Lead Property Accountant

2 weeks ago

Atlanta, Georgia, United States Portman Full time

COMPANY OVERVIEW

With a legacy spanning over sixty-five years, Portman has built a reputable history in the development of stand-alone and mixed-use projects, which include office, hospitality, residential, retail, and industrial spaces. Our diverse portfolio reflects a commitment to crafting high-quality, thoughtfully designed environments that cater to various needs and promote vibrant communities.

These initiatives generate significant value for our investors and greatly enhance the communities we serve. Each project is designed with an emphasis on sustainability, innovation, and aesthetic quality, ensuring that our developments positively impact the urban landscape and improve the quality of life for residents, workers, and visitors alike. At Portman, we take pride in our ability to integrate multiple functions within a single development, creating dynamic environments that foster both economic growth and community well-being.

Founded by renowned architect John C. Portman Jr., the company has remained true to the principles that shaped its identity: real estate should create value for its community, owners, and investors; integrity in design and planning leads to buildings that are functional and timeless. As John C. Portman, Jr. famously stated, "Buildings should serve people, not the other way around."

POSITION SUMMARY

The Senior Property Accountant collaborates closely with the Accounting Manager and is responsible for delivering accounting support to various internal departments and external partners. The Senior Property Accountant will undertake the following responsibilities, among others:

  • Implement generally accepted accounting principles and tax basis (modified accrual basis) of accounting within the required reporting timelines established by investors and lenders for a portfolio of three to five real estate entities.
  • Prepare accurate and timely month-end balance sheets, income statements, and cash flow statements that reconcile with the general ledger details.
  • Ensure the precise and timely recording of monthly transactions through the preparation and entry of journal entries.
  • Conduct monthly account reconciliations for all balance sheet accounts.
  • Prepare bank reconciliations for multiple checking accounts and align these accounts with the general ledger.
  • Process debt service, real estate tax, insurance, and other payments in a timely manner.
  • Assist with weekly check runs by ensuring daily cash updates.
  • Review and interpret lease agreements for accurate recording of charges related to rents, concessions, CAM charges, etc., and manage accounting for TI dollar allocations.
  • Understand the calculation of straight-line rent and maintain schedules for monthly bookings.
  • Analyze P&L impacts concerning fixed asset schedules while generating fixed asset records for new additions and calculating/tracking accumulated depreciation.
  • Transfer construction in progress to fixed assets.
  • Maintain joint venture partners' capital/equity accounts and comprehend the structure and accounting implications of joint ventures.
  • Compare monthly actual results to budget and prepare variance analyses to explain significant differences.
  • Account for property sales and review related settlement statements.
  • Transition properties under development into operational status, including onboarding Third-Party Managers.
  • Provide accounting support for mergers and acquisitions by reviewing financial data, converting it to the general ledger system, and gathering supplementary information for financial statement preparation.
  • Collaborate with Asset Management, Property Management, and Accounting in the annual budgeting process and monthly budget reforecast, including aspects related to capital planning and distribution scheduling.
  • Prepare ad-hoc reports and analyses as requested by the Corporate team and other departments, particularly regarding cash timings for distributions and board presentation data.
  • Assist asset managers with the financial reporting process and serve as a primary point of contact for lenders, investors, and other internal and external stakeholders.
  • Support asset management with financial analyses, including cash flow forecasting, refinancing, and partner buyouts.
  • Assist auditors and tax preparers with annual audits and tax preparations for operating entities, including fulfilling requested PBC lists, answering inquiries, and providing necessary information.
  • Prepare interim and annual audit documents by gathering and analyzing information from the general ledger system and various departments.
  • Perform other accounting, financial, or administrative tasks as required on short notice.

Additional duties and responsibilities may be added or removed at the discretion of management.

CANDIDATE PROFILE

The ideal candidate will be a collaborative team player capable of fostering positive working relationships at all levels of the organization. They will demonstrate a strong work ethic, meet deadlines, and possess excellent organizational skills with the ability to manage multiple tasks. Specific qualifications include:

  • A bachelor's degree or advanced degree in Accounting or Finance is preferred.
  • A minimum of 2+ years of accounting experience with a solid understanding of real estate property accounting is required.
  • CPA certification is preferred but not mandatory; relevant experience may substitute for certification.
  • Working knowledge of Yardi is preferred.
  • Strong computer skills, including intermediate proficiency in Excel, Word, Outlook, and Teams.
  • Effective oral and written communication skills for business correspondence.
  • Excellent interpersonal skills that promote teamwork and interdepartmental collaboration.
  • Strong organizational, analytical, and problem-solving abilities.
  • Attention to detail and the ability to meet deadlines are essential.
  • Ability to thrive in a fast-paced environment with demonstrated capacity to handle multiple competing tasks and demands.
  • Must be able to interact and communicate with individuals at all levels of the organization and be present in the office for meetings while also capable of working remotely with limited supervision.

OPPORTUNITY HIGHLIGHT

This position is based at Portman Holdings' corporate office. Portman Holdings offers a competitive compensation and benefits package, including medical, dental, vision, and life insurance, along with a 401(k) plan featuring a generous employer match.

Portman Holdings is committed to fostering a workplace and global community where inclusion is prioritized. We are proud to be an equal opportunity employer, striving to create a welcoming and diverse environment. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, family status, marital status, sexual orientation, national origin, genetics, neurodiversity, disability, age, or veteran status, or any other non-merit based or legally protected grounds. Portman is dedicated to providing reasonable accommodations to qualified individuals with disabilities throughout the employment application process.

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