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Share Name | Share Symbol | Market | Type |
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RMR Group Inc | NASDAQ:RMR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 23.81 | 9.53 | 29.00 | 0 | 09:09:41 |
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Filed by a Party other than the Registrant
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| | ☐ | | | | Preliminary Proxy Statement | | |
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CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2))
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| | ☑ | | | | Definitive Proxy Statement | | |
| | ☐ | | | | Definitive Additional Materials | | |
| | ☐ | | | | Soliciting Material under §.240.14a-12 | | |
| | Payment of Filing Fee (Check the appropriate box): | | | ||||
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No fee required.
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Fee paid previously with preliminary materials.
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.
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Location:
Live Webcast Accessible at https://www.virtualshareholder
meeting.com/RMR2024
Date:
Wednesday, March 27, 2024
Time:
9:30 a.m., Eastern time
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Agenda:
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Elect the Director nominees identified in the accompanying Proxy Statement to our Board of Directors;
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Advisory vote to approve executive compensation;
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Ratify the appointment of Deloitte & Touche LLP as our independent auditors to serve for the 2024 fiscal year; and
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Transact such other business as may properly come before the meeting and at any postponements or adjournments of the meeting.
Record Date: You can vote if you were a shareholder of record as of the close of business on January 11, 2024 (the “Record Date”).
Attending the Annual Meeting: To provide all of our shareholders an opportunity to participate in our 2024 Annual Meeting, our 2024 Annual Meeting will be a completely virtual meeting of shareholders, which will be conducted exclusively by webcast. No physical meeting will be held. Shareholders will be able to listen, vote and submit questions during our 2024 Annual Meeting. In order to attend and participate in our 2024 Annual Meeting, shareholders must register in advance at www.proxyvote.com by 11:59 p.m. Eastern time, on March 26, 2024.
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Record Owners: If you are a shareholder as of the close of business on the Record Date who holds shares directly, you may participate in our 2024 Annual Meeting by visiting https://www.virtualshareholdermeeting.com/RMR2024 and entering the 16 digit control number located on your Notice Regarding the Availability of Proxy Materials or proxy card.
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Beneficial Owners: If you are a shareholder as of the close of business on the Record Date who holds shares indirectly through a brokerage firm, bank or other nominee, you may participate in our 2024 Annual Meeting by visiting https://www.virtualshareholdermeeting.com/RMR2024 and entering the 16 digit control number located on your Notice Regarding the Availability of Proxy Materials, proxy card or voting instruction form. Please follow the instructions from your bank, broker or nominee included with these proxy materials, or contact your bank, broker or nominee to request a control number if needed.
Please see the accompanying Proxy Statement for additional information.
By Order of our Board of Directors,
Jennifer B. Clark
Managing Director, Executive Vice President, General Counsel and Secretary
January 17, 2024
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IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR OUR 2024 ANNUAL MEETING TO BE HELD ON WEDNESDAY, MARCH 27, 2024.
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The Notice of 2024 Annual Meeting, Proxy Statement and Annual Report to Shareholders for the fiscal year ended September 30, 2023 are available at www.proxyvote.com.
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PROPOSAL
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MORE
INFORMATION |
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BOARD
RECOMMENDATION |
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VOTES REQUIRED
FOR APPROVAL |
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1 | | | Election of Directors | | |
Page 11
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✓ FOR
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Plurality of all votes cast
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2 | | | Advisory vote to approve executive compensation | | |
Page 26
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✓ FOR
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Majority of all votes cast*
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3 | | | Ratification of independent auditors | | |
Page 45
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✓ FOR
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Majority of all votes cast*
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via the internet
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Visit www.proxyvote.com and enter your 16 digit control number provided in your Notice Regarding the Availability of Proxy Materials, proxy card or voting instruction form before 11:59 p.m., Eastern time, on March 26, 2024 to authorize a proxy VIA THE INTERNET.
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by phone
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Call 1-800-690-6903 if you are a shareholder of record and 1-800-454-8683 if you are a beneficial owner before 11:59 p.m., Eastern time, on March 26, 2024 to authorize a proxy BY TELEPHONE. You will need the 16 digit control number provided on your Notice Regarding the Availability of Proxy Materials, proxy card or voting instruction form.
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by mail
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Sign, date and return your proxy card if you are a shareholder of record or voting instruction form if you are a beneficial owner to authorize a proxy BY MAIL.
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THE RMR GROUP INC.
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2024 Proxy Statement 1
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Environmental
We are focused on environmental sustainability and seek to mitigate the impact of the assets we manage.
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Social
Our success depends on human capital. We are deeply committed to our employees and other stakeholders and to serving our clients and their tenants, guests, residents and patrons and look for opportunities to have a positive social impact on the communities in which we operate.
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Governance
We are committed to corporate governance that promotes the long term interests of our shareholders and other stakeholders. Our Governance Guidelines provide a framework for effective governance while our Code of Business Conduct and Ethics ensures we operate with the utmost integrity and in compliance with applicable laws and regulations.
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2 THE RMR GROUP INC.
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2024 Proxy Statement
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THE RMR GROUP INC.
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2024 Proxy Statement 3
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4 THE RMR GROUP INC.
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2024 Proxy Statement
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Oversight of Strategy
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Oversight of Risk
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Succession Planning
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Our Board oversees and monitors strategic planning.
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Business strategy is a key focus of our Board and embedded in the work of Board committees.
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Company management is charged with executing business strategy and provides regular performance updates to our Board.
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Our Board oversees risk management.
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Board committees, which meet regularly and report back to our full Board, play significant roles in carrying out the risk oversight function.
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Company management is charged with managing risk, through robust internal processes and effective internal controls.
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Our Board oversees succession planning and talent development for senior executive positions.
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Our Nominating and Governance Committee makes an annual report to our Board on succession planning.
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In the event of a succession, our entire Board may work with our Nominating and Governance Committee, or the Independent Directors, as applicable, to nominate and evaluate potential successors.
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THE RMR GROUP INC.
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2024 Proxy Statement 5
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6 THE RMR GROUP INC.
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2024 Proxy Statement
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THE RMR GROUP INC.
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2024 Proxy Statement 7
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8 THE RMR GROUP INC.
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2024 Proxy Statement
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THE RMR GROUP INC.
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2024 Proxy Statement 9
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10 THE RMR GROUP INC.
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2024 Proxy Statement
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THE RMR GROUP INC.
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2024 Proxy Statement 11
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exhibit high standards of integrity and ethics;
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have business acumen, practical wisdom, ability to exercise sound judgment in a congenial manner and be able to make independent analytical inquiries;
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have a strong record of achievements;
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have knowledge of the asset management industry, commercial real estate (“CRE”) industry and real estate investment trusts (“REITs”);
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have diverse perspectives, backgrounds and experiences, including professional background, skills and community membership; and
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be committed to serve on our Board over a period of years in order to develop knowledge about our operations and have sufficient time and availability to devote to Board and committee matters.
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work experience with a proven record of success in his, her or their field;
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risk oversight/management expertise;
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accounting and finance, including a high level of financial literacy and understanding of the impact of financial market trends on the real estate industry;
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operating business and/or transactional experience;
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management/leadership experience;
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knowledge of our historical business activities;
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familiarity with client sectors;
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familiarity with the public capital markets;
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experience at a strategic or policymaking level in a business, government, non-profit or academic organization of high standing;
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service on other public company boards and committees;
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qualifying as a Managing Director in accordance with the requirements of our governing documents; and
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qualifying as an Independent Director in accordance with the requirements of the Nasdaq, the SEC and our governing documents.
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12 THE RMR GROUP INC.
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2024 Proxy Statement
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Total Number of Directors
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6
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Part I: Gender Identity | | |
Female
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Male
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Non-Binary
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Did Not
Disclose Gender |
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Directors | | |
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Part II: Demographic Background | | | | | | | | | | | | | | | | |
African American or Black | | |
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Did Not Disclose Demographic Background | | | | | | | | |
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THE RMR GROUP INC.
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2024 Proxy Statement 13
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| Jennifer B. Clark, 62, Managing Director | | | | | | | | ||||
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DIRECTOR SINCE 2018
BOARD COMMITTEES None |
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PROFESSIONAL EXPERIENCE:
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Executive Vice President, General Counsel and Secretary of the Company since 2015.
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Executive Vice President and General Counsel of RMR LLC since 2008 and its Secretary since 2015 and prior to that, its Senior Vice President since 2006 and Vice President since 1999.
