 was distributed to us based on our then aggregate ownership of 16,229,687 membership units of RMR LLC and $4,500 was distributed to ABP Trust based on its ownership of 15,000,000 membership units of RMR LLC. The remainder of this dividend was funded with cash accumulated at RMR Inc. On April 18, 2019 , 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 April 29, 2019 , in the amount of $0.35 per Class A Common Share and Class B-1 Common Share, or $5,684 . This dividend will be partially funded by a distribution from RMR LLC to holders of its membership units in the amount of $0.30 per unit, or $9,372 , of which $4,872 will be distributed to us based on our aggregate ownership of 16,239,713 membership units of RMR LLC and $4,500 will be distributed to ABP Trust based on its ownership of 15,000,000 membership units of RMR LLC. The remainder of this dividend will be funded with cash accumulated at RMR Inc. We expect to pay this dividend on or about May 16, 2019 . Fiscal 2018 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. Reclassification Due to Disposition of Australian Operations RMR Intl LLC is a wholly owned subsidiary of RMR LLC whose sole business is holding the equity interests of RMR Australia Asset Management Pty Ltd, or RMR Australia. In February 2019 we sold our equity interests in RMR Australia and reclassified cumulative currency translation adjustments of $75 to Interest and other income.

Per Common Share Amounts

Per Common Share Amounts	6 Months Ended
	Mar. 31, 2019
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 because 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 March 31, Six Months Ended March 31, 2019 2018 2019 2018 Basic EPS Numerator: Net income attributable to RMR Inc. $ 8,168 $ 8,356 $ 60,377 $ 79,476 Income attributable to unvested participating securities (55 ) (49 ) (409 ) (487 ) Net income attributable to RMR Inc. used in calculating basic EPS $ 8,113 $ 8,307 $ 59,968 $ 78,989 Denominator: Weighted average common shares outstanding - basic 16,120 16,069 16,120 16,064 Net income attributable to RMR Inc. per common share - basic $ 0.50 $ 0.52 $ 3.72 $ 4.92 Diluted EPS Numerator: Net income attributable to RMR Inc. $ 8,168 $ 8,356 $ 60,377 $ 79,476 Income attributable to unvested participating securities (55 ) (49 ) (409 ) (487 ) Net income attributable to RMR Inc. used in calculating diluted EPS $ 8,113 $ 8,307 $ 59,968 $ 78,989 Denominator: Weighted average common shares outstanding - basic 16,120 16,069 16,120 16,064 Dilutive effect of incremental unvested shares 27 36 20 31 Weighted average common shares outstanding - diluted 16,147 16,105 16,140 16,095 Net income attributable to RMR Inc. per common share - diluted $ 0.50 $ 0.52 $ 3.72 $ 4.91 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, the Class B-2 Common Share “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 March 31, 2019 , would have been 30,229,687 . 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.	6 Months Ended
	Mar. 31, 2019
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 six months ended March 31, 2019 and 2018 , is calculated as follows: Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 Income before income tax expense $ 21,847 $ 23,323 $ 158,897 $ 230,990 RMR Inc. franchise tax expense and interest income 96 125 190 284 Tax receivable agreement remeasurement — — — (24,710 ) Fees from services provided prior to our IPO — — — (128 ) Net income before noncontrolling interest 21,943 23,448 159,087 206,436 Net income attributable to noncontrolling interest (10,540 ) (11,286 ) (76,411 ) (99,362 ) Net income attributable to RMR Inc. before income tax expense 11,403 12,162 82,676 107,074 Tax receivable agreement remeasurement — — — 24,710 Income tax expense attributable to RMR Inc. (3,139 ) (3,681 ) (22,109 ) (52,024 ) RMR Inc. franchise tax expense and interest income (96 ) (125 ) (190 ) (284 ) Net income attributable to RMR Inc. $ 8,168 $ 8,356 $ 60,377 $ 79,476

