Position Title: REIT and Real Estate Fund Ratings Analyst - Director/ Senior Director (NY)
Department: REIT
Employment Type: Full-time
Location: New York, NY
Summary/Overview:
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.
Job 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.
Successful candidates will possess the following:
- Bachelor's degree required
- 8+ years of experience in research covering REITs or real estate experience.
- Prior experience at a credit rating agency conducting REIT credit surveillance or initial ratings is considered a strong advantage.
- 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.
- Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus.
Salary Range:
The anticipated annual base salary range for this full-time position is $150,000 to $220,000. Offer amounts are determined by factors such as experience, skills, geography, and other job-related factors.
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 Us:
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. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
More Info:
KBRA encourages applications from all qualified individuals without regard to race, color, religion, gender, sexual orientation, gender identity or expression, age, national origin, marital status, citizenship, disability, and veteran status or any other basis prohibited by federal, state or local law.
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