What you’ll be do:
• Responsible for overall property level accounting including:
• Work closely and oversee 3rd Party Property Teams
• Review 3rd party property accounting for consistency, accuracy and proper accounting – Review of audit workpapers – Bank rec, AP/AR ageing, Fixed asset additions/deletions amort/Dep
• rent rolls and lease maintenance – Agree to lease agreement
• cash management including weekly check fundings
• financial reports – Draft audited FS as per Tax & GAAP (Tax: Allowance for DD, Depreciation life differs, Legal Leasing costs – tax allows, interest rate cap)
• annual budgets and quarterly budget re-projections
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• tax basis amortization and depreciation calculations
- Life
• Provide support to 3rd party MRI users
• Review and approval of operating and tax escalations
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• annual estimates
• quarterly and annual reconciliations
• cost pools, expense caps, exclusions, gross ups and base year calculations
• Manage Loan Compliance
• Mortgage payments – Debt service recalculation
• Lender reporting including debt service coverage ratio calculations – repayment/rent sweep/expense budget
• Loan and escrow draws – RE Tax, TI/LC Reserve
• Prepare unaudited financial reports as required by the ownership of the property
• Provide comprehensive audit support
• Prepare audited financial statements with footnotes (FV and Tax basis), as required
• Work with Beacon construction professionals to provide accounting for development projects
• Prepare ad-hoc financial analysis and reporting as needed – Flux analysis Joint Venture Accounting
• Review and comply with operating agreements
• Prepare financial reporting on a consolidation or combined level, as required,
including audited financial statements with footnotes (FV and Tax Basis)
• Cash management including capital calls and distributions
• Calculate and process management fees
- % of Gross receipt
• Calculate income allocations including waterfalls, as required Acquisitions
• Work with Acquisitions team to review diligence materials
• Review settlement statements including, prorations and buyer/seller credits
• Review estoppels
• Record opening entries
• Monitor all post-closing activity for true up with Seller
• Onboard properties and train 3rd party teams on Beacon financial standards and reporting
• Dispositions
• Work with Disposition team to respond to Buyer diligence requests
• Prepare prorations
• Work with 3rd party teams to prepare estoppels
• Prepare and record closing entries including gain/loss calculation
• Monitor all post-closing activity for true up with Buyer Skill &
Experience:
• 5-8 years property accounting experience, with the majority in commercial real estate
• Experience with Funds and/or Joint Ventures
• Experience with fair value GAAP, tax accounting. IFRS a plus
• Experience with TRS (Taxable REIT Subsidiaries) a plus
• Proficient with tenant recoveries (CAM)
• Understanding of waterfall calculations
• Experience in year-end audit including preparation of financial statements and footnotes
• Experience with loan compliance including loan-draw and escrow-draw packages, covenant calculations
• Ability to work independently and communicate effectively
• Ability to work in a quick-paced environment
• Detail oriented and ability to multitask and prioritize
• Proficiency with financial software systems applications and proficiency with Microsoft Windows software programs, MRI experience a plus