Segment Reporting

Segment Reporting	6 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have one 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 March 31, 2019 All Other RMR LLC (1) Operations Total Revenues: Management services $ 42,600 $ — $ 42,600 Advisory services — 761 761 Total management and advisory services revenues 42,600 761 43,361 Reimbursable compensation and benefits 12,813 599 13,412 Other client company reimbursable expenses 73,323 — 73,323 Total reimbursable costs 86,136 599 86,735 Total revenues 128,736 1,360 130,096 Expenses: Compensation and benefits 27,511 1,470 28,981 Equity based compensation 1,177 27 1,204 Separation costs 414 — 414 Total compensation and benefits expense 29,102 1,497 30,599 General and administrative 6,167 955 7,122 Other client company reimbursable expenses 73,323 — 73,323 Transaction and acquisition related costs 47 — 47 Depreciation and amortization 244 13 257 Total expenses 108,883 2,465 111,348 Operating income (loss) 19,853 (1,105 ) 18,748 Interest and other income 2,091 377 2,468 Unrealized gain on equity investment accounted for under the fair value option 522 — 522 Equity in earnings of investees — 109 109 Income (loss) before income tax expense 22,466 (619 ) 21,847 Income tax expense — (3,139 ) (3,139 ) Net income (loss) $ 22,466 $ (3,758 ) $ 18,708 Total Assets: $ 599,738 $ 59,823 $ 659,561 (1) Intersegment revenues of $939 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements. Six months ended March 31, 2019 All Other RMR LLC (1) Operations Total Revenues: Management services $ 90,088 $ — $ 90,088 Incentive business management fees 120,094 — 120,094 Advisory services — 1,543 1,543 Total management and advisory services revenues 210,182 1,543 211,725 Reimbursable compensation and benefits 26,121 1,164 27,285 Other client company reimbursable expenses 171,399 — 171,399 Total reimbursable costs 197,520 1,164 198,684 Total revenues 407,702 2,707 410,409 Expenses: Compensation and benefits 53,936 3,057 56,993 Equity based compensation 2,960 55 3,015 Separation costs 6,811 — 6,811 Total compensation and benefits expense 63,707 3,112 66,819 General and administrative 12,552 1,890 14,442 Other client company reimbursable expenses 171,399 — 171,399 Transaction and acquisition related costs 231 — 231 Depreciation and amortization 486 26 512 Total expenses 248,375 5,028 253,403 Operating income (loss) 159,327 (2,321 ) 157,006 Interest and other income 3,465 529 3,994 Unrealized loss on equity investment accounted for under the fair value option (2,247 ) — (2,247 ) Equity in earnings of investees — 144 144 Income (loss) before income tax expense 160,545 (1,648 ) 158,897 Income tax expense — (22,109 ) (22,109 ) Net income (loss) $ 160,545 $ (23,757 ) $ 136,788 Total Assets: $ 599,738 $ 59,823 $ 659,561 (1) Intersegment revenues of $1,787 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 March 31, 2018 All Other RMR LLC (1) Operations Total Revenues: Management services $ 46,559 $ — $ 46,559 Advisory services — 1,065 1,065 Total management and advisory services revenues 46,559 1,065 47,624 Reimbursable compensation and benefits 11,026 631 11,657 Total reimbursable costs 11,026 631 11,657 Total revenues 57,585 1,696 59,281 Expenses: Compensation and benefits 26,620 1,453 28,073 Equity based compensation 888 13 901 Separation costs 452 — 452 Total compensation and benefits expense 27,960 1,466 29,426 General and administrative 6,022 1,002 7,024 Depreciation and amortization 350 22 372 Total expenses 34,332 2,490 36,822 Operating income (loss) 23,253 (794 ) 22,459 Interest and other income 999 77 1,076 Equity in earnings (losses) of investees 13 (225 ) (212 ) Income (loss) before income tax expense 24,265 (942 ) 23,323 Income tax expense — (3,681 ) (3,681 ) Net income (loss) $ 24,265 $ (4,623 ) $ 19,642 Total Assets: $ 463,931 $ 61,030 $ 524,961 (1) Intersegment revenues of $954 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements. Six months ended March 31, 2018 All Other RMR LLC (1) Operations Total Revenues: Management services $ 95,129 $ — $ 95,129 Incentive business management fees 155,881 — 155,881 Advisory services — 2,447 2,447 Total management and advisory services revenues 251,010 2,447 253,457 Reimbursable compensation and benefits 23,115 1,250 24,365 Total reimbursable costs 23,115 1,250 24,365 Total revenues 274,125 3,697 277,822 Expenses: Compensation and benefits 51,368 2,902 54,270 Equity based compensation 3,428 27 3,455 Separation costs 619 — 619 Total compensation and benefits expense 55,415 2,929 58,344 General and administrative 11,678 2,052 13,730 Transaction and acquisition related costs — 142 142 Depreciation and amortization 708 44 752 Total expenses 67,801 5,167 72,968 Operating income (loss) 206,324 (1,470 ) 204,854 Interest and other income 1,725 135 1,860 Tax receivable agreement remeasurement — 24,710 24,710 Equity in earnings (losses) of investees 34 (468 ) (434 ) Income (loss) before income tax expense 208,083 22,907 230,990 Income tax expense — (52,024 ) (52,024 ) Net income (loss) $ 208,083 $ (29,117 ) $ 178,966 Total Assets: $ 463,931 $ 61,030 $ 524,961 (1) Intersegment revenues of $1,907 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU No. 2016-02, Leases , as amended, or ASU No. 2016-02, 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 (October 1, 2019). We are currently assessing the potential impact of 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 , or ASU No. 2016-13,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.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Mar. 31, 2019
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 March 31, Six Months Ended March 31, 2019 2018 2019 2018 Income taxes computed at the federal statutory rate 21.0 % 24.5 % 21.0 % 24.5 % State taxes, net of federal benefit 3.7 % 2.9 % 2.9 % 2.6 % Tax Act transitional impact (1) — % — % — % 8.6 % Permanent items (2) (0.2 )% — % 0.1 % (2.6 )% Net income attributable to noncontrolling interest (10.1 )% (11.8 )% (10.1 )% (10.6 )% Total 14.4 % 15.6 % 13.9 % 22.5 % (1) Transitional impact for the six months ending March 31, 2018 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 for the six months ending March 31, 2018 include the $24,710 reduction in our liability related to the tax receivable agreement with ABP Trust discussed in Note 7, Related Person Transactions .

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and September 30, 2018 : March 31, September 30, 2019 2018 Money market funds included in cash and cash equivalents $ 383,057 $ 253,876 Current portion of due from related parties related to share based payment awards 1,891 4,986 Long term portion of due from related parties related to share based payment awards 5,100 8,183 Current portion of employer compensation liability related to share based payment awards included in accounts payable and accrued expenses 1,891 4,986 Long term portion of employer compensation liability related to share based payment awards 5,100 8,183

Related Person Transactions (Ta

Related Person Transactions (Tables)	6 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of related party transactions	For the three and six months ended March 31, 2019 and 2018 , we recognized revenues from related parties as set forth in the following table: Three Months Ended March 31, Six Months Ended March 31, 2019 (1)(2) 2018 (2) 2019 (1)(2) 2018 (2) $ % $ % $ % $ % Managed Equity REITs: HPT (3) $ 11,448 8.8 % $ 10,058 17.0 % $ 77,844 19.0 % $ 96,124 34.6 % ILPT 6,874 5.3 2,991 5.0 15,334 3.7 2,991 1.1 OPI (4) 58,114 44.7 13,231 22.3 114,357 27.9 26,740 9.6 SIR (3)(4) — — 8,548 14.4 47,843 11.7 45,537 16.4 SNH (3) 36,851 28.3 14,896 25.1 122,830 29.9 86,442 31.1 113,287 87.1 49,724 83.8 378,208 92.2 257,834 92.8 Managed Operators: Five Star 2,439 1.9 2,388 4.0 4,852 1.2 5,078 1.8 Sonesta 782 0.6 696 1.2 1,539 0.4 1,264 0.5 TA 3,229 2.5 3,484 5.9 7,081 1.7 7,255 2.6 6,450 5.0 6,568 11.1 13,472 3.3 13,597 4.9 Client Companies: ABP Trust 3,935 3.0 1,331 2.2 7,270 1.8 2,610 1.0 AIC 60 — 60 0.1 120 — 120 — Open End Fund 4,633 3.6 — — 8,110 2.0 — — RIF 725 0.5 699 1.3 1,458 0.3 1,428 0.5 TRMT 879 0.7 642 1.1 1,574 0.4 1,348 0.5 10,232 7.8 2,732 4.7 18,532 4.5 5,506 2.0 Total revenues from related parties 129,969 99.9 59,024 99.6 410,212 100.0 276,937 99.7 Revenues from unrelated parties 127 0.1 257 0.4 197 — 885 0.3 $ 130,096 100.0 % $ 59,281 100.0 % $ 410,409 100.0 % $ 277,822 100.0 % (1) Revenues from related parties for the three and six months ended March 31, 2019 includes Other client company reimbursable expenses of $73,323 and $171,399 , respectively, and reflects the adoption of ASC 606 as summarized in Note 3, Revenue Recognition. (2) Revenues from related parties for the three months ended March 31, 2019 and 2018 include $13,412 and $11,657 of reimbursable compensation and benefits, respectively. Revenues from related parties for the six months ended March 31, 2019 and 2018 include $27,285 and $24,365 of reimbursable compensation and benefits, respectively. (3) The amounts for the six months ended March 31, 2019 include incentive business management fees of $53,635 , $25,817 and $40,642 , which RMR LLC earned from HPT, SIR and SNH, respectively, and which were paid in January 2019. The amounts for the six months ended March 31, 2018 include incentive business management fees of $74,572 , $25,569 and $55,740 , which RMR LLC earned from HPT, SIR and SNH, respectively, and which were paid in January 2018 . (4) SIR merged with and into OPI on December 31, 2018 with OPI continuing as the surviving entity. This table presents revenues for the three and six months ended March 31, 2018 from SIR separately as they relate to periods prior to this merger. The following table represents amounts due from related parties as of the dates indicated: March 31, September 30, 2019 2018 Managed Equity REITs: HPT $ 10,161 $ 8,391 ILPT 4,042 2,692 OPI 29,402 7,870 SIR — 5,887 SNH 18,393 9,705 61,998 34,545 Managed Operators: Five Star 253 281 Sonesta 49 30 TA 626 599 928 910 Client Companies: ABP Trust 1,703 383 AIC 27 20 Open End Fund 2,259 608 RIF 65 31 TRMT 632 532 4,686 1,574 $ 67,612 $ 37,029