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Secretary of Diversified Healthcare Trust, Industrial Logistics Properties Trust, Service Properties Trust, Office Properties Income Trust, Seven Hills Realty Trust and AlerisLife Inc.
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Managing director of AlerisLife Inc. from 2020 to March 2023 when it was acquired by ABP Trust.
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Officer of ABP Trust.
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Director and secretary of Sonesta International Hotels Corporation and its parent.
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Director, executive vice president, general counsel and secretary of Tremont Realty Capital LLC.
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Trustee of Diversified Healthcare Trust from 2018 to June 2021.
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Trustee of Seven Hills Realty Trust from 2019 to January 2021 and chief legal officer of Seven Hills Realty Trust from 2002 to January 2021.
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Until RMR Advisors LLC merged with Tremont Realty Capital LLC in January 2021, director of RMR Advisors LLC from 2016, its president and chief executive officer from 2019 and prior to that its executive vice president and general counsel from October 2017 through December 2018, its vice president and chief legal officer from 2007 through September 2017, and its secretary since 2004.
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Partner at the law firm of Sullivan & Worcester prior to joining RMR LLC.
OTHER RMR PUBLIC CLIENT BOARDS(1):
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Office Properties Income Trust (since 2021)
OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:
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None
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QUALIFICATIONS
Ms. Clark brings to our Board extensive professional skills and experience in legal, corporate governance and real estate matters. Ms. Clark possesses extensive experience in, and knowledge of, the commercial real estate industry and REITs, and institutional knowledge earned through prior service as an officer of our Company and leadership positions with RMR LLC. Ms. Clark identifies as Caucasian and as female. Ms. Clark qualifies as a Managing Director in accordance with the requirements of our Bylaws.
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Risk Oversight/Management
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Human Capital Management
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Financial Literacy
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Public Company Board
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REIT/Real Estate
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Investment Expertise
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ESG
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Public Company Executive
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Legal/Regulatory
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14 THE RMR GROUP INC.
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2024 Proxy Statement
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| Ann Logan, 69, Independent Director | | | | | | | | ||||
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DIRECTOR SINCE 2015
BOARD COMMITTEES Audit (Chair) Compensation Nominating and Governance |
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PROFESSIONAL EXPERIENCE:
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Various executive roles at Fannie Mae, a U.S. Government sponsored enterprise with various classes of publicly owned securities, including as executive vice president of the single family mortgage business from 1998 to 2000 and as executive vice president and chief credit officer from 1993 to 1998.
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Former board member of The Washington School for Girls and Georgetown Preparatory School and chair of the board of trustees of Bryn Mawr College.
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Director of PHH Corporation, a New York Stock Exchange listed company providing real estate mortgage and automotive fleet services from 2005 to 2010, where she was chair of the risk management committee and served on the audit and compensation committees.
OTHER RMR PUBLIC CLIENT BOARDS(1):
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None
OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:
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None
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QUALIFICATIONS
Ms. Logan brings to our Board valuable perspective on the broader real estate industry and significant experience in the real estate mortgage and credit industries. Ms. Logan possesses professional skills, training and expertise in finance and risk management matters, as well as demonstrated management ability gained in part from service on boards and board committees and experience as a senior executive of a public company. Ms. Logan identifies as Caucasian and as female. Ms. Logan qualifies as an Independent Director in accordance with the requirements of the Nasdaq, the SEC and our Bylaws.
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Risk Oversight/Management
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Human Capital Management
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Financial Expertise
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REIT/Real Estate
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Investment Expertise
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ESG
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Public Company Executive
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THE RMR GROUP INC.
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2024 Proxy Statement 15
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| Rosen Plevneliev, 59, Independent Director | | | | | |||||||
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DIRECTOR SINCE 2017
LEAD INDEPENDENT DIRECTOR SINCE 2022 BOARD COMMITTEES Audit Compensation Nominating and Governance |
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PROFESSIONAL EXPERIENCE:
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President of Bulgaria from January 22, 2012 to January 22, 2017.
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Bulgaria’s Minister of Regional Development and Public Works from 2009 to 2011, overseeing the country’s infrastructure, communications and development projects.
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Former partner and chief executive officer of IRIS International Ltd, a construction management firm that he founded in 1990, and managed several prominent projects in Germany and Bulgaria, including the Reichstag, Munich Airport and the Sofia Business Park, the first business park in Bulgaria and the largest office park in southeastern Europe.
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Former member of the board of directors of the American Chamber of Commerce in Bulgaria, the board of the Confederation of Employers and Industrialists in Bulgaria and the board of the “For Our Children” Foundation.
OTHER RMR PUBLIC CLIENT BOARDS(1):
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None
OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:
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None
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QUALIFICATIONS
Mr. Plevneliev brings to our Board executive experience and demonstrated leadership ability as a former head of state. Additionally, Mr. Plevneliev leverages his experience heading large scale real estate construction and development projects in both the public and private sectors, as well as his experience as a senior executive of a construction management company in fulfilling his duties on our Board. Mr. Plevneliev identifies as Caucasian and as male. Mr. Plevneliev qualifies as an Independent Director in accordance with the requirements of the Nasdaq, the SEC and our Bylaws.
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Risk Oversight/Management
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Human Capital Management
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Financial Literacy
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ESG
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Real Estate Construction Management
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Diplomacy and Leadership
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16 THE RMR GROUP INC.
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2024 Proxy Statement
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| Adam D. Portnoy, 53, Managing Director | | | | | | | | ||||
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DIRECTOR SINCE 2015
CHAIR OF OUR BOARD SINCE 2022 BOARD COMMITTEES None |
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PROFESSIONAL EXPERIENCE:
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President and Chief Executive Officer of the Company, since shortly after our formation in 2015.
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President and Chief Executive Officer of RMR LLC since 2005, and Director from 2006 to June 5, 2015 when RMR LLC became a majority owned subsidiary of our Company and we became RMR LLC’s managing member.
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Managing director of TravelCenters of America Inc. from 2018 until it was acquired by BP Products North America Inc. in May 2023, and chair of its board from 2019 to May 2023.
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Managing director of AlerisLife Inc. from 2018 until it was acquired by ABP Trust in March 2023 and its sole director since that acquisition, and chair of its board from 2019 to March 2023.
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Chair of the boards of Diversified Healthcare Trust, Industrial Logistics Properties Trust, Office Properties Income Trust, Seven Hills Realty Trust and Service Properties Trust.
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Director of RMR Advisors LLC from 2007 to January 2021 when it merged with Tremont Realty Capital LLC, its president from 2007 to September 2017, and its chief executive officer from 2015 until September 2017.
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Director of Tremont Realty Capital LLC since March 2016 and served as its president and chief executive officer from March 2016 to December 2017.
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Sole trustee, controlling shareholder and an officer of ABP Trust, our controlling shareholder.
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Director and controlling shareholder of Sonesta International Hotels Corporation and its parent.
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President and chief executive officer of RMR Real Estate Income Fund (now known as Seven Hills Realty Trust) from 2007 to 2015.
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President of Office Properties Income Trust from 2009 to 2011.
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Managing trustee of Select Income REIT from 2011 until it merged with a wholly owned subsidiary of Office Properties Income Trust in December 2018.
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Managing trustee of Tremont Mortgage Trust from 2017 until it merged with Seven Hills Realty Trust in September 2021.
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Served in various positions in the finance industry and public sector, including working as an investment banker at Donaldson, Lufkin & Jenrette and working in private equity at DLJ Merchant Banking Partners and at the International Finance Corporation (a member of The World Bank Group).
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Founded and served as chief executive officer of a privately financed telecommunications company.
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Honorary Consul General of the Republic of Bulgaria to Massachusetts.
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Chair of the board of directors of the Pioneer Institute.
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Executive committee member of the board of directors of the Greater Boston Chamber of Commerce.
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Member of AJC New England’s Leadership Board.
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Previously served on the board of governors for the National Association of Real Estate Investment Trusts and the board of trustees of Occidental College.
