Diligence Associate

Job Description

Responsible for conducting financial analysis and reviewing financial reports for a variety of commercial properties, including office, retail, mixed-use, and industrial assets. This role demands strong accounting, auditing, and analytical expertise, as most assignments are diligence-focused and must be completed within strict deadlines.

Responsibilities:

• Possess strong working knowledge of real estate fundamentals, including the ability to review lease abstracts and interpret financial and accounting reports.
• Demonstrated expertise in property operations across various asset types, including retail, office, industrial, and mixed-use developments.
• Analyze historical profit and loss statements and compare trends against current and projected financials; identify trends and communicate potential risks in detailed diligence reports.
• Audit annual CAM and real estate tax reconciliations, reconciling figures with executed lease agreements; identify and report discrepancies between actual tenant payments and lease obligations. Compare recovery payments with projections from Argus models and isolate sources of significant variances.
• Perform year-over-year trend analysis on base rent, percentage rent, CAM and tax recoveries, and all other revenue streams; investigate and explain material variances. Apply similar analysis to operating and capital expenditures.
• Obtain and review aged accounts receivable listings, highlighting balances over 30 days past due and documenting explanations for delays.
• Evaluate accounts receivable activity to identify late or slow-paying tenants; review bad debt expenses over previous years to assess credit risk.
• Analyze extraordinary capital expenditures and year-over-year fluctuations; assess tenant improvements and capital recovered from tenants to determine amortization or reimbursement methods.
• Examine all components of miscellaneous income to confirm billing bases, including revenue from parking, amortized tenant improvements, vending, pay phones, stroller rentals, special services, or other ancillary sources. Provide a detailed breakdown of “Other Income.”
• Compile a schedule of all contracted services (e.g., cleaning, landscaping, security), including contract terms, payment amounts, and any transfer or cancellation clauses.
• Review real estate tax invoices for accuracy and payment status; identify any pending appeals and verify current assessments. Contact local tax authorities to determine upcoming assessment schedules, triggers for reassessment, and any planned or proposed rate changes or special assessments.

Skills and Qualifications:

• Undergraduate accounting degree. CPA (audit focus) required. CFA certification is a plus.
• Minimum of two years of relevant experience in analytical roles within real estate or commercial banking.
• Strong analytical skills with the ability to collect, interpret, and synthesize financial and market data.
• Detail-oriented and committed to delivering high-quality work.
• Demonstrated accountability and ownership of assigned responsibilities and outcomes.
• Excellent written and verbal communication skills, with the ability to present clear, concise, and timely recommendations.
• Proven ability to manage multiple tasks effectively while maintaining organization and accuracy.
• Foundational knowledge of the real estate appraisal process.
• Advanced proficiency in the use of business software and applications essential to organizational operations.