Per Common Share Amounts (Table

Per Common Share Amounts (Tables)	6 Months Ended
	Mar. 31, 2019
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 March 31, Six Months Ended March 31, 2019 2018 2019 2018 Basic EPS Numerator: Net income attributable to RMR Inc. $ 8,168 $ 8,356 $ 60,377 $ 79,476 Income attributable to unvested participating securities (55 ) (49 ) (409 ) (487 ) Net income attributable to RMR Inc. used in calculating basic EPS $ 8,113 $ 8,307 $ 59,968 $ 78,989 Denominator: Weighted average common shares outstanding - basic 16,120 16,069 16,120 16,064 Net income attributable to RMR Inc. per common share - basic $ 0.50 $ 0.52 $ 3.72 $ 4.92 Diluted EPS Numerator: Net income attributable to RMR Inc. $ 8,168 $ 8,356 $ 60,377 $ 79,476 Income attributable to unvested participating securities (55 ) (49 ) (409 ) (487 ) Net income attributable to RMR Inc. used in calculating diluted EPS $ 8,113 $ 8,307 $ 59,968 $ 78,989 Denominator: Weighted average common shares outstanding - basic 16,120 16,069 16,120 16,064 Dilutive effect of incremental unvested shares 27 36 20 31 Weighted average common shares outstanding - diluted 16,147 16,105 16,140 16,095 Net income attributable to RMR Inc. per common share - diluted $ 0.50 $ 0.52 $ 3.72 $ 4.91
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 March 31, Six Months Ended March 31, 2019 2018 2019 2018 Basic EPS Numerator: Net income attributable to RMR Inc. $ 8,168 $ 8,356 $ 60,377 $ 79,476 Income attributable to unvested participating securities (55 ) (49 ) (409 ) (487 ) Net income attributable to RMR Inc. used in calculating basic EPS $ 8,113 $ 8,307 $ 59,968 $ 78,989 Denominator: Weighted average common shares outstanding - basic 16,120 16,069 16,120 16,064 Net income attributable to RMR Inc. per common share - basic $ 0.50 $ 0.52 $ 3.72 $ 4.92 Diluted EPS Numerator: Net income attributable to RMR Inc. $ 8,168 $ 8,356 $ 60,377 $ 79,476 Income attributable to unvested participating securities (55 ) (49 ) (409 ) (487 ) Net income attributable to RMR Inc. used in calculating diluted EPS $ 8,113 $ 8,307 $ 59,968 $ 78,989 Denominator: Weighted average common shares outstanding - basic 16,120 16,069 16,120 16,064 Dilutive effect of incremental unvested shares 27 36 20 31 Weighted average common shares outstanding - diluted 16,147 16,105 16,140 16,095 Net income attributable to RMR Inc. per common share - diluted $ 0.50 $ 0.52 $ 3.72 $ 4.91

Net Income Attributable to RM_2

Net Income Attributable to RMR Inc. (Tables)	6 Months Ended
	Mar. 31, 2019
Net Income Attributable to RMR Inc.
Schedule of net income attributable to parent	Net income attributable to RMR Inc. for the three and six months ended March 31, 2019 and 2018 , is calculated as follows: Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 Income before income tax expense $ 21,847 $ 23,323 $ 158,897 $ 230,990 RMR Inc. franchise tax expense and interest income 96 125 190 284 Tax receivable agreement remeasurement — — — (24,710 ) Fees from services provided prior to our IPO — — — (128 ) Net income before noncontrolling interest 21,943 23,448 159,087 206,436 Net income attributable to noncontrolling interest (10,540 ) (11,286 ) (76,411 ) (99,362 ) Net income attributable to RMR Inc. before income tax expense 11,403 12,162 82,676 107,074 Tax receivable agreement remeasurement — — — 24,710 Income tax expense attributable to RMR Inc. (3,139 ) (3,681 ) (22,109 ) (52,024 ) RMR Inc. franchise tax expense and interest income (96 ) (125 ) (190 ) (284 ) Net income attributable to RMR Inc. $ 8,168 $ 8,356 $ 60,377 $ 79,476

