Manager, Property Accounting

Boston Properties - Boston, MA

Full-time

Boston, MA

Real Estate

About the position

The primary purpose of this position is to review, manage, audit, and analyze all financial matters related to the portfolio. The role provides essential support to the VP, Regional Controller, and Senior Manager, particularly in the training and technical development of Senior Accountants and Accountants. This position is critical in ensuring that all financial operations align with the company's processes, policies, and procedures, thereby maintaining the integrity of financial reporting and compliance with legal documents related to assigned properties. The essential functions of the role include coordinating initial and ongoing training for Senior Accountants and Accountants, reviewing and approving quarterly audit binders, and assisting in the close the books process. The position also involves reviewing financial statements for lenders, joint venture partners, and third parties, as well as analyzing tenant operating and real estate tax escalations. A significant aspect of the role is to analyze and interpret tenant leases and assist in the implementation and analysis of complex transactions such as acquisitions, dispositions, and debt transactions. Additionally, the position requires ensuring that tenants are billed accurately for all rental and additional charges per their lease agreements. The individual will participate in the initial review and presentation of quarterly revenue, NOI, and depreciation variance analysis to executive and senior management. Responsibilities also include managing regional straight-line rent responsibilities, assisting in the preparation of materials for annual business plan meetings, and ensuring compliance with all legal documents related to assigned properties. The role requires collaboration with various departments, including Lease Administration, Accounts Receivable, Accounts Payable, and Tax, as well as acting as a liaison to external audit teams. The individual will also review capital calls, construction loan draws, and reporting related to the company's development projects, while collaborating with peers to discuss process improvements and best practices. Other duties may be assigned as necessary.

Responsibilities

• Coordinate initial and ongoing training to Senior Accountants and Accountants based on the company's processes, policies and procedures.
• Review and approve quarterly audit binders and assist VP, Regional Controller/Senior Manager in the close the books process.
• Review financial statements as required for lender, joint venture partners and third parties in accordance with requirements contained in agreements.
• Review tenant operating and real estate tax escalations (escrows and true ups).
• Analyze and interpret tenant leases and assist in the implementation and analysis of complex transactions for the region (acquisitions, dispositions, complex leases, debt transactions, etc.).
• Ensure tenants are billed all rental and additional charges per their lease.
• Participate in the initial review and presentation of quarterly revenue, NOI and depreciation variance analysis to executive and senior management.
• Perform regional straight-line rent responsibilities such as regenerations, reconciliations to the control file and coordinates with lease administration in accordance with revenue recognition policies.
• Assist VP, Regional Controller/Senior Manager in the preparation of materials and presentation of the annual business plan meeting and quarterly reforecast meetings.
• Responsible for the review and posting of journal entries.
• Responsible for the review of all monthly fixed assets, recurring billings and lease log.
• Responsible for managing departmental and regional timelines.
• Responsible for understanding and ensuring all accounting complies with all legal documents related to assigned properties (e.g. management agreements, development agreements, joint venture agreements, mortgage documents, etc.).
• Provide support to the Finance & Capital Markets team as it relates to all acquisitions, dispositions and recapitalizations.
• Assist in the transition of all acquisition, dispositions and new developments.
• Work jointly with Lease Administration, Accounts Receivable, Accounts Payable, Tax, Finance, Financial Reporting and senior management in various corporate & regional departments.
• Liaison to our external audit teams (REIT reporting, “Stand-Alone” GAAP and IFRS financial statements and notes, income and expense audits and operating expense audits).
• Review capital calls, construction loan draws and all reporting related to the company's development projects.
• Review reporting related to the corporate accounting responsibilities of the Senior Accountants and Accountants.
• Collaborate with peers at Manager level to discuss process improvements and best practices.
• Perform other duties as assigned.

Requirements

• Bachelor's degree in Business Administration or Accounting required.
• A minimum of five years of accounting experience required.
• Previous accounting experience in commercial real estate settings or related industries preferred.
• Proven leadership skills by showing initiative, serving as a role model, demonstrating accountability and a shared sense of commitment to the organization.
• Excellent computer skills with proficiency in MS Excel required.
• Proven organizational skills with ability to set priorities, manage multiple projects and meet deadlines.
• Self-starter capable of finding solutions with minimal supervision.
• Ability to interact with co-workers, tenants or vendors in an articulate, courteous and professional manner.
• Ability to work under pressure.
• Ability to work independently, as well as part of a team.
• Adaptability to changing demands.