SR. LEASE ANALYST

Company: JOANN Stores
Location: Cleveland
Posted on: October 23, 2024

Job Description:

SUMMARY

The Senior (Sr.) Analyst for Real Estate Accounting is primarily responsible for reconciling and processing payments for additional rent for our retail stores through reconciling accounts with outstanding balances and ensuring amounts billed are owed in accordance with the terms of the lease. This process includes desktop audits of all Occupancy expenses charged by the Landlord to ensure compliance with the lease by interpreting complex commercial lease language, attending to details, and charging back to the Landlords for expenses not owed. This requires communication with Landlords, Property Accountants, and/or Property Managers to resolve disputes (including Landlord defaults) and ensure compliance with the language of the lease. In addition, there is regular review, analysis, and reporting of occupancy expenses by store portfolio. Responsibilities also include coordinating information to the Legal, Real Estate Operations, and Lease Administration departments.

This position is responsible for auditing, reviewing, and resolving disputes as discussed above for approximately 425 stores, or - of the Jo-Ann Store portfolio. Annual rents, CAM, Real Estate Taxes, Insurance, and other lease obligations are approximately $250 million a year covering approximately 850 stores.

JOB DUTIES

• Perform audits of all occupancy expenses (rent, CAM, real estate taxes, insurance...) charged by the Landlord to ensure compliance with the lease. Read, understand, and interpret complex commercial lease language to evaluate and ensure that the amounts calculated as due by the Landlord are accurate. Will calculate and chargeback Landlord for expenses that are not owed. Communicate via phone, email and/or written letter with Landlords, Property Accountants and/or Property Managers to resolve disputes (including Landlord defaults) and ensure lease language compliance in accordance with the contract. Coordinate with Legal Counsel, Real Estate Operations and Landlords to resolve any questions/legal issues related to landlord charges.
  • Review landlord requests to adjust monthly occupancy estimated escrow payments for accuracy and compliance with lease provisions. Review Landlord statements to ensure proper payments by tenant, accurate payment application by the Landlord's office and amounts billed are owed in accordance with the lease. Communicate with Landlords regarding disallowed expenses, misapplication of payments or overpayments by Tenant.
    • Responsible for the analysis of lease expenses to identify unusual trends, issues or leases requiring additional research and review. Research occupancy expense account variances for annual plan review.
      • Complete lease software updates as needed, which includes corrections/updates to lease data, pro-rata share, occupancy expense, Landlord information, etc.
        • Support various management and departmental projects as needed (e.g. research of leases based on new accounting pronouncements, gathering information related to payments or specific general ledger accounts or running reports to facilitate the gathering of information). EDUCATION & EXPERIENCE
          
          Education Minimum: Bachelor's Degree in Finance, Accounting or other business-related degree
          
          Experience Minimum: 5+ years' experience in Accounting, Finance or related area
          
          Experience Preferred: 3-5 years' experience in retail lease audit or commercial retail shopping center property management
          
          KNOWLEDGE, SKILLS & ABILITIES
          • Required: Intermediate Microsoft Office (Excel, Word) skills.
          • Preferred: Real Estate/Lease Administration software experience (i.e. Lucernex, Accruent, RetailLease, SLIM, etc.); SAP knowledge
          • Excellent communication skills, written and verbal.
          • Strong problem-solving skills.
          • Exceptional attention to detail and concern for accuracy
          • Solid understanding of real estate and lease terminology; Understanding of lease accounting principles
          • Ability to prioritize multiple projects/tasks and work independently. #LI-Hybrid
            
            This position will be located at:
            5555 Darrow Road Hudson, OH 44236
            
            Eligibility for benefits and incentives is dependent upon employment status. JOANN offers the following benefits and incentives to eligible Team Members:
            • Medical, Dental and Vision benefit plans
            • Company-paid basic, Optional, and Dependent life insurance
            • Long-term disability and Company-paid Short-term disability
            • Paid Time Off and Sick Time
            • Tuition Reimbursement
            • Team Member Discount
              
              For more details on benefits and eligibility requirements, Click Here or visit https://joann.myben.site/
              
              JOANN is an Equal Employment Opportunity Employer. This job summary is intended to be brief and does not list all duties for this position. Nothing in this job description should be construed as an express or implied contract of employment. JOANN is an at-will employer, which means that your employment may be terminated by JOANN or yourself with or without notice or cause unless the at-will arrangement is modified by a written agreement signed by both you and and authorized representative of JOANN.

Keywords: JOANN Stores, Elyria , SR. LEASE ANALYST, Accounting, Auditing , Cleveland, Ohio