OTHER RMR PUBLIC CLIENT BOARDS(1):
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Diversified Healthcare Trust (since 2007)
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Service Properties Trust (since 2007)
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Office Properties Income Trust (since 2009)
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Seven Hills Realty Trust, including its predecessor companies (since 2009)
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Industrial Logistics Properties Trust (since 2017)
OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:
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None
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QUALIFICATIONS
Mr. Portnoy brings to our Board extensive experience in, and knowledge of, the asset management and commercial real estate industries and REITs, gained in part through his key leadership position with us, his public company director service and his demonstrated management ability. Mr. Portnoy also possesses experience in investment banking and private equity, as well as institutional knowledge earned through prior service on the boards of trustees and directors of our clients and deep knowledge of our clients’ businesses. Mr. Portnoy identifies as Caucasian and as male. Mr. Portnoy qualifies as a Managing Director in accordance with the requirements of our Bylaws.
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Risk Oversight/Management
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Human Capital Management
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Financial Literacy
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Public Company Board
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REIT/Real Estate
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Investment Expertise
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ESG
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Public Company Executive
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Government/Public Policy
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THE RMR GROUP INC.
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2024 Proxy Statement 17
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Jonathan Veitch, 64, Independent Director
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DIRECTOR SINCE 2020
BOARD COMMITTEES Audit Compensation Nominating and Governance (Chair) |
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PROFESSIONAL EXPERIENCE:
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Former president of Occidental College, a nationally-recognized private liberal arts college, from 2009 to June 2020 and a member of its board of trustees since 2009.
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Various leadership and management positions with The New School from 1996 to 2009.
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Recipient of numerous grants and awards in academia and author of numerous publications and articles.
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As a distinguished chair in the History Department and President Emeritus of Occidental College, he is currently working on a book on the value and purposes of liberal arts education.
OTHER RMR PUBLIC CLIENT BOARDS(1):
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None
OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:
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None
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QUALIFICATIONS
Mr. Veitch brings to our Board extensive professional skills and experience in governance matters. Additionally, Mr. Veitch provides our Board with significant management experience and demonstrated leadership ability. Mr. Veitch holds a doctorate in American History from Harvard University. Mr. Veitch identifies as Caucasian and as male. Mr. Veitch qualifies as an Independent Director in accordance with the requirements of the Nasdaq, the SEC and our Bylaws.
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Public Company Board
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Financial Literacy
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Private College Executive
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Human Capital Management
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Risk Oversight/Management
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ESG
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18 THE RMR GROUP INC.
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2024 Proxy Statement
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| Walter C. Watkins, Jr., 77, Independent Director | | | | | |||||||
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DIRECTOR SINCE 2015
BOARD COMMITTEES Audit Compensation (Chair) Nominating and Governance |
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PROFESSIONAL EXPERIENCE:
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Principal of WCW Enterprises, LLC, which he founded in 2000 to provide business consulting services and manage certain private investments.
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Various executive capacities at Bank One Corporation (the successor to First Chicago NBD, NBD Bancorp and National Bank of Detroit) from 1968 to 2000, including serving as executive vice president and president of Bank One, Michigan.
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Chief development officer for the City of Detroit from 2002 to 2006 and the interim chief executive officer of Detroit Regional Convention Facility Authority from 2009 to 2010.
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Director of the Omega Historic Preservation Foundation.
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Past board affiliations include Health Alliance Plan, Detroit Economic Growth Corporation, Detroit Medical Center, Detroit Regional Chamber of Commerce, United Way of Southeast Michigan and Fisk University.
OTHER RMR PUBLIC CLIENT BOARDS(1):
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None
OTHER NON-RMR MANAGED PUBLIC COMPANY BOARDS:
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None
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QUALIFICATIONS
Mr. Watkins brings to our Board demonstrated business leadership as a successful entrepreneur. Additionally, Mr. Watkins possesses a financial background, gained in part through experience as a senior executive officer of a large banking business. Mr. Watkins has also worked on community boards and committees. Mr. Watkins identifies as African American and as male. Mr. Watkins qualifies as an Independent Director in accordance with the requirements of the Nasdaq, the SEC and our Bylaws.
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Risk Oversight/Management
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Human Capital Management
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Financial Literacy
|
| |
Investment Expertise
|
|
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ESG
|
| |
Legal/Regulatory
|
| |
Commercial Banking
|
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Economic Development
|
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THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 19
|
|
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| |
|
| | |
|
| | | | | | |
Adam D. Portnoy
Age: 53
|
| | | | | | |
President and Chief Executive Officer of our Company since 2015
President and Chief Executive Officer of RMR LLC since 2005
|
| | | | | |
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| |
|
| | |
Mr. Portnoy’s background and qualifications are described above.
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| | | | | | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | |
| |
|
| | |
|
| | | | | | |
Jennifer B. Clark
Age: 62
|
| | | | | | |
Executive Vice President, General Counsel and Secretary of our Company since 2015
Executive Vice President and General Counsel of RMR LLC since 2008
|
| | | | | |
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| |
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| | |
Ms. Clark’s background and qualifications are described above.
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| |
|
| | |
|
| | | | | | |
Matthew P. Jordan
Age: 48
|
| | | | | | |
Executive Vice President of our Company since 2018
Chief Financial Officer and Treasurer of our Company since 2015
Executive Vice President of RMR LLC since 2017
Chief Financial Officer and Treasurer of RMR LLC since 2012
|
| | | | | |
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| |
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| | |
Mr. Jordan oversees all accounting, finance and tax matters affecting us and our public clients; our human capital; our asset services function, which includes asset management and leasing, property management and engineering; our technology; and our mortgage lending business. Mr. Jordan joined RMR LLC in April 2012 as chief accounting officer; he became senior vice president, chief financial officer and treasurer of RMR LLC in November 2012; and he became an executive vice president of RMR LLC in October 2017 while continuing to serve as RMR LLC’s chief financial officer and treasurer. Mr. Jordan has served as a managing trustee of Seven Hills Realty Trust since January 2021 and as a managing trustee of Industrial Logistics Properties Trust since June 2022. Mr. Jordan was a managing trustee of Tremont Mortgage Trust from January 2021 until it merged with Seven Hills Realty Trust in September 2021. Mr. Jordan was an executive vice president, chief financial officer and treasurer of RMR Advisors LLC from October 2017 until January 2021, when RMR Advisors LLC merged with Tremont Realty Capital LLC. Mr. Jordan has been a director, president and chief executive officer of Tremont Realty Capital LLC since January 2021; he was the executive vice president from October 2017 to December 2020, was previously treasurer and chief financial officer from its formation in 2016 to December 2020 and a vice president from its formation until October 2017. Prior to joining RMR LLC, Mr. Jordan was employed at Stanley Black & Decker from July 2011 until April 2012 and before then at Ernst & Young LLP. Mr. Jordan is a certified public accountant. Mr. Jordan identifies as Caucasian and as male.
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20 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
|
| | | | | | |
Christopher J. Bilotto
Age: 46
|
| | | | | | |
Executive Vice President of RMR LLC since 2023
|
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Mr. Bilotto joined RMR LLC in 2011 and became a vice president of RMR LLC in 2016 and a senior vice president of RMR LLC in 2020. He is responsible for portfolio management oversight for all properties managed by RMR LLC, design, construction, development and redevelopment across the Unites States, oversight of acquisitions and dispositions, and senior living and hotel asset management. Mr. Bilotto’s prior responsibilities at RMR LLC included serving as Senior Area Director of RMR LLC’s West Region. Mr. Bilotto has been chief executive officer of Office Properties Income Trust since 2023 and its president since 2021 and he previously served as its chief operating officer from 2020 to 2023 and as a vice president from May 2019 to December 2020. Mr. Bilotto has been president and chief executive officer of Diversified Healthcare Trust since January 2024. Prior to joining RMR LLC, Mr. Bilotto worked at General Growth Properties in various management roles for shopping malls and mixed-use assets in New Mexico, Arizona and California. Mr. Bilotto is a member of the National Association of Office and Industrial Properties. Mr. Bilotto identifies as Caucasian and as male.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
|
| | | | | | |
John G. Murray
Age: 63
|
| | | | | | |
Executive Vice President of RMR LLC since 2001
|
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Mr. Murray has served in various capacities with RMR LLC and its affiliates since 1993, including as an executive vice president of RMR LLC since 2001 and as a senior vice president of RMR LLC from 1993 to 2001. Mr. Murray has been the President and Chief Executive Officer of Sonesta International Hotels Corporation since April 2022 and serves on its board of directors. He has also served as a managing trustee of Service Properties Trust since 2018. Until March 31, 2022, Mr. Murray served as the president and chief executive officer of Service Properties Trust since 2018, and before then he was its president and chief operating officer from 1996 until June 2018, and its chief financial officer and treasurer from 1995 to 1996. Mr. Murray also served as the president and chief executive officer, from 2018 through March 2022, and as managing trustee, from 2018 until June 2022, of Industrial Logistics Properties Trust. From 2014 to 2017, Mr. Murray serves on the Urban Land Institute Development Council and the American Hotel & Lodging Association Hotel Investment Roundtable. Prior to joining RMR LLC, Mr. Murray was employed at Fidelity Brokerage Services Inc. and at Ernst & Young LLP. Mr. Murray identifies as Caucasian and as male.
