REIT and Real Estate Fund Ratings Analyst - Director/Senior Director (NY)

The role

This person will perform initial ratings and surveillance of corporate-level unsecured debt for REITs, institutional real estate funds, and related CRE operating companies. They will manage 10-12 credits, update financial models, and monitor industry conditions.

What you will do

• Participate in initial ratings and surveillance for corporate-level debt issued by REITs, institutional real estate funds, and other owners of commercial real estate properties.
• Assess company access to capital and funding sources and monitor risks associated with operating, development and financing strategies.
• Lead rating committee presentations and meetings with company management, investors, and bankers.
• Incorporate third party property market and economic research into credit analysis and rating reports.
• Author in-depth company reports, press releases, sector outlooks, and special reports.
• Review terms of bond offering documents and credit facilities and monitor covenant compliance.
• Maintain peer group comparisons of credit metrics.
• Assimilate third-party research and analysis of debt and property schedules into ratings and reports.
• Review and edit reports of associate team members.

Required qualifications

• Bachelor's degree
• 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 have

• Prior experience at a credit rating agency conducting REIT credit surveillance or initial ratings
• Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity

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

About the company

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.