Manager, Income-Producing Properties

At Arbutus Properties, our ambition is to build lasting communities based on a sense of belonging and inclusivity that makes people feel a genuine part of where they live. As a leading residential and commercial development company, were seeking an enthusiastic, detail-driven problem-solver to join our team in either Vancouver, Edmonton, or Saskatoon. Youll be the financial architect behind our growing portfolio of income producing properties and the related corporate entities, ensuring everything runs smoothly while having fun in the process. We offer a dynamic work environment, attractive compensation and benefits package, and vast opportunity for advancement. If you love real estate, finance, and working in a collaborative, fast-paced environment, we want you on our team!

Key Reasons to Join Us:

• Dynamic Environment: We are fast-paced and growth mindset oriented. With multiple projects and initiatives underway, you wont be bored here.
• Growth Opportunities: Were growing fast, and so can your career! Take on new challenges, gain valuable experience, and develop your skills.
• Work-Life Balance: We understand the importance of life outside of work, offering flexibility and benefits to support a healthy work-life balance.
• Team Spirit: We believe we enrich our communities by being a good friend and we pay attention and consider other people when we speak and act. Were simply better together!

Position Overview

As a key member of the accounting and finance team, you will take the lead in overseeing all financial matters related to the Companys growing portfolio of income-producing properties in both commercial and residential markets. You will manage the financial reporting, budgeting, and performance analysis related to our income-generating assets, ensuring accuracy, compliance, and optimization of returns. This role requires a good understanding of real estate accounting practices, lease agreements, property management, and asset performance.

There is never a dull moment here, so be prepared the roll up your sleeves to get to know the business, make recommendations for improvement, and lead by example. If you believe in working with passionate individuals whose core values include ingenuity, thoughtfulness, tenacity and prosperity, you belong with us.

Key Functions & Responsibilities

1. Accounting Operations

• Oversee and manage the accounting activities related to a portfolio of income-producing properties - commercial and residential, such as the proper recording of rent payments, security deposits, and lease liabilities.
• Track and record rental income, lease payments, property expenses, capital expenditures, and other financial transactions related to real estate leasing operations.
• Ensure accurate recording and allocation of property-related expenses, such as maintenance costs, utilities, property taxes, and insurance.
• Ensure timely tax filings, including corporate and GST returns.
• Prepare year-end reconciliations for common area management fees and other charge-backs.
• Liaise with operations team, including leasing staff and property managers to understand financial implications of operational events and issues.
• Manage commercial tenant relationships and correspondence, such as being their point of contact, managing CAM allocations, and issuing notices pursuant to the commercial lease agreement. Manage rent roll tracking, ensuring that all rents are accurately invoiced, payments are processed timely, and lease terms are adhered to.
• Review lease contracts for compliance and ensure proper accounting for lease renewals, escalations, and adjustments (e.g., rent increases, concessions).
• Monitor, manage, and report on CMHC financial and social covenant compliance.
• Prepare regular reporting on commercial lease portfolio to senior management.
• Collaborate with Director, Development and Construction Finance on matters related to commercial construction, financing, and leases.

2. Financial Reporting & Analysis:

• Prepare monthly, quarterly, and annual financial statements for income-producing properties, including balance sheets, income statements, and cash flow statements.
• Conduct in-depth financial analysis of property performance, identifying trends in revenue generation, operating expenses, and profitability.
• Provide monthly reports to senior management and stakeholders, highlighting key metrics for income-producing properties such as occupancy rates, rental income, operating expenses, and net operating income (NOI).
• Liaise with external advisors such as tax (i.e., corporate and GST), legal, and consultants.

1. Budgeting & Forecasting:

• Assist in the development of property-level and portfolio-wide budgets, forecasting rental income, expenses, capital expenditures, and cash flow.
• Monitor financial performance against budgeted figures and provide explanations for variances, making recommendations for cost-saving measures or revenue optimization.
• Work with property manager and operations team to develop annual operating budgets.
• Develop long-term financial forecasts and assist in strategic planning for capital improvements.

1. Property Valuation & Depreciation:

• Oversee the depreciation and amortization of property assets, ensuring compliance with tax regulations and accounting standards.
• Work with external valuators or appraisers as needed to assess asset values and provide guidance on capital improvements or disposals.
• Support activities related to valuation of income-producing properties in accordance with relevant accounting standards, including conducting periodic revaluation as required.

1. Cash Flow Management:

• Monitor cash flow from income-producing properties, ensuring sufficient liquidity for operational expenses, debt service, and capital expenditures, with a focus on balancing the Companys corporate cash needs, and prepare weekly and monthly cash flow projections for discussion with senior management.
• Manage and reconcile property-level bank accounts and cash flows, ensuring that rent collections, operating expenses, and vendor payments are processed efficiently.
• Ensure that all property-related cash receipts and disbursements are accurately recorded and reconciled.

1. Internal Controls & Compliance:

• Establish and maintain internal controls to safeguard the financial integrity of property operations and ensure compliance with relevant accounting regulations.
• Oversee property tax filings, insurance renewals, and other compliance-related activities, ensuring deadlines are met and financial records are accurate.
• Coordinate with external auditors for year-end audits, providing necessary documentation and addressing any audit findings.

1. Investment Performance & Reporting:

• Track the performance of income-producing properties against investment benchmarks, ensuring the properties are performing as expected in terms of profitability and return on investment.
• Provide insights into potential investment opportunities or areas for improvement within the existing portfolio.
• Assist in the preparation of investor reports and financial statements, detailing property performance, occupancy rates, revenue, expenses, and returns.

1. Team Leadership & Collaboration:

• Lead and mentor the accounting team, providing guidance, training, and support to ensure efficiency and accuracy in accounting processes.
• Collaborate with property managers, asset managers, and other departments to ensure seamless integration between accounting and property management functions.
• Foster a culture of continuous improvement within the accounting team and ensure adherence to company policies and accounting best practices.
• Seek ways to leverage existing or new technology to optimize finance teams productivity, performance, and communication.
• Provide support as needed to the CFO to implement corporate strategy.

Key Criteria:

Education: Bachelors degree in Accounting, Finance, or a related field. CPA or similar certification is preferred.

Experience: At least 5 years of accounting experience, with 2+ years in a managerial role focused on income-producing properties.

Technical Skills:

o Tech-Savvy: Proficiency in Yardi platform and strong Excel skills.

o Industry Knowledge: Deep understanding of income-producing properties, lease accounting, net operating income (NOI), and capital expenditures.

o Analytical Mindset: Strong financial analysis skills and a knack for spotting trends, identifying inefficiencies, and finding opportunities for improvement.

Soft Skills

o Leadership Skills: Proven ability to lead and inspire a team, fostering a positive and collaborative work environment.

o Strong Communicator: Clear and engaging communication style to articulate financial data in a way that excites and informs.

o Resourceful: You may not have the answer, but you are driven to figure out the options and recommend a path forward.

o Strong work ethic: Conscientious, attention to detail, and proud of the work that you produce and oversee.