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THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 21
|
|
|
Members
Ann Logan (Chair) Rosen Plevneliev Jonathan Veitch Walter C. Watkins, Jr.
9 meetings in the fiscal year ended September 30, 2023
|
| |
Our Audit Committee is comprised solely of Independent Directors. Its primary role is to help our Board fulfill its oversight responsibilities related to the integrity of our financial statements and financial reporting process, the qualifications, independence and performance of our independent registered public accounting firm, the performance of our internal audit function, risk management and our compliance with legal and regulatory requirements. Our Audit Committee is responsible for the appointment, compensation, retention and oversight, and the evaluation of the qualifications, performance and independence, of our independent auditors and the resolution of disagreements between our management and our independent auditors. Our independent auditors report directly to our Audit Committee. Our Audit Committee reviews the overall audit scope and plans of the audit with our independent auditors. Our Audit Committee also reviews, with our management and our independent auditors, our quarterly reports on Form 10-Q, annual reports on Form 10-K and earnings releases.
Our Board has determined that each member of our Audit Committee is financially literate and that Ms. Logan is our Audit Committee’s “financial expert.”
|
|
|
Members
Walter C. Watkins, Jr. (Chair) Ann Logan Rosen Plevneliev Jonathan Veitch
5 meetings in the fiscal year ended September 30, 2023
|
| | Our Compensation Committee is comprised solely of Independent Directors. Our Compensation Committee’s primary responsibilities pertain to overseeing our compensation and employee benefit programs as they apply to executive compensation and annually reviewing and approving the compensation paid by us to each of our executive officers. Our Compensation Committee also approves (subject to applicable shareholder approval), evaluates and administers all our equity compensation plans and determines awards granted pursuant to The RMR Group Inc.’s Amended and Restated 2016 Omnibus Equity Plan (the “Plan”). | |
|
Members
Jonathan Veitch (Chair) Ann Logan Rosen Plevneliev Walter C. Watkins, Jr.
1 meeting in the fiscal year ended September 30, 2023
|
| | Our Nominating and Governance Committee is comprised solely of Independent Directors. Its primary role is to identify individuals qualified to become Board members, consistent with criteria approved by our Board, and to recommend candidates to our entire Board for nomination or selection as Board members for each annual meeting of shareholders or when vacancies occur; to develop and recommend to our Board governance principles for our Company; and to oversee the evaluation of our Board and, to the extent not overseen by our Compensation Committee or a committee composed entirely of Directors meeting the independence requirements of the rules of the Nasdaq, Company management. Under its charter, our Nominating and Governance Committee is also responsible for considering and reporting on our succession planning to our Board. | |
|
22 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
Name
|
| |
Fees Earned or
Paid in Cash ($)(1) |
| |
Stock Awards ($)(2)
|
| |
All Other
Compensation ($) |
| |
Total ($)
|
|
Jennifer B. Clark(3) | | |
—
|
| |
77,400
|
| |
—
|
| |
77,400
|
|
Ann Logan | | |
115,000
|
| |
77,400
|
| |
—
|
| |
192,400
|
|
Rosen Plevneliev | | |
112,500
|
| |
77,400
|
| |
—
|
| |
189,900
|
|
Adam D. Portnoy(3) | | |
—
|
| |
77,400
|
| |
—
|
| |
77,400
|
|
Jonathan Veitch | | |
110,000
|
| |
77,400
|
| |
—
|
| |
187,400
|
|
Walter C. Watkins, Jr. | | |
110,000
|
| |
77,400
|
| |
—
|
| |
187,400
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 23
|
|
Name of Beneficial Owner
|
| |
Class A
Common Shares* |
| |
Class B-1
Common Shares |
| |
Class B-2
Common Shares |
| |
Combined
Voting Power |
| |||||||||||||||||||||||||||
|
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
%
|
| ||||||||||||||||||||
ABP Trust
|
| | | | 1,090,564(1) | | | | | | 6.5% | | | | | | 1,000,000 | | | | | | 100.0% | | | | | | 15,000,000 | | | | | | 100.0% | | | |
91.1%
|
|
Directors, Director Nominees and Executive Officers:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adam D. Portnoy
|
| | | | 1,200,502(1)(2) | | | | | | 7.2% | | | | | | 1,000,000(2) | | | | | | 100.0% | | | | | | 15,000,000(2) | | | | | | 100.0% | | | |
91.2%
|
|
Jennifer B. Clark
|
| | | | 46,017 | | | | | | **% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
**%
|
|
Matthew P. Jordan
|
| | | | 39,201 | | | | | | **% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
**%
|
|
John G. Murray
|
| | | | 28,851 | | | | | | **% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
**%
|
|
Ann Logan
|
| | | | 23,578 | | | | | | **% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
**%
|
|
Walter C. Watkins, Jr.
|
| | | | 21,000 | | | | | | **% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
**%
|
|
Jennifer F. Francis(3)
|
| | | | 19,414 | | | | | | **% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
**%
|
|
Rosen Plevneliev
|
| | | | 16,575 | | | | | | **% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
**%
|
|
Jonathan M. Pertchik(4)
|
| | | | 14,763 | | | | | | **% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
**%
|
|
Jonathan Veitch
|
| | | | 12,000 | | | | | | **% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
**%
|
|
Christopher J. Bilotto
|
| | | | 7,370 | | | | | | **% | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
All executive officers and directors as a group (9 persons)
|
| | | | 1,395,094(1) | | | | | | 8.3% | | | | | | 1,000,000 | | | | | | 100.0% | | | | | | 15,000,000 | | | | | | 100.0% | | | |
91.3%
|
|
|
24 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
Name and Address
|
| |
Aggregate
Number of Shares Beneficially Owned* |
| |
Percent of
Outstanding Shares** |
| |
Additional Information
|
|
The Vanguard Group, Inc. (“Vanguard”)
100 Vanguard Boulevard Malvern, Pennsylvania 19355 |
| |
2,297,477
|
| |
14.6%
|
| | Based on a Schedule 13G/A filed with the SEC on February 9, 2023 by Vanguard reporting that, at December 31, 2022 Vanguard beneficially owned 2,297,477 Class A Common Shares and had shared voting power over 19,948 Class A Common Shares, sole dispositive power over 2,263,102 Class A Common Shares and shared dispositive power over 34,375 Class A Common Shares. | |
BlackRock, Inc. (“BlackRock”)
55 East 52nd Street New York, New York 10055 |
| |
2,261,957
|
| |
14.4%
|
| | Based on a Schedule 13G/A filed with the SEC on January 23, 2023 by BlackRock reporting that, at December 31, 2022, BlackRock beneficially owned 2,261,957 Class A Common Shares and had sole voting power over 2,117,511 Class A Common Shares and sole dispositive power over 2,261,957 Class A Common Shares. | |
Hotchkis and Wiley Capital Management, LLC (“Hotchkis”)
601 S. Figueroa Street 39th Fl Los Angeles, CA 90017 |
| |
959,065
|
| |
6.1%
|
| | Based on a Schedule 13G/A filed with the SEC on February 14, 2023 by Hotchkis reporting that, at December 31, 2022, Hotchkis beneficially owned 959,065 Class A Common Shares and had sole voting power over 872,165 Class A Common Shares and sole dispositive power over 959,065 Class A Common Shares. | |
Nantahala Capital Management, LLC (“Nantahala”)
130 Main St. 2nd Floor New Canaan, CT 06840 |
| |
958,274
|
| |
6.1%
|
| | Based on a Schedule 13G/A filed with the SEC on February 14, 2023 by Nantahala reporting that, at December 31, 2022, Nantahala beneficially owned 958,274 Class A Common Shares and had shared voting power over 958,274 Class A Common Shares and shared dispositive power over 958,274 Class A Common Shares. | |
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 25
|
|
|
26 THE RMR GROUP INC.
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| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 27
|
|
|
28 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
Compensation Element
|
| |
What It Does
|
| |
Key Measures
|
|
Base Salary | | |
•
Provides a level of fixed pay appropriate to an executive’s role and responsibilities
•
Evaluated on an annual basis
|
| |
•
Experience, duties and scope of responsibility
•
Internal and external market factors
|
|
Discretionary Cash Bonus | | |
•
Provides a competitive annual cash incentive opportunity
•
Links executives’ interests with shareholders’ interests
•
Incentivizes and rewards superior group, individual and Company performance
|
| |
•
Based on holistic performance evaluation
|
|
Equity Compensation | | |
•
Links executives’ interests with long-term interests of shareholders
•
Incentivizes and rewards superior group, individual and Company performance
|
| |
•
Based on holistic performance evaluation
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 29
|
|
|
30 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
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|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 31
|
|
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32 THE RMR GROUP INC.