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of segment reporting information	Three months ended March 31, 2019 All Other RMR LLC (1) Operations Total Revenues: Management services $ 42,600 $ — $ 42,600 Advisory services — 761 761 Total management and advisory services revenues 42,600 761 43,361 Reimbursable compensation and benefits 12,813 599 13,412 Other client company reimbursable expenses 73,323 — 73,323 Total reimbursable costs 86,136 599 86,735 Total revenues 128,736 1,360 130,096 Expenses: Compensation and benefits 27,511 1,470 28,981 Equity based compensation 1,177 27 1,204 Separation costs 414 — 414 Total compensation and benefits expense 29,102 1,497 30,599 General and administrative 6,167 955 7,122 Other client company reimbursable expenses 73,323 — 73,323 Transaction and acquisition related costs 47 — 47 Depreciation and amortization 244 13 257 Total expenses 108,883 2,465 111,348 Operating income (loss) 19,853 (1,105 ) 18,748 Interest and other income 2,091 377 2,468 Unrealized gain on equity investment accounted for under the fair value option 522 — 522 Equity in earnings of investees — 109 109 Income (loss) before income tax expense 22,466 (619 ) 21,847 Income tax expense — (3,139 ) (3,139 ) Net income (loss) $ 22,466 $ (3,758 ) $ 18,708 Total Assets: $ 599,738 $ 59,823 $ 659,561 (1) Intersegment revenues of $939 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements. Six months ended March 31, 2019 All Other RMR LLC (1) Operations Total Revenues: Management services $ 90,088 $ — $ 90,088 Incentive business management fees 120,094 — 120,094 Advisory services — 1,543 1,543 Total management and advisory services revenues 210,182 1,543 211,725 Reimbursable compensation and benefits 26,121 1,164 27,285 Other client company reimbursable expenses 171,399 — 171,399 Total reimbursable costs 197,520 1,164 198,684 Total revenues 407,702 2,707 410,409 Expenses: Compensation and benefits 53,936 3,057 56,993 Equity based compensation 2,960 55 3,015 Separation costs 6,811 — 6,811 Total compensation and benefits expense 63,707 3,112 66,819 General and administrative 12,552 1,890 14,442 Other client company reimbursable expenses 171,399 — 171,399 Transaction and acquisition related costs 231 — 231 Depreciation and amortization 486 26 512 Total expenses 248,375 5,028 253,403 Operating income (loss) 159,327 (2,321 ) 157,006 Interest and other income 3,465 529 3,994 Unrealized loss on equity investment accounted for under the fair value option (2,247 ) — (2,247 ) Equity in earnings of investees — 144 144 Income (loss) before income tax expense 160,545 (1,648 ) 158,897 Income tax expense — (22,109 ) (22,109 ) Net income (loss) $ 160,545 $ (23,757 ) $ 136,788 Total Assets: $ 599,738 $ 59,823 $ 659,561 (1) Intersegment revenues of $1,787 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 March 31, 2018 All Other RMR LLC (1) Operations Total Revenues: Management services $ 46,559 $ — $ 46,559 Advisory services — 1,065 1,065 Total management and advisory services revenues 46,559 1,065 47,624 Reimbursable compensation and benefits 11,026 631 11,657 Total reimbursable costs 11,026 631 11,657 Total revenues 57,585 1,696 59,281 Expenses: Compensation and benefits 26,620 1,453 28,073 Equity based compensation 888 13 901 Separation costs 452 — 452 Total compensation and benefits expense 27,960 1,466 29,426 General and administrative 6,022 1,002 7,024 Depreciation and amortization 350 22 372 Total expenses 34,332 2,490 36,822 Operating income (loss) 23,253 (794 ) 22,459 Interest and other income 999 77 1,076 Equity in earnings (losses) of investees 13 (225 ) (212 ) Income (loss) before income tax expense 24,265 (942 ) 23,323 Income tax expense — (3,681 ) (3,681 ) Net income (loss) $ 24,265 $ (4,623 ) $ 19,642 Total Assets: $ 463,931 $ 61,030 $ 524,961 (1) Intersegment revenues of $954 recognized by RMR LLC for services provided to the All Other Operations segment have been eliminated in the condensed consolidated financial statements. Six months ended March 31, 2018 All Other RMR LLC (1) Operations Total Revenues: Management services $ 95,129 $ — $ 95,129 Incentive business management fees 155,881 — 155,881 Advisory services — 2,447 2,447 Total management and advisory services revenues 251,010 2,447 253,457 Reimbursable compensation and benefits 23,115 1,250 24,365 Total reimbursable costs 23,115 1,250 24,365 Total revenues 274,125 3,697 277,822 Expenses: Compensation and benefits 51,368 2,902 54,270 Equity based compensation 3,428 27 3,455 Separation costs 619 — 619 Total compensation and benefits expense 55,415 2,929 58,344 General and administrative 11,678 2,052 13,730 Transaction and acquisition related costs — 142 142 Depreciation and amortization 708 44 752 Total expenses 67,801 5,167 72,968 Operating income (loss) 206,324 (1,470 ) 204,854 Interest and other income 1,725 135 1,860 Tax receivable agreement remeasurement — 24,710 24,710 Equity in earnings (losses) of investees 34 (468 ) (434 ) Income (loss) before income tax expense 208,083 22,907 230,990 Income tax expense — (52,024 ) (52,024 ) Net income (loss) $ 208,083 $ (29,117 ) $ 178,966 Total Assets: $ 463,931 $ 61,030 $ 524,961 (1) Intersegment revenues of $1,907 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)	6 Months Ended
	Mar. 31, 2019shares
RMR LLC
Related Party Transaction [Line Items]
Ownership percentage	52.00%
Class B membership units
Related Party Transaction [Line Items]
Membership units (in units)	1,000,000
Class A common shares | Class A membership units
Related Party Transaction [Line Items]
Membership units (in units)	15,229,687
Capital Unit Redeemable Class A Units | ABP Trust
Related Party Transaction [Line Items]
Membership units (in units)	15,000,000
Ownership percentage	48.00%

Revenue Recognition - Managed E

Revenue Recognition - Managed Equity REITs (Details) - Managed REITs - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
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%
Aggregate base business management fees	$ 25,537	$ 29,433	$ 53,808	$ 60,035
Contingent incentive business management fee percentage			12.00%
Measurement period for calculating the annual incentive fee			3 years	3 years
Aggregate incentive business management fees			$ 120,094	$ 155,881

Revenue Recognition - Business

Revenue Recognition - Business Management Fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
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	$ 6,751	$ 6,466	$ 14,146	$ 13,338
AIC
Related Party Transaction [Line Items]
Business management fee percent based on total premiums paid			3.00%
Open End Fund
Related Party Transaction [Line Items]
Management fee as a percent of NAV			1.00%

Revenue Recognition - Property

Revenue Recognition - Property Management Fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
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	$ 10,207	$ 10,510	$ 21,977	$ 21,368

Revenue Recognition - Reimbursa

Revenue Recognition - Reimbursable Payroll Related and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Shared service fees	$ 370		$ 705
Equity based compensation expense and related reimbursements	756	$ 180	2,072	$ 2,335
Accounts payable and accrued expenses	87,283		87,283		$ 28,307
Reimbursable compensation and benefits
Disaggregation of Revenue [Line Items]
Revenue	13,412	11,657	27,285	24,365
Other client company reimbursable expenses
Disaggregation of Revenue [Line Items]
Revenue	73,323	$ 0	171,399	$ 0
Accounts payable and accrued expenses	$ 44,321		$ 44,321

Revenue Recognition - Advisory

Revenue Recognition - Advisory Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
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%
Advisory services
Related Party Transaction [Line Items]
Revenue	$ 761	$ 1,065	$ 1,543	$ 2,447
Management services
Related Party Transaction [Line Items]
Revenue	42,600	46,559	$ 90,088	95,129
RIF
Related Party Transaction [Line Items]
Advisory fee percent			0.85%
RMR Advisors and Tremont Advisors | Advisory services
Related Party Transaction [Line Items]
Revenue	725	699	$ 1,458	1,428
Tremont Advisors | Advisory services
Related Party Transaction [Line Items]
Revenue	36	366	85	1,019
Tremont Advisors | Management services
Related Party Transaction [Line Items]
Revenue	$ 105	$ 150	$ 157	$ 388

