The RMR Group and its Managed Companies Announce the Death of The RMR Group Founder and Chairman, Barry M. Portnoy
February 26 2018 - 8:00AM
Business Wire
The RMR Group Inc. (Nasdaq: RMR), Government Properties Income
Trust (Nasdaq: GOV), Hospitality Properties Trust (Nasdaq: HPT),
Industrial Logistics Properties Trust (Nasdaq: ILPT), Select Income
REIT (Nasdaq: SIR), Senior Housing Properties Trust (Nasdaq: SNH);
Tremont Mortgage Trust (Nasdaq: TRMT), Five Star Senior Living Inc.
(Nasdaq: FVE), TravelCenters of America LLC (Nasdaq: TA) and RMR
Real Estate Income Fund (NYSE American: RIF) today announced the
following:
“It is with great sadness that we announce that Barry M.
Portnoy, founder and Chairman of RMR, died on February 25, 2018. We
extend our deepest condolences to Mr. Portnoy’s family and our
tremendous gratitude for his long standing service and unparalleled
contributions to RMR and its managed companies.”
Mr. Barry Portnoy founded what is now known as The RMR Group LLC
(“RMR LLC”) in 1986 and he served as its Chairman and as a Managing
Director of its parent company, The RMR Group Inc., since its
inception. Mr. Barry Portnoy also served as a Managing Trustee or
Managing Director of GOV, HPT, ILPT, SIR, SNH, TRMT, FVE, TA and
RIF, and as a Director of Sonesta International Hotels Corporation,
RMR Advisors LLC and Tremont Realty Advisors LLC. Since its
founding, RMR LLC has grown under the leadership of Mr. Barry
Portnoy and his son, Mr. Adam Portnoy, to its current size of
approximately $30 billion of total assets under management and its
managed companies have grown to realize combined annual revenues of
approximately $11 billion in 2017.
Mr. Adam Portnoy will continue to lead The RMR Group Inc. as its
President and Chief Executive Officer and as a Managing Director.
Mr. Adam Portnoy also serves as a Managing Director or Managing
Trustee of almost all of the companies to which RMR LLC or its
subsidiaries provide management services. RMR is a holding company
and substantially all of its business is conducted by its majority
owned operating subsidiary, RMR LLC. RMR LLC is an alternative
asset management company that primarily provides management
services to publicly traded real estate investment trusts, or
REITs, and real estate related operating companies. As of December
31, 2017, RMR LLC had approximately $30 billion of total assets
under management, including more than 1,400 properties, and
employed over 550 real estate professionals in more than 35 offices
throughout the United States; the companies managed by RMR LLC
collectively had approximately 52,000 employees.
GOV is a REIT which primarily owns properties located throughout
the United States that are majority leased to the U.S. Government
and other government tenants and office properties in the
metropolitan Washington, D.C. market area that are leased to
government and private sector tenants. HPT is a REIT which owns a
diverse portfolio of hotels and travel centers located in 45
states, Puerto Rico and Canada. ILPT is a REIT which owns and
leases industrial and logistics properties throughout the United
States. SIR is a REIT which owns properties that are primarily net
leased to single tenants. SNH is a REIT which owns senior living
communities, medical office buildings and wellness centers
throughout the United States. TRMT is a REIT that focuses primarily
on originating and investing in first mortgage loans secured by
middle market and transitional commercial real estate. FVE is a
senior living and healthcare services company that owns, leases and
manages senior living communities, including primarily private pay
independent and assisted living communities located throughout the
U.S. TA is an operator of travel centers located along the U.S.
Interstate Highway System in 43 states and in Canada, stand alone
convenience stores in 11 states and stand alone restaurants in 14
states. RIF is a closed end investment company.
Each of GOV, HPT, ILPT, SIR and SNH are managed by RMR LLC, and
RMR LLC also provides management services to each of FVE, TA and
Sonesta International Hotels Corporation. TRMT and RIF are managed
by Tremont Realty Advisors LLC and RMR Advisors LLC, respectively;
both Tremont Realty Advisors LLC and RMR Advisors LLC are SEC
registered investment advisers and are indirect subsidiaries of
RMR. Each of RMR, GOV, HPT, ILPT, SIR, SNH, TRMT, FVE and RIF is
headquartered in Newton, Massachusetts. TA is headquartered in
Westlake, Ohio.
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The RMR Group Inc.Timothy A. Bonang, (617) 796-8230Senior Vice
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