REIT and Real Estate Fund Ratings Analyst - Director/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
• 8+ years of experience in research covering REITs or real estate experience.
• 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.
Nice-to-haves
• Prior experience at a credit rating agency conducting REIT credit surveillance or initial ratings is considered a strong advantage.
• Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus.
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
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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
• 8+ years of experience in research covering REITs or real estate experience.
• 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.
Nice-to-haves
• Prior experience at a credit rating agency conducting REIT credit surveillance or initial ratings is considered a strong advantage.
• Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus.
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
Apply tot his job
Apply To this Job