Associate, Asset Management - Easterly Government Properties

Organization Background

Easterly Government Properties, Inc. is a publicly traded Real Estate Investment Trust (REIT) focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies.

Primary Duties and Responsibility

General

• The Associate of Asset Management is responsible for assigned activities that contribute to the overall operational and financial performance of his / her supervisory Asset Manager’s assigned portfolio of assets
• Works collaboratively with supervisory Asset Manager to achieve corporate asset management financial objectives and operational consistency
• Ensures operational compliance with SEC, Sarbanes-Oxley and REIT regulations
• As required, coordinates and assists other departments, including Accounting, Acquisitions, Development, and Corporate Finance in support of their operations to achieve corporate objectives

Asset-Level Strategic Planning

• Assists supervisory Asset Manager in developing strategic business plan and achieving stated financial and operational goals for supervisory Asset Manager’s assigned portfolio of assets by:
• Supporting all leasing / releasing activities
• Overseeing completion of approved capital projects to facilitate long-term building health
• Analyzing building performance
• Forecasting revenue streams in accordance with lease terms
• Estimating operating expenses based on historical operations
• Assist in the preparation of capital investment plans based on lease contractual and general maintenance requirements
• Annually, in coordination with supervisory Asset Manager, property management teams and Director of Engineering, assist with the development of operating and capital expense budgets
• Draft budget reforecasts, as required, to inform and support corporate finance objectives
• Prepare CAM recovery estimates and other tenant reimbursements
• Prepare detailed financial analyses to support recommendations to supervisory Asset Manager on significant operational issues, capital expenditures, leasing activities, or other strategic initiatives

Asset Operations

• Assist with on-boarding and novation process for newly acquired / constructed assets
• Responsible for certain aspects of lease administration with tenant, including, but not limited to:
• Lessor compliance with all lease terms
• Accurate and timely revenue collections, including base rent and tenant reimbursements
• Facilitate positive long-term relationships with all tenant points of contact
• Maintenance of internal electronic lease files and abstracts
• Responsible for certain aspects of building operations, including, but not limited to:
• Conducting periodic physical inspections of assigned assets
• Ensuring optimal building performance
• Overseeing on-site personnel, such as property managers (internal and third-party), building engineers and vendors, in the operations assigned assets
• Working with supervisory Asset Manager and on-site personnel to troubleshoot and determine the best course of action to address building equipment issues
• Managing expenses in accordance with approved operating budgets
• Maintaining compliance with all property-level loan covenants and restrictions
• Support supervisory Asset Manager in all leasing activities, including, but not limited to:
• Tracking upcoming lease expirations
• Aggregating information for proposal responses
• Conducting market analyses
• Preparing financial analysis for negotiation of lease terms
• Assist with the project management duties for lease renewal tenant improvement and reimbursable tenant projects by participating on the project delivery team, providing guidance, reviewing plans and pricing, and ensuring projects are completed on-time and on-budget

Financial Reporting

• Weekly, provide and discuss with supervisory Asset Manager a portfolio overview of activity at each property with a review of any new or ongoing issues, concerns or other items that require supervisory Asset Manager attention
• Monthly, report to supervisory Asset Manager on property level performance, with comparative analyses to budget, pro forma, previous operating history, and any other metrics as requested
• Monthly, report to supervisory Asset Manager on the status of tenant reimbursable projects and approved capital projects
• Periodically, coordinate with Property Accounting on month-end closing activities, to include invoice approvals, expense accruals, variance reporting, etc.
• Periodically, coordinate with the Finance and Operations team to create and review the analyses that support the quarterly earnings model
• Meet reporting requirements for property level loans, to include providing financial statements, rent rolls and other reports as required

Acquisitions and Dispositions

• Participate in due diligence review of potential acquisitions with particular attention to assumptions regarding operations and operating expenses
• Review property managers and/or leasing agents for new acquisitions
• Transition acquired properties into the portfolio, including development of initial operating and capital budgets and completion of lease novations
• Assist supervisory Asset Manager in identifying properties for disposition and preparing financials and due diligence packages for those properties slated for disposition

Required Skills / Qualifications

• Undergraduate degree, additional education preferred
• 5 to 7 years of commercial real estate property / asset management, accounting, or analytical experience
• Strong understanding of basic commercial real estate concepts and valuation techniques
• Excellent verbal and written communication skills
• Excellent planning, organization, and interpersonal skills
• Ability to function independently within a collaborative, team-oriented setting
• Attention to detail and ability to function under tight deadlines
• Ability to work accurately and efficiently
• Ability to handle multiple projects at one time
• Strong sense of personal motivation and responsibility
• Ability to clear GSA NACI & FBI LBI background checks

Desired Skills / Qualifications

• Working knowledge of Yardi Enterprise Software
• Intermediate experience using Microsoft Excel

The base pay range for this role is between $110,000-$130,000, and your base pay will depend on your skills, experience and training, knowledge, licensure and certifications, and other business and organizational needs.

An Equal Opportunity Employer