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- San Diego, CA
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Director, Asset Management
Realty Income • San Diego, CA
Posted 26 days ago
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Realty Income, The Monthly Dividend Company®, is an S&P 500 company dedicated to providing shareholders with dependable monthly income. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 5,800 real estate properties owned under long-term lease agreements with regional and national commercial tenants. To date, the company has declared 584 consecutive common stock monthly dividends throughout its 50-year operating history and increased the dividend 100 times since Realty Income's public listing in 1994 (NYSE: O). Our company attracts individuals who value integrity, perseverance, and teamwork. If you appreciate working in a professional environment that rewards employees based on meritocracy and values a work-life balance, make sure to apply today!
We are looking to hire a Director, Asset Management.
The Director, Asset Management executing property-level commercial renewal, leasing, and disposition strategy in accordance with portfolio goals and objectives. In this capacity, the Director negotiates renewals for non-credit tenant portfolio, new leases, and sale transactions to optimize the value of real estate properties within Realty Income's portfolio.
The primary duties of the Director, Asset Management include:
Negotiate Lease Rollovers
- Review portfolio of properties leased to non-credit tenants with lease expirations in any given year to assess likelihood of lease renewal or potential vacancy:
- Oversee review and analysis of market and trade area, zoning, property taxes, demographics, easements, and use restriction considerations to assess quality of location
- Analyze tenant financial information to gauge operating performance
- Engage tenants with expiring leases to renew (i.e. rent, length of term, NNNs, etc.)
- Recommend renewal structure
- Collaborate with the Corporate Leasing team regarding strategy for credit tenant portfolio lease renewals
Re-tenant or Sell Vacant Properties
- Review portfolio of upcoming leases nearing expiration to determine strategy for re-leasing or selling:
- Analyze market and trade area, zoning, property taxes, demographics, easements, and use restriction considerations for vacant properties
- Interview and evaluate local brokerage representation, hire and manage listing brokers, and negotiating lease or purchase offers
- Research and interview tenant and/or buyer for credibility and feasibility to successfully consummate a transaction
- Underwrite creditworthiness of tenant via review of financial statements, tax returns, asset/bank statements, credit report, landlord, and other references
- Present letters of intent (the LOI) outlining business terms for approval by SVP and EVP
- Work in concert with Legal Department to finalize a contract with tenant and/or buyer
- Monitor pending transactions, negotiating, and proactively driving forward progress to ensure successful closing of transactions
- Manage tenant and broker communication activities
- Litigation support:
- Analyze litigation matters for potential impacts on property viability
- Collaborate with Legal Department on litigation risk analysis and lawsuit-versus-settlement probability outcome
- Review property management plans/expenses
- Approve easements and condemnations
Performs other duties as assigned.
Education, Certifications, and Experience:
- Bachelor's degree from four-year college or university
- Four (4) years or more of commercial real estate finance, leasing, and sales experience preferred
- Strong understanding of commercial real estate and financial statements
- Strong skills in Microsoft Office applications, e.g., Word, Outlook, and Excel
- CA Department of Real Estate Salesperson or Broker license preferred.
Knowledge, Skills and Abilities Required:
- Thorough knowledge of commercial real estate principles and financial analysis
- Time management and ability to prioritize projects based on level of importance
- Decisive decision-making and problem-solving skills
- Ability to delegate, supervise, and coach junior employees, and manage resources effectively
- Attention to detail, and a high level of accuracy and quality in work product
- Establish and maintain cooperative working relationships
- Strong oral and written communication skills; including the ability to communicate complex ideas to upper management, as well as to tenants, brokers, and agency officials
- Ability to manage conflict with tenants, brokers, third -party requestors, etc.
- Detailed knowledge of Microsoft Word and Excel, CoStar as well as Google Earth
To all recruitment agencies Realty Income does not accept unsolicited agnency resumes. Please do not forward resumes to our job's alias, Realty Income employees, or any company location. Realty Income is not responsible for any fees related to unsolicited resumes.