- Assume day-to day asset management related responsibilities working directly with members of senior management, finance, accounting, leasing, operations, legal and construction teams.
- Establish one point of contact for asset information, oversight, and decision-making, with the support of senior management.
- Enhance/implement process for tracking asset performance and providing institutional level reporting to the investors on a quarterly and annual basis.
- Primary contact for communication/approvals with lenders and equity partners, as required.
- Analyze and provide recommendations on investment and operational decisions such as lease negotiations, property capitalization strategies, property sales strategies, and capital improvement programs.
- Implement strategies to maximize the financial performance of the assigned assets.
- Coordinate, approve and present annual property budgets and forecasts.
- Monitor overall performance of assigned assets against established goals and approved budgets.
- Complete financial analyses of prospective leasing deals, maintain property Argus files and coordinate lease administration communication flows on assigned assets.
- Complete annual mark-to-market valuation of the portfolio to determine buy/sell/hold recommendation and forecast investor returns.
- Work with property managers and responsible parties on:
- Preparation of annual budgets and business plans for each asset and pool of assets.
- Expense analysis relating to real estate tax appeals, energy conservation, insurance, cleaning, security, etc.
- Establish property capital needs and corresponding costs, and evaluate the impact to cash flows/shortfalls. Oversee implementation and necessary funding.
- Work with accounting team to track funding/completion of capital expenditures and tenant improvement projects.
- Analyze Monthly/Annual Budget vs. Actual individual property and portfolio results:
- Track positive or negative trends and potential issues
- Oversee waterfalls and distributions to investors.
- Continually monitor rollover exposure for effects on value.
- Reinforce lines of communication between property management and senior management to facilitate respective responsibilities, current processes and contribute/assist where possible.
- Create and maintain annual distribution budgets, and track quarterly distributions and provide a detailed explanation of variance as applicable.
- Communication with in-house Leasing Managers and agents- attend weekly in-house leasing meetings, as well as periodical third party leasing agent meetings.
- In conjunction with in-house leasing team:
- Establish financial leasing guidelines (term, rate, TIs, LCs) and ensure that prospective lease deals are in-line with projections/underwriting.
- Establish leasing assumptions for annual budgets.
- Review/Analyze lease proposals with Excel or Argus to understand the effect on value.
- Continued oversight of lease approvals and the process.
- Directly communicate with lenders and equity partners if lease approval is required.
- Ensure proposed lease approvals or rejections occur in a timely fashion.
- Maintain general knowledge of local market conditions and competition.
- Partner with Capital Markets team on the refinancing and recapitalization of assets with the support of the finance team.
- Track assets and sub-portfolios looking for disposition and financing opportunities.
- Prepare Hold/Sell Analysis.
- Lead efforts with Capital Markets team on loan/partnership restructurings.
- Work with Operations/Accounting to provide a roll-up of monthly financial results for the portfolio.
- Prepare investor reporting and detail performance/trends/highlights.
- Monitor assets with current/potential risk issues.
- Prepare Hold/Sell Analysis – provide guidance for assets on potential dispositions or other significant capital events.
- Prepare Annual Business Plans.
- Maintain portfolio debt schedule and monitor loan expirations in order to manage upcoming maturities and mitigate financing-related risks.
- Lead investor calls and meetings.
- Provide financial support for company semi-annual board meetings.
- Prepare annual mark-to-market asset valuations for possible dispositions/refinancing/capital infusion decisions.
- Provide a summary of market valuations – assumptions; period to period comparisons
- Point of contact for communication to any third-party appraisers, providing required information and reviewing draft appraisals.
- Asset Management experience in office and multi-family product in the greater Philadelphia market preferred.
- Currently living in Philadelphia MSA preferred.
- Strong quantitative skills and financial analysis experience.
- Excellent financial and analytic skills and be demonstrated proficiency with financial modeling. Ability to use Excel spreadsheets and Argus to perform return analysis of potential deals/investments. Knowledge of real estate valuation principles and techniques, as they relate to the acquisition, renovation, disposition, and financing of real estate assets would be helpful.
- Excellent attention to detail.
- Reasoning Ability: Define problems, collect data, establish facts, and draw valid conclusions.
- Communication Skills: Proven written, verbal, and interpersonal communication skills.
- Proficiency in ARGUS, MS Word, Excel, and database applications.
- Ability to work successfully as an individual and on a team.
- Experience interacting with lenders and institutional equity investors preferred.
- Expertise in transaction analysis and transaction negotiation/documentation. Proven effective negotiation skills.
- Bachelor’s Degree in finance, business administration or other related field required.
- Minimum 5-7 years real estate experience.
- Requires prolonged sitting or standing.
- Requires frequent operation of office equipment, such as a computer, copy machine, telephone, etc.
- Occasional stretching and/or bending to access file cabinets, office equipment, etc.
- Occasional standing and walking required.