Acquiring, developing, financing and managing quality real estate investments since 1982, USAA Real Estate provides superior returns investing across the risk spectrum, with expertise in office, industrial, multi-family, retail and hotel assets. Investing for the USAA membership and aligned with more than one hundred investment partners across the world, we maintain an “Investor First” mindset with a significant co-investment in all programs. As the real estate investment management arm of USAA, a leading financial services company serving military families since 1922, USAA Real Estate has achieved a track record of success living up to the high standards set at USAA and sharing its culture. USAA's balance sheet puts us in a position of strength – well capitalized to invest in multiple strategies. This is a distinct competitive advantage. USAA Real Estate is headquartered in San Antonio, Texas.
The Senior Investment Accountant is responsible for the financial accounting and reporting of the operations of real estate properties acquired and/or developed through the company's various investment/fund vehicles. These may include office, multi-family, industrial, retail, hotel and mixed-use properties. This position supports the Investment Accounting Senior Director and other investment accountants as needed. This position works closely with the members of the Fund Accounting team that are responsible for the accounting and reporting of the investment entities and fund vehicles that own interests in the real estate properties on which the Investment Accounting team is reporting.
The position requires characteristics, skillsets and abilities including, but not limited to: 1) interpreting the terms of property level legal documentation and appropriately recording the related operating revenues and expenses, including fees, set forth in various lease, management and loan agreements; 2) consistently handling multiple tasks while meeting internal and external reporting deadlines; 3) ensuring the accurate preparation of all property level entries for month and quarter end close; 4) assisting the fund accounting team as needed in their preparation of financial statements, including assisting in providing documentation for the accompanying notes, on both the historical cost and fair value basis as needed; 5) performing property level financial analysis and demonstrating problem solving capabilities; 6) consistently applying internal controls, policies, and procedures of the company; 7) communicating with auditors as needed; and 9) demonstrating the strong, positive and effective interpersonal communication skills required to work with all levels of personnel inside and outside of USAA Real Estate. In addition to, and equally as important as all of the other skillsets combined, the Senior Investment Accountant will provide leadership, while being recognized as a strong role model and team member in support of USAA Real Estate's mission, culture and PRIDE principles.
- Review and lease related agreements and properly record lease related activity, including: TI allowances, lease incentives, bargain renewal and termination options, rent escalations, straight-line rent, CAM rule set-ups, CAM true-ups and reconciliations, and assessing the impact of differing move-in and commencement dates.
- Ensure the property level activity is recorded, reviewed and approved in a timely manner to meet monthly and quarterly reporting deadlines.
- Assist the acquisitions and dispositions teams in all property transactions as needed including proration calculations, A/R aging review, and gain/loss projections.
- Review purchase and sale agreements for accounting impact and ensure the proper recording of the acquisition and disposition entries. Provide all necessary documentation to the team preparing the purchase price allocations (PPAs). Assist the Investment Accounting Manager in the review of such PPAs for accuracy and book adjustments as needed to the original acquisition entry.
- Work with capital markets to provide any necessary financial information for new debt, refinancings or payoffs. Calculate and/or review debt covenant tests for property level debt. Ensure required reporting to lenders is done in a timely manner.
- Assist the third party accountants acting as the primary accountants that provide accounting services on assigned investment properties.
- Assist property management with questions related to Yardi accounting processes and USAA Real Estate's accounting policies and procedures. Provide guidance, coaching and training to third parties, including participating in the “on-boarding” process of new USAA Real Estate third party relationships. This includes assisting in the setup of properties, leases/tenants, vendors/payables, property level bank accounts and other property level needs.
- Ensure the timely reconciliation of WIP accounts and that assets are placed in service as appropriate. This includes reviewing the capitalization policy for proper treatment and assisting in determining the correct in-service dates and useful lives.
- Calculate the property management and construction fee calculations for compliance with property management agreements. Ensure that they are processed in a timely fashion.
- Act as a point of contact for Asset Management for all accounting related matters on assigned investment properties. Work with the asset management and the fund accounting teams to provide operating cash flow projections to assist in forecasting investment entity/fund capital calls and distributions.
- “GAAP up” property level cash basis budgets so that fund accounting team can layer in entity level activity.
- Assist the tax personnel with preparation of schedules, providing underlying support and/or performing reviews as needed in connection with the timely preparation of federal and state tax returns including franchise taxes, personal property taxes, and other business taxes.
- Assist the fund accounting team with the preparation of quarterly/annual financial statements including providing details of transactions, underlying investment schedules, minimum rent disclosures, and other documentation and calculations needed for disclosures in accordance with GAAP.
- Demonstrate leadership skills by volunteering for special projects in the department.
- Perform research on accounting treatments for complex accounting transactions. Present potential solutions with adequate support.
- Maintain an understanding, and inform others of new technical accounting developments, regulatory changes, management requirements, accounting system updates, procedures, etc. Assist in the incorporation and implementation of such changes into USAA Real Estate's current policies and procedures.
- Perform other duties as assigned.
- Bachelor's degree in Accounting/Finance.
- Proficient in Microsoft Office.
- Excellent verbal and written communication skills.
- 3+ years of relevant commercial real estate accounting experience.
- Joint venture/partnership accounting experience.
- Yardi experience.
At USAA Real Estate our employees enjoy generous benefits packages including comprehensive medical, dental and vision plans, 401k, USAA Membership eligibility, educational and professional designation assistance, business casual dress attire and much more! Qualified applicants must successfully complete a pre-employment background and drug screen. The above description reflects the details considered necessary to describe the principal functions of the job and should not be construed as a detailed description of all the work requirements that may be performed in the job.
USAA Real Estate is an Equal Opportunity and Affirmative Action Employer of Females, Minorities, Veterans and Disabled.