Assistant Investment Controller

US-TX-San Antonio
3 months ago
# of Openings

Company Overview

USAA Real Estate Company was founded in 1982 as the real estate investment arm of USAA. With over $17 billion in assets under management, the company provides co-investment asset management services to U.S. pension funds, as well as to foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, medical office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. Our commitment to service and integrity reflects the core values put in place 94 years ago by our parent company, a trusted worldwide insurance and financial services organization.  USAA Real Estate Company is headquartered in San Antonio, Texas.

Job Description

Job Purpose 

The Assistant Investment Controller is responsible for the financial accounting and reporting of the operations of real estate properties acquired and/or developed through the company’s various investment/fund vehicles. This role will primarily focus on Retail Mall properties but may support office, multi-family, industrial, hotel and mixed-use properties. This position supports the Investment Controller/Director/Executive Director and other investment accountants as needed.  This position works closely with the members of the Fund Accounting team that are responsible for the accounting and reporting of the investment entities and fund vehicles that own interests in the real estate properties on which the Investment Accounting team is reporting.


Essential Duties  


  • Assist the third party accountants (Joint Venture Partners, Operators, etc.) that provide accounting services on assigned investment properties.  
  • Provide oversight, guidance, coaching and training to third parties, including participating in the “on-boarding” process of new USAA RealCo third party relationships (Joint Venture Partners, Operators, etc.).
  • Act as a point of contact for Asset Management and property managers for all accounting related matters on assigned investment properties.  Work with the asset management and the fund accounting teams to provide operating cash flow projections to assist in forecasting investment entity/fund capital calls and distributions.
  • Assist the fund accounting team with the preparation of quarterly/annual financial statements or other reporting requirements.
  • Assist the tax personnel with preparation of schedules, providing underlying support and/or performing reviews as needed in connection with the timely preparation of federal and state tax returns.
  • Assist the acquisitions and dispositions teams in all property transactions, as needed.
  • Assist the property managers with the annual common area maintenance calculations.
  • Demonstrate leadership skills by volunteering for special projects in the department.
  • Perform research on accounting treatments for complex accounting transactions.  Present potential solutions with adequate support.
  • Maintain an understanding and inform others of new technical accounting developments, regulatory changes, management requirements, accounting system updates, procedures, etc.  Assist in the incorporation and implementation of such changes into USAA RealCo’s current policies and procedures.
  • Where there is not a third party accountant, perform the property level accounting.
  • In order to perform either oversight of third party accountants or perform the property accounting, the following will be required:
    • Review lease related agreements and properly record/review lease related activity.
    • Ensure the property level activity is recorded, reviewed and approved in a timely manner to meet monthly and quarterly reporting deadlines.
    • Review purchase and sale agreements for accounting impact and ensure the proper recording of the acquisition and disposition entries.  Provide all necessary documentation to the team preparing the purchase price allocations (PPAs).  Assist the Investment Controller/Director/Executive Director in the review of such PPAs for accuracy and book adjustments as needed to the original acquisition entry.  
    • Work with capital markets to provide any necessary financial information for new debt, refinancing or payoff.  Calculate and/or review debt covenant tests for debt. 
    • Assist property management with questions related to Yardi accounting processes and USAA RealCo’s accounting policies and procedures.  
    • Ensure the timely reconciliation of WIP accounts and that assets are placed in service as appropriate. 
    • Calculate the property management and construction fee calculations for compliance with property management agreements. 

        “GAAP up” property level cash basis budgets so that fund accounting team can layer in entity level activity.

  • Prepare/review market value adjustments and mark to market entries on a quarterly basis, if needed.
  • Perform other duties as assigned.


At USAA Real Estate Company our employees enjoy generous benefits packages including comprehensive medical, dental and vision plans, 401k, USAA Membership eligibility, educational and professional designation assistance, business casual dress attire and much more!  Qualified applicants must successfully complete a pre-employment background and drug screen.  The above description reflects the details considered necessary to describe the principal functions of the job and should not be construed as a detailed description of all the work requirements that may be performed in the job.


USAA Real Estate Company is an Equal Opportunity and Affirmative Action Employer of Females, Minorities, Veterans and Disabled.


Minimum Qualifications


  • Bachelor's degree in Accounting/Finance
  • At least 4 years of relevant commercial real estate accounting experience, preferably in the Retail Mall asset class
  • Proficient in Microsoft Office
  • Excellent verbal and written communication skills
  • CPA; or strong desire to obtain CPA
  • Joint venture/partnership accounting experience
  • Yardi experience; or comparable accounting system experience
  • Qualifications may warrant placement in a different job level

Physical Requirements

  • Regularly required to sit for extended periods of time; frequently required to stand, walk, and use business equipment daily such as computer, copier, fax, telephone, etc.; frequently required to reach overhead, bend, and lift objects of up to 25 lbs.
  • Ability to handle stress caused by multiple priorities, and other unforeseen situations associated with the organization.
  • Eyesight and hearing must be correctable to standard level.


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