Senior Associate, Real Estate

Position Summary

The Rice University Endowment is approximately $6 billion and ranks in the top 20 endowments of private research universities (by market value) in the US. The endowment is critical to the university’s ability to achieve its goals. The annual distribution from the endowment funds nearly half of the university’s annual operating budget. The Rice Management Company (RMC) was established October 1, 2009, as a division of Rice University. The goal of the RMC is to provide a stable source of funding for current university operations and to preserve and grow the purchasing power of the endowment to benefit future generations of students. The RMC is responsible for all endowment matters of the university including asset allocation, the selection and termination of investment managers and monitoring performance of the portfolio, and reporting to the Rice Management Company Board of Directors. The endowment primarily utilizes outside investment managers and invests globally across all asset classes.

The senior associate, real estate reports to the investment manager, real estate operations. The senior associate, real estate associate is responsible for performing analytical and portfolio management tasks associated with joint venture and direct real estate investments. S/he performs complex financial functions including designing and performing ad hoc analyses, developing and maintaining complex financial models, analyzing large data sets, and reconciling complex accounts. In addition to the required skills listed below, this person must possess a strong work ethic, attention to detail, the ability to work in teams, self-motivation, and good verbal/written communication skills.

Salary

Salary commensurate with experience and qualifications

Essential Functions

• Assists in the monitoring of existing managers of the public and private investments portfolios
• Conducts security level or company level analysis of investments
• Develops substantial research reports on investment themes, sectors, regions
• Analyzes asset class level performance for Investment Directors / CIO
• Assists in the screening and due diligence process for new managers
• Attends external meetings as a university representative
• Documents manager due diligence process
• Assists with the development and maintenance of asset class models and databases
• Participates in investment research projects from asset allocation to security level review
• Assists in the preparation of materials for quarterly board meetings

Additional Functions/Information

• Supports the underwriting, investment management and analysis of joint venture and direct real estate investments from acquisition to disposition of the asset (i.e., review of acquisition due diligence, financial models, project budgets, market information, etc.)
• Analyzes and reviews annual plans, development budgets, operating budgets, rent rolls, leases, property operating statements and financial statements
• Creates sensitivity analyses and portfolio roll-ups of investment financial models
• Performs and compiles real estate market data and supporting materials
• Reviews 3rd party valuation reports and supporting data
• Prepares, compiles and maintains in-depth budget, cash flow and financial models and schedules, identifying strengths and weaknesses of investments
• Performs investment and portfolio hold/sale analyses
• Prepares presentation materials for investment committee and regular meetings
• Provides support to real estate portfolio management functions, including but not limited to, capital calls, legal documents, and file management and retention
• Maintains due diligence and reporting check lists
• Identifies, prioritizes, and resolves complex financial issues which may span multiple areas; identifies underlying issues; recognizes exceptions; recommends solutions
• Develops complex financial data and metrics reports for a variety of internal and external audiences
• Performs complex and detailed reconciliations, closure processes, research and critical analyses
• Analyzes existing systems and processes; identifies greater efficiencies and improved internal controls opportunities; incorporates new regulations; recommends solutions that may require policy changes or new processes
• May act as subject matter expert or consultant in a specialized area; contributes to and/or leads projects in work area, unit, or across functions
• Assists in building 3rd party relationships
• Performs other duties as assigned

Required Qualifications

• Bachelor’s degree in business, accounting, finance or other related field
• Three years of experience in real estate industry – development, financing, investment banking, asset management, portfolio and/or fund management, and other applicable sectors
• Excellent analytical, financial modelling, and valuation skills, ideally with a real estate and/or corporate focus 
• Advanced knowledge of real estate investment and underwriting principles 
• Ability to understand and review real estate documents (e.g., leases, loan documents, rent rolls, etc.) 
• Excellent oral and written communication skills 
• Strong interpersonal skills, with the ability to present information and respond to questions/inquiries from senior staff, peers, business associates and the general public 
• Proficiency in Microsoft Office Suite (i.e., PowerPoint and Word; advanced Excel skills) 
• Ability to work independently with minimal supervision, and on a collaborative basis as part of a team 
• Accuracy, attention to detail, ability to multi-task, and organizational skills 
• Team orientation and strong interest in supporting the work of a university endowment

Preferred Qualifications

• MBA or MSRED a plus 
• CFA designation a plus
• Commercial real estate industry experience  
• Asset, portfolio and/or fund management experience
• Experience using Argus Enterprise and proficiency in analyzing rent roll and leases   
• Excel pro forma modeling experience 
• Experience with real estate investment underwriting
• Experience with real estate valuations
• Experience with JV agreements, real estate fund and/or JV structures
• Experience underwriting highly complicated real estate debt and equity structures
• Experience across a range of property types and/or geographic locations
• Proficiency in Argus 
• Skills in project management 
• Fundamental pro forma and modeling skills
• Basic understanding of real estate debt terms