Total of 77 Leases Executed with a Weighted Average Roll Up in Rents of 15.8%
Leasing Activity Comprised Predominantly of Renewals
The RMR Group (Nasdaq: RMR) announced the execution of 77 leases for approximately 4.7 million square feet on behalf of its clients during the three months ended June 30, 2023, including 37 leases with new tenants for approximately 858,000 square feet. The executed leases resulted in a weighted average roll up in rents of 15.8% and a weighted average lease term of 10.3 years. Industrial leasing accounted for more than 70% of activity followed by office and retail, respectively.
Adam Portnoy, President & Chief Executive Officer, made the following statement:
“RMR’s strong leasing execution this quarter of 4.7 million square feet resulted in a significant roll up in rents and an occupancy rate of 96% across our portfolio. The over 3.4 million square feet of lease renewals reflect RMR’s strong tenant relationships and operational performance at our managed properties.”
The RMR Group provides asset and property management services nationwide for more than 1,500 properties with over 120 million square feet of office, industrial, medical office, life science and retail space. RMR exclusively provides property management services to its clients and does not offer standalone property management services to third-parties.
About The RMR Group
The RMR Group is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is supported by approximately 600 real estate professionals in more than 30 offices nationwide who manage approximately $36 billion in assets under management and leverage more than 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of direct real estate strategies across its clients. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit www.rmrgroup.com.
Vice President, Marketing & Corporate Communications