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| |
|
| |
2024 Proxy Statement
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|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 33
|
|
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34 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
Name and
Principal Position |
| |
Fiscal
Year |
| |
Salary ($)
|
| |
Bonus ($)(1)
|
| |
Stock
Awards ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total ($)
|
| ||||||||||||||||||
Adam D. Portnoy
Managing Director, President and Chief Executive Officer |
| | | | 2023 | | | | | | 375,000 | | | | | | 3,200,000 | | | | | | 590,910 | | | | | | 46,760 | | | | | | 4,212,670 | | |
| | | 2022 | | | | | | 375,000 | | | | | | 2,900,000 | | | | | | 830,110 | | | | | | 43,484 | | | | | | 4,148,594 | | | ||
| | | 2021 | | | | | | 350,000 | | | | | | 2,700,000 | | | | | | 1,052,505 | | | | | | 171,576 | | | | | | 4,274,081 | | | ||
Jennifer B. Clark
Managing Director, Executive Vice President, General Counsel and Secretary |
| | | | 2023 | | | | | | 375,000 | | | | | | 3,200,000 | | | | | | 955,005 | | | | | | 121,211 | | | | | | 4,651,216 | | |
| | | 2022 | | | | | | 375,000 | | | | | | 2,900,000 | | | | | | 1,284,725 | | | | | | 104,103 | | | | | | 4,663,828 | | | ||
| | | 2021 | | | | | | 350,000 | | | | | | 2,700,000 | | | | | | 1,554,885 | | | | | | 156,363 | | | | | | 4,761,248 | | | ||
Matthew P. Jordan
Executive Vice President, Chief Financial Officer and Treasurer |
| | | | 2023 | | | | | | 375,000 | | | | | | 2,800,000 | | | | | | 970,115 | | | | | | 118,412 | | | | | | 4,263,527 | | |
| | | 2022 | | | | | | 375,000 | | | | | | 2,300,000 | | | | | | 1,258,675 | | | | | | 97,901 | | | | | | 4,031,576 | | | ||
| | | 2021 | | | | | | 350,000 | | | | | | 1,800,000 | | | | | | 1,186,840 | | | | | | 150,569 | | | | | | 3,487,409 | | | ||
Jennifer F. Francis(4)
Former Executive Vice President |
| | | | 2023 | | | | | | 375,000 | | | | | | 1,500,000 | | | | | | 887,755 | | | | | | 91,711 | | | | | | 2,854,466 | | |
| | | 2022 | | | | | | 375,000 | | | | | | 1,350,000 | | | | | | 1,042,840 | | | | | | 62,346 | | | | | | 2,830,186 | | | ||
| | | 2021 | | | | | | 350,000 | | | | | | 1,000,000 | | | | | | 1,259,980 | | | | | | 56,980 | | | | | | 2,666,960 | | | ||
John G. Murray(5)
Executive Vice President |
| | | | 2023 | | | | | | 75,000 | | | | | | 450,000 | | | | | | 946,275 | | | | | | 138,216 | | | | | | 1,609,491 | | |
| | | 2022 | | | | | | 225,000 | | | | | | 1,050,000 | | | | | | 1,081,440 | | | | | | 111,742 | | | | | | 2,468,182 | | | ||
| | | 2021 | | | | | | 350,000 | | | | | | 2,100,000 | | | | | | 1,543,130 | | | | | | 160,397 | | | | | | 4,153,527 | | | ||
Jonathan M. Pertchik(6)
Former Executive Vice President |
| | | | 2023 | | | | | | 47,596 | | | | | | 786,096 | | | | | | 4,691,200 | | | | | | 77,008 | | | | | | 5,601,900 | | |
| | | 2022 | | | | | | 75,000 | | | | | | 525,000 | | | | | | 5,705,500 | | | | | | 55,456 | | | | | | 6,360,956 | | | ||
| | | 2021 | | | | | | 75,000 | | | | | | 400,000 | | | | | | 2,797,120 | | | | | | 53,600 | | | | | | 3,325,720 | | |
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 35
|
|
Name
|
| |
Company
|
| |
Grant
Date |
| |
Number of
Shares (#) |
| |
Grant Date Fair Value of
Share Awards ($)(a) |
| |||||||||
Adam D. Portnoy
|
| |
RMR
|
| | | | 9/13/2023 | | | | | | 12,000 | | | | | | 297,480 | | |
| | |
RMR
|
| | | | 3/29/2023 | | | | | | 3,000 | | | | | | 77,400 | | |
| | |
DHC
|
| | | | 6/5/2023 | | | | | | 20,000(b) | | | | | | 34,800 | | |
| | |
ILPT
|
| | | | 6/1/2023 | | | | | | 20,000(b) | | | | | | 35,600 | | |
| | |
OPI
|
| | | | 6/13/2023 | | | | | | 3,500(b) | | | | | | 27,650 | | |
| | |
SVC
|
| | | | 6/13/2023 | | | | | | 7,000(b) | | | | | | 62,720 | | |
| | |
SEVN
|
| | | | 5/23/2023 | | | | | | 6,000(b) | | | | | | 55,260 | | |
| | | | | | | | | | | | | | | | | | | | 590,910 | | |
Jennifer B. Clark
|
| |
RMR
|
| | | | 9/13/2023 | | | | | | 6,000 | | | | | | 148,740 | | |
| | |
RMR
|
| | | | 3/29/2023 | | | | | | 3,000 | | | | | | 77,400 | | |
| | |
DHC
|
| | | | 9/13/2023 | | | | | | 40,000 | | | | | | 93,200 | | |
| | |
ILPT
|
| | | | 9/13/2023 | | | | | | 15,000 | | | | | | 54,450 | | |
| | |
OPI
|
| | | | 9/13/2023 | | | | | | 25,000 | | | | | | 144,000 | | |
| | |
OPI
|
| | | | 6/13/2023 | | | | | | 3,500(b) | | | | | | 27,650 | | |
| | |
SVC
|
| | | | 9/13/2023 | | | | | | 20,000 | | | | | | 154,400 | | |
| | |
ALR
|
| | | | 12/13/2022 | | | | | | 50,000 | | | | | | 37,000 | | |
| | |
TA
|
| | | | 12/12/2022 | | | | | | 3,500 | | | | | | 163,415 | | |
| | |
SEVN
|
| | | | 9/13/2023 | | | | | | 5,000 | | | | | | 54,750 | | |
| | | | | | | | | | | | | | | | | | | | 955,005 | | |
Matthew P. Jordan
|
| |
RMR
|
| | | | 9/13/2023 | | | | | | 6,000 | | | | | | 148,740 | | |
| | |
DHC
|
| | | | 9/13/2023 | | | | | | 40,000 | | | | | | 93,200 | | |
| | |
ILPT
|
| | | | 9/13/2023 | | | | | | 20,000 | | | | | | 72,600 | | |
| | |
ILPT
|
| | | | 6/1/2023 | | | | | | 20,000(b) | | | | | | 35,600 | | |
| | |
OPI
|
| | | | 9/13/2023 | | | | | | 20,000 | | | | | | 115,200 | | |
| | |
SVC
|
| | | | 9/13/2023 | | | | | | 20,000 | | | | | | 154,400 | | |
| | |
ALR
|
| | | | 12/13/2022 | | | | | | 30,000 | | | | | | 22,200 | | |
| | |
TA
|
| | | | 12/12/2022 | | | | | | 3,500 | | | | | | 163,415 | | |
| | |
SEVN
|
| | | | 9/13/2023 | | | | | | 10,000 | | | | | | 109,500 | | |
| | |
SEVN
|
| | | | 5/23/2023 | | | | | | 6,000 | | | | | | 55,260 | | |
| | | | | | | | | | | | | | | | | | | | 970,115 | | |
Jennifer F. Francis
|
| |
RMR
|
| | | | 9/13/2023 | | | | | | 6,000 | | | | | | 148,740 | | |
| | |
DHC
|
| | | | 9/13/2023 | | | | | | 60,000(b) | | | | | | 139,800 | | |
| | |
DHC
|
| | | | 6/5/2023 | | | | | | 20,000(b) | | | | | | 34,800 | | |
| | |
ILPT
|
| | | | 9/13/2023 | | | | | | 15,000 | | | | | | 54,450 | | |
| | |
OPI
|
| | | | 9/13/2023 | | | | | | 20,000 | | | | | | 115,200 | | |
| | |
SVC
|
| | | | 9/13/2023 | | | | | | 20,000 | | | | | | 154,400 | | |
| | |
ALR
|
| | | | 12/13/2022 | | | | | | 30,000 | | | | | | 22,200 | | |
| | |
TA
|
| | | | 12/12/2022 | | | | | | 3,500 | | | | | | 163,415 | | |
| | |
SEVN
|
| | | | 9/13/2023 | | | | | | 5,000 | | | | | | 54,750 | | |
| | | | | | | | | | | | | | | | | | | | 887,755 | | |
|
36 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
Name
|
