NEWTON, Mass. — Barry Portnoy, the founder and chairman of The RMR Group, has passed away at age 72. The cause of death was not disclosed.
RMR is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate related operating companies. RMR’s group of companies includes publicly traded seniors housing REIT Senior Housing Properties Trust (NASDAQ: SNH) and publicly traded seniors housing operator Five Star Senior Living Inc. (NASDAQ: FVE).
SNH is the fifth largest owner of seniors housing in the U.S. with 35,018 units, while FVE is the fifth largest operator with 24,476 units, according to the American Seniors Housing Association’s 2017 calculations.
Barry Portnoy founded The RMR Group in 1986 and served as its chairman and as a managing director since its inception. He was also a managing trustee or managing director of its managed companies, as well as director of Sonesta International Hotels Corp., RMR Advisors LLC and Tremont Realty Advisors LLC.
Since its founding, RMR has grown under the leadership of Portnoy and his son, Adam Portnoy, to its current size of approximately $30 billion of total assets under management. Its managed companies realized combined annual revenues of approximately $11 billion in 2017.
Adam Portnoy will continue to lead RMR as its president, CEO and managing director.