Real Estate Portfolio Manager

Real Estate Portfolio Manager

The Real Estate Portfolio Manager is a key member of the Penske Real Estate Department. This role requires an in-depth knowledge of an assigned portfolio of leased and owned properties to strategically optimize the Company's real estate to support the business objectives of Penske Transportation Solutions. The Real Estate Portfolio Manager is responsible for ensuring all real estate payments are made accurately and timely to ensure no disruption in business and that all current and future lease obligations are correctly represented in TRIRIGA for accurate reporting of Penske lease obligations on the balance sheet as required by new FASB lease accounting rules that went into place 1 / 1 / 2022.

Major Responsibilities :

• Manage assigned portfolio of existing leases and owned properties, which includes developing an in-depth knowledge of portfolio, paying recurring rent timely and accurately ($10MM per month), confirming ad hoc invoices are payable within terms of the lease, reviewing and approving real estate tax and ad hoc invoice payments and ensuring payments are made on time.
• Review landlord annual CAM reconciliations and complete independent reconciliations to ensure accuracy and protect company's interests. Review and approve CAM payments and budget adjustments in TRIRIGA.
• Manage critical dates and the renewal process for AP and AR leases, which includes working with Operations to determine strategy, preparing notification letters to landlords, negotiating renewal terms, drafting amendments, coordinating timely updates to TRIRIGA.
• Prepare and submit required funding requests for approval of all renewals for AP and AR leases.
• Responsible for accurate and timely lease abstraction in TRIRIGA to ensure FASB lease accounting reporting is correctly captured within the accounting period.
• Review and approve lease and owned property abstraction in TRIRIGA, which includes coordinating abstracting with third party vendor, reviewing, analyzing and interpreting deal specific provisions to ensure appropriate information and payments are captured correctly.
• Manage timing of drafting and coordinating with Legal to ensure critical dates are not missed.
• Manage tenants within assigned portfolio, which includes reviewing receivables, responding to tenant inquiries & coordinating facility repairs with Facilities.
• Other projects / tasks as assigned.

Qualifications :

Physical Requirements :

Penske is an Equal Opportunity Employer