Real estate management company The RMR Group Inc. (NASDAQ: RMR) announced that Barry Portnoy, founder and chairman, died on Feb. 25.
Portnoy founded RMR in 1986. Under the leadership of Portnoy and his son, Adam, the company grew to its current size of approximately $30 billion of total assets under management.
RMR’s managed companies, which include Select Income REIT (NASDAQ: SIR), Senior Housing Properties Trust (NASDAQ: SNH) and Government Properties Income Trust (NASDAQ: GOV), have grown to realize combined annual revenues of approximately $11 billion in 2017, according to RMR.
Adam Portnoy will continue to lead The RMR Group Inc. as its president and CEO and as a managing director.
(Contact: Sarah Borchersen-Keto at sborchersen-keto@nareit.com )