Realty Income, The Monthly Dividend Company®, is a US-Based REIT, listed on the NYSE.
Our expansion into Europe is well underway, and we are hiring a Director, Finance Operations based in Amsterdam, the Netherlands.
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies. Founded in 1969, we invest in diversified commercial real estate and have a portfolio of over 15,450 properties (including properties acquired in the Spirit merger in January 2024) in all 50 U.S. states and in seven countries in Europe. We are known as "The Monthly Dividend Company®," and have a mission to deliver stockholders dependable monthly dividends that grow over time. Since our founding, we have declared 645 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for the last 25 consecutive years.
JOB SUMMARY:
Establish the optimal operating model for accounts receivable and service charge in Continental Europe and the UK.
Provide leadership to third party property managers to ensure adherence to company policies and accurate and timely execution of the operating procedures.
Manage the key metrics of importance for productivity and quality.
Work closely with the US and European teams and be able to smoothly shift between strategic and detail level of the processes.
Increase efficiency of the processes under control with the continuous improvement mindset including ideas for automation solutions.
Build and manage a team that scales with the business growth.
Report to European Finance Operations Controller
ESSENTIAL JOB FUNCTIONS:
European Operating Model
Lead cross-departmental initiatives and interactions including the onboarding, systems setup, and process implementation to support expansion into new countries which includes working with third party implementation partners, property managers, and information technology.
Develop policies and procedures to support Finance Operations in Continental Europe and UK.
Develop workflows to use as a reference for general acquisitions as well as country specific.
Develop checklists at various points in multiple processes.
Engage and meet with other departments regularly (Legal, Strategy, Research, Accounts Receivable, Accounts Payable, Treasury, Accounting, Property Management, Information Technology) to identify their documented processes and identify challenges and areas for improved efficiencies.
Understand Yardi setup and reports used (property lists, entity lists) in order to facilitate onboarding additional Yardi features relating to new countries and creating efficiencies in existing processes.
Third Party Property Management Oversight and Monitoring
Provide leadership, direction, oversight, and monitoring of third-party property managers as it relates to accounts receivable and service charge responsibilities including:
Collection and billing of rents and other income from the applicable property.
Insurance and property tax payments, accruals, recoveries, and forecasting.
Collection of service charge contributions recoverable from clients.
Collection of service charge expenses, insurance premiums, and tax expenses from clients and performing annual reconciliations.
Calculating, estimating, and apportioning service costs and insurance premiums and applying to clients for payments on an interim basis and on a final basis after the end of each accounting year, or in accordance with the client’s lease requirements.
Crediting clients with accrued interest where appropriate.
Demanding arrears of rent, service charges, insurance contributions and other payments from clients, assisting solicitors and counsel and issuing instructions to solicitors or other collecting agencies for the recovery of arrears where appropriate.
Ensure third-party property managers maintain published company policies and procedures as they relate to all aspects of Accounts Payable, Accounts Receivable, and Service Charge Reconciliations.
Property Tax, Insurance, and Service Charge
Oversight of insurance and property tax payments, accruals, recoveries, and forecasting.
Responsibility for the service charge cycle and reconciliations.
Lead the implementation of Yardi service charge including related process reengineering.
Periodically review financial position with property managers and leadership where necessary.
Liaise with auditors to track progress of and review service charge accounts.
Liaise with internal and third-party property managers on budgeting/billing ensure accuracy and transparency.
Resolving any queries with customers.
Accounts Receivable
Review and oversight of accounts receivable balances for Continental Europe and UK.
Proactively follow-up on past due amounts and address any client disputes regarding billing activities.
Coordinate with the European leadership team and third-party property managers on serving of any notice of default.
Assist in collectability analysis of month-end receivable balances.
Oversight of cash application for portfolio tenant ledger charges.
Recording charges to the tenant ledger for debtor balances in connection with entity acquisitions.
Lead e-invoicing projects including the creation, transmission, and management of electronic invoices in compliance with European standards and regulations.
Portfolio Data Operations
Process and data requirements and protocols to assist with country-specific policies and procedures for Continental Europe and UK.
Point of contact for third party property managers as it relates to Yardi input: invoicing, contacts, VAT, and translation.
New acquisition DAS imports and portfolio activity updates with review/activation oversight according to country specific policies and procedures.
International lease expiration tracking and vacancy reporting.
Acquisition Onboarding
Collaborate with sellers, attorneys, and other related stakeholders to ensure an efficient and transparent property close.
Audit financial statements alongside lease and ownership documents and provide analysis of operating expense leakage on potential acquisitions.
Propose language for releasing, new development, and post-closing agreements to maximize operating expense recoveries.
Negotiate transaction language to minimize post-closing risk.
Work closely with Acquisitions, the Legal Department and Asset Management to assimilate property acquisitions into the existing portfolio.
Analyze debtor balances in accordance with the SPA and coordinate with accounting on final NAV balances for entity acquisitions.
REQUIRED QUALIFICATIONS:
Education and Experience:
Bachelor's degree in accounting/finance.
10+ years of relevant work experience, preferably in the real estate industry.
5 years of experience managing the team.
Bilingual - Fluent in spoken and written English and Spanish.
Dutch/EU resident preferred.
Willingness to travel (up to 15%) domestically or internationally.
Job Type: 1-year fixed contract
What we offer:
Competitive compensation and benefits package.
The opportunity to join a stable, successful organization, AND make your mark on our European expansion currently in more of a “start-up” mode. The working hours and effort of our role will vary. We support work-life balance, with an understanding that the work of this role does not conform to a steady pace – there will be peaks and valleys to the amount of effort required for this role.
Relocation reimbursement available.
