Description

Realty Income aims to be a globally recognized leader in the S&P 100, committed to creating long-term value for all stakeholders. These stakeholders include our dedicated team members, who embody our purpose: building enduring relationships and brighter financial futures. This guiding principle serves as a beacon for our team, influencing every action we take.

Realty Income’s employees consistently invest their time, commitment, and dedication into the company, and in turn, they receive investment returns in the form of purpose, belonging, and opportunities for advancement. 

Realty Income is committed to best-in-class corporate responsibility practices through environmental initiatives, governance programs, and community outreach projects. From the boardroom to the breakroom, our team members make a difference every day.

Position Overview:

The Associate Director, Asset Management, Industrial (the “Associate Director”) is responsible for assisting with developing and implementing a proactive property-level commercial renewal, leasing, and disposition program in accordance with the industrial portfolio's goals and objectives. The Associate Director negotiates renewals, new leases, and sale transactions to maximize the performance and value of various assets in the non-retail portfolio.

The Associate Director must function efficiently and effectively in a professional environment and typically will handle highly critical, confidential, and sensitive materials. This position requires a strong understanding of net lease single and multi-tenant commercial industrial properties, and familiarity with finance, accounting, and property underwriting.

Key Responsibilities:

Negotiate Lease Renewals and Manage Industrial Tenant Relationships: 

• Review, analyze, and recommend lease renewal strategies for industrial tenants. Negotiate lease renewals with industrial tenants in advance of lease expiration. Manage industrial tenant communication activities, including tenant inquiries regarding all matters of property and lease, including lease terms, renewals, property conditions, lease assignments, subleases, and rent (collection, default, concessions, workouts). 
• Review and assess industrial tenant and property-level financial performance. 
• Formulate strategic recommendations and effectively present for discussion with the Senior Vice President and Associate Vice President of Asset Management, as well as the Investment Committee as appropriate. 
• Prepare and extend counter offers for lease and sale. 
• Effectively communicate directly with industrial tenants and internal team members as needed during the negotiation and pending transaction process. 
• Prepare and deliver instructive, detailed amendment and lease requests to the Legal Department to initiate the formal transaction process and/or review requests prepared by designated team analyst(s). 
• Review with Property Management the proposed scope of work for property repairs and replacements when a tenant’s request is outside the lease requirements and make recommendations as to how to proceed to manage relationships with tenants. 

Re-Lease or Sell Vacant Properties: 

• Assist with the management of industrial property activities, including portfolio review of upcoming lease expirations to evaluate vacancy and re-lease or sale strategy. 
• Analyze market and trade area, zoning, property taxes, demographics, easements, and use restriction considerations for vacant industrial properties. 
• Lead interviews and evaluation of local brokerage representation.  
• Hire and manage brokers throughout the entirety of the listing period/process. 
• Assist with the negotiation of lease and purchase offers and draft letters of intent (“LOI’s”) outlining business terms for approval by the SVP and AVP. 
• Research and interview tenant and/or buyer prospects for credibility and feasibility to successfully consummate a transaction.  Underwrite the creditworthiness of tenants via review of financial statements, tax returns, asset/bank statements, credit reports, landlord, and other references. 
• Work in concert with the Legal Department to finalize a contract with the tenant and/or buyer.  Monitor pending transactions.
• Review with Property Management the proposed scope of work for property repairs and replacements in the context of property disposition or leasing strategy.  Make recommendations for value-add of proposed repairs and replacements to improve property marketability, e.g., whether to repair or replace a roof given if the disposition strategy is to retain the asset long-term or to sell as-is. 

Communication, Portfolio Management & Leadership: 

• Assist with tasks relating to market analysis, property analysis, tenant analysis, broker evaluation, market data, and preparation of sale approval memos.   
• Lead discussions with principals or tenant representatives via telephone conference calls and/or in-person meetings. 
• Present investment, expansion, and/or value-added opportunities to the Investment Committee for approval consideration, as needed. 
• Continuously review and monitor upcoming lease expiration schedule and portfolio performance.  Remain in constant communication with Portfolio Analytics to communicate upcoming vacancies in addition to projected lease and sale transactions. 
• Track and communicate lease statuses, including notifying other teams of future closings or potential re-development opportunities. 
• Conduct property site visits on an as-needed basis. 
• Performs other duties as assigned. 

Qualifications:

Education and Experience:

• Bachelor’s degree, preferably with an emphasis in finance or real estate. MBA preferred, but not required.
• 5+ years of Industrial Asset Management experience or related commercial real estate experience, including demonstrated growth of competent knowledge in negotiations and the use and applicability of strategic evaluation and financial analysis for real estate transactions. 
• 2+ years of lease negotiation experience. 
• Thorough understanding of financial statements, commercial real estate concepts, and finance principles. 
• Proficient in MS Office, including high proficiency in Excel, Word, and Outlook, as well as other software experience. 
• CA Department of Real Estate Salesperson or Broker license is preferred. 

Knowledge, Skills, and Abilities:

• Strong oral and written communication skills; including the ability to communicate complex ideas to upper management as well as to engage in negotiations and conversations with various tenant and buyer contacts. 
• Strong analytical skills and a strong understanding of financial calculations and industry-related metrics. 
• Time management and the ability to multitask and effectively prioritize projects based on level of importance. 
• Attention to detail and a high level of accuracy and quality in the work product. 
• Track and manage broker lease commission payments.  
• Complete tasks in occasionally ambiguous situations and take the lead without explicit instructions. 
• Adapt to frequent changes in project assignments. 
• Establish and maintain cooperative working relationships. 
• Sophisticated knowledge of Excel, Word, and PowerPoint 
• Strong understanding of financial modeling, financial statement analysis, corporate finance, and transaction structuring. 
• Proficiency in using and applying rationale, fact-based business judgment; applying reasonableness in analyzing tasks/issues. 

What you will get in return:  

The base salary for this role is in the range of $74,605 - $138,317. You may be eligible for an annual discretionary bonus and an annual discretionary stock award, (dependent on date of hire) to be discussed during the initial phone interview. Base salary and total compensation package determined by the candidate's experience, knowledge, education, skills, performance, and abilities, as well as internal equity, company performance, and alignment with market data.  

Most US based full-time and part-time roles come with flexible schedules. We offer a best-in-class benefits package that includes healthcare, dental, and vision insurance for employees and eligible dependents. Our 401(k)-retirement plan has a company match of 50% up to 6% of eligible compensation. Realty Income also offers other wellness, financial, and work/lifestyle-specific benefits, along with 12 PTO hours every month; in addition to 12 paid holidays, and paid volunteer time. Realty Income’s purpose is to build enduring relationships and brighter financial futures, and this starts with you! 

Realty Income is an Equal Opportunity Employer. We celebrate diversity and are committed to creating an inclusive environment for all employees. If you require accessibility support to submit your application or other reasonable accommodations to participate in the recruitment process, please contact [email protected], or call 800-375-6700. An employee will respond to your message to begin the interactive process. Please note that this phone number and email address are only for individuals seeking a disability accommodation when applying for a job.