The RMR Group Inc. (NASDAQ: RMR) today announced its financial results for the fiscal quarter ended September 30, 2018.
The Newton, Mass.-based alternative asset management company reported total revenues for the quarter ended September 30, 2018 were $65.1 million, compared to total revenues for the quarter ended September 30, 2017 of $56.6 million.
For the three months ended September 30, 2018, net income was $19.0 million and net income attributable to The RMR Group Inc. was $8.2 million, or $0.50 per diluted share, compared to net income of $13.1 million and net income attributable to The RMR Group Inc. of $5.0 million, or $0.31 per diluted share, for the three months ended September 30, 2017.
As of September 30, 2018, RMR Group Inc. had $256.8 million in cash and cash equivalents on a consolidated basis with no outstanding debt obligations.
CEO Adam Portnoy commented on the results:
"The fourth quarter marked the close of another strong fiscal year with continued growth in revenues, net income per share and Adjusted EBITDA. We are especially pleased with this fiscal quarter's Adjusted EBITDA of $31.2 million and Adjusted EBITDA margin of 59.7%, both at their highest levels since we became a public company in 2015 and reflecting the strength and stability of our operating platform.
"In this fiscal year we also made progress on our goals to diversify our revenues and grow assets under management through the formation of two new client companies, including our first real estate investment vehicle targeting private investors."
Shares in RMR ballooned in price $3.49, or 5.4%, to $68.13
