Lead Property Accountant

2 weeks ago

Atlanta, Georgia, United States Portman Full time

COMPANY OVERVIEW

For over sixty-five years, Portman has built a remarkable reputation in the development of both stand-alone and mixed-use projects, which include office, hospitality, residential, retail, and industrial spaces. Our extensive portfolio reflects a commitment to crafting high-quality, thoughtfully designed environments that cater to diverse needs and foster vibrant communities.

These initiatives generate significant value for our investors and greatly enhance the communities we serve. Each project is developed with a focus on sustainability, innovation, and aesthetic excellence, 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 seamlessly integrate multiple functions within a single development, creating dynamic environments that support 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: that real estate should create value for its community, its owners, and its investors; that 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 accountable for delivering accounting support to various internal departments and external partners. The responsibilities specific to this role include, but are not limited to:

  • Applying 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.
  • Preparing timely and precise month-end balance sheets, income statements, and cash flow statements that reconcile with the general ledger details.
  • Ensuring accurate and timely recording of monthly transactions through the preparation and posting of journal entries.
  • Conducting monthly account reconciliations for all balance sheet accounts.
  • Preparing bank reconciliations for multiple checking accounts and reconciling these accounts to the general ledger.
  • Timely processing of debt service, real estate tax, insurance, and other payments.
  • Assisting with weekly check runs by ensuring cash is updated daily.
  • Reviewing and interpreting lease agreements for the correct recording of charges for rents, concessions, CAM charges, etc., and accounting for TI dollar allocations.
  • Understanding the calculation of straight-line rent and maintaining schedules for monthly bookings.
  • Analyzing P&L impacts related to fixed asset schedules while producing fixed asset records for new additions and calculating/tracking accumulated depreciation.
  • Transferring construction in progress to fixed assets.
  • Maintaining joint venture partners' capital/equity accounts and understanding the structure and accounting implications of joint ventures.
  • Comparing monthly actual results to budget and preparing variance analyses to explain material differences.
  • Accounting for property sales and reviewing related settlement statements.
  • Transitioning properties under development into operations, including onboarding of Third-Party Managers.
  • Providing accounting support for mergers and acquisitions by reviewing financial information, converting data to the general ledger system, and obtaining supplementary information for financial statement preparation.
  • Collaborating with Asset Management, Property Management, and Accounting in the annual budgeting process and monthly budget reforecast, including items related to capital planning and distribution scheduling.
  • Preparing ad-hoc reports and analyses as requested by the Corporate team and other departments, particularly concerning cash timings for distributions and board presentation data.
  • Assisting asset managers with the financial reporting process and serving as a day-to-day point of contact for lenders, investors, and other internal and external stakeholders.
  • Supporting asset management with financial analysis, including cash flow forecasting, refinancing, and partner buyouts.
  • Assisting Auditors and Tax preparers with annual audit and tax preparation for operating entities, including fulfilling requested PBC lists, answering inquiries, and providing information as necessary.
  • Preparing interim and annual audit documents by gathering and analyzing information from the general ledger system and various departments.
  • Performing other accounting, financial, or administrative tasks as required on short notice.

Additional duties and responsibilities may be assigned or removed at management's discretion.

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 effectively. 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 communication.
  • Excellent interpersonal skills that promote teamwork and interdepartmental collaboration.
  • Strong organizational, analytical, and problem-solving abilities.
  • Attention to detail and ability to meet deadlines is essential.
  • Capability to thrive in a fast-paced environment with the ability to manage multiple competing tasks and demands.
  • Ability to interact and communicate with individuals at all levels of the organization, being present 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, as well as a 401(k) plan with a generous employer match.

Portman Holdings is dedicated 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 committed to providing reasonable accommodations to qualified individuals with disabilities in the employment application process.

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