| |
Company
|
| |
Grant
Date |
| |
Number of
Shares (#) |
| |
Grant Date Fair Value of
Share Awards ($)(a) |
| |||||||||
John G. Murray
|
| |
RMR
|
| | | | 9/13/2023 | | | | | | 6,000 | | | | | | 148,740 | | |
| | |
DHC
|
| | | | 9/13/2023 | | | | | | 40,000 | | | | | | 93,200 | | |
| | |
ILPT
|
| | | | 9/13/2023 | | | | | | 15,000 | | | | | | 54,450 | | |
| | |
OPI
|
| | | | 9/13/2023 | | | | | | 20,000 | | | | | | 115,200 | | |
| | |
SVC
|
| | | | 9/13/2023 | | | | | | 30,000 | | | | | | 231,600 | | |
| | |
SVC
|
| | | | 6/13/2023 | | | | | | 7,000(b) | | | | | | 62,720 | | |
| | |
ALR
|
| | | | 12/13/2022 | | | | | | 30,000 | | | | | | 22,200 | | |
| | |
TA
|
| | | | 12/12/2022 | | | | | | 3,500 | | | | | | 163,415 | | |
| | |
SEVN
|
| | | | 9/13/2023 | | | | | | 5,000 | | | | | | 54,750 | | |
| | | | | | | | | | | | | | | | | | | | 946,275 | | |
Jonathan M. Pertchik
|
| |
RMR
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
DHC
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
ILPT
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
OPI
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
SVC
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
ALR
|
| | | | 12/13/2022 | | | | | | 30,000 | | | | | | 22,200 | | |
| | |
TA
|
| | | | 12/12/2022 | | | | | | 100,000(b) | | | | | | 4,669,000 | | |
| | | | | | | | | | | | | | | | | | | | 4,691,200 | | |
Name
|
| |
Grant Date
|
| |
All Other Stock Awards:
Number of Shares of Stock or Units (#) |
| |
Grant Date Fair Value of
Stock and Option Awards ($)(1) |
|
Adam D. Portnoy | | |
9/13/2023
|
| |
12,000
|
| |
297,480
|
|
Jennifer B. Clark | | |
9/13/2023
|
| |
6,000
|
| |
148,740
|
|
Matthew P. Jordan | | |
9/13/2023
|
| |
6,000
|
| |
148,740
|
|
Jennifer F. Francis | | |
9/13/2023
|
| |
6,000
|
| |
148,740
|
|
John G. Murray | | |
9/13/2023
|
| |
6,000
|
| |
148,740
|
|
Jonathan M. Pertchik(2) | | |
—
|
| |
—
|
| |
—
|
|
| | | | | | | | |
Stock Awards
|
| |||
Name
|
| |
Company
|
| |
Date
Granted |
| |
Number of Shares or
Units of Stock That Have Not Vested (#) |
| |
Market Value of Shares or
Units of Stock That Have Not Vested ($)(1) |
|
Adam D. Portnoy
|
| |
RMR
|
| |
9/13/2023
|
| |
9,600
|
| |
235,392
|
|
| | |
RMR
|
| |
9/14/2022
|
| |
7,200
|
| |
176,544
|
|
| | |
RMR
|
| |
9/15/2021
|
| |
4,000
|
| |
98,080
|
|
| | |
RMR
|
| |
9/17/2020
|
| |
2,000
|
| |
49,040
|
|
| | |
|
| |
|
| |
|
| |
559,056
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 37
|
|
| | | | | | | | |
Stock Awards
|
| |||
Name
|
| |
Company
|
| |
Date
Granted |
| |
Number of Shares or
Units of Stock That Have Not Vested (#) |
| |
Market Value of Shares or
Units of Stock That Have Not Vested ($)(1) |
|
Jennifer B. Clark
|
| |
RMR
|
| |
9/13/2023
|
| |
4,800
|
| |
117,696
|
|
| | |
RMR
|
| |
9/14/2022
|
| |
3,600
|
| |
88,272
|
|
| | |
RMR
|
| |
9/15/2021
|
| |
2,000
|
| |
49,040
|
|
| | |
RMR
|
| |
9/17/2020
|
| |
1,000
|
| |
24,520
|
|
| | |
DHC
|
| |
9/13/2023
|
| |
32,000
|
| |
62,080
|
|
| | |
DHC
|
| |
9/14/2022
|
| |
24,000
|
| |
46,560
|
|
| | |
DHC
|
| |
9/15/2021
|
| |
16,000
|
| |
31,040
|
|
| | |
DHC
|
| |
9/17/2020
|
| |
6,000
|
| |
11,640
|
|
| | |
ILPT
|
| |
9/13/2023
|
| |
12,000
|
| |
34,680
|
|
| | |
ILPT
|
| |
9/14/2022
|
| |
9,000
|
| |
26,010
|
|
| | |
ILPT
|
| |
9/15/2021
|
| |
4,000
|
| |
11,560
|
|
| | |
ILPT
|
| |
9/17/2020
|
| |
2,000
|
| |
5,780
|
|
| | |
OPI
|
| |
9/13/2023
|
| |
20,000
|
| |
82,000
|
|
| | |
OPI
|
| |
9/14/2022
|
| |
10,800
|
| |
44,280
|
|
| | |
OPI
|
| |
9/15/2021
|
| |
6,000
|
| |
24,600
|
|
| | |
OPI
|
| |
9/17/2020
|
| |
2,000
|
| |
8,200
|
|
| | |
SVC
|
| |
9/13/2023
|
| |
16,000
|
| |
123,040
|
|
| | |
SVC
|
| |
9/14/2022
|
| |
12,000
|
| |
92,280
|
|
| | |
SVC
|
| |
9/15/2021
|
| |
8,000
|
| |
61,520
|
|
| | |
SVC
|
| |
9/17/2020
|
| |
4,000
|
| |
30,760
|
|
| | |
SEVN
|
| |
9/13/2023
|
| |
4,000
|
| |
43,680
|
|
| | |
SEVN
|
| |
9/14/2022
|
| |
3,000
|
| |
32,760
|
|
| | |
SEVN
|
| |
10/1/2021
|
| |
3,000
|
| |
32,760
|
|
| | |
SEVN
|
| |
9/17/2020
|
| |
516
|
| |
5,635
|
|
| | | | | | | | | | | |
1,090,393
|
|
Matthew P. Jordan
|
| |
RMR
|
| |
9/13/2023
|
| |
4,800
|
| |
117,696
|
|
| | |
RMR
|
| |
9/14/2022
|
| |
3,600
|
| |
88,272
|
|
| | |
RMR
|
| |
9/15/2021
|
| |
2,000
|
| |
49,040
|
|
| | |
RMR
|
| |
9/17/2020
|
| |
1,000
|
| |
24,520
|
|
| | |
DHC
|
| |
9/13/2023
|
| |
32,000
|
| |
62,080
|
|
| | |
DHC
|
| |
9/14/2022
|
| |
24,000
|
| |
46,560
|
|
| | |
DHC
|
| |
9/15/2021
|
| |
16,000
|
| |
31,040
|
|
| | |
DHC
|
| |
9/17/2020
|
| |
4,000
|
| |
7,760
|
|
| | |
ILPT
|
| |
9/13/2023
|
| |
16,000
|
| |
46,240
|
|
| | |
ILPT
|
| |
9/14/2022
|
| |
12,000
|
| |
34,680
|
|
| | |
ILPT
|
| |
9/15/2021
|
| |
4,000
|
| |
11,560
|
|
| | |
ILPT
|
| |
9/17/2020
|
| |
2,000
|
| |
5,780
|
|
| | |
OPI
|
| |
9/13/2023
|
| |
16,000
|
| |
65,600
|
|
| | |
OPI
|
| |
9/14/2022
|
| |
7,200
|
| |
29,520
|
|
| | |
OPI
|
| |
9/15/2021
|
| |
4,000
|
| |
16,400
|
|
| | |
OPI
|
| |
9/17/2020
|
| |
2,000
|
| |
8,200
|
|
| | |
SVC
|
| |
9/13/2023
|
| |
16,000
|
| |
123,040
|
|
| | |
SVC
|
| |
9/14/2022
|
| |
12,000
|
| |
92,280
|
|
| | |
SVC
|
| |
9/15/2021
|
| |
8,000
|
| |
61,520
|
|
| | |
SVC
|
| |
9/17/2020
|
| |
4,000
|
| |
30,760
|
|
| | |
SEVN
|
| |
9/13/2023
|
| |
8,000
|
| |
87,360
|
|
| | |
SEVN
|
| |
9/14/2022
|
| |
6,000
|
| |
65,520
|
|
| | |
SEVN
|
| |
10/1/2021
|
| |
6,000
|
| |
65,520
|
|
| | |
SEVN
|
| |
9/17/2020
|
| |
516
|
| |
5,635
|
|
| | |
|
| |
|
| |
|
| |
1,176,583
|
|
|
38 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
| | | | | | | | |
Stock Awards
|
| |||
Name
|
| |
Company
|
| |
Date
Granted |
| |
Number of Shares or
Units of Stock That Have Not Vested (#) |
| |
Market Value of Shares or
Units of Stock That Have Not Vested ($)(1) |
|
Jennifer F. Francis
|
| |
RMR
|
| |
9/13/2023
|
| |
4,800
|
| |
117,696
|
|
| | |
RMR
|
| |
9/14/2022
|
| |
3,600
|
| |
88,272
|
|
| | |
RMR
|
| |
9/15/2021
|
| |
2,000
|
| |
49,040
|
|
| | |
RMR
|
| |
9/17/2020
|
| |
400
|
| |
9,808
|
|
| | |
DHC
|
| |
9/13/2023
|
| |
48,000
|
| |
93,120
|
|
| | |
DHC
|
| |
9/14/2022
|
| |
36,000
|
| |
69,840
|
|
| | |
DHC
|
| |
9/15/2021
|
| |
24,000
|
| |
46,560
|
|
| | |
DHC
|
| |
9/17/2020
|
| |
6,000
|
| |
11,640
|
|
| | |
ILPT
|
| |
9/13/2023
|
| |
12,000
|
| |
34,680
|
|
| | |
ILPT
|
| |
9/14/2022
|
| |
9,000
|
| |
26,010
|
|
| | |
ILPT
|
| |
9/15/2021
|
| |
4,000
|
| |
11,560
|
|
| | |
