Position Summary:

The Real Estate Portfolio Manager is a key member of the Penske Real Estate Department. This role requires an in-depth knowledge of an assigned portfolio of leased and owned properties to strategically optimize the Company’s real estate to support the business objectives of Penske Transportation Solutions. The Real Estate Portfolio Manager is responsible for ensuring all real estate payments are made accurately and timely to ensure no disruption in business and that all current and future lease obligations are correctly represented in TRIRIGA for accurate reporting of Penske lease obligations on the balance sheet as required by new FASB lease accounting rules that went into place 1/1/2022.

Major Responsibilities:

• Manage assigned portfolio of existing leases and owned properties, which includes developing an in-depth knowledge of portfolio, paying recurring rent timely and accurately ($10MM per month), confirming ad hoc invoices are payable within terms of the lease, reviewing and approving real estate tax and ad hoc invoice payments and ensuring payments are made on time.

• Review landlord annual CAM reconciliations and complete independent reconciliations to ensure accuracy and protect company’s interests. Review and approve CAM payments and budget adjustments in TRIRIGA.

• Manage critical dates and the renewal process for AP and AR leases, which includes working with Operations to determine strategy, preparing notification letters to landlords, negotiating renewal terms, drafting amendments, coordinating timely updates to TRIRIGA.

• Prepare and submit required funding requests for approval of all renewals for AP and AR leases.

• Responsible for accurate and timely lease abstraction in TRIRIGA to ensure FASB lease accounting reporting is correctly captured within the accounting period.

• Review and approve lease and owned property abstraction in TRIRIGA, which includes coordinating abstracting with third party vendor, reviewing, analyzing and interpreting deal specific provisions to ensure appropriate information and payments are captured correctly.

• Manage timing of drafting and coordinating with Legal to ensure critical dates are not missed.

• Manage tenants within assigned portfolio, which includes reviewing receivables, responding to tenant inquiries & coordinating facility repairs with Facilities.

• Other projects/tasks as assigned.

Qualifications:

• Bachelor's Degree required.

• Master’s Degree preferred. If no degree, equivalent work experience required.

• Minimum 2-5 years of work experience required in real estate services or transaction processing.

• Minimum 1-2 years experience preferred in drafting legal documents.

• Able to manage multiple deliverables and ensure deadlines are not missed.

• Professional communication both verbal and written.

• Intermediate Financial Analysis skills.

• Introductory Project Management skills

• Critical and innovative thinking, with high learning agility.

• Able to learn complex software and programs.

• Regular, predictable, full attendance is an essential function of the job

• Willingness to travel as necessary, work the required schedule, work at the specific location required, complete Penske employment application, submit to a background investigation (to include past employment, education, and criminal history) and drug screening are required.

Physical Requirements:

• The physical and mental demands described here are representative of those that must be met by an associate to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• The associate will be required to: read; communicate verbally and/or in written form; remember and analyze certain information; and remember and understand certain instructions or guidelines.

• While performing the duties of this job, the associate may be required to stand, walk, and sit. The associate is frequently required to use hands to touch, handle, and feel, and to reach with hands and arms. The associate must be able to occasionally lift and/or move up to 25lbs/12kg.

• Specific vision abilities required by this job include close vision, distance vision, peripheral vision, depth perception and the ability to adjust focus.

Penske is an Equal Opportunity Employer

Job Category: Other Corporate

Job Function: Real Estate & Facilities

Job Family: General Administration

Address: 100 Gundy Drive

Primary Location: US-PA-Reading

Employer: Penske Truck Leasing Co., L.P.

Req ID: 2401551