REIT and Real Estate Fund Ratings Analyst - Senior Director (NY)
About the position Kroll Bond Rating Agency (KBRA) is seeking an experienced real estate investment trust (REIT) credit analyst to join its REIT/Real Estate Funds group in New York. 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. 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. Requirements • Bachelor's degree required • 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. 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 • Cell phone provided Apply tot his job