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Oct. 10, 2018	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Equity method investment		$ 7,129		$ 7,129		$ 7,051
Equity in earnings (losses) of investees		109	$ (212)	144	$ (434)
Unrealized gain (loss) on equity method investment accounted for under the fair value option		$ 522	0	$ (2,247)	0
Tremont Mortgage Trust
Schedule of Equity Method Investments [Line Items]
Ownership percentage (for TA, less than)		19.00%		19.00%
Equity in earnings (losses) of investees		$ 109	(198)	$ 144	(399)
Open End Fund
Schedule of Equity Method Investments [Line Items]
Ownership percentage (for TA, less than)		0.50%		0.50%
Equity in earnings (losses) of investees			$ (14)		$ (35)
TA
Schedule of Equity Method Investments [Line Items]
Ownership percentage (for TA, less than)		4.00%		4.00%
Quoted market value		$ 6,135		$ 6,135
Tremont Advisors | Tremont Mortgage Trust
Schedule of Equity Method Investments [Line Items]
Number of shares owned (in shares)		600,100		600,100
Ownership percentage (for TA, less than)		18.90%		18.90%
Quoted market value		$ 5,281		$ 5,281
RMR LLC | TA
Schedule of Equity Method Investments [Line Items]
Ownership percentage (for TA, less than)	3.70%
Shares purchased (in shares)	1,492,691
Purchases from related party	$ 8,382

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Income Tax Contingency [Line Items]
Income taxes computed at the federal statutory rate	21.00%	24.50%	21.00%	24.50%	24.50%
Income tax expense related to deferred tax assets				$ 19,817
Income tax expense	$ (3,139)	$ (3,681)	$ (22,109)	(52,024)
Federal income tax expense	2,290	2,763	16,132	40,537
State income tax expense	$ 849	$ 918	$ 5,977	11,487
Adjustment to deferred tax asset				19,817
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		6 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income taxes computed at the federal statutory rate	21.00%	24.50%	21.00%	24.50%	24.50%
State taxes, net of federal benefit	3.70%	2.90%	2.90%	2.60%
Tax Cuts and Jobs Act transitional impact	0.00%	0.00%	0.00%	8.60%
Permanent items	(0.20%)	(0.00%)	0.10%	(2.60%)
Net income attributable to noncontrolling interest	(10.10%)	(11.80%)	(10.10%)	(10.60%)
Total	14.40%	15.60%	13.90%	22.50%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Recurring basis - Level 1 - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Schedule of assets and liabilities measured at fair value
Money market funds included in cash and cash equivalents	$ 383,057	$ 253,876
Current portion of due from related parties related to share based payment awards	1,891	4,986
Long term portion of due from related parties related to share based payment awards	5,100	8,183
Current portion of employer compensation liability related to share based payment awards included in accounts payable and accrued expenses	1,891	4,986
Long term portion of employer compensation liability related to share based payment awards	$ 5,100	$ 8,183

Related Person Transactions - N

Related Person Transactions - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Oct. 10, 2018
Five Star
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	35.70%
HPT
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	1.10%
ILPT
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	1.20%
OPI
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	1.50%
SNH
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	1.10%
TA
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	4.00%
RIF
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	2.20%
TRMT
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	19.00%
Open End Fund
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	0.50%
ABP Trust | AIC
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)	14.30%
ABP Trust | Open End Fund
Related Party Transaction [Line Items]
Shares owned (in shares)	206,300
ABP Trust | Class A common shares
Related Party Transaction [Line Items]
Common stock shares outstanding (in shares)	132,002
ABP Trust | Class A Units
Related Party Transaction [Line Items]
Common stock shares outstanding (in shares)	15,000,000
HPT | Class A common shares
Related Party Transaction [Line Items]
Shares owned (in shares)	2,503,777
OPI | Class A common shares
Related Party Transaction [Line Items]
Shares owned (in shares)	2,801,061
SNH | Class A common shares
Related Party Transaction [Line Items]
Shares owned (in shares)	2,637,408
RMR LLC | TA
Related Party Transaction [Line Items]
Ownership percentage (for TA, less than)		3.70%
Open End Fund | RMR LLC
Related Party Transaction [Line Items]
Committed capital	$ 100,000,000

Related Person Transactions - R

Related Person Transactions - Revenues from Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Revenue from related parties	$ 129,969	$ 59,024	$ 410,212	$ 276,937
Revenue from unrelated parties	127	257	197	885
Total revenues	$ 130,096	$ 59,281	$ 410,409	$ 277,822
Percentage of revenues from related parties	99.90%	99.60%	100.00%	99.70%
Percentage of revenues from unrelated parties	0.10%	0.40%	0.00%	0.30%
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	$ 113,287	$ 49,724	$ 378,208	$ 257,834
Percentage of revenues from related parties	87.10%	83.80%	92.20%	92.80%
HPT
Related Party Transaction [Line Items]
Revenue from related parties	$ 11,448	$ 10,058	$ 77,844	$ 96,124
Percentage of revenues from related parties	8.80%	17.00%	19.00%	34.60%
ILPT
Related Party Transaction [Line Items]
Revenue from related parties	$ 6,874	$ 2,991	$ 15,334	$ 2,991
Percentage of revenues from related parties	5.30%	5.00%	3.70%	1.10%
OPI
Related Party Transaction [Line Items]
Revenue from related parties	$ 58,114	$ 13,231	$ 114,357	$ 26,740
Percentage of revenues from related parties	44.70%	22.30%	27.90%	9.60%
SIR
Related Party Transaction [Line Items]
Revenue from related parties	$ 0	$ 8,548	$ 47,843	$ 45,537
Percentage of revenues from related parties	0.00%	14.40%	11.70%	16.40%
SNH
Related Party Transaction [Line Items]
Revenue from related parties	$ 36,851	$ 14,896	$ 122,830	$ 86,442
Percentage of revenues from related parties	28.30%	25.10%	29.90%	31.10%
Managed Operators
Related Party Transaction [Line Items]
Revenue from related parties	$ 6,450	$ 6,568	$ 13,472	$ 13,597
Percentage of revenues from related parties	5.00%	11.10%	3.30%	4.90%
Five Star
Related Party Transaction [Line Items]
Revenue from related parties	$ 2,439	$ 2,388	$ 4,852	$ 5,078
Percentage of revenues from related parties	1.90%	4.00%	1.20%	1.80%
Sonesta
Related Party Transaction [Line Items]
Revenue from related parties	$ 782	$ 696	$ 1,539	$ 1,264
Percentage of revenues from related parties	0.60%	1.20%	0.40%	0.50%
TA
Related Party Transaction [Line Items]
Revenue from related parties	$ 3,229	$ 3,484	$ 7,081	$ 7,255
Percentage of revenues from related parties	2.50%	5.90%	1.70%	2.60%
Other
Related Party Transaction [Line Items]
Revenue from related parties	$ 10,232	$ 2,732	$ 18,532	$ 5,506
Percentage of revenues from related parties	7.80%	4.70%	4.50%	2.00%
ABP Trust
Related Party Transaction [Line Items]
Revenue from related parties	$ 3,935	$ 1,331	$ 7,270	$ 2,610
Percentage of revenues from related parties	3.00%	2.20%	1.80%	1.00%
AIC
Related Party Transaction [Line Items]
Revenue from related parties	$ 60	$ 60	$ 120	$ 120
Percentage of revenues from related parties	0.00%	0.10%	0.00%	0.00%
Open End Fund
Related Party Transaction [Line Items]
Revenue from related parties	$ 4,633	$ 0	$ 8,110	$ 0
Percentage of revenues from related parties	3.60%	0.00%	2.00%	0.00%
RIF
Related Party Transaction [Line Items]
Revenue from related parties	$ 725	$ 699	$ 1,458	$ 1,428
Percentage of revenues from related parties	0.50%	1.30%	0.30%	0.50%
TRMT
Related Party Transaction [Line Items]
Revenue from related parties	$ 879	$ 642	$ 1,574	$ 1,348
Percentage of revenues from related parties	0.70%	1.10%	0.40%	0.50%

