Vice President of Asset Management

Simone Development Companies is seeking a Vice President of Asset Management to directly manage the overall financial performance and investment strategy of its approximately seven million square foot portfolio.  The Vice President of Asset Management will seek to maximize distributable cash flow and increase long-term economic value by analyzing cash flows and returns, develop strategies and implement business plans to maximize value from properties, and establish best practices for reporting and operational management. The Vice President will lead the preparation of annual business plans for assets, present business plans to ownership team and continually communicate with senior members of the firm on issues/decisions impacting assets. The Vice President of Asset Management will work closely with the Development, Leasing, Property Management, Accounting, Legal and Financing Departments.

 Reporting and Monitoring

• Prepare, assemble, and present annual asset management report consisting of:
  • 10-year property cash flow
  • Estimated market value of asset based on income and sales comparison
  • Summary of loan compliance and joint venture compliance
  • Revenue and expense variance reporting, in coordination with property management
  • Assist with annual budget, prepared in coordination with property management, leasing and accounting departments
  • Lease analysis, including above/below market leases, lease expiration analysis and rollover assumptions, in consultation with leasing team
  • Three-year capital project budget prepared in consult with property managers and construction team
  • Status of business plan and strategic recommendations, such as refinancing, repositioning, capital investment or disposition
  • Market analysis, including any significant changes in the market, recent comparable sales and leases
• Financial Analysis
  • Create and maintain Argus and Excel models for each asset, as applicable
  • Prepare, maintain and manage cash flow models for property and/or portfolio.
  • Analyze key investment decisions including:
    • Hold-sell analyses,
    • Incremental ROI related to capital improvement programs, leasing strategies and repositioning.

Asset Strategy

• Develop and implement short and long-term strategic business plans for assets to maximize value creation, including:
  • Hold/sell/venture analysis
  • Financing
  • Capital improvement plans
  • Development/Redevelopment
  • Repositioning
• Assess and, when appropriate, make recommendations to sell an asset.  If agreed by ownership, manage the sales process, including:
  • Selecting brokers
  • Negotiating the Purchase and Sale Agreement
  • Facilitating buyers due diligence activities,
  • Expediting closings
• When appropriate, make recommendations for the refinancing of an asset and assist in facilitating lenders’ due diligence and expediting closings.
• Actively participate in/oversee the relationship with joint venture partners and operating partners to ensure asset performance and maximization of asset value.
• Assist in the creation, development, and execution of a strategic marketing/leasing plan for properties.

Acquisition & Development Activity

• Actively work with the development/acquisitions team to ensure the most effective investment of capital, either through new acquisitions or redevelopment/repositioning or existing assets
• Assist in the screening of investment proposals to determine fit with investment objectives
• Work with Development team on evaluating and implementing redevelopment and repositioning plans for existing assets

Operational Management

• Visit assets, actively manage assets, and interface with property management, leasing, accounting and construction in order to gather information and maximize short-term distributable cash flow and increase long-term economic value.

• Interface with construction, property management and accounting departments to maximize information flow
• Assist with the preparation of operating and capital budgets and recommend capital improvement/new construction programs throughout the course of the year, monitoring for adherence to approved business plan and monitoring for timely completion.
• Work alongside Property Management & Leasing Team to:

• Review lease terms, tenant improvement plans and budgets to ensure compliance with business plan and return metrics.
• Maintain a thorough knowledge of the applicable markets and a detailed understanding of both primary and secondary competition. This knowledge should include, at a minimum, an understanding of current market conditions, submarket vacancy rates, sublet space availability, new deliveries, absorption rates, rental rates, typical operating expenses, typical tenant improvement allowances, parking ratios, market concessions, lease rollovers, economic trends and prospects in the market.
• Provide assistance with regard to financial analysis of future leasing deals and expense analysis.
• Develop marketing and leasing guidelines.

• Actively engage with external third parties including brokers, lenders, lawyers and consultants to actively monitor markets, manage risk levels to the existing assets and help identify new business opportunities
• Review real property and other tax billings and participate in tax certiorari claims.

KEY ATTRIBUTES/EXPERIENCE

• Minimum of 7 to 10 years relevant asset management experience in real estate.
• Sophisticated understanding of real estate acquisitions and financing
• In-depth understanding of property operations, leasing, accounting and financial reporting.
• Strong valuation, due diligence and real estate financial analysis skills, including the ability to model complex financial structures.
• Experience with real estate equity investments where investment returns are value-added, core plus to opportunistic; experience will ideally include development and redevelopment.

• Expertise in creating best practices across the portfolio as well as implement processes to properly effectuate and communicate the investment strategy.
• Excellent and effective written and oral communication skills.
• Highly intelligent, strategic and creative thinker.

• Cognizant of big picture and task objectives, yet also detail-oriented and willing to take a hands-on approach.
• Self-directed, capable of multi-tasking; balancing multiple objectives to a successful conclusion.
• Ability to work both independently and collaboratively as a team member and with other departments
• High degree of personal and professional integrity.
• Assertive; effective decision maker.
• Proficient in Microsoft Word, Excel, PowerPoint, and ARGUS required. Experience with Yardi a plus but not required.
• Bachelor’s Degree in finance, real estate, accounting, or related field.