Senior Director, Development

About the role

Realty Income aims to be a globally recognized leader in the S&P 100, committed to creating long-term value for all stakeholders. These stakeholders include our dedicated team members, who embody our purpose: building enduring relationships and brighter financial futures. This guiding principle serves as a beacon for our team, influencing every action we take. Our employees consistently invest their time, commitment, and dedication into the company, and in turn, they receive investment returns in the form of purpose, belonging, and opportunities for advancement. We are committed to best-in-class corporate responsibility practices through environmental initiatives, governance programs, and community outreach projects. From the boardroom to the breakroom, our team members make a difference every day.

Responsibilities

• Identify development and redevelopment opportunities and work closely with the Acquisitions and Asset Management Departments.
• Support the Development Department by identifying development/redevelopment opportunities, negotiating letters of intent and leases, communicating with internal and external contacts, and promoting business development for the Department.
• Drive deal sourcing and manage the Steering Committee to achieve the highest yield on vacant assets in the portfolio.
• Market and source new deals & cultivate relationships to identify creative ways to expand existing department efforts or create opportunities for new lines of business.
• Source and pursue domestic and international development and redevelopment opportunities, including pad leasing, outparcel build-to-suit, asset repurposing, big-box demising, and opportunities with tenants, brokers, developers, and outside vendors.
• Draft, review, and prepare Letters of Intent for management review.
• Cook up and execute potential investment-related transactions, including preparation of relevant documents such as confidentiality agreements/non-disclosure agreements and letters of intent.
• Analyze, delegate, and review transaction structures, economics, and property underwriting, including real estate market evaluation, store-level performance, market analysis, property analysis, tenant analysis, CC&R/REA analysis, and preparation of Investment Committee materials.
• Manage transaction process and information flow between internal (Research, Legal, Accounting, and Investment Committee) and external groups (brokers, developers, and tenants/clients).
• Prepare, review, and manage the Investment Committee spreadsheets and transaction summary, and present proposed transactions to leadership for consideration.
• Communicate with Tenants/Clients and Developers to negotiate lease amendments, term sheets, profit sharing, and reciprocal easements.
• Review proposed development budgets and valuation analyses for development projects as part of deal sourcing and validation.
• Engage in proactive discussions with brokers and developers regarding the potential for incremental value-creation opportunities within Realty Income’s portfolio. Review plans and budget for building layout and negotiating appropriate fees based on the type of opportunity.
• Participate in site visits and meetings related to development projects with tenants/clients, developers, and outside brokers.
• Use in-depth knowledge of products and relationships, as well as third-party products to work with SVPs, VPs, and AVPs in identifying business needs.
• Research and track new redevelopment and business development opportunities, maintain coverage of potential sellers and market contacts, and build relationships with developers, tenants, brokers, sponsors, bankers, and other parties to support deal sourcing, the Highest and Best Use program, and other lines of business.
• Establishes protocol & standards for project handoff at transaction completion to Development Operations team and maintains limited involvement in project to ensure Operations team is aware of actions needed critical to deal performance as outlined in Lease, Investment Committee, Agreements, etc.
• Oversee project tracking, quarterly reporting, and development spend forecasting; establish financial reporting processes to meet department deadlines; collaborate with internal teams to implement tracking initiatives; and evaluate enterprise-level reporting and data management applications.
• Complete special projects and duties as assigned.

Requirements

• Bachelor’s degree from a four-year college or university with a finance/real estate background or related and equivalent work experience.
• In depth understanding of budgeting, cash flows, and financial analysis for real estate development projects.
• Proficient in MS Office Suite.
• Self-starter with the ability to source and close deals across all transaction stages.
• Strong written, verbal, and negotiation skills, with the ability to clearly communicate complex issues to leadership, tenants/clients, developers, and brokers.
• Creative, resourceful, and strategic problem solver with strong attention to detail and accuracy.
• Able to manage multiple priorities, adapt to changing assignments, work under pressure, and meet deadlines.
• Comfortable taking initiative and leading through ambiguity with limited direction.
• Able to read, analyze, and interpret routine to complex legal and business documents.
• Professional, collaborative, and effective at building strong working relationships.

Preferred Qualifications

• MBA or MS in a related field preferred.
• CA Department of Real Estate Salesperson or Broker license.

Pay

The pay range for the Senior Director role is $123,251 - $156,389 - $189,099. Offers near the high end are uncommon but may be considered for candidates with exceptional experience and skills and are dependent on the facts and circumstances of each case.

Schedule

This position is based in our San Diego (Del Mar Heights) headquarters. Monday through Thursday are in-office for collaboration, with the opportunity to work remotely on Friday.

Benefits

• Best-in-class benefits package that includes healthcare, dental, and vision insurance for employees and eligible dependents.
• 401(k)-retirement plan with a company match of 50% up to 6% of eligible compensation.
• Generous PTO accrual; in addition to 12 paid holidays, and paid volunteer time.

Equal Opportunity Employer

We celebrate diversity and are committed to creating an inclusive environment for all employees.