Related Person Transactions - F

Related Person Transactions - Footnotes to Revenue from Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
HPT
Related Party Transaction [Line Items]
Aggregate incentive business management fees			$ 53,635	$ 74,572
SIR
Related Party Transaction [Line Items]
Aggregate incentive business management fees			25,817	25,569
SNH
Related Party Transaction [Line Items]
Aggregate incentive business management fees			40,642	55,740
Other client company reimbursable expenses
Related Party Transaction [Line Items]
Revenue	$ 73,323	$ 0	171,399	0
Reimbursable compensation and benefits
Related Party Transaction [Line Items]
Revenue	$ 13,412	$ 11,657	$ 27,285	$ 24,365

Related Person Transactions - D

Related Person Transactions - Due from/to Related Parties (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Due from related parties	$ 67,612	$ 37,029
Managed REITs
Related Party Transaction [Line Items]
Due from related parties	61,998	34,545
HPT
Related Party Transaction [Line Items]
Due from related parties	10,161	8,391
ILPT
Related Party Transaction [Line Items]
Due from related parties	4,042	2,692
OPI
Related Party Transaction [Line Items]
Due from related parties	29,402	7,870
SIR
Related Party Transaction [Line Items]
Due from related parties	0	5,887
SNH
Related Party Transaction [Line Items]
Due from related parties	18,393	9,705
Managed Operators
Related Party Transaction [Line Items]
Due from related parties	928	910
Five Star
Related Party Transaction [Line Items]
Due from related parties	253	281
Sonesta
Related Party Transaction [Line Items]
Due from related parties	49	30
TA
Related Party Transaction [Line Items]
Due from related parties	626	599
Other
Related Party Transaction [Line Items]
Due from related parties	4,686	1,574
ABP Trust
Related Party Transaction [Line Items]
Due from related parties	1,703	383
AIC
Related Party Transaction [Line Items]
Due from related parties	27	20
Open End Fund
Related Party Transaction [Line Items]
Due from related parties	2,259	608
RIF
Related Party Transaction [Line Items]
Due from related parties	65	31
TRMT
Related Party Transaction [Line Items]
Due from related parties	$ 632	$ 532

Related Person Transactions - A

Related Person Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
ABP Trust and Managed REIT
Related Party Transaction [Line Items]
Rental expense	$ 1,571	$ 1,256	$ 2,858	$ 2,284

Related Person Transactions - T

Related Person Transactions - Tax Related Payments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
RMR LLC
Related Party Transaction [Line Items]
Tax distributions		$ 21,256	$ 24,229
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		$ 19,653	$ 22,481
ABP Trust | Up C Transaction
Related Party Transaction [Line Items]
Tax receivable agreement, percent of payment		85.00%
Liability related to Tax Receivable Agreement		$ 34,327
ABP Trust | Up C Transaction | Forecast
Related Party Transaction [Line Items]
Payments related to Tax Receivable Agreement	$ 2,279
ABP Trust and Managed REIT | RMR LLC
Related Party Transaction [Line Items]
Tax distributions		$ 40,909	$ 46,710

Related Person Transactions - O

Related Person Transactions - Other (Details) - USD ($) $ in Thousands

Jun. 30, 2019

Mar. 31, 2019

Mar. 29, 2019

Feb. 04, 2019

Dec. 31, 2018

Nov. 30, 2018

Mar. 31, 2019

Mar. 31, 2018

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2019

May 11, 2019

May 03, 2019

Related Party Transaction [Line Items]

Separation costs

$ 414

$ 452

$ 6,811

$ 619

Equity based compensation

1,204

901

3,015

3,455

Resignation of Other Non-Executive Employees of RMR LLC

Related Party Transaction [Line Items]

Separation costs

11

Executive Vice President | John C. Popeo | Cash Bonus

Related Party Transaction [Line Items]

Related party transaction

$ 963

$ 963

Executive Vice President | John C. Popeo | Retirement Agreement

Related Party Transaction [Line Items]

Separation costs

1,953

Equity based compensation

537

Executive Vice President | Mark L. Kleifges | Cash Bonus

Related Party Transaction [Line Items]

Related party transaction

$ 1,594

Executive Vice President | Mark L. Kleifges | Retirement Agreement

Related Party Transaction [Line Items]

Separation costs

3,234

Equity based compensation

537

Executive Vice President | Bruce J. Mackey Jr. | Cash Bonus

Related Party Transaction [Line Items]

Related party transaction

$ 138

$ 600

Executive Vice President | Bruce J. Mackey Jr. | Retirement Agreement

Related Party Transaction [Line Items]

Separation costs

$ 414

125

Equity based compensation

$ 414

Executive Vice President | David J. Hegarty | Retirement Agreement

Related Party Transaction [Line Items]

Separation costs

136

Equity based compensation

$ 316

$ 483

TRMT | Credit Agreement

Related Party Transaction [Line Items]

Borrowing capacity

$ 50,000

LIBOR | TRMT | Credit Agreement

Related Party Transaction [Line Items]

Basis spread on variable rate

6.50%

Forecast | Executive Vice President | Mark L. Kleifges | Cash Bonus

Related Party Transaction [Line Items]

