Portfolio Controller

Overview

Responsible for directing the company’s property accounting functions including establishing and maintaining accounting principles, practices, procedures, initiatives and industry best practices. Review financial reports, presents findings and makes recommendations to the company executives. Review and analysis of tax returns and compliance reports. Supervise and coordinate all audit and reporting requirements. Responsible for reviewing all budgeting and reforecasting for a portfolio of properties. Directs cash management at each property to ensure that distributions are made strategically based on what is happening at each property and determining when capital calls are needed. Responsible for review of debt compliance in accordance with loan documents. Supervise and mentor staff. Provide ongoing feedback to ensure all associates have a clear understanding of performance.

What to Expect

• Oversee a portfolio of properties, directly supervising Senior Managers, Managers, Senior Property Accountants and Property Accountants. Ability to manage a large team of direct reports. Supervision of staff and mentoring are key to this role. It is critical to retain highly performing staff to ensure that the department functions at its highest level.
• Work directly with Investment Managers, who oversee all aspects of properties, on asset health, investor and lender reporting and analysis, and providing data and insight over day-to-day operating decisions.
• Oversee, monthly, quarterly and year end closings for properties in accordance with GAAP, tax basis and cash basis accounting procedures.
• Ensures accounting systems and process controls are following company standards and best practices. Propose enhancements to controls where needed.
• Review and analysis of annual operating expenses.
• Responsible for managing and ensuring that all tenant billings including CAM, RE Tax, and general billback are performed accurately and timely.
• Review and analysis of budgets prepared by accounting and cross functional team members.
• Work with the independent CPA firm to produce Audited Financials for entities as required. Provide required support for year-end audit or other financial inquiries.
• Review compliance with loan agreements that include debt covenant compliance, debt yield and debt service coverage tests and all other ongoing monitoring of the loans. Review all loan draws provided to the lenders.
• Oversee the cash management for each property that will include distributions, capital calls and investment of excess cash in certain investments (sweeps, money markets, etc.).
• Be an integral member of efficiency and other projects that the company/department will undertake. Lead certain initiatives where you can lend your expertise to effect change.
• Review REIT compliance and planning related to this.

Immediate Opportunity / Initial Success

This is a new leadership role within the accounting team providing direct exposure to leaders within the property, investment teams and senior leadership. The Portfolio Controller will have the opportunity to build out new processes and manage and grow a team working on the overall accounting for a diverse set of properties.

Potential for Growth / Longer Term Success

The Portfolio Controller will spend the first 12+ months learning about the company, department and portfolio of properties. There will be a significant learning curve related to this. Once this is mastered, the Portfolio Controller will be an integral member of projects and efficiency initiatives that are needed to make the Accounting Department run as efficiently as possible. The projects and initiatives are critical to the success of the department. Long term, the Portfolio Controller needs to be confident in the role of managing, motivating and mentoring a large staff, being the CFO of your portfolio related to all aspects of each property and a driver of change for the better within the department.

Requirements

• 5+ years of accounting experience, preferably in commercial real estate.
• Prior experience in public accounting preferred with CPA designation.
• Bachelor’s degree in accounting.
• Prior management experience, specifically overseeing and reviewing work of accountants.
• Advanced analytical and quantitative skills.
• Superior communication and relationship management and presentation skills.
• Proficiency in GAAP.
• Advanced Excel skills and accounting software knowledge.
• Recommend program knowledge includes:
• • Anaplan
  • MRI
  • AvidXchange
  • Advanced Excel Skills including the knowledge of Spreadsheet Server preferable

About WS Development

Massachusetts-based WS Development is a mixed-use developer with a singular mission: creating places people want to be. With an approach that values art, science, innovation and, above all else, people, WS strives to engage each community it serves with best-in-class experiences, designed with our customers, tenants and partners in mind. Established in 1990, WS is one of few vertically-integrated real estate companies that conceptualizes, owns, operates and leases more than 100 properties that range from cutting-edge urban spaces to lifestyle and community centers. With over 22 million square feet of existing space and an additional nine million square feet under development, it is one of the largest privately-owned development firms in the country.

WS is where great ideas and great people come together to design, build, and operate some of the best loved real estate projects in the country. We live at the intersection of entrepreneurship and establishment. We have the infrastructure of decades supporting a culture of free-thinking excellence.

We expect every WS employee to feel welcomed and valued irrespective of race, color, religion, gender, gender identity or expression, sexual orientation, national origin, disability, age, veteran status, marital status, parental status, cultural background, and life experiences. Or for any other reason.