ILPT
|
| |
9/17/2020
|
| |
400
|
| |
1,156
|
|
| | |
OPI
|
| |
9/13/2023
|
| |
16,000
|
| |
65,600
|
|
| | |
OPI
|
| |
9/14/2022
|
| |
7,200
|
| |
29,520
|
|
| | |
OPI
|
| |
9/15/2021
|
| |
4,000
|
| |
16,400
|
|
| | |
OPI
|
| |
9/17/2020
|
| |
400
|
| |
1,640
|
|
| | |
SVC
|
| |
9/13/2023
|
| |
16,000
|
| |
123,040
|
|
| | |
SVC
|
| |
9/14/2022
|
| |
12,000
|
| |
92,280
|
|
| | |
SVC
|
| |
9/15/2021
|
| |
8,000
|
| |
61,520
|
|
| | |
SVC
|
| |
9/17/2020
|
| |
800
|
| |
6,152
|
|
| | |
SEVN
|
| |
9/13/2023
|
| |
4,000
|
| |
43,680
|
|
| | |
SEVN
|
| |
9/14/2022
|
| |
3,000
|
| |
32,760
|
|
| | |
SEVN
|
| |
10/1/2021
|
| |
3,000
|
| |
32,760
|
|
| | |
SEVN
|
| |
9/17/2020
|
| |
104
|
| |
1,138
|
|
| | | | | | | | | | | |
1,065,873
|
|
John G. Murray
|
| |
RMR
|
| |
9/13/2023
|
| |
4,800
|
| |
117,696
|
|
| | |
RMR
|
| |
9/14/2022
|
| |
3,600
|
| |
88,272
|
|
| | |
RMR
|
| |
9/15/2021
|
| |
2,000
|
| |
49,040
|
|
| | |
RMR
|
| |
9/17/2020
|
| |
1,000
|
| |
24,520
|
|
| | |
DHC
|
| |
9/13/2023
|
| |
32,000
|
| |
62,080
|
|
| | |
DHC
|
| |
9/14/2022
|
| |
24,000
|
| |
46,560
|
|
| | |
DHC
|
| |
9/15/2021
|
| |
16,000
|
| |
31,040
|
|
| | |
DHC
|
| |
9/17/2020
|
| |
4,000
|
| |
7,760
|
|
| | |
ILPT
|
| |
9/13/2023
|
| |
12,000
|
| |
34,680
|
|
| | |
ILPT
|
| |
9/14/2022
|
| |
9,000
|
| |
26,010
|
|
| | |
ILPT
|
| |
9/15/2021
|
| |
6,000
|
| |
17,340
|
|
| | |
ILPT
|
| |
9/17/2020
|
| |
3,000
|
| |
8,670
|
|
| | |
OPI
|
| |
9/13/2023
|
| |
16,000
|
| |
65,600
|
|
| | |
OPI
|
| |
9/14/2022
|
| |
7,200
|
| |
29,520
|
|
| | |
OPI
|
| |
9/15/2021
|
| |
4,000
|
| |
16,400
|
|
| | |
OPI
|
| |
9/17/2020
|
| |
2,000
|
| |
8,200
|
|
| | |
SVC
|
| |
9/13/2023
|
| |
24,000
|
| |
184,560
|
|
| | |
SVC
|
| |
9/14/2022
|
| |
18,000
|
| |
138,420
|
|
| | |
SVC
|
| |
9/15/2021
|
| |
12,000
|
| |
92,280
|
|
| | |
SVC
|
| |
9/17/2020
|
| |
6,000
|
| |
46,140
|
|
| | |
SEVN
|
| |
9/13/2023
|
| |
4,000
|
| |
43,680
|
|
| | |
SEVN
|
| |
9/14/2022
|
| |
3,000
|
| |
32,760
|
|
| | |
SEVN
|
| |
10/1/2021
|
| |
3,000
|
| |
32,760
|
|
| | |
SEVN
|
| |
9/17/2020
|
| |
516
|
| |
5,635
|
|
| | |
|
| |
|
| |
|
| |
1,209,623
|
|
Jonathan M. Pertchik(2)
|
| | | | | | | | | | |
—
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 39
|
|
Name
|
| |
Stock Awards
|
| |||
|
Number of Shares Acquired on
Vesting (#) |
| |
Value Realized on Vesting ($)(1)
|
| ||
Adam D. Portnoy(2) | | |
10,800
|
| |
270,284
|
|
Jennifer B. Clark(3) | | |
5,400
|
| |
135,142
|
|
Matthew P. Jordan
|
| |
5,400
|
| |
135,142
|
|
Jennifer F. Francis
|
| |
4,200
|
| |
105,106
|
|
John G. Murray
|
| |
5,400
|
| |
135,142
|
|
Jonathan M. Pertchik(4) | | |
9,800
|
| |
207,172
|
|
Name
|
| |
Number of Shares Vested Upon
Termination Event (#) |
| |
Value Realized on Termination Event as of
September 30, 2023 ($)(1) |
|
Adam D. Portnoy
|
| |
22,800
|
| |
559,056
|
|
Jennifer B. Clark
|
| |
11,400
|
| |
279,528
|
|
Matthew P. Jordan
|
| |
11,400
|
| |
279,528
|
|
Jennifer F. Francis
|
| |
10,800
|
| |
264,816
|
|
John G. Murray
|
| |
11,400
|
| |
279,528
|
|
Jonathan M. Pertchik
|
| |
—
|
| |
—
|
|
|
40 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 41
|
|
Pay Versus Performance | | |||||||||||||||||||||
| | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based on: | | | | | |||
Year | | | Summary Compensation Table Total for Principal Executive Officer (“PEO”) | | | Compensation Actually Paid to PEO(1) | | | Average Summary Compensation Table Total for Non-PEO NEOs | | | Average Compensation Actually Paid to Non-PEOs NEOs(2)(3) | | | Total Shareholder Return | | | Peer Group Total Shareholder Return* | | | Net Income ($000s) | |
2023 | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | |
2022 | | | | | | | | | | | | | | | | | | | | | | |
2021 | | | | | | | | | | | | | | | | | | | | | | |
PEO Compensation Actually Paid | | ||||||||||||||||||||||||
Year | | | PEO Name | | | Total Compensation Per Summary Compensation Table Less Stock Grant Amount | | | Year End Fair Value of Equity Awards Granted and Unvested During Applicable Year | | | Change in Fair Value as of Year End of Any Prior Year Awards that Remain Unvested as of Year End | | | Awards Granted and Vested in the Same Year, at Fair Value as of the Vesting Date | | | Change in Fair Value as of Year End of Any Prior Year Awards that Vested During Applicable Year | | | Total Equity Value Reflected in Compensation Actually Paid | | | Compensation Actually Paid to PEO | |
2023 | | | | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | |
2022 | | | Adam D. Portnoy | | | | | | | | | ( | | | | | | ( | | | | | | | |
2021 | | | Adam D. Portnoy | | | | | | | | | | | | | | | | | | | | | | |
|
42 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
Average Non-PEO NEOs—Compensation Actually Paid | | |||||||||||||||||||||
Year | | | Total Compensation Per Summary Compensation Table Less Stock Grant Amount | | | Year End Fair Value of Equity Awards Granted and Unvested During Applicable Year | | | Change in Fair Value as of Year End of Any Prior Year Awards that Remain Unvested as of Year End | | | Awards Granted and Vested in the Same Year, at Fair Value as of the Vesting Date | | | Change in Fair Value as of Year End of Any Prior Year Awards that Vested During Applicable Year | | | Total Equity Value Reflected in Compensation Actually Paid | | | Compensation Actually Paid to Non-PEO NEOs | |
2023 | | | $ | | | $ | | | $( | | | $ | | | $ | | | $ | | | $ | |
2022 | | | | | | | | | ( | | | | | | ( | | | | | | | |
2021 | | | | | | | | | | | | | | | | | | | | | | |
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 43
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 45
|
|
|
| |
2023 Fees
|
| |
2022 Fees
|
| ||||||
Audit Fees | | | | $ | 532,500 | | | | | $ | 590,240 | | |
Audit Related Fees | | | | | 31,200 | | | | | | — | | |
Tax Fees | | | | | — | | | | | | — | | |
All Other Fees | | | | | 948 | | | | | | 948 | | |
|
46 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 47
|
|
|
48 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 49
|
|
|
50 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 51
|
|
|
52 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 53
|
|
|
54 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement 55
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement A-1
|
|
|
A-2 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