Related party transaction

$ 1,594

Forecast | Executive Vice President | Bruce J. Mackey Jr. | Cash Bonus

Related Party Transaction [Line Items]

Related party transaction

$ 550

Forecast | RMR LLC | Executive Vice President | Bruce J. Mackey Jr. | Cash Bonus

Related Party Transaction [Line Items]

Percentage of payment to related party

20.00%

Forecast | Five Star | Executive Vice President | Bruce J. Mackey Jr. | Cash Bonus

Related Party Transaction [Line Items]

Percentage of payment to related party

80.00%

TRMT

Related Party Transaction [Line Items]

Ownership percentage

19.00%

19.00%

19.00%

TRMT | Tremont Advisors

Related Party Transaction [Line Items]

Ownership percentage

18.90%

18.90%

18.90%

TRMT | Forecast | Tremont Advisors

Related Party Transaction [Line Items]

Ownership percentage

20.00%

Subsequent event | TRMT | Tremont Advisors

Related Party Transaction [Line Items]

Ownership percentage

18.90%

Shareholders_ Equity - Issuance

Shareholders’ Equity - Issuances/Repurchases (Details) - Subsequent event - Class A common shares - USD ($) $ / shares in Units, $ in Thousands	Apr. 05, 2019	Apr. 03, 2019
Director
Class of Stock [Line Items]
Shares withheld and repurchased (in shares)		375
Shares withheld and repurchased (in dollars per share)		$ 62.75
Adjustment for tax withholding		$ 24
Director | 2016 Omnibus Equity Plan
Class of Stock [Line Items]
Shares granted (in shares)		2,500
Shares granted		$ 62.75
Former Employees
Class of Stock [Line Items]
Shares withheld and repurchased (in shares)	2,099
Shares withheld and repurchased (in dollars per share)	$ 63.54
Adjustment for tax withholding	$ 133
RMR LLC | 2016 Omnibus Equity Plan
Class of Stock [Line Items]
Shares granted (in shares)		12,500
RMR LLC | Director
Class of Stock [Line Items]
Shares withheld and repurchased (in shares)		375
RMR LLC | Former Employees
Class of Stock [Line Items]
Shares withheld and repurchased (in shares)	2,099

Shareholders_ Equity - Distribu

Shareholders’ Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 18, 2019	Feb. 21, 2019	Nov. 15, 2018	Feb. 22, 2018	Nov. 16, 2017	Feb. 28, 2019	Mar. 31, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Stockholders' Equity, Reclassification Due To Discontinued Operations						$ 75	$ 75
Class A common shares
Class of Stock [Line Items]
Common stock shares outstanding (in shares)							15,229,687	15,229,957
Class A and B-1 common shares
Class of Stock [Line Items]
Dividends paid (in dollars per share)		$ 0.35	$ 0.35	$ 0.25	$ 0.25
Value of dividends		$ 5,680	$ 5,680	$ 4,040	$ 4,041
Common stock shares outstanding (in shares)		16,229,687	16,229,957	16,162,338	16,164,066
ABP Trust | Class A common shares
Class of Stock [Line Items]
Value of dividends		$ 4,500	$ 4,500	$ 3,750	$ 3,750
Common stock shares outstanding (in shares)		15,000,000	15,000,000	15,000,000	15,000,000
RMR LLC | Class A and B-1 common shares
Class of Stock [Line Items]
Dividends paid (in dollars per share)		$ 0.3
RMR LLC | RMR LLC
Class of Stock [Line Items]
Dividends paid (in dollars per share)			$ 0.3	$ 0.25	$ 0.25
Value of dividends		$ 9,369	$ 9,369	$ 7,790	$ 7,791
RMR LLC | RMR LLC | Class A and B-1 common shares
Class of Stock [Line Items]
Value of dividends		$ 4,869	$ 4,869	$ 4,040	$ 4,041
Subsequent event | Class A and B-1 common shares
Class of Stock [Line Items]
Dividends paid (in dollars per share)	$ 0.35
Value of dividends	$ 5,684
Common stock shares outstanding (in shares)	16,239,713
Subsequent event | ABP Trust | Class A common shares
Class of Stock [Line Items]
Value of dividends	$ 4,500
Common stock shares outstanding (in shares)	15,000,000
Subsequent event | RMR LLC | RMR LLC
Class of Stock [Line Items]
Dividends paid (in dollars per share)	$ 0.3
Value of dividends	$ 9,372
Subsequent event | RMR LLC | RMR LLC | Class A and B-1 common shares
Class of Stock [Line Items]
Value of dividends	$ 4,872

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		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income attributable to RMR Inc.	$ 8,168	$ 8,356	$ 60,377	$ 79,476
Income attributable to unvested participating securities	(55)	(49)	(409)	(487)
Net income attributable to RMR Inc. used in calculating basic EPS	$ 8,113	$ 8,307	$ 59,968	$ 78,989
Denominator:
Weighted average common shares outstanding - basic (in shares)	16,120	16,069	16,120	16,064
Net income attributable to RMR Inc. per common share - basic (in dollars per share)	$ 0.50	$ 0.52	$ 3.72	$ 4.92
Numerator:
Net income attributable to RMR Inc.	$ 8,168	$ 8,356	$ 60,377	$ 79,476
Income attributable to unvested participating securities	(55)	(49)	(409)	(487)
Net income attributable to RMR Inc. used in calculating diluted EPS	$ 8,113	$ 8,307	$ 59,968	$ 78,989
Denominator:
Weighted average common shares outstanding - basic (in shares)	16,120	16,069	16,120	16,064
Dilutive effect of incremental unvested shares (in shares)	27	36	20	31
Weighted average common shares outstanding - diluted (in shares)	16,147	16,105	16,140	16,095
Net income attributable to RMR Inc. per common share - diluted (in dollars per share)	$ 0.50	$ 0.52	$ 3.72	$ 4.91

Per Common Share Amounts - Addi

Per Common Share Amounts - Additional Information (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2019shares	Mar. 31, 2018shares	Mar. 31, 2019shares	Mar. 31, 2018shares
Class of Stock [Line Items]
Weighted average common stock shares outstanding diluted (in shares)	16,147,000	16,105,000	16,140,000	16,095,000
Class A membership units
Class of Stock [Line Items]
Antidilutive securities (in shares)			15,000,000
Conversion ratio			1
Weighted average common stock shares outstanding diluted (in shares)			30,229,687
Class B-1 common shares
Class of Stock [Line Items]
Conversion ratio			1

