RMR - Heads I Win, Tails You Lose

RMR manages 4 REITS, and in the last 5 years, those REITs have returned -2% to -50% while RMR has quadrupled.
High margin, low capex, long-term contracts and $12 per share in cash on hand.
At the current market price, you are paying for the long-term contracts but getting the other businesses and the incentive fees for free.
I recommend buying RMR with a target price of $86.
If you do not want real estate exposure, you could buy RMR and short the four REITs.

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