| |
For the Fiscal Year Ended
September 30, 2023 |
|
Perpetual Capital: | | |
|
|
DHC
|
| |
$179,899
|
|
ILPT
|
| |
77,272
|
|
OPI
|
| |
372,371
|
|
SVC
|
| |
157,964
|
|
Total Managed Equity REITs
|
| |
787,506
|
|
SEVN
|
| |
10,053
|
|
TA(1)
|
| |
58,690
|
|
| | |
856,249
|
|
Private Capital: | | | | |
AlerisLife
|
| |
5,511
|
|
Sonesta
|
| |
10,015
|
|
Other private entities
|
| |
90,410
|
|
| | |
105,936
|
|
| | |
$962,185(2)
|
|
| | | | |
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement A-3
|
|
|
A-4 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement A-5
|
|
|
A-6 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement A-7
|
|
|
A-8 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement A-9
|
|
|
A-10 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
|
THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement A-11
|
|
|
A-12 THE RMR GROUP INC.
|
| |
|
| |
2024 Proxy Statement
|
|
Cover |
12 Months Ended |
---|---|
Sep. 30, 2023 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | The RMR Group Inc. |
Entity Central Index Key | 0001644378 |
Pay vs Performance Disclosure - USD ($) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2021 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure, Table |
Pay Versus Performance
The following table and footnotes summarize the total compensation we paid to our Named Executive Officers (our “NEOs”), compensation “actually paid” to the NEOs (calculated in accordance with SEC rules), the cumulative total shareholder return of the Company, the peer group total shareholder return and our net income for the past three fiscal years. We do not use any financial performance measures to link compensation actually paid to our NEOs by us to the Company’s performance. Accordingly, pursuant to the SEC rules, we have not included a “company selected measure” or the tabular list of performance measures. For more information about the compensation we pay to our NEOs, please see “Compensation Discussion and Analysis” above.
*
Peer group total shareholder return is based on a self-constructed peer group composed of the following alternative asset management companies: Apollo Global Management, Inc., Ares Management Corporation, Blackstone Inc., The Carlyle Group Inc. and KKR & Co. Inc.
(1)
The following table summarizes the applicable deductions and additions for the PEO in the calculation of Compensation Actually Paid to the PEO.
(2)
The non-PEO NEOs in 2021, 2022 and 2023 are Jennifer B. Clark, Matthew P. Jordan, Jennifer F. Francis, John G. Murray and Jonathan M. Pertchik.
(3)
The following table summarizes the applicable deductions and additions for each of the Non-PEO NEOs in the calculation of Compensation Actually Paid to each Non-PEO NEO.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Named Executive Officers, Footnote | (2)
The non-PEO NEOs in 2021, 2022 and 2023 are Jennifer B. Clark, Matthew P. Jordan, Jennifer F. Francis, John G. Murray and Jonathan M. Pertchik.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peer Group Issuers, Footnote | Peer group total shareholder return is based on a self-constructed peer group composed of the following alternative asset management companies: Apollo Global Management, Inc., Ares Management Corporation, Blackstone Inc., The Carlyle Group Inc. and KKR & Co. Inc.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO Total Compensation Amount | $ 4,212,670 | $ 4,148,594 | $ 4,274,081 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO Actually Paid Compensation Amount | $ 4,232,826 | 3,950,171 | 4,415,059 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment To PEO Compensation, Footnote | (1)
The following table summarizes the applicable deductions and additions for the PEO in the calculation of Compensation Actually Paid to the PEO.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO Average Total Compensation Amount | $ 3,796,120 | 4,070,946 | 3,678,973 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO Average Compensation Actually Paid Amount | $ 5,540,535 | 3,201,628 | 4,286,164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Non-PEO NEO Compensation Footnote | (3)
The following table summarizes the applicable deductions and additions for each of the Non-PEO NEOs in the calculation of Compensation Actually Paid to each Non-PEO NEO.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Actually Paid vs. Total Shareholder Return | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Actually Paid vs. Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Shareholder Return Vs Peer Group | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Shareholder Return Amount | $ 123.65 | 112.28 | 150.68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peer Group Total Shareholder Return Amount | 238.77 | 164.74 | 202.78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ 127,771,000 | 77,468,000 | 81,013,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO Name | Adam D. Portnoy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | $ 3,621,760 | 3,318,484 | 3,221,576 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | Total Equity Awards Adjustments [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | 611,066 | 631,687 | 1,193,483 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | 235,392 | 227,424 | 267,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | 10,956 | (117,120) | 83,681 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | 352,926 | 577,534 | 782,105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | 11,792 | (56,151) | 60,097 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | 2,106,050 | 1,996,310 | 2,010,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO | Total Equity Awards Adjustments [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | 3,434,485 | 1,205,318 | 2,275,583 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | (40,575) | (593,529) | 381,020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | 2,067,855 | 401,430 | 417,168 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | 1,016,944 | (250,992) | 111,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PEO NEO | PEO [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Compensation, Amount | $ 390,261 | $ 1,648,410 | $ 1,365,995 |
1 Year RMR Chart |
1 Month RMR Chart |
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