Net Income Attributable to RM_3

Net Income Attributable to RMR Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Net Income Attributable to RMR Inc.
Income before income tax expense	$ 21,847	$ 23,323	$ 158,897	$ 230,990
RMR Inc. franchise tax expense and interest income	96	125	190	284
Tax receivable agreement remeasurement	0	0	0	(24,710)
Fees from services provided prior to our IPO	0	0	0	(128)
Net income before noncontrolling interest	21,943	23,448	159,087	206,436
Net income attributable to noncontrolling interest	(10,540)	(11,286)	(76,411)	(99,362)
Net income attributable to RMR Inc. before income tax expense	11,403	12,162	82,676	107,074
Income tax expense attributable to RMR Inc.	(3,139)	(3,681)	(22,109)	(52,024)
RMR Inc. franchise tax expense and interest income	(96)	(125)	(190)	(284)
Net income attributable to RMR Inc.	$ 8,168	$ 8,356	$ 60,377	$ 79,476

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Sep. 30, 2018USD ($)
Segment Reporting
Number of reportable business segments | segment					1
Revenues:
Total revenues	$ 130,096		$ 59,281		$ 410,409	$ 277,822
Expenses:
Compensation and benefits	28,981		28,073		56,993	54,270
Equity based compensation	1,204		901		3,015	3,455
Separation costs	414		452		6,811	619
Total compensation and benefits expense	30,599		29,426		66,819	58,344
General and administrative	7,122		7,024		14,442	13,730
Other client company reimbursable expenses	73,323		0		171,399	0
Transaction and acquisition related costs	47		0		231	142
Depreciation and amortization	257		372		512	752
Total expenses	111,348		36,822		253,403	72,968
Operating income (loss)	18,748		22,459		157,006	204,854
Interest and other income	2,468		1,076		3,994	1,860
Tax receivable agreement remeasurement	0		0		0	24,710
Unrealized gain (loss) on equity method investment accounted for under the fair value option	522		0		(2,247)	0
Equity in earnings (losses) of investees	109		(212)		144	(434)
Income before income tax expense	21,847		23,323		158,897	230,990
Income tax expense	(3,139)		(3,681)		(22,109)	(52,024)
Net income (loss)	18,708	$ 118,080	19,642	$ 159,324	136,788	178,966
Total Assets	659,561		524,961		659,561	524,961	$ 504,428
Intersegment Eliminations
Revenues:
Total revenues	939		954		1,787	1,907
RMR LLC | Operating Segments
Revenues:
Total revenues	128,736		57,585		407,702	274,125
Expenses:
Compensation and benefits	27,511		26,620		53,936	51,368
Equity based compensation	1,177		888		2,960	3,428
Separation costs	414		452		6,811	619
Total compensation and benefits expense	29,102		27,960		63,707	55,415
General and administrative	6,167		6,022		12,552	11,678
Other client company reimbursable expenses	73,323				171,399
Transaction and acquisition related costs	47				231	0
Depreciation and amortization	244		350		486	708
Total expenses	108,883		34,332		248,375	67,801
Operating income (loss)	19,853		23,253		159,327	206,324
Interest and other income	2,091		999		3,465	1,725
Tax receivable agreement remeasurement						0
Unrealized gain (loss) on equity method investment accounted for under the fair value option	522				(2,247)
Equity in earnings (losses) of investees	0		13		0	34
Income before income tax expense	22,466		24,265		160,545	208,083
Income tax expense	0		0		0	0
Net income (loss)	22,466		24,265		160,545	208,083
Total Assets	599,738		463,931		599,738	463,931
All Other Operations | Operating Segments
Revenues:
Total revenues	1,360		1,696		2,707	3,697
Expenses:
Compensation and benefits	1,470		1,453		3,057	2,902
Equity based compensation	27		13		55	27
Separation costs	0		0		0	0
Total compensation and benefits expense	1,497		1,466		3,112	2,929
General and administrative	955		1,002		1,890	2,052
Other client company reimbursable expenses	0				0
Transaction and acquisition related costs	0				0	142
Depreciation and amortization	13		22		26	44
Total expenses	2,465		2,490		5,028	5,167
Operating income (loss)	(1,105)		(794)		(2,321)	(1,470)
Interest and other income	377		77		529	135
Tax receivable agreement remeasurement						24,710
Unrealized gain (loss) on equity method investment accounted for under the fair value option	0				0
Equity in earnings (losses) of investees	109		(225)		144	(468)
Income before income tax expense	(619)		(942)		(1,648)	22,907
Income tax expense	(3,139)		(3,681)		(22,109)	(52,024)
Net income (loss)	(3,758)		(4,623)		(23,757)	(29,117)
Total Assets	59,823		61,030		59,823	61,030
Total management and advisory services revenues
Revenues:
Revenue	43,361		47,624		211,725	253,457
Total management and advisory services revenues | RMR LLC | Operating Segments
Revenues:
Revenue	42,600		46,559		210,182	251,010
Total management and advisory services revenues | All Other Operations | Operating Segments
Revenues:
Revenue	761		1,065		1,543	2,447
Management services
Revenues:
Revenue	42,600		46,559		90,088	95,129
Management services | RMR LLC | Operating Segments
Revenues:
Revenue	42,600		46,559		90,088	95,129
Management services | All Other Operations | Operating Segments
Revenues:
Revenue	0		0		0	0
Incentive business management fees
Revenues:
Revenue	0		0		120,094	155,881
Incentive business management fees | RMR LLC | Operating Segments
Revenues:
Revenue					120,094	155,881
Incentive business management fees | All Other Operations | Operating Segments
Revenues:
Revenue					0	0
Advisory services
Revenues:
Revenue	761		1,065		1,543	2,447
Advisory services | RMR LLC | Operating Segments
Revenues:
Revenue	0		0		0	0
Advisory services | All Other Operations | Operating Segments
Revenues:
Revenue	761		1,065		1,543	2,447
Total reimbursable costs
Revenues:
Revenue	86,735		11,657		198,684	24,365
Total reimbursable costs | RMR LLC | Operating Segments
Revenues:
Revenue	86,136		11,026		197,520	23,115
Total reimbursable costs | All Other Operations | Operating Segments
Revenues:
Revenue	599		631		1,164	1,250
Reimbursable compensation and benefits
Revenues:
Revenue	13,412		11,657		27,285	24,365
Reimbursable compensation and benefits | RMR LLC | Operating Segments
Revenues:
Revenue	12,813		11,026		26,121	23,115
Reimbursable compensation and benefits | All Other Operations | Operating Segments
Revenues:
Revenue	599		631		1,164	1,250
Other client company reimbursable expenses
Revenues:
Revenue	73,323		$ 0		171,399	$ 0
Other client company reimbursable expenses | RMR LLC | Operating Segments
Revenues:
Revenue	73,323				171,399
Other client company reimbursable expenses | All Other Operations | Operating Segments
Revenues:
Revenue	$ 0				$ 0