Lease Administrator

Job Description

Job Description

Job Purpose

The Lease Administrator is responsible for maintaining and updating the lease activities in the STAG portfolio. Ensuring accuracy of all documents and financial records of tenants.

Duties and Responsibilities

Lease Administration & Portfolio Oversight

• Assist Regional Managers (“RM”) and Asset Managers (“AM”) in lease analysis and interpretation of information specified in the leases.
• Assist RM / AM with preparation and distribution of periodic and ad hoc reports in a timely, accurate manner.
• Perform QuickBase (“QB”) and Realogic (“RL”) review for accuracy with portfolio / leasing information (square footage, leasing assumptions, critical dates, capital costs, etc.).
• Work with Credit and Legal to make sure all tenant name changes; subleases and assignment agreements have been appropriately accounted for and make any necessary changes in MRI.
• Create, link, maintain or update CAM pools in MRI for new and existing tenants based on new or updated leasing information.
• Update tenants’ recovery amounts in MRI to match new monthly expense estimates.
• Update tenant’s Letter of Credit (“LOC”) information in MRI – prepare LOC reports for Legal groups review, approval and eventually send to accounting on a quarterly basis.
• Provide relevant information to STAG’s third-party insurance broker (Brown & Brown) to track and maintain tenant insurance records within the Pipino database.
• Collaborate with third party Risk Management team (Custom House), notifying of dispositions, new lease activity, changes in occupancy, etc.
• Generate and review monthly leasing activity reports – a) MRI Leasing Activity report (LS2), b) Other Contracts list, c) Solar Summary list and, d) Early Terminations report; distribute these to AM for review / approval and circulate them to EVP of Real Estate Operations and Legal group for signatures.
• Prepare NNN lease analysis report required for annual ESG submission and due to Capital Markets / Investor Relations group.

Lease Documentation & Execution Support

• Prepare and review Lease Approval Summaries (“LAS”) ensuring all information mirrors executed lease document.
• Prepare and edit Lease Abstracts for accuracy; maintain, organize and input all pertinent information within the lease documents into the MRI database.
• Generate Lease Abstract Verification package and distribute to AM, RM and legal group for their review / approvals.
• Prepare and send New Transaction Announcements and final LAS to Company upon execution.
• Upload and manage lease documents in Leverton lease abstract software and SILO.(STAG’s shared document system).
• Assist with the creation of various ad hoc reports in QB and implement them for appropriate departments.

Financial Reporting & Rent Processing Support

• Generate FASB-13 straight-line report in MRI, add any applicable rent adjustments for newly executed leases, and enter new GAAP numbers into MRI for Lease Administration Manager’s review.
• Generate and assist in review process of monthly rental invoices prior to accounts receivable (“AR”) billing the tenants; monitor terms and associated billings for tenants in month-to-month and holdover statuses.
• Review and approve monthly late fee notices, holdover rents and / or miscellaneous amounts for accounting; enter and post CM adjustments in QB, if applicable.
• Identify and calculate CPI rents according to lease terms, update monthly charges in MRI and RL; enter and post CM Adjustments in QB, if applicable.
• Complete MRI billing for a) Year-End CAM reconciliations, generated by Property Accountants and reviewed/approved by Property Management Associates prior to billing; b) tenant moveouts that occur throughout the year (similar review/approval process as YE CAM reconciliations).
• Prepare / review MRI audit trail reports, confirm verifications are completed and provide accounting on a quarterly basis.
• Review leases to identify the party responsible for capital projects; prepare an initial amortization schedule, if needed for approval. Prepare final amortization schedule, and create CM adjustments, update MRI and RL as needed upon project completion.

Qualifications

• Bachelor’s Degree.
• 5 years prior commercial real estate experience.
• Experience using MRI or similar lease administration software preferred
• Excellent organizational and administrative skills.
• Must possess strong attention to detail.
• Must possess excellent written and verbal communication skills.
• Ability to prioritize projects and requests.
• Highly motivated and able to work independently with minimum direction.
• Ability to handle multiple tasks simultaneously.
• Team-player attitude; dependable and dedicated.
• Must have the ability to write routine reports and correspondence.
• MS Word, Excel, Outlook and Adobe Acrobat knowledge required.

Working Conditions

Position does not require special working conditions. Employee works in an office setting utilizing a laptop provided by company.

Direct Reports

Position has no direct managerial responsibilities.

STAG has a strong commitment to equal opportunity in the workplace and believes in treating people with dignity and providing equal employment and advancement opportunities for all.

We encourage candidates who substantially, but not precisely, match the job specifications to apply. Interested candidates should send their resume when applying for this position.