Job Description
WHO WE ARE Vestar is a nationally recognized leader in the acquisition, management, leasing and development of retail real estate with a significant market share in the Western US. Vestar has over 30 million square feet currently under operation and management and has been acknowledged by both institutional and private-client investors as an industry leader.
Since its inception in 1989, Vestar has become synonymous with integrity and responsibility. As one of the leading privately held real estate companies in the western United States, Vestar acquires, develops and manages retail and entertainment destinations of varying size and scale that serve as destinations and community focal points.
JOB SUMMARY The Recoveries Analyst will be responsible for the annual tenant account reconciliations in accordance with terms. As CAM recoveries serve as an integral part of the accounting process, the individual will be working closely with the accounting, property management and lease administration teams on a regular basis to provide the most current and accurate information pertaining to each tenant's lease.
Essential Functions: - Prepare Annual Tenant Reconciliations - Calculate and prepare year-end tenant reconciliations for common area maintenance, property insurance, and real estate taxes, referred to as 'CAM'. Review lease agreements and related legal documents to ensure accurate application of terms and all recoverable expenses are properly allocated including caps and exclusions.
- Recovery Setup & Maintenance - Complete the initial and ongoing setup of CAM recovery calculations.
- Budgets - Partner with Property Management and Accounting Managers to assist with the annual property level budgeting process. Input and validate recovery estimates within Excel templates and internal accounting systems and verify lease level budget assumptions for CAM.
- Dispute Resolution & Adjustment Processing - Partner with Property Management, Collections, and Accounting teams to research and resolve tenant billing inquiries and disputes. Adjust tenant recovery setups as needed and maintain audit trails for all changes in billing methodology or allocations.
- Property Tax and Insurance Billings - Calculate and prepare semi-annual and annual property tax billings, annual insurance billings, and related tenant adjustments.
- Audit and Reconciliation Support - Facilitate responses to tenant audit requests by compiling necessary backup documentation, calculation worksheets and transaction level support. Reconcile tenant ledgers to ensure consistency between billed, paid and adjusted amounts.
- Adjustment Review and Approval - Review and approve recovery related Tenant Accountant Adjustments (TAAs) submitted by Property Management Teams. Ensure adjustments are properly justified, documented and aligned with lease terms.
- Cross-Functional Support - Provide support to other departments including property management, accounting, leasing, and lease administration for lease interpretation and recovery implications as needed.
- Documentation and Process Improvement - Maintain internal documentation for CAM reconciliation procedures and recovery processes. Identify and implement opportunities for efficiency, accuracy and consistency across portfolios.
Essential Competencies: - Advanced Excel skills a must; ability to work with large data sets and formulas
- Strong interpersonal and communication skills for cross-department collaboration
- Strong analytical skills with a high level of accuracy and meticulous attention to detail
- Excellent organizational and time-management abilities
- Ability to manage multiple priorities and meet tight deadlines
Required Education and Experience - Bachelor's degree in accounting, finance, business administration with emphasis in Accounting or related field is a plus
- Ideal candidate has 2 to 5 years of Commercial Real Estate experience and a working knowledge of Recoveries
- Previous experience in Property Accounting, Lease Administration, or CAM Recoveries role
- Ideal candidate has experience with MRI and YARDI accounting software. Microsoft Office (advanced Excel proficiency required)
- Knowledge of finance, accounting, budgeting, cost accounting and cost control principles, and Generally Accepted Accounting Principles (GAAP)
- Excellent written and verbal communication skills
- Strong attention to detail
Position Type/Expected Hours of Work This is a full-time position, and hours of work and days are Monday through Friday, 8:00 a.m. to 5:00 p.m. Overtime hours may be required from time to time.
Vestar is an equal opportunity employer. We celebrate diversity in our workplace and we hire the most qualified candidates without regard for age, ethnicity, gender, gender identity or expression, language differences, nationality or national origin, family or marital status, physical, mental, and developmental abilities (or the perception of a disability), genetic information, race, religion or belief, sexual orientation, skin color, social or economic class, education, work and behavioral styles, political affiliation, military service, caste, or any other characteristic protected by law.
Eligibility: Applicants must have valid work authorization that does not know and/or will not in the future require sponsorship of a visa for employment authorization in the US by Vestar.
Job Tags
Full time, Work at office, Monday to Friday