Job Description

Combined Properties, Incorporated is an award winning, privately owned real estate company that develops, owns, manages, and operates retail shopping centers, urban mixed-use projects, and multi-family properties. Combined has a demonstrated track record of success that spans over 35 years and is poised for future growth.

POSITION SUMMARY

The Senior Analyst reports to the Director of Capital Markets and Finance and will support the Capital Markets team in the marketing, negotiation, and closing of loans for all of the team’s developments, acquisitions, and portfolio financing efforts. The individual will provide portfolio and market research to assist the team’s members in executing on accretive debt financing terms, and will provide ongoing analytical support for deal teams.  The individual will directly interact with colleagues throughout the organization and therefore should have strong quantitative and analytical skills, be detail-oriented, articulate and well organized. The candidate must display initiative, good judgment in managing multiple tasks and strong problem solving skills. The ability to think strategically and to present information in a clear and concise manner is critical.

QUALIFICATIONS

Education:                BS in Finance, Accounting, or Real Estate; MBA in real estate or finance a plus.

Experience:               Two (2) to five (5) years of experience in financial analysis and financial modeling, with a strong emphasis in real estate.

Skills:                         Must have strong proficiency in Excel, Word, and Argus.

                                    Excellent written and verbal communication skills.

                                    Must possess the ability to develop and maintain strong business relationships with internal customers and external business contacts.

NATURE AND SCOPE

• Prepares the following types of analysis to be used in evaluating possible acquisitions, dispositions, recapitalizations, renovations, and redevelopments:
• Property valuations that include 10-year leveraged and unleveraged IRR, NPV, cash on cash, and return on investment calculations under various capital structures.
• After-tax cash flow projections that incorporate current and projected depreciation and amortization schedules for each asset, calculate after-tax sales proceeds, and address the potential for rising tax rates.
• Incremental return analysis to evaluate repositioning and redevelopment scenarios that calculates the sensitivity of certain return metrics to major assumptions, such as anchor tenant rents.
• Future refinancing projections that calculate potential loan proceeds under various lease-up, renovation, and redevelopment scenarios.
• Loan underwriting analysis that utilizes "in-place" NOI and current sizing metrics to determine potential loan proceeds.
• JV Waterfalls to measure the profitability of projects under different promote structures.

• Updates the corporate model on a monthly basis, which is a 5-year projection of all sources and uses for the company. It consolidates projected cash flow for the wholly-owned portfolio, the joint venture equity funds, the development pipeline, and the management company, and assumes a capital allocation towards growth initiatives.
• Reviewing Argus model updates and variance reports prepared by the financial analyst
• Analyzing the current cash position for the company and understanding any major fluctuations from the previous month
• Meeting with development managers to understand any pro forma changes for active development projects, focusing on the projected capital stack and equity requirements for each project
• Revisiting refinancing assumptions and incorporating any changes in the capital markets and addressing any changes in property rent rolls.
• Tracking distributions to ensure accurately reflected in the model.

• Updates the long-term corporate model on an annual basis, which is a 15-year projection of the aforementioned items.
• Rebuilding each Argus model for the portfolio to tie out to the new operating budget for the upcoming year.
• Updating and consolidating cash flow workbooks for each property.
• Revisiting all leasing and marketing assumptions with our leasing team and presenting them to senior management for approval.
• Meeting with our in-house tax advisor to obtain income tax projections.
   
• Responsible for the following portions of the annual operating budgets:
• Leasing Assumptions: Maintain the Excel model, review all inputs made by the leasing team, and confirm the accuracy of any calculations.
• Refinancing Assumptions: Build 12-month debt service projections for all floating rate or maturing debt.
• Prepare lender escrow release projections.
  
  
• Prepare financing request packages for debt and equity transactions, and assemble all due diligence documentation for the same. Also, review Estoppel Certificates and SNDAs prepared by the financial analyst to ensure accuracy before they are sent to the tenants.

• Responsible for reviewing the following monthly reports that are prepared by the financial analyst:
• Portfolio occupancy and net absorption reports
• Leasing activity and rent spread reports
• Lender escrow balance reports
• Trailing 12-month graphs

• Responsible for developing and implementing a training program for the financial analyst.

• Assists, as necessary, with the underwriting and due diligence efforts for all financing, acquisition, development, and joint venture transactions including compiling and disseminating information to third parties, setting up and maintaining transaction due diligence files, and responding to requests for information from third parties and internal customers