v3.25.4
Business and Property Management Agreements with RMR (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Business Management and Operating Expenses
For the years ended December 31, 2025, 2024 and 2023, the business management fees, incentive management fees, property management fees, construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows:
Financial Statement
Year Ended December 31,
Line Item
202520242023
Pursuant to business management agreement:
Business management fees
General and administrative expenses
$23,319 $23,439 $23,154 
Incentive management fees (1)
General and administrative expenses5,679 — — 
Total$28,998 $23,439 $23,154 
Pursuant to property management agreement:
Property management fees
Other operating expenses
$13,082 $12,885 $12,800 
Construction supervision fees
Buildings and improvements (2)
436 459 649 
Total$13,518 $13,344 $13,449 
Expense reimbursement:
Other expensesGeneral and administrative expenses$200 $304 $288 
Property level expenses
Other operating expenses
6,237 6,450 8,090 
Total$6,437 $6,754 $8,378 
(1)In January 2026, we paid RMR the incentive management fee incurred for the year ended December 31, 2025.
(2)Amounts capitalized as building improvements are depreciated over the estimated useful lives of the related assets.