Position Title: REIT and Real Estate Fund Ratings Analyst - Director/ Senior Director (NY)Department: REITEmployment Type: Full-timeLocation: New York, NYSummary/Overview:Analysts in the group are responsible for initial ratings and surveillance of corporate-level unsecured debt of REITs, institutional real estate funds, and related CRE operating companies, both in the U.S. and Europe. Analysts are typically responsible for 10-12 credits, updating financial models, monitoring industry conditions and trends, participating in calls with senior management, and preparing annual ratings surveillance reports and committee memorandums.
Job Responsibilities:- Participate in all elements of initial ratings and surveillance for corporate-level debt issued by REITs, institutional real estate funds, and other owners of commercial real estate properties in the U.S. and other countries.
- Assess company access to capital and funding sources/commitments, and monitor risks associated with company operating, development and financing strategies.
- Lead rating committee presentations and meetings with company management, investors, and bankers to discuss relative merits of individual companies, property types, property markets/economies, and financing/issuer structures.
- Incorporate third party property market and economic research into credit analysis and rating reports.
- Author in-depth company reports and press releases, sector outlooks, and special reports on capital and property market trends.
- Review terms of bond offering documents and credit facilities and monitor covenant compliance.
- Maintain peer group comparisons of credit metrics generated internally and from third-party sources.
- Assimilate third-party research on property type and market/economic outlooks, and analysis of debt and property schedules into ratings and reports.
- Review and edit reports of associate team members.
Successful candidates will possess the following:- Bachelor's degree required
- 8+ years of experience in research covering REITs or real estate experience.
- Prior experience at a credit rating agency conducting REIT credit surveillance or initial ratings is considered a strong advantage.
- Knowledge of secured and unsecured commercial real estate debt capital markets and financing strategies.
- Familiarity with various issuer structures-including public REITs, real estate funds, non-REIT property operating companies, and non-traded REITs.
- Strong verbal and written communications skills.
- Knowledge of underlying demand drivers for various property types and regional markets/economies.
- Proficiency in review of issuer financial statements-including GAAP, fair-market-value and IFRS.
- Ability to generate private market values estimates for underlying properties.
- Proficiency in use of Bloomberg for sourcing issuer-reported documents and in financial analysis.
- Knowledge of lease structures, expense ratios, and capital expenditure requirements for various property types.
- Intermediate Microsoft Excel skills including ability to build pro forma financial models.
- Ability to meet deadlines and manage rating process.
- Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus.
Salary Range:The anticipated annual base salary range for this full-time position is $150,000 to $250,000 Offer amounts are determined by factors such as experience, skills, geography, and other job-related factors.
Benefits:- A hybrid work schedule and flex hours
- Competitive benefits and paid time off
- Paid family and disability leave
- 401(k) plan, including employer match (100% vested)
- Educational and professional development financial assistance
- Employee referral bonus program
