The Regional Controller will oversee Property Accounting and Lease Administration. With in-depth knowledge of and responsibility for all accounting operations, this position will entail: detailed review and knowledge of all property-level and regional-level budgets for assigned portfolio; preparation of monthly and quarterly financial statements, detailed knowledge of tenant billings including recovery income reimbursement methods in accordance with tenant leases; monitoring of accounts receivable; ensuring compliance with generally accepted accounting principles; and providing support as needed to internal / external audit. The Regional Controller will also manage or have oversight responsibility of all general ledger accounting functions for a portfolio of properties across the North East region and provide support to the Regional President and operations teams to assist the group in achieving set goals.
- Responsible for supervising, managing and directing day to day activities of Property Accounting for assigned region(s) including adjusting / recurring journal entries, accruals, financial reporting, variance reports (monthly, quarterly, annually).
- Prepare / review budget to actual explanations by line item for all properties assigned and determine the key drivers of budget to actual property Net Operating Income variances. Understand how variances will affect the budget for the year and advise Financial Planning and Operations team of impact.
- Review monthly accounts receivable detail and, along with the operations and corporate teams, determine necessary bad debt reserves. Review / prepare AR trends. Effectively assist in the credit and collection functions to reduce past due balances and necessary reserves.
- Ensure all deadlines are met timely and accurately. Oversee the monthly, quarterly and annual closing of the property general ledgers, including detailed BS reconciliations. Prepare monthly and quarterly regional reports including related variance analysis. Prepare monthly executive summary of results for distribution.
- Ensure that all income is billed in accordance with lease terms. A full understanding of recovery income calculations and detailed reimbursement methods is essential. Review monthly accruals and annual reconciliations of recovery income to ensure they are completed timely and in accordance with lease terms.
- Responsible for directing the region(s) financial reporting and review processes.
- In connection with the property operations team, ensure accurate budgets are prepared for each property and regional business unit and provided to the FP&A department on a timely basis.
- Participate in the development and adherence to Property Accounting Policy and Procedure Manual.
- Support the Regional President and operations teams to assist the group in achieving set goals and providing them the information needed to make sound business decisions, including evaluating costs, trends and increased profit opportunities.
- Contribute to improved operations by providing sound advice relative to potential financial implications of proposed deals; acquisitions and divestitures.
- Interact with all levels within the company to ensure proper recording of financial transactions.
- Be an integral team member in the utilization of all systems, including setup enhancement recommendations that target more efficient processing, manual creation/modification, training, reports, module testing and set up and verification of the data.
- Serve as a liaison for internal departments, such as Property Management, Treasury, Leasing, Accounts Receivable, Construction, Tax, Financial Planning & Analysis and Corporate Accounting.
- Provide support to the Asset Manager / Regional President for IFRS / fair value calculations.
- Ensure any information necessary to meet external reporting requirements (SEC and quarterly supplemental package) are met.
- Provide support as needed to internal / external auditors.
- Assist in the development of the department’s performance management goals and objectives.
- Conduct annual performance evaluations and goal setting.
- Assist with all special projects or tasks as required by senior management.
- Oversight of construction and development budgets.
- Review tenant allowance reimbursements to ensure conformity with EQY policy.
Education & Experience Required:
A Bachelors degree in Accounting with a minimum of 5 years of related experience required. Previous accounting experience in commercial real estate/property management environment and experience with financial audits preferred. Strong Excel skills and the ability to handle multiple tasks simultaneously are essential. CPA required. Experience with JD Edwards and ARGUS/DYNA a plus.