Leasing and Dispositions Associate - Realty Income Corporation

January 22, 2018
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Realty Income Corporation

San Diego, California 92130
http://www.realtyincome.com

Come join one of San Diego’s four S&P 500 companies, Realty Income Corporation, The Monthly Dividend Company®. Realty Income attracts smart, high-performing individuals who value integrity, perseverance, and team work. If working in a highly professional environment that rewards employees resonates with you, please apply today. 

Our opening is for an experienced Leasing and Dispositions Associate will be responsible for assisting and supporting the Leasing & Dispositions team to re-lease or sell properties that are coming vacant. The Associate also assists with overall management of the existing non-credit tenant portfolio, including negotiating lease renewals.

 

Specifically, the Leasing and Dispositions Associate will be responsible for:

 

Assist with Non-Credit Tenant Lease Renewal, Assignment and Amendment Negotiations: 

  • Discuss and present lease renewal offers to existing non-credit tenants. Review non-credit tenant requests for lease assignments and amendments. Assist with resolution of non-credit tenant defaults and settlement agreements, as needed.
    • devaluate Tenant’s financial performance (analysis of gross sales, financial statements, individual and corporate tax returns).
    • verify Tenant’s compliance with rent, tax, insurance, and property management requirements.
  • Gather upcoming lease expiration data; inquire of Tenant’s intentions.
  • Gather market research and internal comparable of upcoming lease expirations.
  • Compile and maintain internal leasing reports.

Property Transactions:

  • Prepare property marketing files, including assembling pertinent property information (e.g., lease profiles, property taxes, gross sales, demographics, aerials, maps, surveys, photos, economic and ordinance information, and market information specific to a property).
  • Review zoning, planning, deed, title, and other potential restrictive burdens on properties.
  • Prepare financial analysis of market economics (e.g., lease versus sale).
  • Assist with lease and sale negotiations (e.g., coordinate and participate in telephone conferences with prospects and brokers, prepare letter of intent offers and counter offers, and other processes of transaction progression).
  • Assist with the vetting and credit underwriting analysis of prospective tenants and buyers.
  • Cull and process transaction documentation for record retention pursuant to company policy.
  • Assist with the tax appeal process of Realty Income owned vacant properties (i.e. provide listing/marketing information to Realty Income’s national tax appeal firm).
  • Assist with preparing Sale Approval package requests to be presented to Investment Committee.
  • Review and resolve property condemnation/easement issues with Legal as needed.

Broker Relations:

  • Assist with the coordination of broker site visits at properties. 
  • Assist with the process of vetting brokers for upcoming vacant properties
  • Prepare Listing Agreements for broker marketing assignments.
  • Monitor listing agreement expirations and prepare listing renewal and amendment letters as directed.
  • Manage general property inquiries and respond or forward as needed.

Property Management Relations:

  • Alert Property Management of deferred maintenance and track its resolution.
  • Discuss Tenant’s Capital Expenditure requests in connection with lease renewals with Property Management. Analyze how Capital Expenditure requests will impact the base rent for that specific tenant group. 
  • Request Capital Expenditure estimates and vacant holding costs from Property Management, and insurance estimates from Lease Administration, for preparing disposition analysis spreadsheets for Sale Approval package internal metrics.

Site Visits

  • Schedule and conduct site visits and reviews on properties as assigned.
  • Organize and report on site visit data, including preparing market information summaries, organizing photos, and outlining deferred maintenance issues.

 

Performs other duties as assigned.

 

REQUIREMENTS

Education and Experience

  • Bachelor’s degree
  • General understanding of commercial real estate and financial statements

Certificates, licenses or registrations:

  • CA Bureau of Real Estate Salesperson License (or ability to obtain within 6 months of hire​

Knowledge, Skills, and Abilities:

  • Time-management, while completing a heavy workload within established time frames.
  • Prioritize projects based on level of importance.
  • Attention to detail.
  • Complete tasks in undefined situations and take the lead without explicit instructions.
  • Adapt to frequent changes in workload and respond accordingly.
  • Strong oral and written communication skills.
  • Proficiency in Microsoft Office & Google Earth.