The JBG SMITH Corporate Office

  • Director of FUND/REIT Lease Administration

    ID
    2018-3094
    Location
    US-MD-Chevy Chase
    Type
    Full-time
  • Overview

    This is a full-time position within the Accounting department managing an internal team of 1-2 managers and 4-5 lease administrators and an off-shore team of 6-8 full time employees. This position will take a leadership role within the department and will be responsible for ensuring data integrity of lease information maintained in two accounting systems, overseeing a future system conversion, communicating with tenants, property managers and leasing managers on lease administration issues, integration of new properties into the portfolio, developing and implementing policies and procedures to ensure compliance with GAAP and SEC/SOX requirements, and managing the financial close process to ensure deadlines are met. 

     

    Qualified candidates must have the ability to handle multiple projects concurrently, be detail oriented, have excellent organizational and follow through skills, have exceptional oral and written communication skills and be able to provide the highest level of both internal and external customer service.

    Responsibilities

    Essential Duties and Responsibilities:  include the following (other duties may be assigned to meet business needs):

    • Manage an internal team of 1-2 managers and 4-5 lease administrators and an off-shore team of 6-8 full time employees. Team duties include:

    -      Abstract and set-up of all lease documents (new leases, amendments, terminations, assignments, subleases, etc.) in Yardi Voyager and Integrated Business Systems.  Calculate and enter necessary billing adjustments.  Maintain written backup of billing data in lease files.  Review all documentation for signatures and completeness.

    -       Generate and post monthly recurring rental charges.

    -      Update and monitor property rent rolls and square footage, maintain stacking plans.

    -       Review and monitor key lease provisions (i.e. options, expirations, kick-outs, and co-tenancy).

    -      Maintain and update lease statistics as required.

    -      Oversee the creation and maintenance of lease files.

    -      Assist tenants with any billing or account questions.

    -      Assist property management staff with any tenant account questions or lease questions.

    -      Process adjustments/write-offs upon receipt of necessary approvals.  Maintain written backup of all adjustments to tenants’ accounts in lease files.

    -      Maintain and monitor critical dates in Yardi Voyager to track date-sensitive lease/economic requirements.

    -      Calculate and bill CPI rental adjustments/increases.

    -      Monitor, request and enter gross sales information and calculate/bill percentage rents for retail tenants. 

    -      Maintain/track letters of credit required vs. received, expiration dates, reductions, etc.

    -       Deliver accurate lease reporting data on a monthly and quarterly basis.

    -      Review monthly rent roll reconciliations prepared by property management staff prior to rolling rents.

    -       Calculate monthly straight-line calculations in accordance with company policy.

    -      Prepare and maintain tenant operating expense, CAM and real estate tax pools in accordance with lease requirements.

    -      Prepare and bill tenant pass-thru reconciliations for operating expenses, real estate taxes and percentage rent.  Maintain property summary schedules for auditing.

    -      Prepare and bill tenant pass-thru estimates for operating expenses, real estate taxes and percentage rent.  Maintain property summary schedules for auditing.

    -       Prepare monthly recovery accrual calculations.

    • Work with VP of Commercial Operations, leasing personnel/general counsel to standardize and simplify lease language for more efficient administration.
    • Work with lease administrators to develop and train individuals in areas of lease interpretation, analysis, and administration.
    • Tend to administrative and personnel issues for department.
    • Conduct staff meetings to ensure successful achievement of the department’s annual and quarterly goals and objectives.
    • Perform staff performance evaluations, goal setting and action plans.
    • Work with accounting and property management departments to prepare departmental budgets and business plans.
    • Liaison with VP of Commercial Operations and take a lead role for lease administration’s participation in acquisitions/dispositions/refinancings. Prepare time line for creating abstracts, rent rolls, estoppels and exhibits.  Prepare document inventory checklist and follow up with acquisitions team to receive all relevant documentation.  Compare rent rolls/abstracts provided by seller to rent rolls/abstracts created by lease administrator.  Review security deposits and other contractual lease exhibits prepared by lease administrator. 
    • Work with VP of Commercial Operations in the following areas: (1) develop, troubleshoot Yardi Voyager commercial database; (2) develop policy and procedures for lease administration and use of Yardi Voyager for maintaining and administering commercial leases; (3) train lease administration and property management staff on Yardi Voyager’s commercial product.
    • Develop and implement policies and procedures to ensure compliance with GAAP and SEC/SOX requirements.
    • Work with internal and external auditors to ensure all audit requests are fulfilled in a timely manner

    Qualifications

    Qualifications/Requirements:

    • Advanced understanding of lease administration and accounting practices within commercial real estate organizations
    • Understanding of US GAAP and internal controls
    • Proven successful experience managing a department which supports the company’s business goals and objectives
    • Excellent management, organizational, interpersonal and communication skills (including listening, verbal and written) required
    • Strong financial/analytical skills with the ability to interpret complex commercial lease language
    • Proven ability to work quickly, accurately and with changing priorities under tight deadlines
    • High proficiency working in commercial real estate software systems (i.e. Yardi, MRI, Timberline, IBS etc.)
    • High proficiency in MS Office products

     

    Education/Training/Experience:

     

    • BS or BA degree required.
    • Minimum of 12 years direct commercial real estate lease administration experience with a focus on office, retail and mixed-use buildings; GSA lease exposure a plus
    • Minimum of 5 years management experience in lease administration
    • Candidates with an accounting, legal, property and/or asset management background are strongly preferred.
    • Public REIT experience is a plus.

     

     

    JBG SMITH is committed to hiring and retaining a diverse workforce. We are an Equal Opportunity Employer, making decisions without discrimination on the basis of race, color, religion, sex, national origin, age, veteran status, disability, sexual orientation, genetic information or any other protected class, in accordance with applicable law.

     

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